Entrepreneurship

The module introduces students into basic principles of the topic of entrepreneurship from a global and international perspective. Students will be equipped with basic knowledge on:
- definitions, regional aspects, and special forms of entrepreneurship
- entrepreneurial individuals, including their personality, creativity, idea development, cognition, opportunity recognition, decision making, affect,
- entrepreneurial firms, including their growth strategies, strategic alliances, and resources.
Beyond that, students will engage in break-out group workshops to personally experience the process of opportunity recognition and development. In these workshops they will work in teams and apply concepts from academic literature to real-world entrepreneurial problems. Furthermore, students give presentations to the audience and discuss their results.

After the module students will be able to (i) define entrepreneurship and explain its role for the economy and society, (ii) understand basic psychological and cognitive processes in entrepreneurial action, (iii) explain the basics and important concepts of entrepreneurial decision making, (iv) analyze the role of human and social capital of entrepreneurs, (v) understand the consequences of entrepreneurial failure, (vi) describe growth models and growth paths of young ventures, (vii) explain the purpose and elements of a business plan, (viii) understand the importance of entrepreneurial action for the success of existing firms (corporate entrepreneurship), (ix) explain the advantages and disadvantages of strategic alliances, and (x) describe special forms of entrepreneurship (social and sustainability entrepreneurship).

None

The module will combine several learning methods.
- The basic knowledge as well as real world examples will be provided through the lecture.
- Discussions in the lecture and active participation are encouraged and will contribute to deepen the understanding of the concepts introduced.
- Workshops in smaller groups enable the students to apply (part of) their theoretical knowledge to real-world problems. This format additionally fosters creativity and team work.
- Students will get additional background knowledge from the scientific literature in private reading.

Presentations, exercises, online materials

Hisrich, R. D., Peters, M. P., & Shepherd, D. A. (2010). Entrepreneurship (8th ed.). New York: McGraw-Hill.
Read, S., Sarasvathy, S., Dew, N., Wiltbank, R. & Ohlsson, A.-V. (2010). Effectual Entrepreneurship. New York: Routledge Chapman & Hall.

The grading is based on a written exam (60 Minutes). The written form of the exam allows a comprehensive assessment of students' knowledge and understanding of the basic principles of entrepreneurship. They will answer questions about the concepts explaining the mindset of entrepreneurial individuals and the management of entrepreneurial firms. They will also answer questions about basic definitions of specific types of entrepreneurship and entrepreneurial behavior. Thus, it is ensured that the students are able to understand important theoretical concepts, such as basic psychological and cognitive processes in entrepreneurial action, the principle of business plans, strategic alliances, or special forms of entrepreneurship, and are able to remember them without any additives. The exam is in the form of multiple choice questions.