Requirements For The Entrepreneurial Management Major

The major consists of a total of 5.0 credit units, one of which is a part of the first-year Management Core. Only 1.0 cu of pass/fail coursework can be counted towards the major.

a) One credit unit (1.0 cu) of the Management Core (any combination of Management core courses up to a maximum of 1.0 cu)


b) MGMT 801: Entrepreneurship (0.5 cu) is required for the major and cannot be waived or substituted. Students are recommended (but not required) to take this foundation course before the elective courses listed in section ‘c’ below.


c) Three and a half credit units (3.5 cu) of the following:
FNCE 750 Venture Capital and the Finance of Innovation
HCMG 866 eHealth: Business Models and Impact
HCMG 867 Health Care Entrepreneurship (0.5 cu)
LGST 813 Legal Aspects of Entrepreneurship
MGMT 731 Technology Strategy (0.5 cu)
MGMT 766 Family Enterprise Management
MGMT 801 Entrepreneurship (0.5 cu)
MGMT 802 Change, Innovation and Entrepreneurship (0.5 cu)
MGMT 804 Venture Capital and Entrepreneurial Management (0.5 cu)
MGMT 806* Venture Implementation
MGMT 809 Private Equity in Emerging Markets (0.5cu)
MGMT 810* Social Entrepreneurship
MGMT 811 Entrepreneurship through Acquisition (0.5 cu)
MGMT 816 Building Human Assets in Entrepreneurial Ventures (0.5 cu)
MGMT 833 Strategies and Practices of Family-Controlled Companies
MGMT 893** Advanced Study Project in Entrepreneurial Management (0.5 cu or 1 cu)
MGMT 899** Independent Study in Entrepreneurial Management (0.5 cu or 1 cu)
MKTG 741 Entrepreneurial Marketing (0.5 cu)
MKTG 890*** Global Consulting Practicum (only 1.0 cu can count toward the major)
OPIM 614 Managing the Productive Core of the Firm: Innovation (0.5 cu)
OPIM 651 Innovation, Problem Solving, and Design (0.5 cu)
OPIM 654 Product Design and Development (0.5 cu)
OPIM 662 Enabling Technologies
REAL 891 Real Estate Entrepreneurship (0.5 cu)
**Needs approval by the department.


***Only 1 cu of MKTG890, Global Consulting Practicum, can be counted toward the major and needs approval by the department.


d) Optional: a maximum of one credit unit (1.0 cu) of the following courses may be substituted for 1.0 cu of elective courses listed under (c) above:*
FNCE 751 Finance of Buyouts and Acquisitions
MGMT 691/OPIM 691/LGST 806 Negotiations
MGMT 721 Corporate Development: Mergers & Acquisitions
MGMT 773 Managing Organizational Change
MKTG 721 New Product Management (0.5 cu)
MKTG 724 Advertising Management (0.5 cu)
MKTG 712 Marketing Research
MKTG 777 Marketing Strategy


*Only 1 cu of Advanced Study Project including Global Modular Courses may count towards the Goergen Entrepreneurial Management elective requirements stated in (d) above and must have approval from the department.


Students may petition to substitute other courses (including INSEAD and other exchange program coursework) toward the requirements of the major. Such requests will be expected to demonstrate that the student is pursuing a coherent plan of entrepreneurial management studies at Wharton. Petitions should be sent in writing to the Entrepreneurial Management academic advisor, Nellie Gaynor at Other courses cannot exceed 1.0 cu equivalent of Wharton coursework.


