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Module Content

The New Venture Creation module is an optional intermediate (level 5) 15-credit module for second, third or fourth-year students of the Economics and Business (EBEES) degree. It exposes students to entrepreneurship from the applied perspective of business studies, starting from the issues of recognition of entrepreneurial opportunities and developing a business idea, and taking them further through the stages of business planning, survival, venture growth and exit. The module aims to equip students with practical knowledge and skills needed to develop a business plan and succeed. Students have the opportunity to create their own business during this module as part of their group coursework assignment.

Indicative Topics

The module explores the main phases of business start-up, notably the discovery of a potential opportunity that could be commercialised and exploited to the benefit of entrepreneurs; intellectual protection of a business idea; identifying appropriate business model and strategy; marketing, and financial planning. It highlights the importance of writing up a business plan for transforming the entrepreneurial idea into a viable business. The details of business plan contents will be presented and issues such as target audience, length, financial forecasting and benchmarking in the business plan will be discussed. Other important issues related to enterprise development such as survival and growth strategies, and aspects of firm exit are explored throughout the course.

Teaching Delivery

The course is taught by a 1.5-hour lecture weekly and tutorials fortnightly. Total workload includes attendance at lectures and seminars, coursework preparation, reading and revision for a final exam. New Venture Creation is a practice-oriented course, which covers the main phases of business start-up from business planning to financing and marketing. Developing a business plan is one of the most important steps in setting up any new business. Throughout the course students, allocated into groups, will be engaged in developing new ventures, starting with generation of their business ideas and writing-up a business plan leading to their successful commercialisation. This coursework project will help students understand the business planning process and develop vital skills through their team work on a project focused on writing a business plan.

Assessment is comprised of summative assessment, including a team-based business plan project (5o%), and an individual report (50%); and formative assessment of students’ work in tutorials to provide them with ongoing feedback on oral presentations to facilitate their learning as it progresses.

By the end of the module, you should be able to:

Understand the world of ‘entrepreneurial culture’ and ‘creativity’ and to gain a perspective on the benefits of starting-up a business as an alternative to paid employment occupation.

Develop the ability to write a business plan for a start-up business and to evaluate the feasibility of its implementation and growth potential.

Acquire practical skills which could inform your investment decisions and help evaluate viability of various business projects as part of your future employment or for a personal gain.