| CODE | LAS1093 | ||||||||||||
| TITLE | How to plan, launch and grow your own business | ||||||||||||
| UM LEVEL | I - Introductory Level | ||||||||||||
| MQF LEVEL | 5 | ||||||||||||
| ECTS CREDITS | 4 | ||||||||||||
| DEPARTMENT | Centre for the Liberal Arts and Sciences | ||||||||||||
| DESCRIPTION | • Everyone in the world of work runs their own enterprise by selling know-how, a combination of expertise and experience. That know-how is always packaged into two things – either a product or a service. If you have just one customer, then you become an employee. If you have more than one customer, then you become an employer – either self-employed on your own or running a team that employs others. If you decide to employ yourself then you will be responsible for (i) finding paid work, (ii) keeping accounting records and (iii) submitting accounts for the purpose of tax payment. As an employee however, your employer undertakes to do all of that for you under what is known as a Contract of Employment. • At first glance, being an employee looks to be the easiest option. And we would agree. But it is not necessarily the safest since the only security around the job is a brief period of notice should you be made redundant. COVID-19 has taught us how precarious employment can be and how dependent it is on external factors outside of your control. The popular view is that becoming self-employed and starting your own business is very risky. That is undeniably true, since around half of all new businesses fail within five years… not just in Malta, but in every country around the world. But the two-fold solution is actually quite easy: before you start a business (i) learn how to test whether it is viable and (ii) learn how to avoid the avoidable risks and how to deal with the unavoidable risks. And that is exactly what this course will teach you. • But the help does not stop there. After the course, the TAKEOFF Incubator can assist you in applying for grant-funding from Malta Enterprise and other sources of start-up finance. And TAKEOFF can also provide you with a ‘base’ from which to operate during your first three years of trading plus monthly mentoring from our accredited advisers. All for just 35 euros per month (including free coffee!) and there are no ‘hidden’ extras, see: https://takeoff.org.mt/resources/ Learning Outcomes: 1. Knowledge & Understanding By the end of the study-unit the student will be able to: - Demonstrate a solid understanding of Enterprise, including the ability to differentiate between cost and value; - Identify and distinguish between different types of business structures, including Owners, Officers, and operatives within a team; - Understand the importance of Intellectual Property and how to protect owned assets; - Recognise and apply the Problem/Solution/Benefits model and the Concept Plan in business planning; - Conduct Market Research to evaluate the perception of value among customers for their business offerings; - Comprehend the fundamentals of marketing and critically analyse the limitations of relying solely on social media metrics such as 'Likes' on Facebook; - Evaluate and measure the financial performance of a business through financial statements and cash flow forecasts; - Understand the process of raising start-up funding and identify appropriate funding sources for their business ventures. 2. Skills By the end of the study-unit the student will be able to: - Demonstrate proficiency in financial management by utilising cash as a tool for progress rather than just for purchases; - Apply ethical principles and demonstrate respect for people in business settings, emphasising the importance of people management over viewing humans as mere 'resources'; - Develop the skills necessary for building a new business, including creating a comprehensive Launch Plan; - Construct an effective business plan and budget by applying appropriate techniques and strategies; - Acquire the ability to make accurate forecasts and develop strategies for business success, leading to the creation of a robust Value Plan. Main Text/s and any supplementary readings: Course Materials (all free) Jumping into Business (Short animation) Staying on the Level (short animation) The Essentials of Enterprise and Entrepreneurship (printed copy, also downloadable booklet) The Cash Flow Forecast (downloadable template) How to Start a Business in Malta (downloadable booklet, produced with Malta Enterprise) How to grow a Social Enterprise (downloadable booklet) 50 training videos (5-10 minutes) that explain everything in the ‘Essentials’ booklet All freely available from: https://takeoff.org.mt/resources/ |
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| STUDY-UNIT TYPE | Lecture and Fieldwork | ||||||||||||
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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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