Updated A.Y. 2018-2019


Massimiliano Pellegrini  
Qualified Associate Professor of Organizational studies and Entreprenurship
Office :             Room 3C-3, 3rd floor Building B
Mail:  massimiliano.pellegrini@uniroma2.it

Vittorio de Pedys  Affiliate Professor of Finance, ESCP Europe
Contact :  +39 335 5789566
Office :               Room 3C-4, 3rd floor Building B
Mail:   vdepedys@yahoo.it , vdepedys@escpeurope.eu, vdepedys@unito.it, de.pedys@economia.uniroma2.it


The role of entrepreneurship in an economic unit has been well documented and is of interest not only to business people and politicians but also to students – the future entrepreneurs. Creating and growing a new venture inside or outside the corporation is a task that few individuals are able to accomplish, even though many profess the desire. This course is based on an understanding of strategic areas of business and applies the tools and analytical techniques of these areas to the new venture creation process in a domestic and international setting. The entrepreneurship module has been so designed that participants in the program will be well prepared to pursue careers as owner/managers. It also offers a generic examination of the general principles of entrepreneurship and entrepreneurial activity. Adopting this unit does not confine the participants to the confines of small business and its related activities. It supports the full development of entrepreneurial skills and sensitivities for use in existing organizations, to facilitate the management of change and/or the achievement or organizational goals.


Upon successful completion of this module, assuming that attendance, participation, and completion of the assessment has been undertaken, the student should be able to:
- Understand what an entrepreneur is, what the benefits are, the risks, and the responsibilities.
- Understand what a good opportunity is and what kinds of opportunity sources there are.
- Understand how opportunities are discovered, and how the creative process can be enhanced.
- Understand the mechanics of the entrepreneurial process and key aspects of entrepreneurial behaviors.
- Understand the difficulties associated with small business start-up and survival.
- Understand key organizational challenges faced by small firms as they grow.
- Understand how all organizations can learn to evolve and behave more entrepreneurially.
- Cover the whole entrepreneurial path, form spotting the opportunity to a exiting the venture
- Focus on the financial aspects of the entrepreneurial venture (business case, business plan, pitching, financing rounds, etc).


The key topics taught in the module are the following:
• The Entrepreneurial manager
• Getting started: Emerging Ideas and spotting of the opportunity
• The Start-up Process
• Managing uncertainty: Business Survival
• Growing the Business
• The business Case
• the Business Plan
• Venture Capital Funding, financial projections and capitalization tables
• Realizing value: Liquidity events


The module will use a variety of teaching and learning methods to enhance learning and understanding including lectures, cases, workshops and videos and groupwork. It will place emphasis on developing critical skills of analysis, strategic choice and implementation through the use of workshops and case studies. Methods will include critical reading and thinking; engagement with new business ideas/opportunities from case studies and presentations/pitches; conceptual development of models and theories of entrepreneurial practice; peer interaction; secondary data research and analysis; tutorial support and guidance. 

Students will be expected to demonstrate independent study skills and personal initiative in workshops and seminars, which are provided as a forum for discussion. As such, there is a strong emphasis on dialogue and interaction between tutors and students with the sharing of ideas and experiences. These seminars will draw heavily from the students’ own experience and knowledge of organizations and business in general, and as a result, the success of the seminars is very much dependent on the student’s willingness to participate. In preparing for seminars students should ensure that, in addressing the questions/areas identified for debate, consideration is given to:
• The use of relevant conceptual analysis in addressing the core issues of tasks/questions/case studies;
• Demonstration of understanding of the relevant essential reading material (to follow) and, where relevant, highlighting of alternative perspectives on the issues involved in the discussion;
• Encouraging involvement in the discussion by the rest of your seminar group.


Stevenson H. “A perspective on entrepreneurship” HBS, 13 april 2006
Stevenson H. “Intellectual foundation of entrepreneurship” , HBS USASBE/SBIDA 2000, San Antonio, feb 2000
Blank S. “Why the lean start-up changes everything” Harvard Business Review, may 2013
Hamermmesh, R., Heskett, J., and Roberts, M.  (2005) A note on managing the growing venture. HBS note no.  9-805-092
Volker M.E. “Making the business case”, Bookboon
Sahlman W. “Some thoughts on business plans”, HBS,  14 nov 1996
Hellman, T. (2006). A note on valuation of venture capital deals. Stanford Graduate School of Business, case E-95, rev. 20
Mauborgne, K. (2004). Blue ocean strategy. Harvard Bus Review
Roberts, M., and Barley, L. (2004). How venture capitalists evaluate potential venture opportunities. HBS note no. 9-805-019


The assessment for this module will consist of two parts as outlined below:

Group Presentation (up to 50% of total marks): In groups students will analyse the cases provided by the Instructor and present answers to the questions set Groups will be formed during the first week.

Final Written Exam (at least 50% of total marks): In the exam, students will answer questions on topics covered in this module. Excellent answers are those which represent an appropriate mix between theory and practice (i.e. business examples). Theoretical connections among the different topics are also very welcome.