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 867 Health Care Entrepreneurship
LGST 813 Legal Aspects of Entrepreneurship
MGMT 731 Technology Strategy
MGMT765  Venture Capital and Entrepreneurial Management: Practices and Institutions of Silicon Valley
MGMT 801 Entrepreneurship
MGMT 802 Change, Innovation and Entrepreneurship
MGMT 804 Venture Capital and Entrepreneurial Management
MGMT 806 Venture Implementation
MGMT 809 Private Equity in Emerging Markets
MGMT 810 Social Entrepreneurship
MGMT 811 Entrepreneurship through Acquisition
MGMT 816 Building Human Assets in Entrepreneurial Ventures
MGMT 833 Strategies and Practices of Family-Controlled Companies
MGMT 893** Advanced Study Project in Entrepreneurial Management
MGMT 899** Independent Study in Entrepreneurial Management
MKTG 741 Entrepreneurial Marketing
MKTG 890*** Global Consulting Practicum (only 1.0 cu can count toward the major)
OIDD 614 Managing the Productive Core of the Firm: Innovation
OIDD 654 Product Design and Development
OPIM 662 Enabling Technologies
REAL 891 Real Estate Entrepreneurship
**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 nelliebk@wharton.upenn.edu. Other courses cannot exceed 1.0 cu equivalent of Wharton coursework.

 

Courses Offered by the Goergen Entrepreneurial Management Program:

MGMT 765 (0.5 cu)

Venture Capital and Entrepreneurial Management: Practices and Institutions of Silicon Valley

This elective half-semester course will highlight venture capital and entrepreneurship in general and will explore selected aspects of this industry, including: industry trends and dynamics in Silicon Valley and the South of Market area (SOMA) of San Francisco; the recent emergence of alternative sources of startup financing, including incubators/accelerators and crowdfunding crowdfunding platforms, angel groups and stage-agnostic institutional investors; business and operational aspects of early stage companies in transition to mezzanine-level stages of growth; and company “exits,” including both initial public offerings and merger/sale transactions. MGMT765 and MGMT804 cover separate issues within the same general industry and are not redundant. This course addresses issues faced by later stage VC backed firms, while MGMT804 centers on early stage, pre-revenue startups. The format of this course relies heavily on site visits and recognized leaders within the Bay Area to bring forth on-the-ground perspectives of a changing and important industry. While MGMT804 is not a prerequisite, the two courses are complementary.

MGMT 801 (0.5 cu)

Entrepreneurship
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 standalone class and as a preparatory course to those interested in writing and venture implementation (the subject of the semester-long course, MGMT806).

MGMT 802 (0.5 cu)

Change, Innovation & Entrepreneurship

Designed for students with a serious interest in entrepreneurship, this course will provide you with an advanced theoretical foundation and a set of practical tools for the management of startups and entrepreneurial teams in fast-changing and innovative environments. Building on the skills of Management 801, every class session is built around an experience where you have to put learning into practice, including the award-winning Looking Glass entrepreneurial simulation, role-playing exercises, and a variety of other games and simulations. The goal is to constantly challenge you to deal with entrepreneurial or innovative experiences, as you learn to navigate complex and changing environments on the fly, applying what you learned to a variety of scenarios. Management 802 is built to be challenging and will require a desire to deal with ambiguous and shifting circumstances.

MGMT 804 (0.5 cu)

Venture Capital and Entrepreneurial Management

This elective half-semester course focuses on venture capital management issues in the context of the typical high-growth potential early stage 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 which 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; and 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 insider-led, “down round” financing.

MGMT 806 (1.0 cu)

Venture Implementation
This advanced course on entrepreneurship focuses on developing a validated opportunity or concept into a venture that is ready for seed financing and/or launching the product or service. Participants in this course 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 course 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. Students must have successfully completed MGMT 801 before enrolling in this course. Students must have successfully completed MGMT801 before enrolling in this course.

MGMT 809 (0.5cu)

Private Equity in Emerging Markets

The course investigates the private equity industry in emerging markets. The goal of the course is to give students a realistic understanding of the roles, responsibilities and analytical skills required of market practitioners, as well as the tensions that arise between various stakeholders, including government officials, investors, entrepreneurs, and the press. The underlying premise is that private equity in those countries has evolved as a distinctly different asset class from private equity in industrialized countries in areas such as valuations, governance, structure, contract enforcement and regulatory transparency. The course will require high level of preparation and class participation. Classes will be a mix of guest speakers from the industry and business cases, to provide students with a practical grasp of the private equity industry and the particular issues involved with how the business works in emerging markets.  Cases will highlight the challenges and tasks at each stage of the investment cycle, such as structuring a new fund, originating new deals, conducting due diligence, creating value and monitoring performance of portfolio companies, and exiting.

MGMT 810 (1.0 cu)

Social Entrepreneurship

This is a course on creating a business to attack a social problem and thereby accomplish both social impact and financial sustainability.  For this course, social entrepreneurship is defined as entrepreneurship used to profitably confront social problems.  This definition therefore views social entrepreneurship as a distinct alternative to public sector initiatives.  The basic thesis is that many social problems, if looked at through an entrepreneurial lens, create opportunity for someone to launch a venture that generates profits by alleviating that social problem.  This sets in motion a virtuous cycle – the entrepreneur is incented to generate more profits and in so doing, the more the profits made, the more the problem is alleviated. Even if it is not possible to eventually create a profit-making enterprise, the process of striving to do so can lead to a resource-lean not-for-profit entity.

Creating a profitable social entrepreneurship venture is by no means a simple challenge.  It involves deeply understanding how to prioritize a multi-mission entity, how to analyze and engage traditional agencies, how to formulate political strategies to develop influence and social assets in target beneficiary markets, how to forge negotiating strategies for securing resources, how to capture publicity for the enterprise, and generally how to minimize resource requirements. Students in teams will develop a PowerPoint deck proposing a social enterprise start up using the tools and principles of the course.

MGMT 811 (0.5 cu)

Entrepreneurship Through Acquisition

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.

MGMT 833 (1.0 cu)

Strategies and Practices of Family-Controlled Companies

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 stakeholder decision making; financial and resource driven options for long-run competitiveness, organizational structures, 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. The class is structured around topical lectures with frequent utilization of case studies requiring active class participation, as well as on-site and off-site project work time. Submission of several written case studies, and a term project are required.

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.