New Venture Creation
Run by Bangor Business School
15.000 Credits or 7.500 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.
The content may include but will not be limited to: Entrepreneurship theory and evolution of the concept; Role of SME and contribution to the economy Starting your own business; Creativity and Innovation; Franchising; Succeeding in family business.
A- to A*.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.
D- to D+; 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.
B- to B+; 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.
C- to C+
C- to C+; Some of the relevant information and skills mostly accurately deployed; Some grasp of theoretical/conceptual/practical elements; Some integration of theory/practice/information in the pursuit of the assessed work's objectives; Some evidence of the use of creative and reflective skills.
Recognise and understand the role of innovation and creativity in a fast paced global competitive environment, where businesses need to innovate to survive.
Understand the role of small firm in the economy.
Demonstrate familiarity with the routes available to new venture creation.
Evaluate and screen new venture opportunities.
Teaching and Learning Strategy
One 3-hour lecture per week.
Researching the topic - reading journal articles, working on case studies understanding the SME enviroment.
- 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.