Run by Bangor Business School
10 Credits or 5 ECTS Credits
Overall aims and purpose
To explore the process of establishing a venture from idea generation to the completion of a business plan. To follow the process of developing a business plan through its various stages, including business description and the market, development and production, sales and marketing, management team and the financial plan.
The lifeblood of the overall economy is provided by its entrepreneurs and the small firms within it; their contribution to innovation, wealth creation and employment is of great significance if an economy is to thrive. The altruism typically displayed by entrepreneurs is consistent with the corporate social responsibility displayed by an increasing number of businesses. Moreover, the entrepreneur’s ability to reduce risk by engaging in effective planning processes, is of critical importance for the survival of the business. This module will discuss the elements of an effective business plan as well as provide insight into the nature and mind-set of entrepreneurs and the way their plans are implemented. Participants will be encouraged to develop a critical awareness of the nature and role of entrepreneurship in the economy and society. Candidates will learn about the process involved in new venture creation and be required to develop a sustainable business plan.
D- to D+ (40-49%) Students must show that they have a good grasp of the elements contributing towards an assessment of the feasibility of a business and be able to produce a plan that will outline its future journey.
C- to C+
C- to C+ (50-59%) Students must show that they are able to apply the results of their analysis of the elements of a feasibility study in a practical way and produce a business plan that includes the results of some research into markets and industry sectors.
B- to B+ (40-49%) Students must show that they can assess the feasibility of a business proposition by using a number of techniques and that they can produce a business plan based upon detailed research of markets and industry sectors including detailed financial projections.
A- to A* (70% +) Students will have shown an advanced knowledge of strategy creation and how to convert ideas into business opportunities. An ability to show detailed analysis of the elements to be considered in assessing the feasibility of a new business idea and a thorough and comprehensive report relating to all the points to be considered when producing a formal business plan.
Be aware of the issues facing businesses across a wide spectrum of management topics, including operations, human resources, information and finance
Appreciate the purpose of every aspect of a business plan
Be able to complete a business plan in detail and to a high standard so that it is tailored to differing reader interests.
Students will produce a full business plan based on a product concept chosen by them during the opening sessions of the course.
Teaching and Learning Strategy
One 2-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
- Computer Literacy - Proficiency in using a varied range of computer software
- 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.
- Presentation - Able to clearly present information and explanations to an audience. Through the written or oral mode of communication accurately and concisely.
- 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
Subject specific skills
- knowledge of some of the contexts in which accounting can be seen as operating (examples of contexts include the legal, ethical, social and natural environment; the accountancy profession; the business entity; the capital markets; the public sector)
- knowledge of the main current technical language and practices of accounting (for example, recognition, measurement and disclosure in financial statements; managerial accounting; auditing; taxation) in a specified socio-economic domain
- knowledge of some of the alternative technical languages and practices of accounting (for example, alternative recognition rules and valuation bases, accounting rules followed in other socio-economic domains, alternative managerial accounting approaches to control and decision-making)
- skills in recording and summarising transactions and other economic events; preparation of financial statements; analysis of the operations of business (for example, decision analysis, performance measurement and management control); financial analysis and projections (for example, analysis of financial ratios, discounted cash flow analysis, budgeting, financial risks)
- knowledge of contemporary theories and empirical evidence concerning accounting in at least one of its contexts (for example, accounting and capital markets; accounting and the firm; accounting and the public sector; accounting and society; accounting and sustainability) and the ability to critically evaluate such theories and evidence age
- Analysis, deduction and induction. Economic reasoning is highly deductive, and logical analysis is applied to assumption-based models. However, inductive reasoning is also important. The development of such analytical skills enhances students' problem-solving and decision-making ability.
- Quantification and design. Data, and their effective organisation, presentation and analysis, are important in economics. The typical student will have some familiarity with the principal sources of economic information and data relevant to industry, commerce, society and government, and have had practice in organising it and presenting it informatively. This skill is important at all stages in the decision-making process.
- Research: the ability to analyse and evaluate a range of business data, sources of information and appropriate methodologies, which includes the need for strong digital literacy, and to use that research for evidence-based decision-making.
- 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.
- Numeracy: the use of quantitative skills to manipulate data, evaluate, estimate and model business problems, functions and phenomena.
- Networking: an awareness of the interpersonal skills of effective listening, negotiating, persuasion and presentation and their use in generating business contacts.
- Articulating and effectively explaining information.
- Self-management: a readiness to accept responsibility and flexibility, to be resilient, self-starting and appropriately assertive, to plan, organise and manage time.
- Problem solving and critical analysis: analysing facts and circumstances to determine the cause of a problem and identifying and selecting appropriate solutions.
