MANAGEMENT 385.

23
ENTREPRENEURIAL MANAGEMENT

SPRING 2009
UNIQUE NUMBERS: 04470 AND 04475

Instructor: Dr. Melissa Graebner Meeting time: Mon Wed 12:30 – 1:45
Mon Wed 2:00 – 3:15

Office Hours: By appointment, CBA 4.234 Classroom: GSB 3.130

Contact at: melissa.graebner@mccombs.utexas.edu

This course is intended for anyone interested in starting a business, working for an
entrepreneurial company, or working with entrepreneurial firms as an investor or advisor. The
course is designed as a broad overview of entrepreneurial activities and issues, including
identifying a winning business opportunity, gathering funding for and launching a business,
growing the organization and harvesting the rewards. The class also invites you to consider
how your entrepreneurial initiative can make a difference to society.

Entrepreneurial Management involves a variety of teaching and learning methods. Course

elements include:

 Case discussions
 Guest speakers
 Topical readings
 Documentaries
 In-class role-plays and exercises
 Individual and team integrative assignments
 Team tactical projects

Case examples incorporate variety on many dimensions, including product vs. service business
models; local vs. national or international markets; bootstrapping vs. external funding; and
new ventures vs. takeover of ongoing concerns.

Entrepreneurship is an interdisciplinary pursuit. Entrepreneurial opportunities may arise from

many fields, including engineering, natural sciences, communications and media, architecture,
education, and music. Pursuing these opportunities requires building a team with a diverse
knowledge base, including but not limited to management, technology, law, and finance.
Accordingly, while Entrepreneurial Management is primarily designed as a course for graduate
students in business, it is open to graduate students from all schools at the university. The
class format is designed to integrate these varied backgrounds.

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 LEADERSHIP AND THIS COURSE

The Texas MBA program is designed to develop influential business leaders. The MBA Program
has identified four fundamental and broad pillars of leadership: knowledge and understanding,
communication and collaboration, responsibility and integrity, and a worldview of business and
society.

In this course, you will enhance your knowledge and understanding of issues related to
founding, growing, and harvesting a firm, preparing you to take a leadership role in an
entrepreneurial venture. Course activities such as class discussions and team projects will
sharpen communication and collaboration skills. Cases and documentaries will encourage
thoughtful consideration of ethical challenges. Finally, discussions of founders’ underlying
values as well as an introduction to social entrepreneurship will contribute to the development
of a worldview of business and society.

READINGS

C: Course reader. Purchase at University Coop.

B: Course website on BlackBoard
H: Class handout

COURSE REQUIREMENTS AND GRADING

Evaluation of student performance will be based on a combination of team (45%) and

individual (55%) activities.

Individual Class Participation 30%

Integrative Assignments 35%

 Individual 25%
 Team 10%

Team Project 35%

100%

The distribution of grades has historically been roughly as follows: 45% A/A- ; 40%
B+/B/B- ; remaining 5% C+ or below.

INDIVIDUAL CLASS PARTICIPATION (30%)

Class participation includes your comments in case discussions, interactions with guest
speakers during question-and-answer periods, and participation in class exercises. You

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are expected to read assigned material prior to class. You should also be prepared to
answer the questions assigned for each case (see end of syllabus).

Purpose
 Reveal lessons from case examples through active discussion and debate
 Develop skills in effectively persuading others
 Leverage backgrounds and insights of all students to enrich class experience

Evaluation Criteria
 Shows evidence of thorough preparation for exercises, cases, discussions
 Able to respond adequately when “cold-called.” All students should be
prepared to answer any assigned study questions for each class session.
 Comments are constructive and conducive to a positive class environment
(e.g., did not interrupt others or repeat points already made)
 Comments add value to discussions (e.g., integrate material, provide
relevant examples, present devil’s advocate arguments, give constructive
feedback).
 Note that class participation is not evaluated on whether comments are
“right,” but whether they reflect preparation. Thoughtful “wrong” answers
can raise important issues and are often valuable for class discussions.

