New Venture Creation
Run by Bangor Business School
15 Credits or 7.5 ECTS Credits
Organiser: Dr Siwan Mitchelmore
Overall aims and purpose
To evaluate the role of entrepreneurs and small firms as the lifeblood of an economy; to examine their contribution to innovation, wealth creation and employment; and to gain insights into the concepts of entrepreneurship and routes to new venture creation.
Entrepreneurship theory and evolution of the concept; Starting your own business; Creativity and Innovation; Franchising; Buying a business; Succeeding in family business.
No major omissions or inaccuracies in the deployment of information/skills; Some grasp of theoretical/conceptual/practical elements; Integration of theory/practice/information present intermittently in pursuit of the assessed work's objectives.
Much of the relevant information and skills mostly accurately deployed; Adequate grasp of theoretical/conceptual/practical elements; Fair integration of theory/practice/information in the pursuit of the assessed work's objectives; Some evidence of the use of creative and reflective skills.
High Standard: Very good performance; Most of the relevant information accurately deployed; Good grasp of theoretical/conceptual/practical elements; Good integration of theory/practice/information in pursuit of the assessed work's objectives.; Evidence of the use of creative and reflective skills.
An outstanding performance, exceptionally able; The relevant information accurately deployed; Excellent grasp of theoretical/conceptual/practice elements; Good integration of theory/practice/information in pursuit of the assessed work's objectives; Strong evidence of the use of creative and reflective skills.
Understand the role of small firm in the economy.
Identify the characteristics of entrepreneurs and appreciate the different types of entrepreneur that can exist and their role in society.
Understand the role of entrepreneurship in new venture development.
Demonstrate familiarity with the routes available to new venture creation.
Evaluate and screen new venture opportunities.
Recognise and understand the role of innovation and creativity in a fast paced global competitive environment, where businesses need to innovate to survive.
Recognising the need for entrepreneurship in large organisations, and the complexities associated with the implementation of this culture.
Teaching and Learning Strategy
One 3-hour lecture per week.
- Literacy - Proficiency in reading and writing through a variety of media
- Numeracy - Proficiency in using numbers at appropriate levels of accuracy
- Self-Management - Able to work unsupervised in an efficient, punctual and structured manner. To examine the outcomes of tasks and events, and judge levels of quality and importance
- Exploring - Able to investigate, research and consider alternatives
- Information retrieval - Able to access different and multiple sources of information
- Inter-personal - Able to question, actively listen, examine given answers and interact sensitevely with others
- Critical analysis & Problem Solving - Able to deconstruct and analyse problems or complex situations. To find solutions to problems through analyses and exploration of all possibilities using appropriate methods, rescources and creativity.
Subject specific skills
- Commercial acumen: based on an awareness of the key drivers for business success, causes of failure and the importance of providing customer satisfaction and building customer loyalty.
- Innovation, creativity and enterprise: the ability to act entrepreneurially to generate, develop and communicate ideas, manage and exploit intellectual property, gain support, and deliver successful outcomes.
- Ability to work with people from a range of cultures.
- Articulating and effectively explaining information.
- Conceptual and critical thinking, analysis, synthesis and evaluation.
- Self-management: a readiness to accept responsibility and flexibility, to be resilient, self-starting and appropriately assertive, to plan, organise and manage time.
- Self reflection: self-analysis and an awareness/sensitivity to diversity in terms of people and cultures. This includes a continuing appetite for development.
Courses including this module
Compulsory in courses:
- N1AV: MA Business and Marketing year 1 (MA/BUSMRK)
- N2AQ: MA Management and Finance year 1 (MA/MANFIN)
- N2AO: MSc Management and Finance year 1 (MSC/MANFIN)
Optional in courses:
- N1AX: MA Business with Consumer Psychology year 1 (MA/BUSPSY)
- C8CN: MA Consumer Psychology with Business year 1 (MA/CPSBUS)
- N3AV: MA Finance year 1 (MA/FIN)
- N3CP: MA Finance (10 month) year 1 (MA/FIN10)
- N3AD: MBA Banking and Finance year 1 (MBA/BIF)
- N2AN: MBA Management year 1 (MBA/M)
- N1AY: MSc Business with Consumer Psychology year 1 (MSC/BUSPSY)
- C8CM: MSc Consumer Psychology with Business year 1 (MSC/CPSBUS)
- N3CM: MSc Finance (10 month) year 1 (MSC/FIN10)
- N3AJ: MSc Finance year 1 (MSC/FINANCE)
- N3CB: MSc International Finance year 1 (MSC/IF)
- N3CQ: MSc International Finance (10 month) year 1 (MSC/IF10)
- P3AS: MSc International Media & Management year 1 (MSC/IMEDM)