SYLLABUS: The Fundamentals of Business for Entrepreneurial Journalists - An Intensive

Business Basics Course at the CUNY Graduate School of Journalism’s Tow-Knight Center
for Entrepreneurial Journalism
Prof. Jeremy Caplan, Spring 2011 - Three credits

Summary:
To succeed in the new media marketplace, entrepreneurial journalists must understand
basic business fundamentals. This course provides students with grounding in core principles of
finance, strategy, marketing and other areas that comprise contemporary business fundamentals.
Unlike traditional graduate-level business programs, this course orients the subject matter toward
journalists, with particular emphasis on applying key concepts to journalism businesses.
The course guides students to mastery of the material through a rigorous combination of
interactive lecturing, live exercises, case studies, challenging assignments and student
presentations, which include both oral and written analyses. The course also includes occasional
quizzes and two major tests - a midterm and a final - to ensure steady progress and consistent
comprehension and retention of course materials.
Students are required to apply their learning in presenting both written and oral analyses
of businesses, and are expected to apply their journalism skills to research, craft and present their
analyses.

Outcomes: Students will...

● Learn how to develop and present a detailed analysis of an existing business.
● Develop analytical tools for assessing entrepreneurial business ideas.
● Understand the basic foundational principles of finance, marketing and strategy so they
can comprehend and evaluate business opportunities.
● Apply core journalism skills — including reporting and analysis — in writing about a
business, combining their journalism skills with basic business analysis.
● Refine their skills of synthesis, editing and presentation in preparing presentations about
businesses they analyze.
● Understand the major components of a business model, including:
○ Key Activities and Resources
○ Key Partnerships
○ Cost Management
○ The Value Proposition
○ Customer Segmentation and Retention
○ Channels of Distribution
○ Revenue Streams
Week # Class Agenda Readings &
Assignments

1 1. Class Introduction Due Today:

a. Personal Introductions - Pre-Course
b. Goals, Expectations and Metrics: What you Reading
will get out of this course, what you are - Pre-Course
required to do, and how we will measure Writing Assignment
success
c. What this course is about - overview and Reading:
discussion I. Where Great
d. Syllabus overview and topic-by-topic Ideas Come From
introduction II. Section I of
e. Live Exercise: Assessing a Journalism Start- Business Model
Up Generation
f. Examples of Success: Analyzing Five Small III. Selection from
Journalism Organizations Founders at Work
g. Examples of Failure - Looking Back at
Projects that Did Not Pan Out Writing:
150 Word Summary
Response to First
Case Study

1b 2. Innovation Assignments:
a. New Techniques for Idea-Generation
b. Finding Problems to Solve Reading: Packet
c. Case Study: Intrapreneurship in a Large Media Reading #2
Organization
d. Readings Discussion - Where Great Ideas Writing: 150 Word
Come From Response to Class
e. Live Workshop: Practicing Idea-Refinement Discussion on
Tools Innovation
f. Assessing Innovation

2 3. Understanding Business Models Assignments:

a. What is a Business Model Reading: Packet

b. The 9 Elements of a Biz Model Reading #3,
c. The Value Proposition Including “Why
d. Customer Identification and Segmentation Business Models
e. Defining and Clarifying Key Business Matter,” by Joan
Activities Magretta
f. The Freemium Model
Exercise: Map the
Business Model for
 the Company
Assigned to You in
Class

2b 4. Understanding Business Models Assignments:

a. Live Workshop: Using the Business Model Reading: Packet

Framework to Evaluate GourmetLive Reading #4,
b. Assessing Cost Considerations including
c. Revenue Streams
d. The Bait and Hook Model Writing: 150-Word
e. Multi-Sided Platform Response to the
f. The Open-Source Approach Reading for Session
#3

3 5. Business Model Cases Assignments:

a. Key Business Resources Reading: Packet

b. Reading Discussion: News in the Digital Reading #5
World: Who Pays?
c. Understanding Marketing Channels Writing: 150 Word
d. Customer Retention Analysis of New
e. Key Partnerships York Times Paywall
f. Case Study: Google’s Android: Will it Shake Strategy
up the Wireless Industry?

3b 6. Strategy Assignments:
a. Defining Strategy - Living Case: NYTimes
Paywall Strategy Reading: Packet
b. Introducing Porter’s Five Forces Reading #6
c. Barriers to Entry - Greenwald Theory and
Writing: 150 Word
Barriers in Practice
d. Case Study from Duggan Intro Strategy Twitter Case
Coursebook Response
e. Market Analysis - Exploring and Assessing
Strategic Opportunities

4 7. Strategy Assignments:

a. Defining Strategy - Living Case: Popular Reading: Packet

Science iPad Strategy Reading #7
b. Introducing SWOT Analysis
c. Case Study: Entrepreneurs at Twitter: Harvard
Business School Case
d. Media Moguls and Strategy
e. Strategy for a Small Business Venture
 f. Communicating, Adapting and Evaluating
Strategic Decisions

