Introductory description

This is an elective module available for WBS and non-WBS students.
The process of developing a new business venture involves testing the feasibility of a business idea, developing the business model, defining the value proposition, identifying and targeting the market, protecting intellectual property, and finally assembling the necessary resources.
This module is designed to provide real world, practical learning on how to actually start a new business venture, with a special focus on the lean startup methodology. The lean startup approach favours experimentation over elaborate planning, customer feedback over intuition, and iterative design over big design up front development. By learning this methodology, students will gain a deeper understanding on how to increase value-producing practices during the product development phase and achieve success without requiring large amounts of funding, elaborate business plans, or the perfect product.
Students in this module will be required to actually start their own business. They will have to “get their hands dirty” by talking to customers, partners and competitors. They will become familiar with the Lean Startup Principles and Business Model Canvas.
The course simulates the experiences that entrepreneurs undergo in conceiving, launching, and operating a new business.

Module web page

Module aims

Outline syllabus

This is an indicative module outline only to give an indication of the sort of topics that may be covered. Actual sessions held may differ.

Block 1: Introduction to Lean Start-up Principles
These sessions will teach students about the initial steps towards building a startup; including problem-solution fit, establishing a
product vision and conducting experiments.
Block 2: Value Proposition
This unit will help students develop their value proposition and build their Minimum Viable Product (MVP).
Block 3: Customer Segments, Relationships and Channels.
Block 4: Startup financials (Cost structure and Revenue Streams)
Block 5: Legal issues, IP and Partners
This unit will give students a better understanding of legal foundations and issues, intellectual property/patent strategy as well as key partnerships and talent searching.

Learning outcomes

By the end of the module, students should be able to:

• Appreciate the importance of the Lean Startup principles in building successful business ventures.
• Demonstrate a broad understanding of the Business Model Canvas and its main elements.
• Develop a deep understanding of the notion of entrepreneurial opportunities and their viability.
• Gain insight into business modelling and business plans.
• Explore the different new business funding sources and what type of firms they may be suited to.
• Gain insights into the different growth and exit strategies for a business venture.
• Develop problem-solving skills.
• Develop coherent lines of argument.
• Analyse empirical data and key readings.

Indicative reading list

Baron, R. (2006) Opportunity Recognition as Pattern Recognition: How Entrepreneurs "Connect the Dots" to Identify New Business Opportunities' Academy of Management Perspectives, 20, pp. 104-19.
Barringer, B.R. and Ireland, R.D. (2010) Entrepreneurship: Successfully Launching New Venture, Harlow: Pearson.
Barrow, C., Barrow, P. and Brown, R. (2015) The Business Plan Workbook: a practical guide to new venture creation and development, London: KoganPage.
Bhide, A. (1992) 'Bootstrap Finance: The Art of Start-Ups' Harvard Business Review, 70, 6, pp. 109-17.
Bridge, S., O’Neill, K. and Cromie, S., Understanding Enterprise, Entrepreneurship and Small Business, Macmillan, 1998.
Burns, P. (2001), Entrepreneurship and Small Business, Basingstoke: Palgrave.
Gartner, W.B. (1989) 'Who is an Entrepreneur? Is The Wrong Question' Entrepreneurship Theory and Practice, 12, 2, pp. 47-68.
Kawasaki, G. (2015) The Art of the Start 2.0, UK: Penguin, Random House.
McGrath, R.G. and MacMillan, I.C. (2000) The Entrepreneurial Mindset: Strategies for Continuously Creating Opportunity in an
Age of Uncertainty Boston: Harvard Business School Press.
Mullins, J. and Komisar, R. (2010) 'A Business Plan? Or a Journey to Plan B?' MIT Sloan Management Review, March, pp. 1-6.
Mycoskie, B. (2016) 'How I Did It…The Founder of TOMS on Reimagining the Company's Mission' Harvard Business Review,
Jan-Feb, pp. 41-44.
Pinson, L. (2005) Anatomy of a Business Plan: a step by step guide to building a business and securing your company's future. 6th edition. Chicago, IL : Dearborn Trade Publishing.
Rauch, A. and Frese, M. (2007) 'Born to be an Entrepreneur Revisiting the Personality Approach to Entrepreneurship' in Baum,
R.J.; Frese, M. and Baron, R. (eds) The Psychology of Entrepreneurship London: Lawrence Erlbaum Associates
Ries, E. (2011), The Lean Startup: How Constant Innovation Creates Radically Successful Businesses, London ; New York : Portfolio Penguin.
Shane, S. (2003). A general theory of entrepreneurship. Cheltenham: Edward Elgar.
Shane, S. (2008) Entrepreneurship: a process perspective, Mason, OH: Thomson/South-Western.
Storey, D.J. and Greene, F.J. Entrepreneurship and Small Business, Pearsons.

Subject specific skills

Demonstrate the ability to apply the fundamental concepts and analytical tools that help identify, assess opportunities and develop entrepreneurial ventures in real world business situations and opportunities.
Gain valuable practical experience in researching, developing, defining and clearly communicating a new business concept in an efficient, effective and compelling manner.

Transferable skills

Demonstrate the ability to self-reflect, negotiate with other group members, and deal with conflict in a constructive way.
Develop written and oral skills in business presentation and
communication
Enhance research skills and the ability to effectively search, gather and utilize information and knowledge.
Improve time management skills as well as the ability to prioritize tasks effectively.