Module BUSI2391: New Venture Creation

Department: Management and Marketing

BUSI2391: New Venture Creation

Prerequisites

• None

Corequisites

• None

Excluded Combination of Modules

• BUSI3342 New Venture Creation Project

Aims

• The primary aim of this module is to introduce to students the notion of the practice of New Venture Creation (NVC), from both theoretical and practical perspectives, with particular emphasis on the extent to which this understanding relates to the practical processes of new business start-up and potential growth (including social enterprises). We will consider global citizenship, environmental stewardship, social justice and global inequalities, ethics and sustainable leadership in the context of an entrepreneurial mindset.
• This module will introduce students to the key aspects of the process of NVC. This module guides students through the stages of NVC- including the creative process at the 'opportunities' stage, and the distinct requirements in terms of marketing, finance, human resources, operation management etc. The distinction between 'entrepreneurial' and 'management' approaches will be considered. It will then confront students with the enterprise skills and outlooks/aptitudes associated with starting up and running a new venture for personal, environmental and sustainable gain.
• Finally, using a formative group video and an individual summative personal feasibility / business plan as an action framework, the module provides students with the opportunity to carry out key preparatory tasks required for business start-up with consideration of ethical business practice incorporated into the plan.

Content

• The following list of topics is indicative and will be tailored to the specific business concepts students choose to develop under the team's guidance:
• The NVC process.
• Skills for entrepreneurship including ethical and social benefits of entrepreneurial practice.
• Entrepreneurial types and their role within the commercial, social and global economy.
• Creativity, innovation and idea generation
• The theory and practicalities of opportunity.
• Competitors - social, commercial and public sector competitors included - and the external environment (market, regulation, policy etc.)
• Strategies for survival via sustainable competitiveness and social benefits.
• Marketing new venture.
• Financing new ventures - forms of financial support.
• The Business Model and development.
• Sources of financial support.
• Entrepreneurial management team and leadership.
• Enterprise growth - determinants and processes.
• Managing growth in new ventures.
• Social entrepreneurship.

Learning Outcomes

• Upon successful completion of the module, students will:
• Have a critical understanding of the concepts, theories and models that underpin entrepreneurship and new venture creation in different contexts.
• Be able to understand and develop the skills, aptitudes and attributes associated with entrepreneurship in a variety of contexts including social entrepreneurship, commercial entrepreneurship and the ethical issues attendant upon both these approaches, and the new venture creation process.
• Understand the critical aspects of starting and operating a business, including the role of business functions and their interrelationships in the process of new venture creation.
• Be able to demonstrate their understanding of the complex (and dynamic) processes involved in new venture creation (e.g. marketing, operations, finance and human resource management) and reflect their understanding.
• Be able to research, compile and present a realistic feasibility / business plan, suitable for a potential investment audience, to the standards expected of a new graduate seeking to engage in business start-up activities.

• Upon successful completion of the module, students will:
• Conduct in-depth research into developing a business idea.
• Present and defend a new business idea.
• Construct a realistic feasibility / business plan and understand its value.
• Understand what is distinctive in interpersonal entrepreneurial behaviour.
• Develop team-building and project management skills.

• Audio-visual presentation skills, including the soft skills required when pitching of a business idea to an investment audience
• Presentation skills, including pitching of a business idea
• Written communication skills.
• Planning and organising skills - developed through team project and development of individual business plans.
• Teamworking/management skills - used in seminars and formative assessment.
• Problem solving and analytical skills - including in summative project stage.
• Computer literacy e.g. in data search, class presentation, case study search and design/content of business plan.

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

• Learning outcomes will be met through a combination of lectures, group work, video making, case studies (including talks/videos by entrepreneurs) and discussion, supported by guided reading. The emphasis throughout will be on integrating theory with practice. The workshops (and to an extent the formal lectures) will be interactive with class participants being involved in individual and group activities to encourage critical and creative thinking regarding the active nature of entrepreneurship (drawing from effectuation approaches). Students will be expected to undertake their own research to develop and supplement the material covered in the sessions and to conduct secondary research in their chosen business idea. The formative group presentation (which will require the students to present a business idea in the form of a short video) and the written summative assignment (involving an individual feasibility / business plan/case) will assess understanding of relevant concepts and students' ability to apply what they have learned to construct a feasible business plan. Students will also be given the opportunity to voluntarily participate in the Business School and University enterprise competitions, individually or in teams, to gain further experience (e.g. of pitching a business idea).

Teaching Methods and Learning Hours

Summative Assessment

Formative Assessment:

Group presentation of a business idea in a video format (6 mins)

■ Attendance at all activities marked with this symbol will be monitored. Students who fail to attend these activities, or to complete the summative or formative assessment specified above, will be subject to the procedures defined in the University's General Regulation V, and may be required to leave the University