Module Overview
This module introduces students to Entrepreneurship and Enterprise and embraces both an understanding of the characteristics of the former, and the basic elements of setting up the latter.
Aims and Learning Outcomes of the Module
This module aims to introduce students to the realms of Entrepreneurship and Enterprise, fostering an understanding of the characteristics of entrepreneurship and the foundational elements involved in establishing a business. Throughout the module, students explore the context of entrepreneurship in both corporate and private environments, as well as social entrepreneurship, aiming to cultivate business skills, confidence, communication abilities, imagination, creativity, and effective strengths and weaknesses management.
Demonstrate an understanding of primary and secondary research
Demonstrate an understanding of sources of finance and effective cash flow.
Apply the marketing mix to a business idea
Develop a viable business model
Reading list and additional learning resources
Robinson, A (2020) An Introduction to entrepreneurship, IngramSpark
Blundel, R. and Lockett, N. (2011) Exploring entrepreneurship, perspectives and practices. Oxford: Oxford University Press
Journals
Harvard Business Review
Assessment Breakdown
Assessment 1: Business Plan (50%)
In this assessment, You need to Produce a business plan for a hypothetical business you might like to establish. This should be a small business in scale and should be of your own design. While your business may be similar to other established businesses it must not be a franchise. For purposes of this assignment, the business should also be a physical one and not purely online
Part One: Introduction
Executive Summary: Create a summary for your plan. Appears first but is done last. This is a very important part of your plan and should include details about marketing, finance and operations.
Business Philosophy / Mission Statement: Outline the philosophy of your business and its mission.
Product/Service Description: Describe the products and/or services you will be providing. Outline the customer benefits and why your chosen product/services will be successful. You must also include retail prices in this section and estimate how many units you will sell for each product every month.
Self Analysis: Explain why you are a good candidate for starting up your business. Ideas to ponder: reliability, creativity, teamwork skills, education, list special talents such as computer skills.
Part Two: Marketing Research
Conduct Secondary Research in the following areas:
1) Geographic Data: Population description that tells how many people live in a certain area.
2) Demographic Data: Statistics such as age, gender, income and marital status, and family size. You will want to include the data that will have a direct impact on your business.
Primary Research: Explain what methods of marketing research you will be relying on such as surveys, focus groups or both. Include a copy of your draft marketing research survey questions.
Competition: As a new business owner, you must analyse your competition. 1)
Direct Competitors: Businesses selling similar products and services 2) Indirect Competitors: Businesses selling different products while fighting for a customer’s disposable income. State why/how you will do a better job than your competitors.
Market Segment Analysis – Target Customer: Using the secondary data collected previously, help the reader understand exactly who your target customer is and why this customer would want to purchase your product/service.
Analysis of Potential Location: Please include the following information in narrative form. 1) The location of the business (this may be a town or small city or a neighbourhood/area of a larger city) 2) Will you rent or buy the property? 3) Are you in a mall, free standing building, home garage etc? 4) What will your hours of operation be? 5) What do the parking facilities for staff and customers look like? 6) What access to mass transit do staff and customers have? 7) Is the area safe? 8) Will you be near one or more complimentary businesses?
Part 3: Organisation and Personnel Plan
Ownership Choices: What type of ownership (Sole proprietorship, partnership, corporation) have you selected? Why have you selected this option?
Personnel Needs: State who will do what and who will report to whom. Create a simple organizational charge that will show working relationships. J: Hiring Strategy: How will you recruit staff members? What salary and conditions do you need to provide to attract qualified staff?
Part 4: Marketing Plan
Proposed Product or Service Plan: Describe your business and your products in detail.
Proposed Pricing Policy: Describe your pricing policy 1) Proposed markup to cover costs? 2) Relationship to competitors: below, above, the same 3) Will you do any introductory discounting to attract customers? 4) Are you going to drive profits through volume or are you going for a prestige appeal?
Proposed Promotional Plan: 1) Personal promotion: Who will be doing the personal selling? 2) Non-personal promotion: Overall advertising strategy and short-term promotional events to create enthusiasm.
Place: 1. Describe your location in detail: What will it look like? 2. Distribution Plan: How will you get your product into your customer’s hands? Will you make and sell your products on-site (direct distribution) or will you include other intermediaries such as manufacturers or producers (indirect distribution).
Part 5: Financial Plan
Sources Of Finance: 1. What are the various sources of finance available for your business?
2. Provide examples of internal and external sources of finance. Cash Flow: Produce an income statement based on the projected sales volumes and margins you have identified in earlier sections. This should include:
- Gross Revenue less returns/refunds
- Cost of goods sold 3. Operating expenses (such as rent/mortgage, utilities, taxes, insurance, salaries, advertising & promotion)