Additional Information
 A seating chart will be used to facilitate tracking of class participation
 Students who have language difficulties or other barriers to participation are
encouraged to discuss these with the instructor early in the semester
 Attendance is a key component of class participation. In order to
accommodate interview schedules and other personal circumstances,
students are allowed TWO absences throughout the semester for any
reason, with no make-up required. However, you are responsible for the
material covered in all sessions. If you must miss a class session, it is your
responsibility to obtain materials, notes, and announcements from your
classmates. Missing more than two class sessions is strongly
discouraged. If you must miss a third class meeting, you may
contact the instructor to discuss a make-up assignment. Four or
more absences may result in a lowering of your course grade.

INTEGRATIVE ASSIGNMENTS (35%)

Integrative Assignments are written essays that will require you to synthesize course
material. You will complete TWO individual assignments (25% combined) and ONE
team assignment (10%). For the individual assignments, you will choose two out of
four assignment options. Each assignment option has a specific due date, as indicated
on the course schedule. Additional information regarding assignment topics and
requirements will be provided in class.

Purpose
 Provide opportunities to creatively synthesize course material
 Promote analogical learning through comparison of multiple case examples
 Connect course material to personal and team experiences

Evaluation Criteria

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  Integrates multiple aspects of course, including cases, guest speakers,
readings, etc. Both readings and in-class discussions should be
incorporated.
 Displays thoughtful reflection and integration of course material
 Addresses all components of assignment
 Is well-organized, clearly structured and well-written
 (If applicable): Quantitative results are correct.

TACTICAL TEAM PROJECT (35%)

Entrepreneurship requires a unique combination of visionary, abstract thinking, and

hands-on, nuts-and-bolts tactics. The purpose of the team project is to give you
experience with the latter. The key requirement is that you address a tactical problem
that is faced by an actual entrepreneur, rather than a hypothetical or abstract issue.
You are strongly encouraged to work with a real entrepreneurial venture. If you are
currently developing a new business, your team may also work on a specific, tactical
issue related to that venture. Additional details on the project will be provided in class.

Purpose
 Provide experience with the tactical, hands-on challenges of
entrepreneurship
 Learn about a variety of tactical issues through the presentations of
classmates

Evaluation Criteria
 Topic reflects a challenging tactical problem faced by an entrepreneur
 Team utilized entrepreneurial management skills in addressing this problem.
This includes being resourceful and enterprising.
 Team provides value to classmates by contributing insightful, well-organized
and relevant information.
 Team is responsive to feedback. You will present an interim report halfway
through the semester and will receive feedback from your classmates at
that time. Your responsiveness to this feedback will be a factor in your
project grade.
 Written report and presentations are of professional quality. This includes
clear organization, effective writing, and adherence to time and page limits.
 Additional information on evaluation criteria will be provided in class.

Your individual grade on the team project will be calculated based on your team grade,
weighted by an evaluation from your peers. The team evaluations will be
confidential (seen only by the instructor). You will assess each team member
(including yourself) based on the following criteria:

 Participation in team events: Did the team member participate in most, if

not all, of the team assignments?
 Fair workload: Did the team member take on his/her share of the overall
workload?
 Quality of work: Was the quality of the team member’s work high,
adequate, or inadequate (required re-working by another team member)?
 Team interaction skills: Did the team member interact effectively with other
members of the team? Did the member handle conflicts constructively? Did
the member communicate often with other team members?

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Note that teams typically function better and have more successful results when team
dynamics issues (e.g., a member not pulling his or her weight) are addressed promptly
and directly within the team.

POLICIES

1. Changes to course syllabus. The course schedule is subject to change at the

discretion of the instructor. Among other reasons, scheduling changes may
occasionally be required to accommodate changes in the availability of guest
speakers. Schedule changes will be announced in class as well as on the course
website and/or e-mail list.

2. Class e-mail communications. Class announcements may be distributed via

e-mail. In order to receive these announcements, make sure the e-mail
address listed for you on the BlackBoard site is correct. This e-mail list is
created by the registrar’s office based on an e-mail address that you provided
to them. You are the only one who can change it.

3. Standards of professionalism. All students are expected to fulfill basic

standards of professional behavior. Failure to adhere to these standards may
be reflected in your course grade. Professionalism includes:

 On-time arrival to class.

 Appropriate preparation for class. “Cold calling” may occur.
 Not having side conversations during class.
 Turning cell phones off.
 Showing courtesy to guest speakers.

4. Name cards. Students are expected to display name cards in every class.

5. NO Laptops. Laptops should be turned off and put away during class. Any
exceptions will be announced prior to class.

6. Late policy: There is a 10% per day penalty for late assignments. Anything
delivered after the start of class is considered late. If some probable event may
delay the timely submission of your assignments, plan now to turn them in early.

