Practice of Entrepreneurship

Module Provider: Leadership, Organisations and Behaviour
Number of credits: 20 [10 ECTS credits]
Level:5
Terms in which taught: Spring term module
Pre-requisites:
Non-modular pre-requisites:
Co-requisites:
Modules excluded:
Module version for: 2016/7

Summary module description:
This is a dynamic and experiential module aiming to give students a strong understanding of key dilemmas likely to be faced by first time entrepreneurs. The module develops student's entrepreneurial skill and confidence to put plans into action. Students gain understanding of the practice of entrepreneurship as informed by theory, role play and guest lectures. This will include exposure to the experience of successful entrepreneurs. Students are given a solid understanding of the realities of business start-up.

Aims:
First time founders face many unfamiliar challenges such as: Do I start by myself or do I need a co-founder? How to allocate equity in the business? When to raise finance, how much and from whom? How to manage growth? When it is better to cut your losses and how to cope with failure? When and how to adjust business models? etc This module examines some of the key dilemmas faced by entrepreneurs and explores the range of options available to founders, and the long-term and often cumulative consequences of their decision making.

Assessable learning outcomes:
By the end of the modules students should be able
? To describe a range of dilemmas and challenges faced by entrepreneurs as they move from idea to exit in the entrepreneurial process.
? To apply key techniques in venture creation, such as market research, financial models (cash flow projections) and essentials of team building/co-founding.
? To evaluate different sources of finance and the cumulative effect of financing decisions in the venture growth process.
? To propose how the appropriate resources needed to launch new products or a new business can be acquired and mobilised.
? To appraise concepts in entrepreneurship as they relate to the world of business.

Additional outcomes:
Students will acquire entrepreneurial skills that will be applicable in many business contexts whether or not they propose to develop an entrepreneurial career. For students wishing to take this path they will have the opportunity to develop their ideas in a tangible way.

Outline content:
o Entrepreneurs and entrepreneurship
o Wealth vs control dilemmas
o Financing options
o Exits: Failing, Selling, IPO
o Startup economics
o Business and project planning
o Team building and team dynamics
o Pitching to potential investors

Brief description of teaching and learning methods:
This course is highly interactive. The module allows students to experience key founder dilemmas in the classroom through;
? an ongoing venture simulation where students create their own founder character (founder, investor or employee ) and startup and then act out their role and document their decision making in a series of pre-structured startup dilemmas; incl. attracting and rewarding co-founders and employees, attracting investors and negotiating valuation and term sheets, forecasting business growth, etc
? discussion of relevant, practical case studies
? guest lectures from subject experts
? discussion of key literature on the respective subject

Contact hours:
Lectures 10
Seminars 10
Guided independent study 180
Total hours by term 200

Summative Assessment Methods
Written Assignment Including Essay 70%
Oral Assessment and Presentation 30%

Other information on summative assessment:
Group tasks 30%
Individual portfolio 15%
Reflective essay 55%

Formative assessment methods:
Work which provides opportunities to improve performance (eg through feedback provided) but which not necessarily always contributes towards the overall module mark.

Requirements for a pass:
40%

Reassessment arrangements:
Reassessment by coursework.