Preliminary, Subject to Change Posted: 07/18/2024

Syllabus – Building the New Venture (34103)

Spring 2024 Full Time MBA (in-person only)
Thursday 1:30 pm -4:30pm
Harper Center Room 219
Professor: Ale Breuer

COURSE OVERVIEW

This course is intended for students who are interested in starting new entrepreneurial businesses. It is a tactical
and hands-on class that covers the nuts and bolts of starting a company. Course material is organized around the
milestones and phases that entrepreneurs must complete in pursuit of building their business. Students will learn
how to raise seed funding, compensate for limited human and financial resources, secure a strong niche position,
determine appropriate sourcing and sales channels, and develop execution plans in sales, marketing, and product
development. The course also covers the human side of startups including, cofounder dynamics, how to think
about equity splits, entrepreneurial resilience, and the entrepreneurial mindset. The emphasis is managerial and
entrepreneurial, essentially a working model for starting a business. Paralleling the course content is the YourCo
assignment in which teams of four to five students simulate building a new venture through the first 18 months
of the life of a startup. The course culminates in an investor pitch simulation where student teams pitch their
startup ideas to investors in person. The pitch day is designed to mirror real life, one-on-one fundraising
conversations and to help students practice the art of investor relations.

The majority of the course content focuses on the execution of building a new venture: the early launch, proof-of-
concept, and traction phases of a new venture. Please note that this course does not focus on the ideation stage as
students are expected to come to Class 1 with a startup idea in mind. At the beginning of the class and as part of
the YourCo exercise, teams describe a product or service they would like to bring to market, determine the
necessary seed funding amount, and outline current staffing and development status. Throughout the quarter,
students explore the critical activities required to engage customers, build their product or service, and build teams.
Each week, teams have specific written deliverables for their "company" based on the course material.
Assignments include identifying key hires, choosing an initial target customer set, executing a marketing
campaign, creating a sales pitch, completing product development plan, and determining next round funding
requirements.

The course content and structure is applicable to all types of businesses, whether B2B, B2C or deep technology
based on fundamental scientific research. Class YourCo projects range from software and digital solutions, to
consumer products, to services, to industrial applications and beyond. Through class lectures, YourCo assignments,
real-world cases, and guest entrepreneur fireside chats, the course covers the multidimensional aspects of
entrepreneurship as both a mindset and a process that can be practiced and improved.

TEACHING MODALITY

Expectations: I have a strict no technology policy for the class. If you have something that requires your
attention, please step out of the classroom to handle the matter and rejoin us when you can be fully present.

This class will be taught exclusively in person and will not be recorded. Courses taught in-person or in dual
modality format may shift to remote instruction at any point in the quarter. No bid point refunds will be awarded
in these instances.

The information contained in these documents is confidential, privileged and only for the information of the intended recipient and may not be used,
published or redistributed without the prior written consent of the Booth faculty member(s) teaching the course.
 Preliminary, Subject to Change Posted: 07/18/2024

ATTENDANCE POLICY

Since this is an experiential class, attendance is required to maximize learning opportunities. Missed
classes cannot be “made up” since the majority of the learning happens live in the classroom as we unpack
things together. If you have an excused absence (e.g. religious, illness, birth of a child), please email our TA
and cc me prior to class with an explanation. Unexcused absences or any more than 2 absences will
materially impact your grade.

Note that Class 1 is MANDATORY. Please join Class 1 if you are trying to register but are not yet enrolled.

CHATGPT USAGE POLICY

Under the condition that academic integrity standards are upheld, the use of CHATGPT and other AI sources
are permitted as supplementary resources to enhance learning. ChatGPT is to be used as a tool for generating
ideas, conducting preliminary research, and receiving feedback on assignments and projects. It can assist in
brainstorming, refining business concepts, and understanding complex topics. Students must ensure that any
content generated by ChatGPT is properly cited and credited. Plagiarism of AI-generated content is
strictly prohibited. All assignments, projects, and exams must be the original work of the student. While
ChatGPT can be used for guidance and support, the final submission should reflect the student's
understanding and effort. Violations of this policy will be subject to the same disciplinary actions as other
forms of academic misconduct. By adhering to this policy, students can leverage ChatGPT to enhance their
learning experience while maintaining the highest standards of academic integrity and ethical behavior.

GRADING

40% YourCo. Assignments (team work) + peer review

30% Class participation, Investor pitch day participation, and POV quizzes
15% Case write-up (2 write-ups done individually)
15% Final (done individually, due week 10)

YourCo Team Member Evaluations

The “YourCo” team work is a significant part of this course, and therefore all team members are expected to contribute actively to their
group. All students will submit peer evaluations during the middle and at the end of the quarter for their team members. I read these in
detail and take them seriously. Each student will receive anywhere from 25-100% of the points earned on their group assignments based
on these evaluations. The greater majority of students receive 100% of their team points. Penalties are reserved for students who
severely under-contribute to their teams. We will discuss the specifics of this policy in class. It is each individual student’s
responsibility to ensure they are finding meaningful ways to contribute to their team so they can receive the full points earned in their
group. If at any point in the quarter your team is unable to reconcile challenging team dynamics, I encourage you to contact me.