Courses Offered by the Goergen Entrepreneurial Management Program:

MGMT 766 (1.0 cu)

Family Enterprise Management (full semester)
Instructor: Staff (Fall)
Semester/Quarter: Fall
Description: This class will examine the causes and consequences of the creation of family fortunes, with a focus on the practical implications for family decision-making. We will discuss psychological characteristics associated with the typically entrepreneurial creators of family wealth; with their children, whose childhood development takes place in the context of growing businesses and accumulating wealth; and with their grandchildren and beyond, whose childhood development occurs in the context of established and often very public wealth, to build a comprehensive view of the interplay between family dynamics and economic decision making. Note that this class’ focus will be on behavioral aspects of family dynamics in a wide range of decision settings, rather than on management of an operating business per se. While this class will be particularly relevant to individuals aspiring to create their own family fortunes or whose ancestors have already done so, it will also be useful for individuals interested in foundation management, non-profit fund-raising or businesses catering to the very wealthy such as asset management and luxury retail.
Format: The class will consist of a mixture of lectures, case discussions and class exercises.
Submission of several written case studies, and a final examination are required.

MGMT 801 (0.5 cu)

Entrepreneurship (½ semester)
Instructor: Ethan Mollick (Fall) and Laura Huang (Spring)
Semester/Quarter: Fall/Q1, Q2 and Spring/Q3, Q4
Description: MGMT 801 is the foundation course in the Entrepreneurial Management program. The purpose of this course is to explore the many dimensions of new venture creation and growth. While most of the examples in class will be drawn from new venture formation, the principles also apply to entrepreneurship in corporate settings and to non-profit entrepreneurship. We will be concerned with content and process questions as well as with formulation and implementation issues that relate to conceptualizing, developing, and managing successful new ventures. The emphasis in this course is on applying and synthesizing concepts and techniques from functional areas of strategic management, finance, accounting, managerial economics, marketing, operations management, and organizational behavior in the context of new venture development. The class serves as both a stand alone class and as a preparatory course to those interested in writing and implementing a business plan (the subject of the semester-long course, MGMT806).
Format: Lectures and case discussions
Requirements: Class participation, interim assignments, final project.
Prerequisites: Wharton MBA students only.

MGMT 801 (0.5 cu)

Entrepreneurship – Simulation version (½ semester)
Instructor: Ethan Mollick (Fall)
Semester/Quarter: Fall/Q1, Q2
Description: This is the simulation version of MGMT801. Just as in the other 801 classes, your final team project will involve developing a pitch for a new business (you can work across sections with groups doing the standard version of 801), but you will be playing the award-winning Looking Glass entrepreneurship simulation rather than doing individual reaction papers. The Looking Glass simulation is an intense and fun three week simulation that is played outside of class and gives you the chance to experience what running a startup company is like. The simulation takes more time during the three weeks it runs, though total time commitments are the same across both class versions. The material covered is the same as in the standard version of MGMT801, and follows the same schedule.
Requirements: Class participation, simulation, interim assignments, final project.
Prerequisites: Wharton MBA students only.

MGMT 802 (0.5 cu)

Change, Innovation & Entrepreneurship (½ semester)
Instructor: Ian MacMillan
Semester/Quarter: Spring/Q3, Q4
Description: This course will provide you with a theoretical foundation and a set of practical tools for the management of innovation, and the change associated with it, both in corporate settings and startup situations. For the purposes of the course innovation is defined as the profitable commercialization of a new idea: product, market, process or technology. The theoretical background will be provided by multiple readings, your knowledge of which will be tested in a readings report. The practical tools will be provided via lecture/discussion sessions, your skills at which will be demonstrated in an innovation assessment for an actual innovation opportunity. In addition the teams will be required to present a proposed game-changing innovation that reconfigures the basis of competition in a selected industry.
Format: Lectures, discussion, interim reports, class participation, readings report, presentations, and an innovation assessment in PowerPoint format.
Prerequisites: MGMT801 strongly recommended.