4b 8. Budgeting and Accounting Assignments:

a. Basics of Budgeting Reading: Packet

b. Defining Key Terms Reading #8
c. Live Exercise: Budget Fill-In
d. Examples of Budgets in Action Exercise: Budgeting
e. Budget Pitfalls Exercise
f. Tools and Techniques for Budgeting

5 9. Budgeting and Accounting Assignments:

a. Why Bother with Accounting? Reading: Packet

b. Further Basics of Accounting Reading #9
c. Live Exercise: Simple Accounting
d. Basic Cash Flow Projections Exercise: Budgeting
e. Guest Speaker: Accounting in a Startup Media Exercise #2
Company
f. Reading Discussion: When Accounting Goes
Wrong

5b 10. Marketing Assignments:

a. Defining Marketing and Marketing Strategy
b. The 5 Cs: Company, Customer, Collaborator, Reading: Packet
Competitor, Context Reading #10
c. The 4 Ps: Product, Price, Promotion, Place
(Distribution Channel) Exercise: Marketing
d. Live Exercise: Marketing Assessment Exercise Assigned
e. Marketing Case Study and Explained in
Class
f. Discuss Assignment for Next Week: Readings,
Review Exercises and Panel Prep Readings

6 11. Marketing Assignments:

a. Advertising Industry Overview
b. Clarifying Ad Categories: From Display Ads Reading: Packet
and Google AdWords to Traditional Reading #11,
Classifieds, Job Ads and Retail Advertising including Case
c. Live Exercise: Messaging Study Prep: “Can
d. Workshop Exercise: Ad Clarity and Strategy you Measure the
e. Learning from Media Marketing Success ROI of Your Social
Stories... and Failures Media Marketing?”

6b 12. Customer Analysis Assignments:

 a. Metrics and Analytics Reading: Packet
b. Marketing Research and Customer Reading #12
Identification: Database Tools (Guest
Presentation) Presentation
c. Techniques for Audience Research: Sizing a Preparation: Prepare
Market and Estimating Growth for Business
d. Understanding Marketing ROI Analysis
e. Case Study: Can you Measure the ROI of Your Presentations in
Social Media Marketing? Session 7

7 13. Guest Panel: Real-World Media Business Assignments:

a. Guest Panel of Experts to Highlight Real-
World Aspects of Business Models, Marketing, Reading: Packet
and Strategy Reading #13
b. Questions and Open Dialogue with Panelists
c. Reading Discussion: Shaping Strategy in a Writing: 150 Word
World of Disruption Case Study
d. Student Presentations. Students Present Initial Response:
Business Analysis, and Receive Feedback and YouTube, Google
Comments from Panel and the Rise of
Internet Video

7b 14. Case Study Discussion and Midterm Review Assignment:

a. Case Study: YouTube, Google and the Rise of MIDTERM PREP

Internet Video
b. Reviewing Business Models
c. Budgeting and Accounting
d. The 5 Cs: Company, Customer, Collaborator,
Competitor, Context
e. The 4 Ps: Product, Price, Promotion, Place

8 15. MIDTERM EXAM Assignments:

Reading: Packet
Reading #14

8b 16. Managing Projects and People Assignments:

a. 5 Principles of Effective Project Management
b. Basic Principles and Tactics for Effective Reading: Packet
Negotiation Reading #15
c. Live Negotiation Simulation
d. Exercise: Real-World Challenges "Soft-Skills" Exercise: Self-
e. Discussion: Managing the Challenges of Team Assessment
Projects
Writing: 150 Word
 Case Response

9 17. Project Management and Leadership Assignments:

a. Leading Up Within an Organization: Reading: Packet

"Intrapreneurial Leadership" Reading #16
b. Leading Colleagues, Partners and Project
Teams Presentation
c. Leading Yourself: Developing a Vision, Preparation:
Cultivating Long-Term Goals Assessing Media
d. Case Study: 3 Young Leaders Face Challenges Startups in Asia and
with Their Start-ups Africa - to be
e. Live Exercise: Leadership Challenge Presented in Week
Simulation 13
f. Leadership Readings Discussion

9b 18. Startup: Field Trip Assignments:

a. Field Trip Reading: Packet

b. Trip to Business Offices of a Small Journalism Reading #17
Organization
c. Meet with Staff Members to Explore the Inner Writing: 500 Word
Workings of the Business Side Writeup on an
d. Discussion of the importance of sound editorial Ethical Challenge or
judgment and decision-making in the success Conflict You’ve
of a journalism business Encountered or
Researched

10 19. Ethical Issues in Business and Entrepreneurship Assignments:

a. Discussion: When Business Opportunities Reading: Packet

Clash with Principles of Journalism Reading #18,
b. The Primacy of Privacy: New Issues for Media including “New
Businesses Math of Ownership”
c. Case Study: A Startup Faces a Difficult
Decision: Multiple Perspectives on Ethics Writing: 150-Word
d. A Framework for Taking Ethics into Account Digital Journal
e. How and Why to Talk Clearly and Openly Response to an
about Ethics, Values and Principles Issue Raised in
Today’s Ethics
Discussion

