MN5W50 - Creating a Winning Business 1 (2023/24)
|Module specification||Module approved to run in 2023/24|
|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 2023/24(Please note that module timeslots are subject to change)||
The University has a policy that undergraduate students must, take a Work Based Learning (WBL) 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 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.
- Supporting an existing small business to understand how a business runs
- Respond to small business’s client briefs
- Testing potential customers’ views.
As a result of client brief and feedback, business concepts and/or ideas will develop over the duration of the module.
The QAA Benchmark on Business and Management (2019) 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 responding to client briefs in evaluating and developing business ideas and so develops creative yet practical thinking.
In addition, it requires students to examine market potential and prepare a presentation of their findings assuming the role of a business consultant. The module requires a high level of self-reliance to explore the business idea based on a client brief. Students develop an understanding of the role of business start-ups, business growth and development.
These skills and techniques are of practical relevance to anyone considering developing a 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.
Prior learning requirements
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 internationally..
- Importance of innovation and entrepreneurship for SMEs; for on-going business success LO1
- Introduction to the importance of creativity and its application in the real world LO1
- Problem identification and problem solving LO1,LO2,LO3
- The Business Model Canvas technique to assess and develop new business ideas LO2
- The importance of testing ideas in the real world and assessing customer reaction LO1, LO2
- Work with real client briefs from the SME sector LO1,LO2
- Introduction to entrepreneurial finance and legal status options and LO2
- Digital Marketing Techniques LO2
- Presentation skills LO1, LO2
Balance of independent study and scheduled teaching activity
Guided independent study (50 hours) for this module is 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 working in response to a client brief and preparing for a professional presentation assuming the role of a consultant (40 hours)
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 takes place in weekly Lectures and Seminars – incorporating full class teaching, provision of client briefs, small group discussion/reflection and individual advice/support.
As this is a Work Based Learning, there is a strong emphasis on reflective learning to develop personal skills for career opportunities.
On completion of the module students should be able:
LO1: To demonstrate creativity by applying the Business Model Canvas technique against client briefs from the SME sector to test viability of concepts and present the initial results in a short video assuming the role of a consultant to the business
LO2: To demonstrate in a Business Workbook and in-depth evaluation of the client brief business idea having comprehensively applied the Business Model Canvas technique,
LO3 To explain the outcome of reflective learning during the module in terms of self-development and future employability.
The assessments are designed to test the module learning outcomes and client feedback will form an integral part of the marking for Assessment 2.
Assessment 1 is a presentation, Individual or in Groups depending on the needs of the client brief(s), presenting the problem the student or students are working on and explain the steps that will be taken in response assuming the role of a business consultant. The presentation must be engaging and professional.
Assessment 2: Assuming the role of a consultant, prepare a report designed for your client (up to 1,500 words), responding to their brief provided to you, to demonstrate:
- Your proposed solution
- The steps you been taken in evaluating and testing the proposed solution and
- Your reflective learning and career development questions you have derived.
Note: The client will be involved in assessing this individual assessment.
Blundel, R., Lockett, N., Wang, C. (2018), Exploring Entrepreneurship, Second Edition, Sage Publishing
Priestley D, (2018), Entrepreneur Revolution : How to Develop your Entrepreneurial Mindset and start a Business that works, Capstone
House of Commons Library (2014), Small businesses and the UK economy
Drucker, P. (1982), The changing world of the executive, New York, Times Books
Gibbs, G. (1988), Learning by Doing: A Guide to Teaching and Learning Methods, London, UK: Further Education Unit
OECD, (2009), Measuring entrepreneurship: a collection of indicators, Brussels, OECD-Eurostat
Blundel, R. & Lockett, N. (2011), Exploring Entrepreneurship: Practices & Perspectives, Sage Publishing (old edition of core text – can be available for purchase at low cost, on the internet)