MN4001 - Business and Enterprise (2021/22)
|Module specification||Module approved to run in 2021/22|
|Module title||Business and Enterprise|
|Module level||Certificate (04)|
|Credit rating for module||30|
|School||Guildhall School of Business and Law|
|Total study hours||300|
|Running in 2021/22||No instances running in the year|
This module introduces students to the world of business and enterprise. It examines what makes businesses successful, and what makes enterprise successful. Are there ideal environments in which business enterprises start, grow and mature? Are there ideal types of businesses? The turbulent and disruptive upheavals of the twenty-first century, including natural disasters, corporate failures, financial crisis, recession and austerity have prompted a review of the traditional view of business and enterprise as encompassing large organisations in a steady state of long-term planning. Today the dynamic of how business is conducted is changing. Recent research shows that up to 50% of private sector turnover is generated by small to medium-sized enterprises (SMEs).
This module provides students with an insight into the world of business. It examines various types of businesses including SMEs and how they work. It explores the environment and its impact on the survival, success and growth of an enterprise. All business produce some mixture of services and products whether they are large or small, private, public or not-for-profit, therefore operations management is at the centre of what business do. Effective operations management is essential for efficiency and customer satisfaction, and long-term survival. This module provides students with an in-depth understanding of operations management, operational risk, logistics, quality circles and supply chain.
A theory– to–practice approach is embedded in the module through the use of a interactive business simulation designed to replicate the multidimensional nature of business. It encapsulates fundamental cross-functional disciplines such as sales, marketing, operations and finance. Student teams are progressively led through major decisions as they manage their own virtual company, the position of which is tracked on the stock exchange, which reflects their decisions. Student teams compete against each other in an online multiplayer environment. The simulation provides invaluable hands on experience for students, requiring them to analyse data, collaborate with each other, and make managerial decisions. By bringing concepts to life it also encourages students to engage with the theoretical material they are learning.
The modules aims to:
develop students understanding of traditional and contemporary approaches to business and enterprise;
provide an understanding of the impact of the external environment on business and enterprise;
to develop students’ commercial awareness;
to introduce the concept of entrepreneurship and its relevance to both small and large organisations;
to provide an understanding of essential functions of business, such as funding, marketing and communication;
to enable students to develop their business skills including analytical and critical thinking; commercial awareness; decision-making; communication including professional presentations; IT; self-awareness, emotional intelligence and negotiation.
Prior learning requirements
Standard University entry requirements
The four main themes covered in this module are:
Nature of Business and Enterprise: including understanding, responding and shaping the dynamic and changing nature of business and the consideration of the future of organisations within the global business environment. This also includes an overview of business policy- what does it include and why is it relevant to businesses? LO1
Business Organisations: understand the internal aspects, functions and processes of organisations including their diverse nature, purposes, structures, size/scale, and management, together with the individual and corporate behaviours and cultures which exist within and between different organisations and their influence upon the external environment. LO2
Operations management: operations management requires an understanding of the impact of both macro and micro factors of the delivery of products and/or services and the overall performance of the business. As well as operations it includes the management of resources, supply chain planning, procurement, logisitics, outsourcing and quality systems
Skills and Practice: the above will be underpinned by continuous development of the skills of business including critical analysis, problem- solving, working collaboratively, effective listening, negotiating, persuasion and oral presentation and their use in generating business contacts. LO3
Balance of independent study and scheduled teaching activity
PDP and Reflective practice are embedded throughout this module. The module is delivered through 3 hour weekly workshops which include a variety of activities including participation in a competitive business simulation. The workshops are student centred whereby students are encouraged to research business and its environment from a variety of sources including textbooks, the business pages of newspapers, on-line sources and module materials.
The workshops will consist of the introduction and explanation of the basic theoretical building blocks on which the students will work in small groups to research the topic. The workshops provide students with the opportunity to develop their understanding of a particular business approach and its implication for start-up, growth and maturity.
