MN5W50 - Creating a Winning Business 1 (2021/22)
|Module specification||Module approved to run in 2021/22, but may be subject to modification|
|Module title||Creating a Winning Business 1|
|Module level||Intermediate (05)|
|Credit rating for module||15|
|School||Guildhall School of Business and Law|
|Total study hours||150|
|Running in 2021/22||
The University has a policy that all undergraduates must, at either Level 5 or 6, take a Work Related Learning (WRL) module i.e. a module which requires them to directly experience and operate in the real world of work and to reflect on that episode in order to identify skill and knowledge areas that they need to develop for their career. This module (and “partner” modules, namely, Creating a Winning Business 2 (Level 6) and Creating a Successful Social Enterprise 1 and 2), are module options available to ALL University students to fulfil the University’s WRL requirement.
This module challenges students to be creative in identifying a new business opportunity and in examining the viability of all aspects of the idea in the real world context e.g. testing potential customers’ views. As a result of the feedback received and enquiries carried out, the idea will change and develop over the duration of the module. Throughout the module, students are required to not only apply the business development theory taught but also to continuously reflect on how they have applied the theory and the skills and knowledge gained from their work. This reflective dimension promotes the development of practical attributes for employment and career progression.
The QAA Benchmark on Business and Management (2015) emphasises the attribute of “entrepreneurship” and of “the value of real world learning”. In terms of promoting work related skills, the module specifically focuses on practical techniques for generating and developing new business ideas and so develops creative thinking. In addition, it requires students to examine market potential and prepare a “pitch” as if seeking investment. The module requires a high level of self-reliance to pursue their business idea. Students develop an understanding of the role of new ideas in business start-ups, business growth and development.
These skills and techniques are of practical relevance to anyone considering starting a new business, working for a Small or Medium sized Enterprise (SME) or taking on an intrapreneurial role within a larger organisation where the business environment is constantly evolving and producing new challenges and opportunities.
For those students keen to go beyond this module and start their own business, they can apply to the Accelerator for access to “seed” money and advice and support.
Prior learning requirements
1. Students taking this module can NOT take Creating a Winning Business 2
2. Students on a Tier 4 visa are not able to start a business or be self-employed in the UK. However, the Create a Winning Business module can help Tier 4 students gain the knowledge and abilities to develop and test their business ideas (to put into practice in their home country) and in addition develop entrepreneurial skills highly valued by employers.
Indicative content is indicated below and will enable achievement of the learning outcomes.
• Importance of innovation and entrepreneurship for business start-ups; for on-going business success and to national economic development
• Introduction to importance of creativity and techniques of creativity All LO1
• The Business Model Canvas technique to assess and develop new business ideas
• The importance of testing ideas in the real world and assessing customer reaction
• Meet with real world entrepreneurs based in the University’s small business incubator (the Accelerator) All LO2
• Learning effective presentation / “pitching” skills LO1
• Introduction to obtaining start-up finance; legal status options and digital marketing
• Self-reflection and career action planning All LO2
Balance of independent study and scheduled teaching activity
Guided independent study (105 hours) for this module is absolutely essential. For the student to achieve a high grade, it is essential that each week, some 2 to 3 hours is devoted to the task of examining and developing the proposed business idea. The module programme indicates clearly what the student is expected to do and achieve at certain “milestones” during the course. Scheduled learning and teaching and assessment preparation (45 hours) takes place in weekly Workshops – incorporating full class teaching, small group discussion/reflection and individual advice/support. As this is a Work Related Learning, there is a strong emphasis on reflective learning to develop personal skill development for career opportunities.
On completion of the module students should be able:
LO1: To demonstrate creativity by identifying a new business idea; applying the Business Model Canvas technique to test its viability and present the initial results in a short video pitch (as if to potential investors).
LO2: To demonstrate in a Business Workbook the following: 1) the in-depth evaluation of a business idea having comprehensively applied the Business Model Canvas technique, and, 2) the outcome of reflective learning during the module in terms of self-development and future employability.
Assessment 1 is a 2 minute video “pitch” scripted and produced by students working in pairs. The video must present in a persuasive and convincing manner the idea of one of the students to create a new business – and must seek to address a range of issues concerning the potential viability of the idea. The video should be engaging and professional.
Assessment 1 contributes 40% to the overall module mark – and need not be passed for the student to successfully complete the module
Assessment 2 (the Business Workbook) requires each student to: 1) complete 3 iterations of the Business Model Canvas to demonstrate how the testing and research of their idea has led to its development, and 2) complete the series of reflective learning and career development questions.
Assessment 2 contributes 60% to the overall module mark – and need not be passed for the student to successfully complete the module
Blank, S. & Dorf, R, (2012), The Startup Owner’s Manual, Pescadero, California, K & S Ranch
Constable, G. (2014), Talking to Humans: Success starts with understanding your customers, Giff Constable (Link: talkingtohumans.com Free)
Ries, E. (2011), The Lean Startup – How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses, New York, Random House USA (extracts online)
Blundel, R & Lockett, N. (2011), Exploring Entrepreneurship – Practices & Perspectives, Oxford, Oxford University Press
Burns, P. (2016) Entrepreneurship & Small Business, 4th Edn. London, Palgrave
Cottrell S (2015) Skills for success, personal development and employability 3rd edition, Palgrave Macmillian, Basingstoke
Lowe, R and Marriot, S (2006) Enterprise: Entrepreneurship and Innovation, London, Butterworth-Heinemann
Osterwalder, A, Pigneur, Y and Clark, T, (2010), Business model generation: a handbook for visionaries, game changers, and challengers, Hoboken, NJ : Wiley
Tefula, M. (2017), Graduate Entrepreneurship – How to Start Your Business after University, London, Palgrave
Journal of Business Venturing
Journal of Small Business Management
Journal of Small Business and Enterprise Development