Overview & Objectives
This module allows students to experience the critical role of opportunity creation & recognition, and to practice the method of evaluating new venture concepts. Essentially this course integrates what students have learned in earlier parts of the Entrepreneurship Minor. Throughout this module, students will be exposed to the many 'ups and downs' that starting and operating a new business venture and / or an under-performing or ‘turn-around company’ entails.
To let students understand through experience the critical role of opportunity recognition and analysis. An entrepreneurial venture can, for example, be based upon an innovative idea, an innovative extension of an existing product or service that better serves a growing and continuing market need, or an improved strategy / operating plan for an existing ‘turn-around’ or under-performing company.
To facilitate students to practice the method of evaluating new venture concepts. Active entrepreneurs can develop many more innovative ideas and improved strategies than they can possibly implement. While there is an abundance of ideas, there are few that form the basis for profitable, durable, and long-term businesses. Those that survive tend to be heavily customer and market driven.
To facilitate students to apply the process of preparing – and executing -- a business plan taught in earlier courses.
To set students into thinking of the problems of starting and operating a new business venture (or acquiring and operating an under-performing or turn-around Company). There is a romantic appeal to entrepreneurship that may not be fully warranted. The costs of resources; personal sacrifices (both short and long term); constant company, product, and personal re-assessment; and critically, time-dependent strategic and tactical decision-making are often more difficult than many people expect.
To prompt students to reflect on how they should prepare for the road ahead.
Students will be more confident in starting a new business.
Students will understand the real problems in start-ups and business ventures.
Students will be more experienced in business management such as marketing, human resource management, leadership skills, and negotiations.
Students will appreciate the importance of opportunity identification and feasibility analysis.
Students will be able to relate all the theories and skill-sets learnt to real business.
Students will have first-hand knowledge of entrepreneurial ventures.
The course pedagogy will include discussions on real-world problems and issues. The instructor monitors the progress of the various groups of students and provides guidance to starting and running a business venture accordingly to ensure that the students achieve optimum learning through the process.
COURSE ASSESSMENT AND REQUIREMENTS
a) Business Plan (team-based) 50
b) Team Blog 40
c) Individual reflection report 10
TEXTBOOK AND REFERENCES
1. Bruce R. Barringer, & R. Duane Ireland R. D. (2012) Entrepreneurship: Successfully Launching New Ventures, 4th Edition, Prentice Hall.