New Enterprise and Small Business Management and the YourCo. Simulation Game Developed by Waverly Deutsch, Ph. D. Clinical Assistant Professor of Entrepreneurship University of Chicago Graduate School of Business

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New Enterprise and Small Business Management and
the YourCo. Simulation GameDeveloped by Waverly
Deutsch, Ph. D.Clinical Assistant Professor of
EntrepreneurshipUniversity of Chicago Graduate
School of Business

• The University of Chicago Graduate School of
  Business
• 5807 South Woodlawn Avenue, Chicago, Illinois
  60637
• Tel [phone] Fax [phone]
• gsbwww.ChicagoGSB.edu/entrepreneur

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Introducing YourCo

• Experiential Learning at Chicago GSB
• The Class New Enterprise and Small Business
  Management
• YourCo. Simulation
• Purpose
• Play
• Outcome

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Elements of Performance
Conceptual Knowledge
Domain Knowledge
Action Skills
Actions
Outcomes
Source Davis and Hogarth 1992
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GSB Entrepreneurship Curriculum

• New Venture Strategy
• Opportunity identification
• Private Equity and New Venture Finance
• Funding start-ups
• New Venture Challenge
• Business plan creation
• But, what do you do?
• New Enterprise and Small Business Management
• Execution A vision without execution is a
  hallucination. Steve Case, AOL

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Overview of the Course

1. State of Entrepreneurship
2. Entrepreneurial Characteristics and Start-up
   Business Models
3. Market Segmentation and Selection
4. Marketing Tactics
5. Sales
6. Product Development
7. Operations
8. Growth Challenges
9. Alternatives to Starting Your Own Business
10. Diversification or Exit

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YourCo. Simulation

• Year in the life of a start-up
• Idea, Proof-of-concept, Early Growth
• Eight assignments paralleling course content
• Launch
• Market selection and 1st marketing campaign
• Sale
• Product improvement
• Operations
• Diversification or exit
• CRISIS

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Report Format

• 2 Pages to address specific issue
• Write a one paragraph elevator pitch describing
  your business.
• Using your own backgrounds as the guideline,
  describe the management team.
• Assess any critical holes in personnel and
  describe how you plan to fill those holes.
• Determine the amount of seed funding you need to
  launch and describe how you raised it.
• 3 additional pages each assignment
• Page 3 -- Tell me anything else I need to know
  about what happened during this month of
  operations.
• Page 4 Week 1 Create a basic budget for 1 year
  of operation. Each week show one month of burn.
• Page 5 -- Describe how you arrived at the above.
  What data did you discover? What sources did you
  look at? Who did you talk to?
• A limited number of exhibits resumes, graphics,
  data, etc. are allowed

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Grading

• There are 8 points per assignment
• 5 for the answer to the specific question
• 3 for how you arrived at it methodology and
  research
• Plus 2 potential bonus points for follow-up or
  miscellaneous
• Points are awarded for
• Creativity
• Completeness
• Credibility
• Businesses models are assigned a difficulty
  multiplier between .9 and 1.1
• Winning team is guaranteed a A in the course

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Play of the Game and the ROLL of Luck

• In class challenges of critical accomplishments
• YourCo. Probability Calculators
• ROLL a 10 sided die to determine success

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Other Accoutrement
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Outcomes

• Key teaching points
• Intellectual property, business licenses and
  permits, taxes, etc.
• Insight learning
• Networking
• I learned more in our one hour conversation with
  him than I could have learned reading on the
  Internet forever.
• Experience
• This class kept me awake at night worrying about
  all the details of our fake business.
• I learned more about being an entrepreneur
  through this class than I could have any other
  way, short of starting my own business.

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Thank you.

• Waverly Deutsch
• Waverly.deutsch_at_ChicagoGSB.edu