| CODE | EBI3085 | ||||||||||||
| TITLE | Entrepreneurship: Start-up your Innovative Business | ||||||||||||
| UM LEVEL | 03 - Years 2, 3, 4 in Modular Undergraduate Course | ||||||||||||
| MQF LEVEL | 6 | ||||||||||||
| ECTS CREDITS | 5 | ||||||||||||
| DEPARTMENT | Centre for Entrepreneurship and Business Incubation | ||||||||||||
| DESCRIPTION | The study-unit begins by defining entrepreneurship and identifying the traits that make an effective entrepreneur. Entrepreneurial companies are compensated to lifestyle companies. Limited liability companies are identified as a safe structure through which to pursue entrepreneurial endeavors. The processes leading to the discovery or identification of intellectual property are introduced and their importance to entrepreneurial endeavors described. The need to protect IP is introduced as are IP protection mechanisms. The business and learn model canvasses are used to model entrepreneurial ventures and lead to the execution of feasibility studies (based on product, marker, organisation and financial feasibility) that inform a go-no-go decision based on the business models identified. Once a feasible busniess model is identified, the business plan is introduced as tool to attract investment, monitor progress and report activity. Sources of finance are identified and compared. Business risks are identified and students taught how to mitigate them. Study-unit Aims: The study-unit aims to make students aware that there is an option to create your own job rather than seek employment. The benefits of such an endeavor are described and the pitfalls highlighted. Mitigation measures are taught to limit risks. An entrepreneurial venture creation of intellectual property, leads to the development of business models to take products or services to market, then to the study of the feasibility of the identified business models, and finally to the creation of a business plan with in-built risk mitigation plans. Incorporating as limited liability company is introduced as a way to reduce risk as well. Students are taught about the sources of start-up funds and how to use business plans to secure investment. Learning Outcomes: 1. Knowledge & Understanding By the end of the study-unit the student will be able to: • Characterise the ethos of entrepreneurship and common entrepreneurial traits; • Prescribe how entrepreneurs profit from their ventures; • Explain the importance of IP and the need to protect it; • Distinguish the common sources of innovative ideas; • Describe the need to determine business models for start-up companies; • Comprehend the importance of a feasibility studies and evaluate a business idea; • Design the sub-components of a feasibility study so that each component must be feasible to move forward with the venture; • Illustrate the structure and uses of a business plan; • Explain risk and manners in which to mitigate it; • How to attract business investment through creative pitches; • Good design principles for business documents; • Clarity in writing business documents; • Describe the need for business analytics. 2. Skills By the end of the study-unit the student will be able to: • Define entrepreneurship and entrepreneur; • State the important traits of entrepreneurs; Identify new and Innovative ideas; • State the sources of profit from a business venture; • Describe the role of intrapreneurship in an existing firm; • Compare Lifestyle and High-growth ventures; • Use the lean business model canvass to model a venture; • Conduct a feasibility study comprising Product, Market, Organisational and Financial Feasibilities; • Describe three major types of business plans; • Describe three major uses of business plans; • Identify and compare sources of start-up finance; • Draw up a risk register; • Draw up mitigation plans; • Design a cash flow for a startup business; • Set-up a business scoreboard; • Ability to create well designed and clearly written business documents; • Ability to creatively pitch business ideas. Main Text/s and any supplementary readings: - How to Start a Successful Business Paperback - Illustrated, 2 Jul 2007. Professor Russell Smith, ISBN: 9780955550133. Supplementary readings: - Thomas H. Byers, Richard C. Dorf, Andrew J. Nelson. Technology Ventures: From Idea to Enterprise, Mcgraw-Hill Publ.Comp , 2010, ISBN 978-0071289214. - Kathleen R. Allen. Launching New Ventures: An Entrepreneurial Approach, Cengage Learning, 2008, ISBN 978-0547014562. - Kathleen R. Allen. Entrepreneurship for Scientists and Engineers, Addison Wesley Pub Co Inc, 2009, ISBN 978-0132357272. |
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| STUDY-UNIT TYPE | Lecture and Tutorial | ||||||||||||
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2024/5. It may be subject to change in subsequent years. |
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