- An understanding of the financing arrangements and governance structures of business entities, and an appreciation of how theory and evidence can be combined to assess the effectiveness and efficiency of such arrangements (e.g. decisions as to sources of finance and financial structure; the pricing of corporate securities; the market for corporate control; corporate governance structures and mechanisms; financial planning and international dimensions of finance).
- An ability to understand financial statements, and a basic appreciation of the limitations of financial reporting practices and procedures (eg financial statement analysis; the relation between cash flow accounting and accrual accounting; discretionary accounting practices).
Barringer, B.R. Preparing Business Plans, Pearson Education International ISBN 978-0-13-714584-3
Pre- and Co-requisite Modules
Courses including this module
Compulsory in courses:
- NQ26: BA Astudiaethau Busnes a Chymraeg year 3 (BA/ABCH)
- NN13: BA Business Studies and Finance year 3 (BA/BSF)
- NN14: BA Business Stud & Finance (with International Experience) year 4 (BA/BSFIE)
- N1R1: BA Bus Stud with French year 3 (BA/BSFR)
- N1R2: BA Business Studies with German year 3 (BA/BSGER)
- N1R3: BA Business Studies with Italian year 3 (BA/BSIT)
- NN15: BA Business Studies and Marketing year 3 (BA/BSM)
- 8N60: BA Business Studies and Marketing (with International Exp) year 4 (BA/BSMIE)
- N1R4: BA Business Studies with Spanish year 3 (BA/BSSP)
- NM11: BA Business and Law year 3 (BA/BUSALAW)
- N1T1: BA Business Studies and Chinese year 4 (BA/BUSCH)
- N100: BA Business Studies year 3 (BA/BUSS)
- NR1C: BA Business Studies/French year 4 (BA/BUSSF)
- NR1F: BA Business Studies and German year 4 (BA/BUSSG)
- NR1H: BA Business Studies and Italian year 4 (BA/BUSSI)
- N102: BA Business Studies (with International Experience) year 4 (BA/BUSSIE)
- NR1K: BA Business Studies and Spanish year 4 (BA/BUSSS)
- N2N4: BA Management with Accounting year 3 (BA/MAF)
- N105: BSc Business Studies (Bangor International College) year 3 (BSC/BICBS)
- N106: BSc Business Stud & Finance (Bangor International College) year 3 (BSC/BICBSF)
- N101: BSc Business Studies year 3 (BSC/BS)
- N10B: BSc Business Studies (4 year with Incorporated Foundation) year 3 (BSC/BS1)
- NN1H: BSc Business Studies and Finance year 3 (BSC/BSFIN)
- NN1J: BSc Business Studies and Finance (4 year with Incorp Found) year 3 (BSC/BSFIN1)
- NNM1: BSc Business Studies & Marketing with Intl Experience year 4 (BSC/BSMIE)
- NN1M: BSc Business Studies and Marketing year 3 (BSC/BSMKT)
- NN1K: BSc Business Studies & Marketing (4 year with Incorp Found) year 3 (BSC/BSMKT1)
- M1N1: LLB Law with Business Studies year 3 (LLB/LBS)
- MN1B: LLB Law with Business (4year with Incorporated Foundation) year 3 (LLB/LBS1)
Optional in courses:
- NG10: BA Business and Computer Information Systems year 3 (BA/BCIS)
- R1NC: BA French with Business Studies year 4 (BA/FBS)
- R2NC: BA German with Business Studies year 4 (BA/GBS)
- N5R3: BA Marketing with Italian year 4 (BA/MKITAL)
- N5R1: BA Marketing with French year 4 (BA/MKTFR)
- N5R2: BA Marketing with German year 4 (BA/MKTGER)
- N5R4: BA Marketing with Spanish year 4 (BA/MKTSP#)
- R4N1: BA Spanish with Business Studies year 4 (BA/SPBS)
- L190: BSc Business Economics year 3 (BSC/BEC)
- L19B: BSc Business Economics (4 year with Incorporated Foundation) year 3 (BSC/BEC1)
- L191: BSc Business Economics with International Experience year 3 (BSC/BECIE)
- L192: BSc Business Economics (Bangor International College) year 3 (BSC/BICBE)
- NN24: BSc Management with Account (Bangor International College) year 3 (BSC/BICMNA)
- N2NK: BSc Management with Accounting year 3 (BSC/MWACC)
- N2NL: BSc Management with Accounting (4 year with Incorp Found) year 3 (BSC/MWACC1)
- 2R87: BSc Psychology with Business year 3 (BSC/PWB)
- C82B: BSc Psychology with Business (4yr with Incorp Foundation) year 3 (BSC/PWB1)
- 2R88: BSc Psychology with Business with International Experience year 4 (BSC/PWBIE)