| Unit name | New Venture Creation |
|---|---|
| Unit code | INOVM0008 |
| Credit points | 20 |
| Level of study | M/7 |
| Teaching block(s) |
Teaching Block 2 (weeks 13 - 24) |
| Unit director | Mr. Neild |
| Open unit status | Not open |
| Pre-requisites |
None |
| Co-requisites |
None |
| School/department | Centre for Innovation |
| Faculty | Faculty of Arts |
This unit aims to give students a starting point in management and development of a new start-up enterprise venture. The search and validation of an original idea (including market analysis, intellectual property searches and securing new IP); the development of a business model that fits and covers internal and external requirements of the enterprise; the mission, vision and value of the venture; the capability to translate this enterprise idea into an attractive and feasible enterprise plan; and securing a sustainable competitive advantage are a sequence of planned activities that mark the first milestone of a successful venture. In this context, this unit takes students through this sequence showing what it means to be an entrepreneur, including a broad understanding of the entrepreneur role, from the risk-taking and emotional concerns of starting an enterprise through to the development of a robust enterprise plan covering the practical and legal requirements of setting up and maintaining a new social or commercial enterprise. Fundamental concepts for planning and running an enterprise will be introduced, including market analysis, sales and marketing, competitor analysis, pricing, resources and risk management, and legal issues (including company structures, contracts, and intellectual property). We will also examine how these concepts translate to entrepreneurs aiming to bring innovation in existing organisations
At the end of the unit, it is expected that students will be able to:
1. Apply tools, techniques and skills to develop a robust enterprise plan,
2. Apply, create and evaluate business models for start-up enterprises,
3. Summarise the factors affecting a start-up’s performance and maintenance and how an emerging enterprise can establish a sustainable competitive advantage,
4. Reflect critically on case studies, on their own experiences and the challenges of making a calculated risk on the basis of incomplete/changeable information,
5. Apply strategic thinking for sustainable enterprise growth and development.
Lectures, Group meetings, and Workshops
The unit will be assessed by (i) an individual 2000 - word essay worth 40% and (ii) group or individual work to write a business plan worth 60%.
The essay assesses the student's understanding of factors affecting companies' performance, the ability to reflect on their own experience and the evaluation of different tools and techniques for the development of new ventures (ILOs 3 & 4). The group or individual exercise assesses the students' skills to develop a robust business plan including assessing the practical and legal requirements, how they have created and/or applied a business model, and the ability to think strategically (ILOs 1, 2 & 5).
If this unit has a Resource List, you will normally find a link to it in the Blackboard area for the unit. Sometimes there will be a separate link for each weekly topic.
If you are unable to access a list through Blackboard, you can also find it via the Resource Lists homepage. Search for the list by the unit name or code (e.g. INOVM0008).
How much time the unit requires
Each credit equates to 10 hours of total student input. For example a 20 credit unit will take you 200 hours
of study to complete. Your total learning time is made up of contact time, directed learning tasks,
independent learning and assessment activity.
See the Faculty workload statement relating to this unit for more information.
Assessment
The Board of Examiners will consider all cases where students have failed or not completed the assessments required for credit.
The Board considers each student's outcomes across all the units which contribute to each year's programme of study. If you have self-certificated your absence from an
assessment, you will normally be required to complete it the next time it runs (this is usually in the next assessment period).
The Board of Examiners will take into account any extenuating circumstances and operates
within the Regulations and Code of Practice for Taught Programmes.