7. Grievance procedure: If you feel you have been graded unfairly in this course, you
may use the following procedure to voice your complaint:

Within TEN (10) DAYS of receiving the grade, give me a written appeal.
After ten days, I will assume that you agree with my assessment and consider
the grade final. To file an appeal, prepare a written statement detailing why
you think the grade is unfair. Be sure to document your reasons by referring to
inconsistency in grading standards, incorrect point calculations, etc. Submit the
written statement together with the graded material (if appropriate). I will
consider your complaint and make a decision. If you are not satisfied with my
decision, you may use University grievance procedures as your “appeal.”
Please note that I will document fully my rationale for all grades.

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8. Scholastic dishonesty: The McCombs School of Business has no tolerance for acts of
scholastic dishonesty. The responsibilities of both students and faculty with regard to
scholastic dishonesty are described in detail in the Policy Statement on Scholastic
Dishonesty for the McCombs School of Business.

By teaching this course, I have agreed to observe all of the faculty responsibilities
described in that document. By enrolling in this class, you have agreed to observe all of
the student responsibilities described in that document. If the application of that Policy
Statement to this class and its assignments is unclear in any way, it is your
responsibility to ask me for clarification.

Students who violate University rules on scholastic dishonesty are subject to disciplinary
penalties, including the possibility of failure in the course and/or dismissal from the
University. Since dishonesty harms the individual, all students, and the integrity of the
University, policies on scholastic dishonesty will be strictly enforced. You should refer
to the Student Judicial Services website at http://deanofstudents.utexas.edu/sjs/ or the
General Information Catalog to access the official University policies and procedures on
scholastic dishonesty as well as further elaboration on what constitutes scholastic
dishonesty.

9. Notice about WEB-based class information: Password-protected class sites will be

available for all accredited courses taught at The University. Syllabi, handouts,
assignments and other resources are types of information that may be available within
these sites. Site activities could include exchanging e-mail, engaging in class
discussions and chats, and exchanging files. In addition, class e-mail rosters will be a
component of the sites. Students who do not want their names included in these
electronic class rosters must restrict their directory information in the Office of the
Registrar, Main Building, Room 1. For information on restricting directory information
see: http://www.utexas.edu/student/registrar/catalogs/gi04-05/app/appc09.html.

10. All known student disabilities and religious holidays will be accommodated.
The University of Texas at Austin provides upon request appropriate academic
accommodations for qualified students with disabilities. For more information, contact
the Office of the Dean of Students at 471-6259, 471-4641 TTY. If you have a condition
(e.g., learning disability, chronic medical condition, etc.) or holiday that needs
accommodation, please see me early in the term so that we can take appropriate steps.

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 COURSE SCHEDULE
(SUBJECT TO CHANGE)
C: COURSE READER
B: BLACKBOARD
H: CLASS HANDOUT
*: BE PREPARED TO DISCUSS QUESTIONS AT END OF SYLLABUS

DATE TOPIC CLASS PREPARATION HAND IN

PART I: INTRODUCTION
1 WEDNESDAY COURSE OVERVIEW
JANUARY 21
2 MONDAY WHO ARE ENTREPRENEURS C: A NOTE ON PRE-MONEY B: STUDENT
JANUARY 26 AND WHAT IS AND POST-MONEY PROFILE (FILL
ENTREPRENEURSHIP? VALUATION (A) AND OUT, ADD
VIDEO: LEMONADE STORIES (B) PHOTO, AND
C: OPPORTUNITY PRINT)
INTRO TO PRE- AND POST- RECOGNITION AS
MONEY VALUATION PATTERN RECOGNITION RESUME

BUSINESS PLANS AND

PART II:
BUSINESS MODELS
3 WEDNESDAY EVALUATING IDEAS C: SOME THOUGHTS ON **SEATING CHART
JANUARY 28 BUSINESS PLANS DAY**
B: ONLINE SOCRATES* YOUR SEAT TODAY
B: ONLINE SOCRATES WILL BE YOUR
FINANCIALS SEAT FOR THE
SEMESTER
4 MONDAY DEVELOPING BUSINESS C: PROFIT LOGIC* BRING LAPTOPS
FEBRUARY 2 MODELS C: WHY BUSINESS
MODELS MATTER
C: NOTE ON BUSINESS
MODEL ANALYSIS FOR
THE ENTREPRENEUR

