Module Handbook January 2017 Module Leader: Dr Demola Obembe TEACHING TEAM CONTACT DETAILS Room Phone Email Dr Demola Obembe HU4.73 0116 257 7916 [email protected] Prof Christos Kalantaridis HU4.64 Ext. 7489 [email protected] Dr Regina Frank HU4.48 0116 257 7371 [email protected] Introduction Welcome to the Business Creation and Innovation module. The rationale of this module is to introduce students to creativity, innovation and entrepreneurship. It focuses on Creativity & Innovation in businesses whether large, medium or small. It takes the student on a journey of academic and practioner approaches to these key topics and builds a kaleidescope of stimulating thoughts which will enable students to develop creative thinking and innovativeness, from both theoretical and empirical perspectives. It also evaluates how this understanding relates to the practical processes of new business start-up and exponential growth of established businesses (including social enterprise). It will introduce students to the key aspects of the process of new venture creation – from concept to maturity. Entrepreneuralism ( the art of innovative creative thinking) will be studied from 2 perspectives - the Entrepreneur, the maverick who is at the sharp end of ideas and calculated risk taking, and the ‘Intrapreneur’ who develops entrepreneurial thinking within an organisation. In summary, the distinction between 'entrepreneurial' and 'management' approaches will be clearly drawn. This Module will confront students with the enterprise skills and outlooks/aptitudes associated with starting up and running a new venture, and in so doing practice the skills embedded in the module. Finally by developing a business plan as an action framework, the module will provide the student with the opportunity to carry out key preparatory tasks required for a Creative and Innovative business start-up. Contents TEACHING TEAM CONTACT DETAILS - 1 - Introduction - 2 - Contents - 3 - Module Aims and Objectives - 4 - Learning Outcomes - 4 - Expected Method of Delivery - 4 - Teaching Programme - 5 - Attendance - 6 - Assessment - 6 - Module Resources - 7 - Module Aims and Objectives This module will: • Provide a thorough understanding of the concepts of entrepreneurship and innovation. Amongst others, it will: o Consider the relationship between creativity , idea generation and innovation o Discuss methods of protection of innovation o Provide a clear understanding of entrepreneurism and intrapreneurism • Evaluate the new venture creation process • Discuss access to venture funding and strategic implications of forms of financing. Learning Outcomes At the end of this module students should be able to demonstrate as follows: Subject Specific Knowledge and Skills 1. Examine and synthesise aspects of Creativity and Innovation from an academic perspective. 2. Explore the importance of building creative climates to stimulate business growth. 3. Relate and appreciate the building blocks needed for a successful venture, including the risks and rewards. 4. Demonstrate the ability to create forecasts for a new business and where and how early-stage businesses find capital. 5. Navigate the detailed process of business plan preparation and presentation. 6. Appreciate the value of the creative problem solving in organisations. 7. Critically understand the potential value of embracing the entrepreneurial process within organisations to further positive economic health and competitiveness. 8. Explore within to best understand personal capabilities in order to maximise strengths and manage weaknesses. Non Subject Specific and Cognitive Skills 1. Ability to communicate clearly in oral and written forms. 2. Wider reading and research abilities. Expected Method of Delivery The module will have a taught framework of two hour Lectures sessions and periodic tutorials. The lectures will be a flexible combination of formal lectures, seminar discussions and visualisation sessions. Extensive use will also be made of case studies and group discussions. In addition students are expected to undertake self- directed reading and research; that is, students will be expected to undertake their own research to develop and supplement the materials covered in the sessions and to conduct secondary research in their chosen business idea. In order to successfully complete and benefit from this module, students will need to: • Attend and participate in lectures, presentations and group discussions. • Undertake extensive desk and/or field research for their individual/group project. • Keep up-to-date with current and evolving issues in management through reading relevant academic journals and quality periodicals. Teaching Programme Week (Commencing) Lecturer Lecture Topic Key Reading 18. (30.01.2017) DO Introduction to the module& Conceptualising Innovation. Bessant & Tidd (2007) C1, Burns (2014) C3, Tidd & Bessant (2014) C5. Tutorial 1 19. (06.02.2017) CK Defining the Enterprise/The Entrepreneur/Intrapreneur/ Relevance to Economy Allen (2016) C1/C2; Burns (2014) C1; Stokes & Wilson (2010) C1. 20. (13.02.2017) DO Business Planning Allen (2016) C10/C12; Burns (2014) C3, C16; Stokes & Wilson (2010) 21. (20.02.2017) CK Innovation Models and Networks Allen (2016) C5, Burns (2014) C5, C6; Stokes & Wilson (2010) C11. C6. Tutorial 2 22. (27.02.2017) GUEST LECTURE 23. (06.03.2017) DO Team Building and Leadership Allen (2016) C8; Burns (2014) C6, C13; Stokes & Wilson (2010) C5; Tidd & Bessant (2014) C8. 24. (13.03.2017) RF Market Feasibility Analysis Allen (2016) C4, Burns (2014) C4 Tutorial 3 25. (20.03.2017) DO Business Formation & Protection Allen (2016) C7; Burns (2014) C9; Stokes & Wilson (2010) C10; Tidd & Bessant (2014) C13. 