Launching New Ventures
| Code | School | Level | Credits | Semesters |
| BUSI4532 | Business | 4 | 20 | Autumn UK |
- Code
- BUSI4532
- School
- Business
- Level
- 4
- Credits
- 20
- Semesters
- Autumn UK
Summary
This module encourages learning about the process of launching new ventures in three ways. First, students gain access to world-leading theoretical frameworks. These cover topics including the role of the founder, strategy formation and business modelling. Second, working in groups and using business modelling software, students will learn about the practical aspects of launching a new venture. Groups work through each segment of the business model canvas to design and test hypotheses about the desirability, feasibility and viability of their new venture. Third, speakers from the Ingenuity Lab and local entrepreneurial ecosystem will provide their personal accounts of the process of launching a new venture.
Target Students
Available for students on the MSc Entrepreneurship Innovation and Management OR MSc Cultural Industries and Entrepreneurship OR MSc Communication and Entrepreneurship OR MSc Sustainable Energy and Entrepreneurship students AND MSc Exchange students.
Classes
- One 3-hour workshop each week for 11 weeks
This module is taught through workshops.
Assessment
- 70% Report: 3,000 words.
- 30% Groupwork: 1,500 words: Re-assessment of this module will be a 3,000 words individual report (100%).
Assessed by end of autumn semester
Educational Aims
Launching New Ventures aims to develop the following:Understanding of theories explaining the process of launching new venturesThe ability to create a Business Model for a new ventureStrategy formation in early-stage venturesThe founder’s role and journey in new venturesWorking effectively in entrepreneurial groupsPractical skills relevant for designing and testing hypotheses relating to desirability (e.g., customer research, value propositions); feasibility (e.g., key activities and resources) and viability (e.g., projecting costs and revenues, Break Even Point, Cash flow and the sources of finance used in new ventures).Learning Outcomes
Knowledge and Understanding
This module develops a knowledge and understanding of:
• Markets - the development and operation of markets for resources, goods and services
• Marketing and sales and different approaches for segmentation, targeting, positioning, generating sales, and the need for innovation in product and service design
• Customers and stakeholders - customer expectations, service and orientation. Finance - the sources, uses and management of finance
• The use of accounting and other information systems for managerial applications
• People and strategic and operational HRM, meeting future organisational requirements, people development, HR systems
• The management of resources
• The management of operations
• The management of procurement
• Communications - the comprehension and use of relevant communications for application in business and management, including the use of digital tools
• Business innovation and creativity, intrapreneurial and entrepreneurial behaviour and enterprise development, and the management and exploitation of intellectual property
• Leadership and management of people within organisations and leadership, organisational behaviour and motivation
Intellectual Skills
This module develops:
• Being able to think critically and be creative: manage the creative processes in self and others; organise thoughts, analyse, synthesise and critically appraise. This includes the capability to identify assumptions, evaluate statements in terms of evidence, detect false logic or reasoning, identify implicit values, define terms adequately and generalise appropriately
• Being able to solve complex problems and make decisions: establish criteria, using appropriate decision-making techniques including identifying, formulating and solving business problems; and the ability to create, identify and evaluate options; the ability to implement and review decisions
• Using information and knowledge effectively in order to abstract meaning from information and to share knowledge, including the use of quantitative skills
Professional Practice Skills
This module develops:
• The ability to conduct research and enquiry into business and management issues either individually or as part of a team through research design, the collection and analysis of qualitative data, synthesis and reporting
• Effective performance within team environments and the ability to recognise and utilise individuals' contributions in group processes and to negotiate and persuade or influence others; team selection, delegation, development and management
• Leadership and performance management: selecting appropriate leadership style for different situations; setting objectives, motivating, monitoring performance, coaching and mentoring
• The ability to recognise the need for and initiate change and to be able to manage change
Transferable (Key) Skills
This module develops:
- Effective communication: networking, listening, oral and written communication of complex ideas and arguments, using a range of media, including the preparation of business reports.
- High personal effectiveness: critical self-awareness, self-reflection and self-management; time management; conflict resolution, displaying commercial acumen, the ability to continue to learn through reflection on practice and experience.
- Soft skills: understanding the needs of others and empathy towards them; sensitivity to diversity in people and in different situations.