Unit Title: Enterprise Start-up Guided Learning Hours: 100 Level: Level 4 Number of Credits: 12

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1 Unit Title: Enterprise Start-up Guided Learning Hours: 100 Level: Level 4 Number of Credits: 12 Learning Outcome 1 The learner will: Understand that creativity is a central component of true entrepreneurial activity; what makes an individual creative; the barriers to creativity and the creative process. 1.1 Explain the importance of creativity to the entrepreneur Understand that creativity is important in coming up with new ways of doing things. The need for entrepreneurs to focus on creating commercial opportunities leading to new products/services. Be aware that out of every 11 ideas only one will be successful (Page,1993). The more ideas generated, the more chance of success. 1.2 Explain how creativity can be stimulated Understand how the two sides of the brain operate in different ways. Understand that the left side of the brain tends to be rational/logical or vertical thinking and the right side tends to be more creative and lateral thinking. Understand that both sides of the brain are used but there is a need to encourage the development of the right side to encourage creativity. Creativity can be encouraged with training. 1.3 Explain the barriers to creativity Understand and explain the main barriers to creativity. Explain that being creative often takes individuals out of their comfort zone. Be aware that many people find change threatening. Von Oech (1998) identifies 10 blocks to individual creativity. Realising that these blocks exist can be the first step in dismantling the barriers. 1.4 Explain the creative process Explain the four stage creative process: Stage 1 Generating knowledge and awareness the importance of travel, reading, and an open mind in the creative process. Stage 2 The incubation process mull over all the information, sleep on the problem.

2 Stage 3 Generating ideas. Ideas often happen unexpectedly even while asleep. Techniques for generating ideas include brainstorming, analogy, attribute analysis, gap analysis. Stage 4 Evaluation and implementation selecting the ideas that are most promising. May involve discussion, analysis and possibly voting. Many ideas will be rejected while others may need to be worked up. Learning Outcome 2 The learner will: Understand how to turn creative ideas into a business opportunity. 2.1 Explain how to recognise a business opportunity Explain that creativity alone is not necessarily entrepreneurial. It is only entrepreneurial if it is applied to the process of innovation which leads to the development of new products or services that have a value in the market. Innovation is the specific tool of entrepreneurs (Drucker) Identify and explain the Seven Sources of Opportunity (Drucker, (1985)) which help turn an opportunity search into a business opportunity. Internal - the unexpected, incongruity, and inadequacy in underlying processes, changes in industry or market structure. External - demographic changes, changes in perception, mood and meaning and new knowledge. 2.2 Identify and explain the sources of business ideas Identify and explain the many sources of business ideas, including: Existing businesses around the world - what they are offering or not offering. Existing franchises not offered in certain countries. Innovations your own or from other people. Your patents & licenses or those belonging to others that have not been fully developed. Ideas generated by research institutions and universities. Identified gaps in the market. Ideas from business networks, contacts and friends. 2.3 Explain that spotting opportunities is a continuous process Explain that even after start-up entrepreneurs must continue to work at spotting opportunities. Identify and explain Drucker s Five stage approach to purposeful, systematic innovation: Start with the analysis of opportunities inside the firm and its industry and the external environment. Innovation is both conceptual and perceptional. An innovation must be simple and has to be focused. To be effective start small.

3 Aim at leadership and dominate the competition in a particular area of innovation as soon as possible. Learning Outcome 3 The learner will: Understand the key issues that need to be addressed when starting a business. 3.1 Explain why so many small businesses fail in the first three years of trading Understand that more than a good idea is needed to start a successful small business. Many fail because they do not have the right skills and attributes Identify and explain the actions that could be taken to improve the chances of survival for small firms in their early years. 3.2 Explain the need to have the right personal skills, characteristic traits and qualities to run a small business Identify and explain the skills and traits required to start a small business. These are covered in the Understanding Entrepreneurship Unit (LO2) and will not be duplicated here. However, learners should acquaint themselves with the detail from that unit. 3.3 Identify and explain the personal qualities required when starting a business Identify and explain the personal qualities that are required when starting a new business. These include: Stamina: long hours, few holidays and hard work. Commitment and dedication: the need to make personal sacrifices and be highly motivated. Opportunity perception: the need to spot opportunities and continue doing it. Tolerance of risk, ambiguity and uncertainty: Living with uncertainty and taking risks is a key character trait of entrepreneurs. 3.4 Explain the importance of knowing your customers Explain that many people place too much focus on the product or service and that market demand is key to commercial viability. Explain the key issues that need to be determined about customers. These include: Who is going to buy the product or service? Why will they buy it? Is the customer reachable? How big is the market? Is the market growing or declining? Is the market concentrated or fragmented? Explain the importance of market research in answering these questions. 3.5 Explain the importance of knowing your competitors Explain the importance of understanding the nature of the competition and how appropriate information may be obtained. In particular:

