module specification

Why do some companies succeed while others fail? Are some business ideas fundamentally better than others? How can you tell which ideas are worth investing time and money in and which are not? How can you find an idea to pursue that matches your skills, network and passion?

This module is a key introduction to identifying, critically assessing and developing new business opportunities. The approaches and processes covered can be applied equally to new commercial ideas, social enterprises or new ventures within an existing business.

The foundation of the module is a live project where you will develop your own startup idea leading to a live pitch and designing a business model. At each stage you will learn the concepts covered in the module by applying them to your own idea. You will have the opportunity to come up with new ideas on the module and do not need to have a business idea before you begin.

The module is relevant for anyone considering starting their own business, working for a SME or taking on an entrepreneurial role within a large organisation.

Students opting for this modules, will NOT be able to take “Create a Winning Business 2”

`The module aims to enable students to:

1. explore the characteristics of new start-ups and identify the challenges they face at start-up stage
2. examine current industry activities, market trends to identify business opportunities
3. evaluate business ideas in order to assess start-up viability
4. identify various approaches and processes, methods and strategies applied by successful business owners in a range of different contexts
5. demonstrate an understanding of the importance of innovation and creativity
6. create and develop a market-ready business idea
7. compare the range of options available for obtaining start-up finance

The module also aims to assist students in the acquisition of the following skills:
1. Creative and critical thinking
2. Analysing data for practical application
3. Business Planning and start-up strategies
4. Communicating and presenting, orally and in writing
5. Self-assessment and personal reflection

Indicative content is indicated below and will enable achievement of the learning outcomes.

• Start-up success and failures
• Market trends and industry attractiveness
• Assessing opportunities, idea generation and business viability
• Start-up strategies
• Innovation and creativity
• Sustainable business models and revenue models
• Customer focused value propositions
• Effective teams and networks
• Obtaining financing for the business
• Self-reflection and career action planning

This module will be delivered through 3-hourly weekly workshops. The workshops will consist of a combination of theoretical input and problem-based tasks, supported by multimedia, including videos, case studies and student centred discussions, guest speakers and a visit to the Accelerator.
A strong student-centred focus means that concepts of action and experiential learning will be emphasised and students will be encouraged to focus on their own creative experiences. Class room discussions and activities will be interactive and participative.
Weblearn will be used for the distribution of the Module booklet. It will also be used to provide case studies and a range of examples to support independent study.  Assessment briefs and guidance will also be provided on this platform. Weblearn will also be used as an interactive mechanism between students and tutors, for example, to direct students to particular readings or to provide news about the module or the module content. It will also be used for the timely provision of feedback.

Level  5
On successful completion of this module students will be able to:-

1. Identify and explain the major challenges a new business encounters in creating a position in the marketplace
2. Review the market to enable idea(s) generation and analyse the viability of a new business concept
3. Recognise and apply creative and innovative thought processes for business creation and development
4. Analyse alternative processes and strategies for start-up stage
5. Generate a viable business idea and self-reflect on personal development gains

Assessment for this module aims to be valid, reliable and consistent, transparent and diverse, ensuring that individual students are not disadvantaged by over reliance on any one particular form of assessment.  Assessment is demanding in that it is continuous and enables the demonstration of excellence. It is designed to guide student’s improvement, to help them self-evaluate, to aid their decision making, to help them learn from their mistakes and, where there are opportunities, plan their own curriculum and future career.  

Formative assessment is embedded throughout the module and requires completion of a range of in-class activities designed to enable students to critically self-reflect and create strategies for development and improvement.  Assessment will focus on the ability to apply theoretical concepts practicably and to real-world situations e.g. idea generation and considering business viability.

The first component of summative assessment will require students to draw from the module content to demonstrate and evaluate their own business acumen through the development and delivery of a short business pitch with supporting documentation.  The final component requires students to design a business model using the Business Model Canvas tool to demonstrate their ability to plan the development of their business idea.  In addition students will be required to reflect and articulate their personal development gains through experiential learning.

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Bewayo, E.D. (2010), 'pre-Start-Up Preparations: Why the business plan isn't always written', Entrepreneurial Executive, (15), pp. 9-23
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