module specification

In the turbulent business world, survival is a challenge. Business failures are many, particularly amongst SME’s. Yet some small businesses manage to do more than survive, they grow and provide not only goods and services but valuable employment in the economy – in 2013 SME’s accounted for 59% of UK private sector jobs (FSB 2013). This module explores the challenges, growth options and strategies of enterprises; both entrepreneurial start-ups and fast growing entrepreneurial businesses. What are the ingredients of success, what are the strategies employed, why do some businesses fail while others survive? Understanding the complex influences on entrepreneurial businesses and the alternative strategy options available, is essential for the survival, competitive advantage, financial returns and growth of enterprises. The module also aims to help students to develop their management and employability skills, such as critical thinking and problem solving. Students will be encouraged through experiential learning to investigate the key processes involved in setting up a small business, accessing finance and managing the enterprise. A range of outside speakers and suggested events will be used to assist their enquiries. 
The module is delivered over 15 weeks using small group workshops of normally 3 hour duration. Assessment comprises a learning e-portfolio consisting of a variety of tasks.

The specific aims of the module are:
1. to develop an understanding of the challenges of business survival and growth.
2. to become familiar with the key regulatory processes involved in setting up a business.
3. to develop an understanding of the different strategies and solutions available to entrepreneurs in a range of different contexts
4. to explore the range of options available for obtaining finance
5. to enable students to develop entrepreneurial evaluation and decision making skills through problem based and experiential learning
6. to provide the opportunity to observe and evaluate real businesses and business situations
7. to create an appreciation of the changing role of the entrepreneur in a business 

The module also aims to assist students in the acquisition of the following skills:
1. Being creative
2. Analysing data
3. Planning
4. Communicating/presenting, orally and in writing
5. Self-assessment and reflection

The themes covered in this module include:

- Options for legal status of the business
- Entrepreneurial strategy
- Securing competitive advantage
- Innovation
- Survival - financial drivers
- Cash v profit
- Obtaining financing for the business
- Planning for growth
- Product cycles and portfolios
- Barriers to growth
- Growth crises
- Business failure – causes – predicting failure
- Responsibilities of being a director
- Employing staff
- Success – harvesting the investment – exit

This module will be delivered through weekly workshops which will be enhanced with one day long activity in Activity Week, during the course of the semester. This day-long event will focus particularly on identifying and developing key employability skills. For example, the module will link with the Centre for Micro Enterprise, graduate businesses in the Accelerator and Alumni running their own businesses.
The weekly 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, peer assessment of tasks together with problem based individual and group work. Students will be encouraged to explore external sources of information/ guidance and bring these data back into the classroom for discussion and distribution. Theoretical input will focus on defining and clarifying the topic content to the appropriate depth and breadth. Workshop activities and discussions will be interactive and the links to real businesses and relevant case studies will provide real problems for students to discuss and analyse.

Weblearn will be used for the distribution of the Module booklet. It will also be used to provide case studies, podcasts and a range of examples to support independent study such as financial accounts and marketing plans. 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 generic feedback following formative assessment.

On successful completion of this module students will be able to:
1. Understand the legal options available for  setting up a business, their advantages and limitations and the processes involved in registering a company
2. Identify and explain the major challenges a new business encounters in creating a position in the marketplace
3. Recognise the key role of innovation in entrepreneurial businesses
4. Critically evaluate alternative strategies and options for growth
5. Analyse business performance identifying problems and identifying solutions appropriate to different situations such as; start-up, turnaround, growth, exit
6. Demonstrate an understanding of the causes of business failure
7. Understand the key role of the entrepreneur and how different skills and approaches are required at different stages and contexts of an enterprise

Assessment for this module aims to be valid, transparent, relevant and reliable. The diverse range of assessment items will ensure that students are not disadvantaged by any particular form of assessment. Assessment will be continuous and is designed to help students to demonstrate both excellence and a range of skills, guiding student improvement.

Students are required to produce an e-portfolio consisting of different items developed in response to the curriculum. Items selected for inclusion will reflect student interests, current business news, innovations and news of entrepreneurs.
Portfolio items will be ongoing throughout the term with signpost dates set for each. Indicative items would be an interview with an entrepreneur, an analysis of a business failure, an analysis of business success/lack of success, issues in setting up a website, production of video of an interview with an entrepreneur, preparing a case study of a start-up, an evaluation of strategy option for a small business, production of a business plan

A critical events log form one of the activities to be included in the portfolio. This will be based on materials collected by students, workshop activities, visits by external speakers, attendance at exhibitions/events, interviews and TV programmes such as Dragons’ Den.  Students will review, analyse and reflect on the lessons to be learnt from these events.

Bibliography
Atrill, P. (2011) Financial Management for Decision Makers. Pearson: Harlow
Atrill,P. and McLaney, E. (2009) Management Accounting for Decision Makers. Prentice Hall: Harlow
Bessant, J and Tidd, J. (2007) Innovation and Entrepreneurship. Wiley: Chichester
Burns,P(2011) Entrepreneurship & Small Business. Palgrave:Basingstoke
Deakins, D and Freel, M (2009) Entrepreneurship and Small firms (5thed) McGraw-Hill: Maidenhead
Kirby, D (2003) Entrepreneurship. McGraw-Hill: Maidenhead
Lowe, R and Marriot, S (2006) Enterprise: Entrepreneurship and Innovation. Butterworth Heinemann: Oxford
Lynch, R (2008) Strategic Management (5thed) FT Pretice Hall: Harlow
Stokes, D., Wilson, N., and Mador, M. (2010) Entrepreneurship. Cengage:Andover
Storey, D and Greene, F (2010) Small Business and Entrepreneurship. FT Prentice Hall: Harlow
Westhead, P., McElwee, G., Wright, M. (2011) Entrepreneurship: Perspectives and Cases. FT Prentice Hall: Harlow
Wickham,P (2006) Strategic Entrepreneurship (4th Ed) FT Prentice Hall:Harlow
Williams, S. (2014) The Financial Times Guide to Business Start Up (27thed) Pearson: Harlow

Web
https://www.gov.uk/search?q=business+start+up
www.growthbusiness.co.uk
www.startups.co.uk
http://www.bbc.co.uk/dragonsden/entrepreneurs/index_online.shtml
http://www.bbc.co.uk/dragonsden/business/enterprise/

Journals:
Journal of Strategic Entrepreneurship
Journal of Business Venturing
Journal of Small Business Management
Journal of Small Business and Enterprise Development