Pre-requisite: The module Business Module Generation (BMG) must be taken before Establishing a New Business.
This module provides an overview of all of the aspects associated with a business start-up. Through exposure to best practice and an exploration of the practical side of establishing a business, the module explores the complex and inter-related decisions a business owner has to make. Consideration is also given to the softer 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 any startup business 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.
On completion, participants will be able to:
- Demonstrate an awareness of the marketing, customer, product development, operational, financial and employment issues relevant to setting up and running an innovative start-up company
- Understand business planning and apply it to their own situation, drawing on the above knowledge to do so
- Understand the practical and legal requirements of setting up and running a business
- Appreciate the required inputs and balances in a business startup and learn how to make appropriate choices
- Understand the multi-faceted skills and mindset required for successful entrepreneurship and demonstrate an awareness of personal motivators
- Appreciate the support and information accessible to business startups
- Stages of a small business
- Business plans & business planning
- Cash flow & action planning
- Legal & business admin
- Types of and sources of Funding
- Skills & mindset of an entrepreneur
- Managing & motivating yourself and others
- Mentoring and other sources of help
- Case studies
- Science Park Incubators visit
Method of Assessment
In-module assessment (20%) and Post module assignment (80%)