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Entrepreneurship and New Ventures

Developing New High Potential Business Ventures

About This Program:

Few people realize just how important entrepreneurial activity is to the US economy. Over 500,000 new businesses are started in the US every year. Over one in 10 working adults in the US is engaged in entrepreneurial activity, either starting a business or playing a lead role in an early-stage business. Most net new jobs are created by start-up activity or by young firms in the rapid-expansion stage. New businesses are drivers of innovation and play a critical role in driving economic recovery.

This course will explore the process of new venture creation including assessment of new opportunities, development of high potential management teams and acquisition of critical resources needed to undertake the entrepreneurial process. The course will involve lectures, case analyses and student-led case discussions.

Who Should Attend:

  • Individuals (or potential management teams) considering the creation of a new venture
  • Early stage business owners (or management teams) entering the rapid expansion stage
  • Individuals wanting to understand the entrepreneurial process for personal investment purposes

Learning Objectives:

  • Understand the process of new venture formulation
  • Assessing opportunities
  • Recognizing the characteristics of successful entrepreneurs
  • Process and structure of business plan development
  • Understanding sources and methods of financing new ventures

Program Outline:

  • New Venture Formation
    • The start-up process
    • What does it take to start a business?
    • Case analysis
  • The Entrepreneurial Mind
    • Characteristics of successful entrepreneurs
    • The apprenticeship process
    • Self assessment
    • Case analysis
  • Defining and Analyzing Opportunities
  • Developing a Business Plan
  • Communicating Your Business Proposition
  • Financing New Ventures
    • Sources of funding
    • Valuing your business
    • Term sheets
    • Legal issues
  • The Venture Capital Process
  • The Pittsburgh Entrepreneurial Community
    • Where to get help in Western PA
    • Overview of organizations

Program Faculty

Richard Patton has been a faculty member at the University of Pittsburgh's Katz Graduate School of Business since 1976. He teaches courses in entrepreneurship and strategic management in graduate, executive and international programs. He is currently an active consultant and advisor whose clients include Fortune 500 firms, closely held firms and new ventures

Dr. Patton is also President, CEO, and Director of the Western Pennsylvania Adventure Capital Fund, an investment fund that specializes in early stage venture capital investments in the Western Pennsylvania area. In addition to the fund's portfolio companies, he has been active in the start-up and financing of several companies. He currently serves on the board of directors of Banker Steel Corporation, True Commerce Corporation and several other closely-held corporations. He has also been recognized multiple times by the Ernst & Young Entrepreneur of the Year award program for his support of entrepreneurship. He has been repeatedly elected the Distinguished Professor by University of Pittsburgh MBA, Executive MBA, International MBA classes and has received multiple Dean's Excellence in Teaching Awards.