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In this module students will be introduced to theories of entrepreneurship, will begin to understand the process of getting a business off-the-ground, and will develop their own business plan. Students will gain insights into how entrepreneurship might be a career pathway for you, be that as an entrepreneur setting up your own business, an entrepreneur developing business ideas within an existing organisation, or supporting entrepreneurs in achieving their goals to create economics and social value for customers and society.
This is a hands-on module where the goal is to learn by doing from the outset. You will find that you are asked to engage with content in a practical way from week 1 and your group project will commence in week 2. Students may also be asked to spend a short part of their study week on-site with the live organisation for which they are developing their business plan. The module is organised in three key phases.
Phase I: The Business Plan.
Here you will learn about the key sections of a business plan and what needs to be included within each section. Modern entrepreneurship is not a solo experience. Entrepreneurs develop ideas individually and collectively, working in teams to provide solutions to customers and society. Students will, therefore, work in teams to develop each section of the business plan as they learn the structure, tools and frameworks for each section in class. So, as you are learning about, for example the marketing section of a business plan you will also be drafting the marketing section of a business plan.
Phase II: The Innovative Entrepreneur
In the second phase of the module we delve into the entrepreneurial mind and think about how to generate new ideas, test them, develop them and protect them. In phase 1 you will have developed a business plan responding to a pre-defined challenge or need. Here, however, you will learn to diagnose need/gaps to generate, promote, and develop your own innovative ideas.
Phase III: Funding and Growing the Venture
In phase III you will put yourself into the mindset of an entrepreneur who now has a tested and validated idea around which you have developed an initial business plan. This third phase will therefore focus on how you then fund and grow a business. In the first instance, this centres on identifying and securing sources of capital. It then progresses to strategizing for growth and accessing external resources to aid in that growth. The module completes with a look at how to exit or end the business.