Blended learning: Along with the business simulation the module will engage in a variety of approaches to teaching and learning including Blogs, e-journals, podcasts and multimedia. Weblearn is used for the distribution of class material. It is also 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. Weblearn is used for the timely provision of generic feedback following formative assessment.
The learning outcomes are based on the integration of the Quality Assurance Agency for higher education (QAA) subject benchmark statement requirements and the CMI requirements.
On completion of this module students will be able to:
LO1 describe the internal aspects, functions and processes of business organisations
including their diverse nature, purposes, structures, size/scale, and operations
together with the individual and corporate behaviours and cultures which exist
within and between different organisations and their influence upon the external
environment; show commercial awareness by identifying business opportunities
and proposing appropriate types of business organisations to capitalise on
LO2: describe business operations, the management of resources, the supply chain,
procurement, logisitics, outsourcing and quality systems. Explain how optimal
operational performance can add value to any business.
LO3 identify the need for business innovation and enterprise development: taking
innovative business ideas to create new products, services or organisations
including the identification of Intellectual Property and appreciation of its value.
LO4: exhibit a range of business and management skills, including problem solving,
critical analysis, working collaboratively, effective listening, negotiating
persuasion and presentation and their use in generating business contacts.
The business simulation provides an opportunity for students to apply theory and test their developing business skills. The results of the business simulation will act as formative assessment, for example their company’s position on the Stock Exchange. Summative assessment based on the simulation will take the form of group reflective presentation. Participation in the business simulation is considered mandatory in order to achieve the learning outcomes and is embedded in the schedule of workshops.
The first assessment requires students to reflect on their performance as a group on the business simulation. They are asked to reflect on what they did in relation to business policy and theory, what skills they used, and what they could have done differently in light of the outcome of their group’s business decisions.
The second assessment: in small groups In small groups students are required to visit Tate Modern and based on a piece of art of their choice develop a product or service designed to increase footfall in the Tate, The group then has to pitch, a la Dragon’s Den, for funding using a poster display of their product or service.
The third element of assessment is the development of a reflective personal development portfolio (PDP) for submission in week 28.
Formative assessment will run throughout the module and requires the completion of a range of in-class activities. These, along with summative assessment, are designed to provide regular opportunities throughout the year to consolidate student learning and provide feedback and will focus on the ability to apply theory and academic ideas in practical and real world situations, for example through the use of the business simulation.
Carter, S. and Jones-Evans, D. (2012) Enterprise and Small Business: Principles, Practice and Policy. [3rd Edn]. Harlow: Pearson Education Ltd.
Slack, N. Brandon-Jones, A., and Johnston, R. (2016) Operations Management (8th edn) UK: Financial Times/ Prentice Hall .
Wetherly, P. and Otter, D. (2014) The Business Environment: Themes and Issue in a Globalising World. (3rd Edn). Oxford: OUP
Baines, P., Fill C. and Page, K. (2013) Essentials of Marketing. Oxford: OUP
Barrow, C. (2011) Starting a Business from Home: Choose a Business, Get Online, Reach Your Market and Make a Profit. London: Kogan Page
Coggan, P. (2009) The Money Machine: How the City Works. UK: Penguin
Hamilton, L. and Webster, P. (2012) The International Business Environment (2nd Ed). Oxford: OUP
Harrison, A. (2014) Business Environment in a Global Context. (2nd Ed) Oxford: OUP
Lumley, M. and Wilkinson, J. (2014) Developing Employability for Business. Oxford: OUP
Mazzucato, Mariana (ed) (2002) Strategy for Business: A reader. London: Sage.
Rae, D. (2007) Entrepreneurship: from opportunity to action. Basingstoke: Palgrave MacMillan
Salaman, G.(ed) (2002) Decision Making for business: A reader. London: Sage.
Suneja, V. (ed) (2002) Policy Issues for Business: A reader. London: Sage.
Williams, S. (2013) The Financial Times Guide to Business Start Up 2014: The Most Comprehensive Annually Updated Guide for Entrepreneurs. London: The FT Guides