Class Preparation
Class preparation is an important component of success in this class. Content will build from week to week and there will be a
collection of videos, case studies and readings that you are expected to review before class so you can show up fully prepared to
engage in class discussion. In addition to the weekly material and learnings, the assignments will help you with your group
assignments. From time to time, I will post a “POV” (point of view) quiz designed to help you think through your points of view from
this prep material. I’m not looking for an essay, but rather a short response with insightful perspective to demonstrate that you have
reviewed and reflected on the material. There are no right or wrong answers to these, however completing these POV quizzes is a part
of your class participation grade (30%). Expect 2-3 hours per week of prep work (pre-reading/prewatching/ pre-listening) in addition
to your group assignments each week.

I am committed to inviting inspirational guest entrepreneurs who bring the course content to life by sharing their experiences building
exciting ventures. These guest speakers have demanding work schedules and are making the time to come speak to our class. Please

The information contained in these documents is confidential, privileged and only for the information of the intended recipient and may not be used,
published or redistributed without the prior written consent of the Booth faculty member(s) teaching the course.
 Preliminary, Subject to Change Posted: 07/18/2024

make sure to research the guest speakers in advance and come prepared with questions.
Class Participation
In-class participation is vital for your personal learning outcomes and those of your classmates. Preparing well for
class will enable you to contribute meaningfully. Our TA and I will actively monitor your class participation and track your
contributions throughout the term.

Please note that during WEEK 8, all students are expected to participate in our INVESTOR PITCH DAY. You will be
pitching to 1-2 investors during class and participation is mandatory. If you do not participate in the pitch day, your participation
and ultimately your final grade will be significantly impacted.

Case Preparation and Case Writing

You are expected to submit two formal case write ups during Week 3 and Week 6. I am looking for a unified, maximum 750 word
paper that analyzes the case in the context of the subject we are discussing in class. While the paper should address all the discussion
questions posed for the case reading, it should go beyond the questions. It should not be simply a series of paragraphs, each answering
one question. I want your analysis of the company. Use data from the case but do not parrot the case back to me. I am interested in
your assessment and opinion – what did this firm do well? What were its mistakes? What would you do in their shoes? Research
beyond the case document is permitted, provided it is information that would have been available at the time that the case took place.
The two-page limit will be strictly enforced. Being concise in communicating your point-of-view is a skill that will serve you well in
business. Single-spaced with a minimum of 11-point font and 1-inch margins.

Final Reflection Paper

This is maximum 1000 word individual paper, designed to demonstrate your understanding and mastery of course content. Your final
reflection paper is due on our regularly scheduled final exam time during finals week. We do not meet during final exam time.

TENTATIVE COURSE SCHEDULE

In Class Topic Assignment Due Date

Week 1 Course Introduction, The State of Small Come prepared to pitch a startup idea to
Business, Business Models, Introducing recruit teammates or join a team prior to
YourCo., Entrepreneurial Mindset, Student Class 1 (see Canvas for instructions)
teams finalized
Weekly readings and content prep

Week 2 Target Customer, Competitive Differentiation, YourCo. Report 1 due (Group)

Customer Discovery and Market
Segmentation Weekly readings and content prep

Distinguished Guest Speaker: Rick Desai: Guest speaker prep

Managing Partner, Listen Ventures

Week 3 Legal, Business Formation, Intro to fundraising, EarlyBird Case Write-Up due
Product Development, MVP
Distinguished Guest Speaker: Leslee Cohen, Weekly readings and content prep
Managing Partner AllRise Legal Counsel
Guest speaker preparation

The information contained in these documents is confidential, privileged and only for the information of the intended recipient and may not be used,
published or redistributed without the prior written consent of the Booth faculty member(s) teaching the course.
 Preliminary, Subject to Change Posted: 07/18/2024

Week 4 The Startup Lifecycle, Startup Positioning, YourCo. Report 2 due (Group)
Marketing, Customer Acquisition, Sales,
Marketing Campaigns for Growth Weekly readings and content prep

EarlyBird Case YourCo. Peer Evaluation due

Week 5 Crisis Management YourCo. Report 3 due (Group)

Weekly readings and content prep

Week 6 How to Build Effective Teams: Hiring, Ezza Case Write-Up due
Talent Management, Building Company
Culture, Finding a Co-Founder and Guest speaker preparation
Managing the Co-Founder Relationship
Weekly readings and content prep
Distinguished Guest Speaker: Jennifer
Fried, CEO Flow Medical

Week 7 Creating Pitch Decks, the Art of YourCo. Report 4 due (Group)
Storytelling, Managing Growth, Outcomes,
and Exits Weekly readings and content prep