26. (27.03.2017) RF New Venture Finance and Accounting Allen (2016) C9/16; Burns (2014) C14, C15; Stokes & Wilson (2010) C13. 27. (03.04.2017) DO Business Growth, Evolution and Exit Strategies Coursework 1 Due Allen (2016) C17; Burns (2014) C8; Stokes & Wilson (2010) C14. Tutorial 4 31. (01.05.2017) DO Presentation Workshops 32. (08.05.2017) Presentations Coursework 2 Due Attendance Students are expected and encouraged to attend all lectures. Assessment The module is a 100% coursework two-part assessment. Each element of the assessment must be completed by the student. Coursework One: Entrepreneurship Essay (50% weighting) This coursework requires students to individually undertake a critical evaluation of an entrepreneur’s venture with the aid of relevant theoretical lenses and models such as the business model canvas. This assessment will be based on the guest talk delivered by the entrepreneur. With the aid of additional research, you will be expected to elaborate on the perceived strengths and weaknesses of the venture as well as potentials for growth and development. Word count: 2,000-2,500 The following criteria will be assessed in the write up: • Evaluation of entrepreneur’s business using key/relevant models to consider; infrastructure, value proposition, customers (segmentation and relationships), finances, and channels. • Clear articulation of arguments and evidence of supporting information as justification of views expressed. Coursework Two: Business Plan: Feasibility Analysis (25% weighting) and Presentation (25% weighting): For the second coursework, students are expected to undertake a market feasibility analysis for a proposed business idea. This is to be written up as a business plan feasibility report (1,000-1,500 words) and submitted along with video recorded evaluation of business feasibility (5-7 minutes). The written report along with the presentation will assess understanding of relevant concepts and student’s ability to apply what they have learned about constructing a feasible business plan. The following criteria will be assessed in the feasibility analysis: • Industry overview: understanding of structure, stage of life cycle and implications. • Analysis of Industry environment: e.g. using Porter’s 5 Forces. • Customer-orientated evaluation: evidence of data collection (primary and secondary), stakeholder evaluation and customer segmentation/profiling. • Competitive intelligence: identification of key competitors, evaluation of performance characteristics. Criteria for assessing the presentation will include: • Delivery: Confidence, time management, professionalism etc. • Clarity and focus of structure: maximizing key points, content, flow etc. • Robustness: innovativeness, creativity, achievability, realistic communication of market plan, and adequate support for feasibility etc. SUBMISSION DEADLINE: Coursework 1: Friday 7 April 2017 Coursework 2: Friday 12 May 2017 Re-Assessment Failed course works will be re-worked based on the feedback provided and re-submitted following original assessment brief. Module Resources Key Text: Allen, K. R. (2016) Launching New Ventures: An Entrepreneurial Approach (7th Ed). Cengage Learning. Additional Texts: Bessant, J. & Tidd, J. (2007) Innovation & Entrepreneurship. Chichester: Wiley. Burns, P. (2014) New Venture Creation. Basingstoke: Palgrave. Stokes, D. & Wilson, N. (2010) Small Business Management and Entrepreneurship (6th Ed). Hampshire: Cengage. Tidd, J. & Bessant, J. (2014) Strategic Innovation Management. Chichester: Wiley. Other Sources: Byrd, M. J. & Megginson, L. (2012) Small Business Management: An Entrepreneur's Guidebook. McGraw Hill Higher Education. Dollinger M. (2007) Entrepreneurship: Strategies and Resources (4th Ed). Prentice Hall. Ettlie, J. E. (2006) Managing Innovation: New Technology, New Products and New Services in a Global Economy. Butterworth Heinemann. Halloran, J. W. & Moorman, J. (2006) Successful Business Planning for Entrepreneurs. Thomson, South Western. Hisrich, R.D., Peters, M.P., Shepherd, D.A. (2012) Entrepreneurship (9th Ed). Boston: McGraw Hill Higher Education. Kaplan J. N. and Warren, A.C. (2013) Patterns of Entrepreneurship Management (4th Ed). John Wiley Publishing. Katz, J. and Green, R.P. (2013) Entrepreneurial Small Business. McGraw Hill Higher Education. Leach, K. C. & Melicher, J. W. (2014) Entrepreneurial Finance (5e). Thomson South Western. Legge, J. & Hindle, K. (2004) Entrepreneurship: Context, Vision and Planning. Palgrave MacMillan. Lowe, R. (2006) Enterprise, Entrepreneurship and Innovation: Concepts, Contexts and Commercialization. Butterworth Heinemann. Roberts, M.J., Stevenson, H.H., Sahlman, W.A., Marshall, P.W. and Hamermesh, R.G. (2006) New Business Ventures and the Entrepreneur 6/e. McGraw Hill Higher Education. Stancill, J. (2003) Entrepreneurial Finance for New and Emerging Businesses. 1e, Thomson South Western. Trott, P. (2012) Innovation Management and New Product Development 5/e. Harlow: Pearson. Wickham, P. (2006) Strategic Entrepreneurship (4th Ed). Prentice Hall. Worthington I. & Britton C. (2014) The Business Environment. Pearson. Printed & Electronic Periodicals: Business Strategy review Entrepreneurship Theory and Practice Federation of Small Business International Small Business Journal Harvard Business Review International Journal of Entrepreneurial Behaviour and Research Journal of Business Finance and Accounting Journal of Small Business Management Journal of Small Business and Enterprise Development Labour market quarterly report, Employment department, various. National Westminster Quarterly Survey of Small Business in Britain Technovation (abstracts only available on-line) The Economist The Week