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Unit information: New Venture Creation in 2016/17

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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 Dr. Fornes
Open unit status Not open
Pre-requisites

None

Co-requisites

None

School/department Centre for Innovation
Faculty Faculty of Arts

Description

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 and marketing, competitor analysis, pricing, resources and risk management, and legal issues (including company structures, contracts, and intellectual property).

Intended learning outcomes

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.

Teaching details

12 x 2 hour lectures, 12 x 2 hour seminars/workshops

Assessment Details

The unit will be assessed by (i) an individual 2000 - word essay worth 40% and (ii) group work to write a full business plan including a 5-minute pitch presentation of the 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 1, 3 & 4). The group 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, 4 & 5).

Reading and References

  • Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers, Alexander Osterwalder and Yves Pigneur, John Wiley & Sons, ISBN: 978-0470876411, 2010.
  • The Lean Start Up: How constant Innovation creates radically successful businesses, Eric Ries, Penguin Books, ISBN: 978-0670921607, 2011.
  • New Venture Creation: a framework for entrepreneurial start-ups, Paul Burns, Palgrave Macmillan, ISBN: 978-113733289-9, 2014.
  • An Introduction to Business Law for Entrepreneur, Chris Haroun, CreateSpace Independent Publishing Platform, ISBN: 978-1523678686, 2016.
  • Writing a Business Plan (The Financial Times Guides), Vaughan Evans, ISBN: 978-0273757986, 2011.
  • Effective Small Business Management, Norman M. Scarborough and Jeffrey Cornwall, 11th Edition, Prentice Hall, ISBN: 978-0133506327, 2014.

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