PART III: FINANCING

5 WEDNESDAY VENTURE CAPITAL C: VENTURE CAPITAL LIST OF TEAM
FEBRUARY 4 B: USHIP* MEMBERS
GUEST: MICKEY MILLSAP

6 MONDAY ANGEL INVESTORS I C: ANGEL INVESTING

FEBRUARY 9 C: ANGEL INVESTING:
INNOVATION IN THE
ESTABLISHMENT
C: WALNUT VEN. (A)*
7 WEDNESDAY ANGEL INVESTORS II C: VENTURE CAPITAL BRING LAPTOPS
FEBRUARY 11 (REVIEW)
C: WALNUT VEN. (D)* **ANALYSIS MAY
B: HINT TEMPLATE REQUIRE EXTRA
PREP TIME**

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 DATE TOPIC CLASS PREPARATION HAND IN

8 MONDAY FRIENDS AND FAMILY B: FOREIGN CINEMA* 1-PAGE

FEBRUARY 16 CASE DESCRIPTION OF
GUEST: MICHAEL HECHT B: FOREIGN CINEMA TEAM PROJECT
FINANCIALS TOPIC
9 **SPECIAL BILLMELATER: TBD TBD
EVENT** SURVIVAL AND HARVEST

7 PM TUESDAY GUEST: GARY MARINO

FEBRUARY 17
NOTE SPECIAL MEETING TIME

PART IV: TEAMS

10 MONDAY DEBRIEF SPECIAL EVENT C: NANOGENE* INTEGRATIVE
FEBRUARY 23 AND ASSIGNMENT:
DIVIDING THE PIE INDIVIDUAL
TOPIC 2
11 WEDNESDAY WORKING WITH FRIENDS: C: HOW MANAGEMENT
FEBRUARY 25 STARTUP.COM FILM (START) TEAMS CAN HAVE A
GOOD FIGHT
12 MONDAY WORKING WITH FRIENDS: BE READY TO PRESENT IN HARD COPY OF
MARCH 2 STARTUP.COM FILM CLASS PRESENTATION
(FINISH)
AND INTERIM PROJECT
PRESENTATIONS
13 WEDNESDAY INTERIM PROJECT BE READY TO PRESENT IN HARD COPY OF
MARCH 4 PRESENTATIONS CLASS PRESENTATION

14 MONDAY TBD TBD

MARCH 9
SOME STUDENTS WILL BE
ABSENT DUE TO GLOBAL
CONNECTIONS TRIPS

15 WEDNESDAY TEAM PROJECT MEETINGS SOME STUDENTS WILL BE

MARCH 11 ABSENT DUE TO GLOBAL
CONNECTIONS TRIPS

MONDAY
MARCH 16 SPRING BREAK

WEDNESDAY
MARCH 18
PART V: LAUNCH AND GROWTH

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 DATE TOPIC CLASS PREPARATION HAND IN
16 MONDAY TAKING OVER AN ONGOING C: EARLY CAREER LBOS
MARCH 23 CONCERN USING THE SEARCH
FUND MODEL
GUEST: JEFF TURK
WEB SITES* (SEE END OF
SYLLABUS)
17 WEDNESDAY SALES C: CHAPTERS 5 AND 10 TEAM
MARCH 25 FROM “THE NEW INTEGRATIVE
STRATEGIC SELLING” ASSIGNMENT

B: RADIALPOINT*

18 MONDAY REFINING THE BUSINESS B: BIGFOOT NETWORKS

MARCH 30 MODEL BUSINESS PLAN AND VIDEO

19 WEDNESDAY THE ENTREPRENEURIAL B: MELINDA GARVEY*

APRIL 1 CAREER

GUEST: MELINDA GARVEY

PART VI: HARVEST AND NEXT STEPS
20 MONDAY ACQUISITIONS C: HARVEST TIME:
APRIL 6 REAPING WHAT YOU’VE
SOWN
C: KATE SPADE*

21 WEDNESDAY GREEN ENTREPRENEURSHIP: TBD

APRIL 8 BLUE AVOCADO

GUEST: AMY GEORGE

22 MONDAY INITIAL PUBLIC OFFERINGS C: THE PROCESS OF GOING INTEGRATIVE
APRIL 13 (IPOS) PUBLIC IN THE UNITED ASSIGNMENT:
STATES INDIVIDUAL
C: MONDAVI WINERY* TOPIC 3

