Module Information

The aim of this module is to present the theoretical and practical elements of entrepreneurship and establishing and running a small business. This module will look at the economic, social and psychological approaches to the theory of entrepreneurs and their role in developing innovation. This will be followed by identifying new opportunities as well as aspects of starting a new venture including writing a business plan and raising finance. The theoretical and practical elements of growing and managing a business will be followed by topics in entrepreneurship and small business management such as growth, failure, franchising as well as planning for the future and exit strategies.

The aim of this module is to provide the theoretical and practical knowledge to understand the establishment, growth and other issues in small and medium sized businesses.

Week1: Introduction to the module, developing the idea, analyzing the viability, creating opportunities, purpose and contents of a business plan, unique selling point and differentiating factors.
Week 2: Theories of entrepreneurship, motivations towards the formation of a small business, research on entrepreneurship and their practical implications, female and minority entrepreneurship.
Week 3: The economic context of the small business, the small firm in the economy, economic importance, government policy towards small businesses, creating an enterprise culture, current policy.
Week 4: Different forms of businesses, franchising, the franchisor-franchisee relationship, service delivery system, evaluating a franchise opportunity, expanding through franchising.
Week 5: Financing the business. Sources of finance for small firms, bootstrapping, bank loans and overdrafts, leasing and hire purchase, venture capital and business angels.
Week 6: Growing a small firm. Stages of growth, management of growth, managing people, the entrepreneur at different stages, management training, building a management team.
Week 7: Marketing in a small firm, entrepreneurial approach to marketing, problems of marketing in a small firms, e-business, selling products and services online.
Week 8: Challenges and issues facing small firms. The reasons why small firms fail including insufficient sales and poor financial management, lack of planning, recovery strategies, financial management.
Week 9: Family firms. The importance of family firms, management issues, ownership and legal issues, succession, selling the family business, social enterprise.
Week 10: Planning for the future, harvesting strategies, public floatation, sale, management succession, portfolio and habitual entrepreneurs, leadership and ethics, review of the module.