This is an integrative module, enabling students to draw upon and apply learning from a range of previous studies. It is also an opportunity to develop the practical skills necessary for the creation of a sustainable new venture. The module will be appropriate for those students with an interest in self-employment and entrepreneurship. The module covers the full range of issues in establishing a new business, with a focus on SMEs. This includes the following topics: entrepreneurship theory; creativity and innovation; business plans and planning; business ideas and opportunities; enterprise start-up; market analysis; sales forecasting; legal forms of business entity; P&L, cash flow and balance sheet projections; breakeven analysis; sensitivity analysis; sources of funds; bank lending; accounting for VAT and PAYE; enterprise growth and growth strategies; operations planning; exit strategies; risk analysis; contingency planning.
To achieve credit for this module, students must be able to:
- Evaluate management issues in the start-up of a new venture.
- Assess the factors contributing to their success or failure.
- Critically evaluate the constraints on, and risks of, small business development.
- Assess issues around funding and the financial management of new and developing businesses.
- Select and apply appropriate analytical concepts and frameworks to provide support for a new proposal.
Students should be familiar with the content of the following:
- Ashton, R. (2009). How to Start your own Business for Entrepreneurs. Pearson.
- Blackwell, E. (2011). How to prepare a business plan (5th edition). Kogan Page, London.
- Deakins, D. and Freel, M. (2009). Entrepreneurship and Small Firms. (5th edition). McGraw Hill, Maidenhead.
- Finch, B. (2010). How to Write a Business Plan. Sunday Times.
- Gold, S. (2006). Entrepreneurs Notebook. Learning Ventures Press.
- Rae, D. (2007). Entrepreneurship: From Opportunity to Action. Palgrave.
- Spear, R. (2006). Social Entrepreneurship - A Different Model? International Journal of Social Economics. Vol. 33, No 5/6.
- Storey, D. and Greene, F (2010). Small Business & Entrepreneurship. FT Prentice Hall
- Wickham, P. (2006). Strategic Entrepreneurship. (4th edition). Pitman.
- Williams, S. (2010). The Financial Times Guide to Business Start Up 2010. (5th edition). Pearson.
- Journal of Entrepreneurship, Journal of Small Business & Entrepreneurship, International Entrepreneurship & Management Journal, The Economist & The Harvard Business Review.
- Students are expected to be familiar with the academic journals in the field of small business and entrepreneurship listed above: a selection is available on line from RAU library and in print versions.
- Students are also expected to regularly read a selection of UK Broadsheet newspapers such as The Times, The Financial Times, The Independent and The Guardian.