This module introduces students to key features of the business creation and growth process. The early understanding of the business life cycle, and especially of the progressive elements of new venture creation and innovative growth, is central to the appreciation and critical evaluation of business functions and operations at all levels of enterprise activity. Business creation and growth are distinctive phases in the business life cycle, but the sustainability of a new venture is to some extent predicated upon the possibility of growth of that venture, through time. Theoretical and conceptual underpinnings to the study of enterprise are informed by the idea of a business evolving from birth to growth.
This module is, therefore, designed to familiarise students with the theories and practices characterizing business development from both economic and behavioural perspectives. The module covers the business life cycle, from starting a new business to growth and maturity as it is critical for the students to obtain an early overview of the different stages of business activity and the range of functions. In conjunction with key readings from the core text book and other recommend readings, a selection of case studies and exercises will be used to help students raise and explore key issues in the business creation and growth process. Spread over two terms, the first part of the module will cover the business creation process, and the second term will examine factors and issues concerned with growth and expansion. This structure reflects the organisation of the scheme, and each part will be an appropriate complement to the study of other aspects of business.
The main aim of this module is to enable students to understand and explore key concepts involved in the business development process, from opportunity identification, evaluation, and implementation, through to continued growth and management. An early grasp of the business life cycle should help the student to better prepare for the understanding and application of specific functions.
On successful completion of the module, at the end of the term, students should be able to:
Autumn Term
Understanding 'why' and 'how' people start their own businesses (A1,B1,B2,B4, C2,C3,C4,C5,D1,D2,D5 );
Identifying and analysing business opportunities (A1,B1,B2,B4,C2,C3,C4,C5,D1, D2,D5);
Developing new business ideas and testing their feasibility (A1,B1,B2,B4,C2,C3, C4,C5,D1,D2,D5);
Understanding different typologies of new businesses - lifestyle firms versus growth-oriented or entrepreneurial firms (A1,B1,B2,B4,C2,C3,C4,C5,D1,D2,D5);
Develop key kills in written communication, use of IT, and improving own learning and performance (D1,D2,D5)
Understanding stages of organizational development and determinants of firm growth (A1,B1,B2,B4,C2,C3,C4,C5, D1,D2,D5);
Understanding the functional aspects of business at each stage (A1,B1,B2,B4, C2,C3,C4, C5,D1,D2,D5);
Understanding the role finance and other factors such as policy decisions play in business start-up and growth (A1,B1,B2,B4,C2,C3,C4,C5,D1,D2,D5);
Develop key skills in written communication, use of IT, and improving own learning and performance (D1,D2,D5)
Definitional, conceptual and contextual issues:
The identification of business opportunities, idea generation, market search and research;
Barriers to business opportunity realisation and ways and means of overcoming them;
Typologies of small business and entrepreneurship;
The structure of organisations;
The use of relevant technologies to start-up and grow businesses;
Marketing techniques and international market opportunities;
Government policy to support business creation and growth;
Managing growth in different types of organisations, the development of new products and services and innovation