Introductory description

This is an elective module available for WBS and non-WBS students.
This module is designed to provide real world, practical learning on how to actually start a new business venture, with a focus on the lean startup methodology. The process of developing a new business venture involves testing the feasibility of a business idea.

• The lean startup approach favours experimentation over elaborate planning, customer feedback over intuition, and iterative design over 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 “get stuck in” by talking to customers. The course simulates the experiences that entrepreneurs undergo in the early stages of their venture.

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.

Introduction
Ideas
Strategy and goals
Customer discovery: hypotheses
Customer personas
Customer discovery: testing (2 sessions)
Customer discovery: learning
The financial perspective
Summary

Learning outcomes

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

• Comprehend the lean startup principles
• Comprehend the financial perspective by which new business ideas are viewed
• Apply a data-driven approach to the development of a new business idea
• Analyse empirical data based on testing hypotheses for a new business idea
• Evaluate data and make judgements about the feasibility and next steps for a new business idea
• Construct an updated business idea and model based on data
• Develop problem-solving skills.
• Develop coherent lines of argument.
• Analyse empirical data and key readings

Indicative reading list

Bland, D. J., Osterwalder, A., Smith, A., & Papadakos, T. (2020). Testing business ideas.
Bock, A. J., & George, G. (2018). The business model book: Design, build and adapt business ideas that thrive.
Fitzpatrick, R. (2019). The mom test: How to talk to customers and learn if your business is a good idea when everyone is lying to you.
Ghauri, P. N., Grønhaug, K., & Strange, R. (2020). Research methods in business studies.
Massa, F. G. (2021). Entrepreneurship in the wild: A startup field guide.
Neck, H. M., Neck, C. P., & Murray, E. L. (2021). Entrepreneurship: The practice and mindset.
Ries, E. (2011), The Lean Startup: How Constant Innovation Creates Radically Successful Businesses, London ; New York : Portfolio Penguin

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 listen to and deliver feedback in a constructive manner.
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.