Distinguished Guest Speaker: Manish Guest speaker preparation

Kothari, Serial Entrepreneur, Investor and
Board Member (Note: there will be an
opportunity for students to go to lunch with
Manish before class at Harper)

Week 8 Investor Pitch Day YourCo. Report 5 due (Final Pitch Deck)
(Group)
Distinguished Investors: Partners from 81
Collection, LongJump Ventures, Hyde Park Weekly readings and content prep
Venture Partners, Chicago Ventures, 11
Tribes VC, 10H Capital Investor preparation

Guest Entrepreneur Speaker

Week 9 Entrepreneurial Toolkit, Entrepreneurial Weekly readings and content prep
Resilience
YourCo. Peer Evaluation due

Week 10 Finals (No Class)

The information contained in these documents is confidential, privileged and only for the information of the intended recipient and may not be used,
published or redistributed without the prior written consent of the Booth faculty member(s) teaching the course.
 Preliminary, Subject to Change Posted: 07/18/2024

COURSE TEXTS

There is no required textbook for this class. All required readings will be posted to Canvas. Below is a list of optional supplemental
reading/listening that I recommended for students who want more content.

Podcasts:
• How I Built This (Wondery) - https://wondery.com/shows/how-i-built-this
• Startup (Gimlet) - https://www.gimletmedia.com/startup In-depth stories of starting a business
• The Pitch (Gimlet) - https://www.gimletmedia.com/the-pitch Raising early stage money from investors
• Open for Business (Gimlet Creative) - http://creative.gimletmedia.com/shows/open-for-business/ Daily challenges of
running a small business
• The Venture (Gimlet Creative) - http://creative.gimletmedia.com/shows/the-venture/ Stories behind iconic entrepreneurs
• Startup Stories - https://podcasts.apple.com/us/podcast/startup-stories/id1442359006 - Stories behind entrepreneurs and
the ventures they’ve created
• This Week in Startups - https://thisweekinstartups.com/

Videos
• The Business Model Canvas Explained, Startup SOS (11 videos in playlist) -
https://www.youtube.com/playlist?list=PLmHBbUI__57mF6oaUVNumHb5bRvuWNbJ5

Readings:
• Zero to One: Notes on Startups, or How to Build the Future - Peter Thiel
• The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers - Ben Horowitz
• The Lean Startup - Eric Ries
• Build: An Unorthodox Guide to Making Things Worth Making – Tony Fadell
• TechCrunch - https://techcrunch.com/ - Covers the business of startups and entrepreneurs, with a focus on technology
• Crunchbase News (focus on intersection of startups and funding/finance) – Sign up for daily or weekly newsletter at
https://news.crunchbase.com/about-news/

COMMITMENT TO DIVERSITY AND INCLUSION

The University of Chicago believes that a culture of rigorous inquiry demands an environment where diverse perspectives,
experiences, individuals, and ideas inform intellectual exchange and engagement. I concur with that commitment and expect to
maintain a productive learning environment based upon open communication, mutual respect, and non-discrimination. Any
suggestions how to further support this commitment is appreciated and will be given serious consideration.

ACCOMMODATIONS FOR STUDENTS WITH DISABILITIES OR SPECIAL NEEDS

The University of Chicago is committed to ensuring equitable access to our academic programs and services. Students with
disabilities who have been approved for the use of academic accommodations by Student Disability Services (SDS) and need a
reasonable accommodation(s) to participate fully in this course should follow the procedures established by SDS for using
accommodations. Timely notifications are required in order to ensure that your accommodations can be implemented. Please meet
with me to discuss your access needs in this class after you have completed the SDS procedures for requesting accommodations.
Phone: (773) 702-6000
Email: [email protected]

BOOTH HONOR CODE PLEDGE

Each student shall sign the following pledge on every individual or group assignment handed in: “I pledge my Honor that I have not
violated the Chicago Booth Honor Code during this examination.” Placing this on your assignment designates that you have adhered
to the Booth Honor Code.

The information contained in these documents is confidential, privileged and only for the information of the intended recipient and may not be used,
published or redistributed without the prior written consent of the Booth faculty member(s) teaching the course.
 Preliminary, Subject to Change Posted: 07/18/2024

If you have specific needs or circumstances that may impact your ability to participate in this class and associated
coursework, please contact me before you fall behind so we can work something out. I’m happy to work with you as
individuals to create a flexible solution, while maintaining the integrity of your learning.

CONTACT

Instructor: Ale Breuer

Office: Office Hours by appointment only
Mobile: 561.236.1198
E-mail: [email protected]
TA: Amrutha Sivakumar E: [email protected]

The information contained in these documents is confidential, privileged and only for the
information of the intended recipient and may not be used, published or redistributed without
the prior written consent of the Booth faculty member(s) teaching the course.

The information contained in these documents is confidential, privileged and only for the information of the intended recipient and may not be used,
published or redistributed without the prior written consent of the Booth faculty member(s) teaching the course.