Course Co-ordinator: Dr I Heywood

Pre-requisite(s): Available to students in Programme Year 3 and above.

Note(s): This course will be available in alternate years and is not available in 2012/13.

This course covers both the designed and development of a business model for a new venture and the creation of a business plan as a road map for implementation of the business idea. The course is a blend of the theoretical and practical aspects of entrepreneurship.

The first part of the course looks at the challenges surrounding the definition of entrepreneurship and explores the different theoretical perspectives on what actually constitutes entrepreneurship. At the same time students explore how these theoretical perspectives relate to entrepreneurial ventures in the real world ? this is done via a case teaching approach. The course then move on to explore where new ideas and innovations come from and looks at the concept of the business model as a framework for comparing and contrasting possible new ventures. The first part of the course concludes with the students, working in teams, to create a business model for their own New Venture.

The second part of the programme centres on the shaping of a business plan as the main tool for taking a new venture to the market place. The main elements of the business plan are explored and the theoretical justification for their inclusion in the plan presented. In addition, concepts such as options appraisal and rapid prototyping are introduced to show how a business plan and its associated business model can be 'stress' tested before going live. Once again a case study approach is used to support the course.

The course concludes with students delivering a business model and plan for their own New Venture.

2 one-hour lectures per week (Monday 10:00-11:00 & Friday 16:00-15:00), and 1 one-hour tutorial per week.

In the tutorial groups students work in 'companies' of no more than 4 students. Students are encouraged to use these groups as 'learning sets' and coached in how to support each other's learning.

1st Attempt: The assessment for New Venture Creation will consist of two components:

1. A proposition for a new venture, to include:

a. a business plan; and
b. a presentation (?pitch?) for investment.

This will be an in-course assessment and assessed through the individual contribution to a group project.

The assessment will be worth up to 30% of the overall mark:
- up to 10% will be awarded for the contribution to the group presentation; and
- up to 20% will be awarded for the contribution to the business-plan (normally between 1,200 and 1,800 words).

2. A review and analysis of a 'New Venture' business case.

This will be a formal two-hour exam in which the student will be asked to use a new venture business case as the starting point for answering 3 questions on the wider field of entrepreneurship and new venture creation. The student will be expected to supplement their knowledge and analysis of the case with additional information and examples drawn from the material covered during the course and their wider reading.
The student will be provided with a copy of the case, to review, in advance of the exam. They will not be allowed to take this copy of the case into the exam. A clean copy of the case will be provided for the student to refer to during the exam.
The exam will be worth up to 70% of their overall mark, with each of the three answers being given equal weighting.

Should the student be required to resist the assessment for New Venture Creation the following will apply:

- Any marks already awarded for the coursework element of the course will be discounted; and

- The student will be required to sit a further formal two-hour exam in which they will be asked to review a new venture business case as a starting point for answering 3 questions on the wider field of entrepreneurship and new venture creation. This will be a different case from the case used for the first assessment.

- The exam will be worth up to 100% of the student's overall mark, with each of the three answers being given equal weighting.