23 WEDNESDAY IPOS (CONTINUED) B: FREEMARKETS

APRIL 15 PROSPECTUS*
GUEST: JASON RENEAU

24 MONDAY SURVIVING B: STEPHEN SHANG*

APRIL 20 DISAPPOINTMENT

GUEST: STEPHEN SHANG

SPECIAL TOPICS AND FINAL

PART VII:
PROJECTS
25 WEDNESDAY SOCIAL ENTREPRENEURSHIP
APRIL 22 VIDEO: THE NEW HEROES

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 DATE TOPIC CLASS PREPARATION HAND IN
26 MONDAY TEAM PROJECT PROJECT
APRIL 27 PRESENTATIONS REPORTS (ALL
TEAMS HAND IN
TODAY); HARD
COPY OF
PRESENTATION
(DUE ON DAY
YOU PRESENT)
27 WEDNESDAY TEAM PROJECT INTEGRATIVE
APRIL 29 PRESENTATIONS ASSIGNMENT:
INDIVIDUAL
TOPIC 4
28 MONDAY TEAM PROJECT
MAY 4 PRESENTATIONS

29 WEDNESDAY TEAM PROJECT

MAY 6 PRESENTATIONS

C: COURSE READER
B: BLACKBOARD
H: CLASS HANDOUT
*: BE PREPARED TO DISCUSS QUESTIONS AT END OF SYLLABUS

10 MAN 385.23 4/15/2018

 CASE PREPARATION QUESTIONS

ONLINE SOCRATES

1. Evaluate the Online Socrates business idea and plan based on the people-
opportunity-deal-context framework.

2. The business plan suggests that Online Socrates needs to raise $335K in order
to reach “self-sustained growth.” How realistic is this estimate? How much
money do you think Online Socrates should raise, and why?

3. What could go wrong for Online Socrates? What could go right?

PROFITLOGIC

1. Assess the opportunity that ProfitLogic is pursuing and its success to date.

2. How should Friend respond to Smithfield’s request?

3. Compare the cash flow characteristics of each business model. Which has
superior economics on a per customer basis? Which has superior economics on
a total cash flow basis?

4. Assume ProfitLogic could grow the customer base for each business model at an
(a) 2X baseline growth rate or, (b) 0.5X baseline growth rate. What are the
implications on the attractiveness of each business model and on the cash flow
generated by ProfitLogic in each scenario?

5. What other factors need to be taken into consideration as Friend decides which
business model to pursue?

6. Which strategy would you recommend ProfitLogic follow? What is required to

successfully implement this recommendation?

USHIP

1. How has the term sheet changed from the original version (Exhibit A) to Hill
Country Ventures’ final offer (Exhibit B)?

2. Assess the final offer from the VCs. What should uShip’s founders do?

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WALNUT VENTURES (A)

1. Who are angel investors? Why are they investing in start-ups? Why would an
entrepreneur seek financing from an angel?

2. From Walnut’s point of view, what is/isn’t attractive about RBS?

3. As a Walnut investor, what critical issues do you see as requiring more

investigation/due diligence on your part prior to investing, and how would you
accomplish that? What level of comfort/certainty would you need to have prior
to investing?

4. As Bob O’Connor, what issues/concerns do you have related to Walnut’s

investing in your business, and how would you resolve those issues?

WALNUT VENTURES (D)

1. What do you think the investors are trying to accomplish?

2. What is a reasonable, back-of-the-envelope valuation for RBS in June 1998?

Assume that the company’s valuation in 2002 will be 10 times 2002 profit
before tax (see p. 11 of Walnut A).

3. Assume that in five years RBS is liquidated for $3 million. If the deal proposed
in the term sheet is accepted, who will receive the $3 million? If RBS is
liquidated for $10 million or $30 million in five years, who will receive the
money? HINTS: Assume Series A has preference over Series B; See BlackBoard
for an Excel template for your analysis.

4. What proposed terms do you find most troubling and why? What would you try
to renegotiate, and what might you be willing to give up to get what you want?