MGMT 804 (0.5 cu)

Venture Capital and Entrepreneurial Management (½ semester)
Instructor: Xu (Henry) Han (Fall) and Stephen Sammut (Spring)
Semester/Quarter: Fall/Q1 and Spring/Q3
Description: This elective half-semester course focuses on venture capital management issues in the context of the typical high-growth start-up company. The course is fundamentally pragmatic in its outlook. It will cover seven principal areas relevant to the privately held high-growth start-up—these include:
• Commentary on the venture capital industry generally, as well as a discussion of the typical venture fund structure and related venture capital objectives and investment strategies
• Common organizational issues encountered in the formation of a venture backed start-up, including issues relating to initial capitalization, intellectual property and early stage equity arrangements
• Valuation methodologies that form the basis of the negotiation between the entrepreneur and the venture capitalist in anticipation of a venture investment
• The challenges of fundraising, financing strategies and the importance of the business plan and the typical dynamics that play out between VC and entrepreneur
• Typical investment terms found in the term sheet and the dynamics of negotiation between the entrepreneur and the venture capitalist
• Compensation practices in a venture capital backed company
• Corporate governance in the context of a privately-held, venture capital-backed start-up company and the typical dynamics that play out between VC and entrepreneur in an insiderled, “down round” financing
Format: Lecture, case studies, class participation, weekly case assignments, and a quiz.
Requirements: Classroom participation, weekly case assignments, and final exam
Prerequisites: MGMT801 recommended.

MGMT 806 (1.0 cu)

Venture Implementation
Instructor: Patrick FitzGerald and Tyler Wry (Spring)
Semester: Fall and Spring
Description: This advanced course on entrepreneurship focuses on developing a validated opportunity into a venture that is ready for seed financing and/or launching the product or service. Participants in the workshop must previously have developed a validated opportunity, either in a previous course or through independent efforts. Students may participate as a team of up to three people. Ideally, participants are committed to pursuing their opportunity commercially, or at least to seriously explore that possibility. The workshop provides a practical guidance for developing the product or service, forming the entity, raising capital, building the team, establishing partnerships, and sourcing professional services. After completing the course, you will be “pitch ready” – whether submitting to campus venture competitions or to outside investors. Most coursework is focused on applying concepts and frameworks to project tasks in developing the venture.
Format: Highly interactive
Requirements: Class participation and interim assignments.
Prerequisites: MGMT801

MGMT 809 (0.5cu)

Private Equity in Emerging Markets (½ semester)
Instructor: Stephen Sammut
Semester/Quarter: Spring/Q3
Description: This course is designed to provide students with a practical understanding of private equity issues focusing on emerging market and frontier country environments. The underlying premise of the course is that private equity in these countries is a distinctly different asset class than in industrialized countries for a number of reasons that will be identified and analyzed by students, such as valuation, corporate governance standards and practices, contract enforcement and regulations, and exit alternatives. Students will assess these differences that heighten the risks for private equity investors in emerging markets and explore how they can be successfully mitigated. The course will be analytically rigorous and require a high level of weekly preparation and class participation. The case method of teaching will predominate, allowing students to gain a realistic understanding of the roles, responsibilities and analytical skills required of practitioners, and the tensions that arise between the various stakeholders, including government officials who formulate regulations and policies that effect PE investor behavior and performance. Cases will highlight the challenges and tasks performed at each stage of the investment cycle, such as structuring a new fund, originating investment opportunities, conducting due diligence, monitoring and creating value in portfolio companies, and exiting.
Prerequisites: Completion or waiver of FNCE601.

MGMT 810 (1.0 cu)

Social Entrepreneurship
Instructor: Ian MacMillan
Semester/Quarter: Spring
Description: The basic thesis of this elective course is that some societal problems, if attacked entrepreneurially, create opportunities for launching businesses that simultaneously generate profits and alleviate the societal problem. This approach generates societal wealth as well as entrepreneurial wealth. The course is distinguished from public sector initiatives to address social problems. Student teams are expected to develop a plan to launch a social enterprise The teams will also generate presentations of two proposals focused on the identification of opportunities for large established firms to create a bottom of the pyramid business that will significantly boost social wealth in a target country.
Format: Lecture, discussion, live case studies (discussions of progress reports of students’ own ventures), nation-boosting presentations.
Requirements: Classroom participation, interim assignments, readings report, and final business plan in PowerPoint format.
Prerequisites: MGMT801 strongly recommended.
Special Note: MGMT806 and MGMT810 apply a common theoretical framework to businesses with differing value propositions; therefore, students should not plan their course of study to include both of these courses.