10b 20. Finance and Valuation Assignments:

a. Understanding Various Channels of Startup Reading: Packet

Funding Reading #19
 b. Defining Debt
c. Understanding Equity Exercise: Finance
d. Angel Investing Exercise to be
e. Venture Capital Detailed in Class
f. Reading Discussion: Financing the Business:
Where’s the Money

11 21. Finance and Valuation Assignments:

a. Private Equity Reading: Packet

b. Initial Public Offerings Reading #20
c. Private vs. Public Ownership
d. Live Exercise: Using a Spreadsheet to Project Writing: 150 Word
Cash Flows Case Study Writeup
e. Reading Discussion: Bootstrap Finance: The & Valuation
Art of Start-ups Exercise to be
Detailed in Class

11b 22. Finance and Valuation Assignments:

a. An Introduction to Valuation Reading: Packet

b. Methods of Valuation Reading #21
c. Startups, Sales and Multiples: How Markets
Really Work
d. Analyzing Cash Flows and the Funding Needs
of a Business
e. Case Discussion: Interzine Productions, Inc.

12 23. Real-World Business Considerations Assignments:

a. When, Why and How to Incorporate - Pros and Reading: Packet

Cons of Various Options Reading #22
b. Legal Issues for Startups: Contracts,
Intellectual Property, Liability and Other Long-Term Project:
Considerations Preparation for
c. Taxes, Insurance and Other Practical Issues Final Presentation

12b 24. Real-World Business Considerations Assignments:

a. Day-to-Day Tools and Techniques: Business Reading: Packet

Software Reading #23
b. Finding, Selecting and Hiring a Lawyer,
Accountant, and Other Service Providers
c. Guest Speaker: The First 100 Days: - Long-Term Project:
Understanding and Overcoming Challenges Preparation for
and Staying on Course in the Face of Obstacles Week 13 Reports
13 25. Intrapreneurship in Business Organizations Assignments:

a. Understanding Business Hierarchies Reading: Packet

b. Navigating Business Bureaucracy Reading #24
c. Finding Key Problems to Solve and Identifying
Relevant Intrapreneurial Opportunities Long-Term Project:
d. Case Study: eReading: Amazon’s Kindle Preparation for
e. Guest Speaker: Intrapreneurship at a Large Week 13 Reports
New York Media Conglomerate

13b 26. Global Business Considerations Assignments:

a. Case Study: Spiegel Online Reading: Packet

b. Doing Business Across Borders Reading #25
c. Assessing the European Media Business
Landscape
d. Startup Culture Student Reports: Key Media
Startups in Asia and Africa: Student Reports

14 27. The Mechanics of Product Development Assignments:

a. Defining Product Development (iPad or Reading: Packet

Android app development, for example) Reading #26
b. Understanding Operations Management
c. Analyzing a Product/Service Workflow Preparation for
d. Understanding the Stages of Product Week 15
Development (Conception to Execution) Presentations
e. Case Study: Facebook’s Platforms

14b 28. Course Review and Preparation for Final Assignments:

Presentations
Reading: Packet
a. Overview and Review of Course Material
b. Answering Lingering Questions Reading #27
c. Live Exercise: On-the-Spot Business Analysis
d. Final Prep for Student Presentations Final Preparation
e. Final Preparation and Business Analysis for Week 15
Discussion in Advance of Final Presentations Presentations

15 Final Student Presentations Final Readings

15b Final Exam Review and Course Conclusion

Selected Readings from:

● Founders at Work: Stories of Startups’ Early Days, to get a better sense of the
entrepreneurial mindset and some of the day-to-day challenges faced by entrepreneurs at
leading journalism and media startups
● Case Studies from Harvard Business School, Columbia Journalism School, Columbia
Business School, and other Contemporary Case Study Sources
● The Curse of the Mogul by Bruce Greenwald, Jonathan Knee and Ava Seave, for an
understanding of some of the strategic issues at the core of the media business
● Create Your Own Economy: The Path to Prosperity in a Disordered World by Tyler
Cowen, for an understanding of the economics behind changes in media
● The Business of Journalism, Edited by William Serrin, for thoughts from 10 leading
reporters and editors on the media business
● The Dictionary of Business, Penguin Reference, for a concise guide to basic business
terminology
● Analysis for Financial Management, by Robert C. Higgins, for excellent, straightforward
explanations of basic concepts of finance.
● Harvard Business Review on Business Model Innovation
● Influence: The Psychology of Persuasion, by Robert Cialdini, for a basic introduction to
principles and concepts in marketing
● Business Model Generation: A Handbook for Visionaries, Game Changers, and
Challengers, by Alexander Osterwalder and Yves Pigneur
● Funding Journalism in the Digital Age: Business Models, Strategies, Issues and Trends
by Jeff Kaye and Stephen Quinn
● Entrepreneurial Journalism by Mark Briggs
● The Wall Street Journal, the New York Times Business Section, The Economist and other
business periodicals and blogs will also be assigned at various points throughout the
course for contemporary readings.

Assessment/Grading:

Class Participation: 15%

Written Assignments: 15%
Quizzes: 15%
Midterm Exam: 20%
Final Presentation: 15%
Final Exam: 20%