FOREIGN CINEMA

1. How can Michael Hecht raise the funding he needs? Propose a plan that
specifies the exact amounts you will raise by various means.

2. Would you be willing to invest in this venture? Why/why not? How much would
you be willing to invest, and what would you expect to get in return?

3. What are the pros and cons of doing a start-up in a traditional industry such as
restaurants or retail?

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BILLMELATER

TBD

NANOGENE TECHNOLOGIES, INC.

1. Evaluate the founders’ decisions regarding the split of equity and compensation
levels. As a potential venture investor in the company, would these decisions
concern you?

2. Evaluate the size and composition of the founding team. What is the difference
between being a “founder” and an early employee?

3. Evaluate Paige Miller as an addition to the team, and assess her compensation
demands. Would you hire her on the terms she seeks?

4. Assess the company’s progress on each of the specific issues discussed in the
last section of the case: the hiring process; a compensation policy; the
company’s culture. Specifically, in each of these areas, what should the
company do?

TAKING OVER AN ONGOING CONCERN/ JEFF TURK

1. Review the following websites

a. Council Oak Investors www.counciloakinvestors.com
b. Above Board Manufacturing www.formaspace.com

2. Consider Above Board Manufacturing, the company that Jeff Turk purchased.
Where might value be created in this type of business?

3. What would the first day be like for the entrepreneur taking over this business?

4. Who might want to invest in a search fund, and why?

5. What kind of background does an entrepreneur need to pursue the search fund
model?

6. What are the advantages/disadvantages of taking over an existing business vs.

starting one from scratch?

13 MAN 385.23 4/15/2018

RADIALPOINT

1. Draw an organizational chart of TelEuro.

2. Who is the technical buyer? The economic buyer? The user buyer? The coach?

3. Why hasn’t this deal closed yet? What should Tom do now? Can he still save
this deal?

4. When he arrives in Europe, Tom will head into a meeting with Martin, the
Radialpoint sales director who has been “on the ground” with this potential
customer for several months. Put yourself in Tom’s position. What topics and
questions do you want to discuss with Martin?

BIGFOOT

TBD

MELINDA GARVEY

TBD

KATE SPADE

1. Evaluate Kate Spade’s progress to date. How has the team done in identifying
and pursuing an opportunity?

2. What are the key factors for success as the company moves forward?

3. Which, if any, of the options would you recommend the company

accept/pursue? Why? What are the company’s alternatives?

4. What will it take for Kate Spade to achieve its stated goal of $100 million in
revenues?

5. Of the options listed at the end of the case, what are the merits of each (A, B,
C, and D)?

MONDAVI

1. Do you agree with the Mondavi family’s decision to list public shares? What are
your major concerns about how this would impact the business? What are the
major benefits?

2. As Robert Mondavi considers the current problems with the company’s stock
price, how would you recommend he respond to the market’s assessment of the
company?

14 MAN 385.23 4/15/2018

 3. Consider the process of taking a firm public. How do the road shows and listing
documents assist in developing a communication strategy?

4. What types of investors are most likely to be interested in Mondavi? How would
you best target those investors?

5. What are the greatest communication issues faced by Mondavi? Are they
impacted by Mondavi’s industry, corporate structure or size?

FREEMARKETS

1. Read the prospectus summary and the description of the business in the
Management Discussion and Analysis section. What do you like about the
business? What worries you about their business model?

2. Read the Risk Factors section of the prospectus. What risks most worry you?
Why is this section here? Why is it so long if this is such a “hot” company?

3. Skim the financials for FreeMarkets. What is interesting and/or important here?

4. What roles do each of the following parties play in the IPO process: Company
management, company auditors, company legal counsel, underwriters,
underwriters’ legal counsel, the printer? What is the role of the SEC?

5. Why do you think the SEC makes the company have a “quiet period” and
essentially not talk or write about itself?

6. Assume FreeMarkets was offering a single share of stock in this IPO and after
negotiating with its underwriters, they agree on an offering price of $10. The
very first trade of the stock on the exchange occurs at $20. Who gets what?

STEPHEN SHANG

1. Why has Stephen Shang been associated with so many companies that have
failed?

2. Assess Shang’s career path. How has he managed to survive as an individual

despite the demise of several of his employers?

3. What lessons can you learn from Shang’s story?

4. What should Shang do next?

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