New Venture Creation
Run by Bangor Business School
15.000 Credits or 7.500 ECTS Credits
Overall aims and purpose
The module will explore the process of establishing a venture, whether as a new start up or by inheriting / purchasing an existing business / franchising. It will examine:
- The characteristics of entrepreneurs, identifying and appreciating the different types of entrepreneur and their role in society
- Look at the difference between an entrepreneur and an owner/manager and the problems faced by small growth firms in preserving entrepreneurship,
- Understand the importance of creativity, innovation and leadership in developing entrepreneurial organisations and how entrepreneurship can be developed within large organisations;
- Examine the realities of setting up a new venture; examine the purpose of a business plan and how its components can be used as a strategy to build the new venture;
- Examine each of the components of a business plan in depth, and the theories underpinning each element
- Examine how a business plan can be tailored to meet the needs of differing readers e.g. potential investors, banks etc.
Entrepreneurs and small firms are the lifeblood of an economy, and make an increasing contribution to innovation, wealth creation and employment. This module will provide a detailed insight into the concepts of entrepreneurship and the role of small firms within the economy. It will encourage participants to develop a critical awareness of the nature and role of the entrepreneur in the economy and society. Students will learn the processes involved in new venture creation and creating business plans. They will develop an appreciation of the different types of firm, from business start-ups, through family businesses to franchises and the diverse skill sets these require.
B- to B+ (60-69%): 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.
Understands most but not all o Evidence of background study o Focussed answer with good structure o Arguments presented coherently o Mostly free of factual errors o Some limited original interpretation o Well known links between topics are described o Problems addressed by existing methods/approaches o Good presentation with accurate communication
Excellent standard: 70+ 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.
c- to c+ (50-59%): marginal failing yet compensatable work 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.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.• Knowledge of key areas/principles only; • Weaknesses in understanding of main areas; • Limited evidence of background study; • Answer only poorly focussed on question and with some irrelevant material and poor structure; • Arguments presented but lack coherence; • Several factual/computational errors; • No original interpretation; • Only major links between topics are described;
Identify the entrepreneurial role in relation to the formation and development of a small business
Understand the terms “entrepreneur” and “owner manager” and distinguish the differences / similarities between them
Appraise the development and complexities of other forms of businesses such as franchises and family businesses
Explain and assess the purpose of a business plan
Compose and design a business plan of sufficient depth and standard and to tailor the plan to differing readers' interest
Identify and extract the relevant information from a business plan created by others
Teaching and Learning Strategy
This module is to be delivered in blended learning format. Students will receive a detailed study pack comprising three units of self study. There will be mandatory periods of asynchronous online teaching together with online virtual workshops. These will be supplemented by face to face teaching at the Management Centre at the end of semester. Students will also be expected to work together in online groups on pre-assigned topics.
At least 5 hours of lectures provided on line and some lectures also provided in the class room for those students attending the bi-annual teaching sessions at the management centre - all lectures are recorded. These lectures are also supplemented by vidoes introducing and summarising the different elements of the module which total to a further hour of discussion
Three seminars of one hour are provided through the web-ex system. Three seminar web-ex sessions are provided to allow students to engage with the materials in a live internet based session over the Web-ex platform this is designed to encourage student interaction and discussion of study materials and module aims.
- Literacy - Proficiency in reading and writing through a variety of media
- 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
- 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.
- Presentation - Able to clearly present information and explanations to an audience. Through the written or oral mode of communication accurately and concisely.
- Argument - Able to put forward, debate and justify an opinion or a course of action, with an individual or in a wider group setting
- Self-awareness & Reflectivity - Having an awareness of your own strengths, weaknesses, aims and objectives. Able to regularly review, evaluate and reflect upon the performance of yourself and others
- Leadership - Able to lead and manage, develop action plans and objectives, offer guidance and direction to others, and cope with the related pressures such authority can result in
Subject specific skills
- People management: to include communications, team building, leadership and motivating others.
- Problem solving and critical analysis: analysing facts and circumstances to determine the cause of a problem and identifying and selecting appropriate solutions.
- 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.
- Articulating and effectively explaining information.
- Communication and listening including the ability to produce clear, structured business communications in a variety of media.
- 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.
A module reader supplied to students
Textbook (supplied to students) Title : New Venture Creation: Entrepreneurship for the 21st Century Author : Spinelli, S.; Adams R Publisher : McGraw Hill
Courses including this module
Optional in courses:
- N3BN: MBA Chartered Banker year 1 (MBA/CBDL)