BMM6302 - Entrepreneurship and Creativity

Objectives:

On successful completion of the module, students will be able to:
Compare and contrast a variety of strategic models to develop and critically evaluate business start-up ideas.
Appraise the impact of various environmental/market/competition factors on the development of a new business.
Design a detailed and viable business plan, reflecting on key business functional areas.
Produce their business proposal effectively and creatively, appropriate to a variety of audiences.

Content:

This module will prepare students to consider the reality of starting their own business as a viable alternative to seeking employment upon graduation. This module is supported by external input from successful entrepreneurs, in the form of masterclasses. The key difference of this module is the applied nature of the material: theoretical models will be presented, used and critiqued as practical tools in the development of viable business start-ups and in nurturing and growing small businesses. The module will give all students a 'toolbox' that will allow them to complete a business plan. In the process they will learn/ revise all the fundamentals of business: accounting, marketing, supply chain (operations), sales and management (HR).


The module starts from a revision of business fundamentals, including marketing, finance/accounting, operations, and people management, which allows students from all programmes to be at the same level.

The content and assessment strategy will encourage students to develop a business start-up idea to which the various tools and models can be applied producing a feasibility report and then a progressively more robust and considered business plan throughout the course. The importance of teamwork will be highlighted and students will be encouraged to work in teams but will also allow for individuals to develop their ideas. The fundamentals of the theoretical knowledge-base will be delivered by the academic input, while the guest speakers will provide the cutting-edge and practical material creating a coherent and rigorous 'enterprise culture'.

The detailed module content will therefore vary according to the available expertise and contemporary factors affecting business start-ups and will include a broad coverage of topics such as (but not limited to) idea generation and creativity, market segmentation and targeting, business planning and understanding the competitive environment, financial issues, marketing and brand development, operations models and organisational structures and the legal context of new business. In addition, practical skill elements of the module will include a business start-up simulation game, development of marketing and promotional material, and an opportunity to participate in a 'Dragons' Den'-style competition.

Learning and Teaching Information:

The year long module is delivered via a series of 2-hour teaching blocks, comprising lecture and workshop elements. The teaching is supported by a series of masterclasses facilitated by external business experts and entrepreneurs, allowing students to have access to the most recent best practices and various aspects of business operations, e.g. sales, marketing, finance, legal issues associated with setting up a business, intellectual property rights protection, etc.

Lectures/Seminars
Contact hours: 30
Intended Group size: Cohort

Masterclasses
Contact hours: 10
Intended Group size: Cohort (open to all LTU Students)

Guided independent study
Hours: 160

Further details relating to assessment
Business idea (Video): (includes artefact) the business idea is presented using a video. Creativity is encouraged in order to prepare all the elements that will be included in the final video presentation. Editing and support from the media or independent sources is also supported.

Presentation: The final business proposal will include all the required elements: finance/ forecasting, Marketing, route to market and investor requirements. A Q&A session will also assess both knowledge and competency in explaining the business proposal. It should include a clear description of the product/service, and display the ability to 'sell' the proposed enterprise.

Business plan: The business plan should cover the following objectives: to define the business idea, help raise external finance, and persuade a party to lend or invest.

Alternative assessment: any students who defer or re-sit any components of the assessment will be assessed by a written report with equivalent pro-rata loading.

Assessment:

001 Business idea; 5mins equiv; mid-semester 1 30%
002 Dragons’ den presentation; 10mins; mid-semester 2 20%
003 Business plan; 2,000 words; end of semester 2 50%

Fact File

Module Coordinator - Anthony Brown
Level - 6
Credit Value - 20
Pre-Requisites - NONE
Semester(s) Offered - 6YL

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