4 The importance of market research and how this is undertaken. Porter s Five Forces model to understand the power of buyers, the power of suppliers, the threat of new entrants, the threat of substitutes and the competitive rivalry within the industry. 3.6 Explain the importance of marketing and how to communicate to customers that you have a product or service that meets their needs Explain the importance of marketing and how sustainable competitive advantage can be achieved through marketing activity Explain Porter s Generic Strategy model, how the model can relate to small businesses, and define each of its strategies: Cost leadership (low price) Differentiation Focus (niche player) Stuck in the middle 3.7 Identify and explain the resources that are needed when starting a business Explain that the resources required will be determined by the size of the business which is difficult to predict at time of start-up. Resources required will increase as the business grows and steps must be taken well in advance to ensure that these are available. The key resources required at start up may include: Money (usually from savings, the bank or family) Property Suppliers Customers Employees Networks and contacts Learning Outcome 4 The learner will: Understand techniques for self-assessment of personal skills and how to produce an action plan for self-development. 4.1 Explain a range of techniques that can be used for self-assessment of personal skills Identify and explain several methods of self-assessment for prospective entrepreneurs to be able to evaluate their personal skills and areas for self-development. These include: SWOT analysis What makes a Good Entrepreneur exercise Psychometric personality tests Creativity questionnaire GoSmallBiz Entrepreneurial Aptitude test Learning styles questionnaire Belbin Team Roles 4.2 Explain how to produce an action plan for Explain the four-stage process of action-planning for selfdevelopment:

5 self-development. Identify each of the skills that need to be improved. Identify specific actions (e.g. training courses or work based activities) that will be used to develop the skills and timescales for these to take place. Monitor the progress of each of the development activities. Reflect on the success (or failure) of the process to identify what went right or wrong, and any further actions needed to complete the activity. Learning Outcome 5 The learner will: Understand the processes of leading, managing, motivating and working closely with small numbers of staff in a new or developing business. 5.1 Explain the process involved in leading, managing, motivating and working with small numbers of staff in small or developing businesses Explain the ways in which management style can improve and maintain positive relationships with staff in a small business Explain the meaning and purpose of staff motivation as part of the process of creating job satisfaction Outline and explain the main theories relating to motivation: Maslow s Hierarchy of Needs Hertzberg s Dual Structure Theory McGregor s X-Y Theory Learning Outcome 6 The learner will: Understand the importance of producing a properly structured business plan as part of the preparation process of starting a new business 6.1 Understand and explain the purpose and benefits of the business planning process Understand and explain the three criteria used to define a good business plan structure: The need to provide potential lenders, investors and other interested parties with sufficiently detailed information to enable them to make a decision about investment and support. The business plan should follow best-practice guidelines to ensure it contains the information required for the entrepreneur to make a balanced judgement about the viability and risks of the proposal before going ahead. The need to provide the prospective entrepreneur with the knowledge to enable the venture to reach profitability before the start-up capital runs out.

6 6.1.2 Understand and explain the benefits of developing a business plan when planning a new venture. 6.2 Understand and explain the content and structure that would be expected in a generic business plan Understand and explain the main sections of the business plan structure and the information expected within each of those sections when developing a new business proposal. Assessment: Assessment of this Unit will be by a three hour examination. Recommended Reading: - Burns, P., Entrepreneurship and Small Business, 3 rd ed. (2011), Palgrave Macmillan, Basingstoke (Core Text) - Butler, D., Enterprise Planning and Development, (2006), Elsevier, Oxford

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