| Unit name | New Venture Creation |
|---|---|
| Unit code | INOVM0008 |
| Credit points | 20 |
| Level of study | M/7 |
| Teaching block(s) |
Teaching Block 2 (weeks 13 - 24) |
| Unit director | Mr. Neild |
| Open unit status | Not open |
| Pre-requisites |
None |
| Co-requisites |
None |
| School/department | Centre for Innovation |
| Faculty | Faculty of Arts |
This unit aims to give students a starting point in management and development of a new start-up enterprise venture. The search and validation of an original idea (including market analysis, intellectual property searches and securing new IP); the development of a business model that fits and covers internal and external requirements of the enterprise; the mission, vision and value of the venture; the capability to translate this enterprise idea into an attractive and feasible enterprise plan; and securing a sustainable competitive advantage are a sequence of planned activities that mark the first milestone of a successful venture. In this context, this unit takes students through this sequence showing what it means to be an entrepreneur, including a broad understanding of the entrepreneur role, from the risk-taking and emotional concerns of starting an enterprise through to the development of a robust enterprise plan covering the practical and legal requirements of setting up and maintaining a new social or commercial enterprise. Fundamental concepts for planning and running an enterprise will be introduced, including market analysis, sales and marketing, competitor analysis, pricing, resources and risk management, and legal issues (including company structures, contracts, and intellectual property). We will also examine how these concepts translate to entrepreneurs aiming to bring innovation in existing organisations
At the end of the unit, it is expected that students will be able to:
1. Apply tools, techniques and skills to develop a robust enterprise plan,
2. Apply, create and evaluate business models for start-up enterprises,
3. Summarise the factors affecting a start-up’s performance and maintenance and how an emerging enterprise can establish a sustainable competitive advantage,
4. Reflect critically on case studies, on their own experiences and the challenges of making a calculated risk on the basis of incomplete/changeable information,
5. Apply strategic thinking for sustainable enterprise growth and development.
Lectures, Group meetings, and Workshops
The unit will be assessed by (i) an individual 2000 - word essay worth 40% and (ii) group or individual work to write a business plan worth 60%.
The essay assesses the student's understanding of factors affecting companies' performance, the ability to reflect on their own experience and the evaluation of different tools and techniques for the development of new ventures (ILOs 3 & 4). The group or individual exercise assesses the students' skills to develop a robust business plan including assessing the practical and legal requirements, how they have created and/or applied a business model, and the ability to think strategically (ILOs 1, 2 & 5).
