Entrepreneurship

Effective entrepreneurship results in the creation of a profitable business. It leads to assembling and coordinating physical, human and financial resources, and applying managerial skills to make a success of the venture. Transforming creative thinking into providing customers with products and services that they truly want, coupled with customer service excellence and sustained customer satisfaction, will be achieved. Advanced knowledge and skills are gained about exploring and developing business opportunities, devising a business plan and testing the business viability before launching the new venture.

Short Course Outcomes

After completing this short course you will be able to:

• Recognise the vital role of entrepreneurship and its value within the economic environment, and in particular the correct application of entrepreneurial features for generating business ideas, with the aim of meeting society’s needs and satisfying the business purpose.
• Discuss key motivating factors for setting up a business, and be aware of reasons why entrepreneurs fail in their attempt to establish a new venture.
• Analyse and reflect on the process to identify workable business ideas for successful implementation, in relation to business requirements and constraints, and to optimise resource allocation and business performance.
• Conduct environmental research for business viability to compare business purpose and stakeholder’s requirements, to meet challenges in both internal and external business environments.
• Explain the significance of an entrepreneurship strategy in relation to business objectives, for the purpose of planning, implementing, managing, reviewing and improving business performance.
• Identify and explain the Entrepreneurial Life Cycle, in particular for the purpose of following a structured approach to proactive decision making and problem solving, mitigating risk and increasing business value.
• Understand the principles and purpose of a business plan, which indicate how to address the business activities to exploit the business opportunities best.
• Identify and compile a suitable business model that best aligns with the business plan, reflecting the value creation for customers and the efficiency of the business venture in creating value for customers.
• Evaluate the legal requirements necessary to establish a business, in relation to the factors to be considered when choosing the appropriate business format.
• Assess the factors that play a role in choosing a business location with the aim of optimising business process efficiency.
• Define the essential operating elements of the business functions and the scope of the operational start-up process before the business is launched into the operating environment.