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Establishing a New Business

Pre-requisites

The module Business Module Generation (BMG) must be taken before Establishing a New Business.

Introduction

This module provides an overview of the majority of aspects associated with establishing a start-up business. Through exposure to best practice and an exploration of the practical side of establishing a business, the module analyses the complex and inter-related decisions a business owner has to make. Consideration is also given to the “soft side” of running a business, including personal resilience and motivation.

The module integrates business concepts, tools, techniques, and ideas from previous modules, providing the necessary translation, direction, and guidance to convert business ideas and models into a reality to ‘make it happen’. The module equips students with tools and techniques that are useful for start-up businesses and has input from a number of successful business entrepreneurs.

NB: Students attending this module should bring a 'business idea' that will be developed throughout the module.

Objectives

Upon successful completion participants will be able to:

  • Critically assess the business legitimisation from operational, legal, financial, marketing, production, and employment issues relevant to setting up and running an innovative technology based company
  • Critically analyse and evaluate options for business process design
  • Analyse business processes that will be required for early stage innovative business
  • Evaluate the problem solving, managerial, team building, negotiating and creativity skills required in setting up and running such a business.
  • Evaluate the changing nature of business processes that successful entrepreneurship requires
  • Investigate the appropriate options on iterative approaches to design business processes.
  • Examine how decisions made in one business process / function may affect other areas, which draws on the above knowledge and skills.

Syllabus

  • Detailed business models with operational design and process design
  • Forms of Business Organisation and iterative design for start-up businesses
  • Business function and process overview and decision implications across the organisation (Operation, product development, R&D, HR, Sales and Marketing, fund raising)
  • Start-up business team building
  • Lean Start-up approach for iterative Business Process Mapping and redesign

Assessment

In-module assessment (30%) and Post module assignment (70%)

Duration

1 week with 10 hours of lectures, 20 hours of seminars and10 hours of tutorials

This is a course module on MSc Innovation and Entrepreneurship.

Please note: the details of this module are correct for the current year of study and may be subject to change for future years.