New Venture Assessment: Moving Beyond Business Plans in Introductory Entrepreneurship Courses‪.‬

INTRODUCTION In nearly any course in entrepreneurship, the business plan is the typical end-product. Students are expected to conduct a detailed analysis of market characteristics, anticipated market share estimates, per unit costs, operating details down to employees and rates per hour, utilities, etc, all displayed in impressive, detailed Excel spreadsheets of monthly, quarterly and annual financial pro forma statements. It is a formidable task and one in which students learn a great deal. Katz (2007) refers to this phenomenon as the 'ubiquitous business plan'. However, not everyone has been happy with this emphasis, with some arguing it is misplaced (Timmons & Spinelli, 2007) and others arguing that the content emphasis in most business plans is on the wrong things (Sahlman, 1997).