MGMT 811 (0.5 cu)

Entrepreneurship Through Acquisition (½ semester)
Instructor: Robert Chalfin
Semester/Quarter: Fall/Q1, Q2 and Spring/Q3, Q4
Description: MGMT 811 focuses on the theoretical, strategic, analytics, and practical issues of acquiring a business. Topics include: locating a business, due diligence, reviewing and analyzing data, valuation, raising capital/financing the deal, structuring the acquisition, letters of intent, contracts/asset purchase agreements, and integrating the target.
Format: The class consists of lectures, in-class discussions of caselets, assigned readings, homework problems, and a group or individual project.
Prerequisites: MGMT 801 recommended.

MGMT 816 (0.5 cu)

Building Human Assets in Entrepreneurial Ventures (½ semester)
Instructor: Staff
Semester/Quarter: Spring/Q3
Description: The success of entrepreneurial endeavors depends, even more so than in larger more bureaucratic organizations, on the ability to locate and manage talent effectively. Specifically, on the need to find the right people and keep them engaged in working on the organization’s goals. We focus in this course on leading, building, and maintaining human assets in start-up and small, growing operations. The course is designed with several key components, these are: conceptual and practical readings relevant to the topic; case studies illustrating key concepts and issues; lecture on practical application and examples; and lastly every class will also feature a presentation by and conversation with an outside expert whose work is relevant to guiding or advising start-ups and fast-growing small firms. We will focus on the following objectives: identifying the talent needed to initiate and sustain an entrepreneurial endeavor; structuring human resource policies and corporate culture to prepare for and facilitate firm growth; assessing the human aspects of valuing entrepreneurial companies; and responding to conflict and organizational threats within nascent firms. This course will apply recent research from strategic human resource management, personnel economics, and organizational behavior to the practical issues of building and managing human assets in new ventures.
Format: Case discussion, guest speakers and lectures, active class participation, final project.
Prerequisites: MBA students only.

MGMT 833 (1.0 cu)

Strategies and Practices of Family-Controlled Companies
Instructor: William Alexander
Semester: Spring
Description: This course is designed for those persons who desire to understand the distinct strategies and practices of family-controlled companies and family wealth creation. It will focus on shareholder decision making; financial and resource driven options for long-run competitiveness, organizational structures and management team issues; strategic planning from a resource-based perspective; transition planning for the corporate entity, family dynamics, communication issues; and leadership empowerment. The course is intended for those who plan to consult or provide professional services to family-controlled companies and for those planning a career in a family firm.
Format: The class is structured around topical lectures with frequent utilization of case studies. There will be in-class discussion, as well as on-site and off-site project work time.
Prerequisites: Open to Wharton MBA and Penn graduate students.

MGMT 893 (0.5 or 1.0 cu)

Advanced Study Project for Entrepreneurial Management
Description: Special permission required. ASP topics can be individually selected by the student with the advice and consent of any instructor in the Management Department. In addition, in any given semester, instructors in the Goergen Entrepreneurial Management Program may offer organized ASPs. All ASP registrations require the written consent of the instructor and appropriate section number on the registration form. Students should go to the Wharton Entrepreneurial Programs Office to receive faculty section numbers. If the proper approval is not obtained, registration is not valid.

MGMT 899 (0.5 or 1.0 cu)

Independent Study Project for Entrepreneurial Management
Description: Special permission required. ISP topics can be individually selected by the student with the advice and consent of any instructor in the Management Department. All ISP registrations require the written consent of both the instructor and the Wharton Entrepreneurship Office on the registration form. Students should go to the Wharton Entrepreneurship Office to receive ISP section numbers. If the proper approval is not obtained, registration is not valid.
To access an ISP/ASP registration form (as well as other MBA Program Office forms) see here.
Please note: Syllabi for courses offered by the Goergen Entrepreneurial Management Program are posted online here.
For course days/times, see the course timetable on the Penn Registrar’s website here.