This unit provides a survey of methods that are used to identify opportunities, design entry strategies, implement a business plan and realise the economic value created. Topics include innovation framework; intellectual property; resource-based view of innovation; macro-environmental evaluation; Preliminary Innovation Evaluation System (PIES); major and minor entry wedges; developing and presenting a business plan; identifying value in a business plan; sources of ventrue capital; structuring a deal; alliances, networking and sources of information.

Learning outcomes

On successful completion of this unit, students will be able to:
1. Identify and differentiate genuine business opportunities from 'good' ideas;
2. Use the PEST (Political, Economic; Sociocultural and Technological) analysis to examine environments the businesses operate within;
3. Demonstrate an understanding of the skills needed to manage the start-up, survival and growth phases of a new venture;
4. Identify and describe the important elements in formulating and evaluating a business plan;
5. Identify and describe the important elements in a financing strategy;
6. Demonstrate an understanding of the driving forces behind creating and building value in a new venture; and
7. Identify sources of information and assistance that may be able to help with the development of your business opportunity.

Graduate attributes

1. UC graduates are professional - communicate effectively
1. UC graduates are professional - display initiative and drive, and use their organisation skills to plan and manage their workload
1. UC graduates are professional - employ up-to-date and relevant knowledge and skills
1. UC graduates are professional - take pride in their professional and personal integrity
1. UC graduates are professional - use creativity, critical thinking, analysis and research skills to solve theoretical and real-world problems
1. UC graduates are professional - work collaboratively as part of a team, negotiate, and resolve conflict
2. UC graduates are global citizens - adopt an informed and balanced approach across professional and international boundaries
2. UC graduates are global citizens - behave ethically and sustainably in their professional and personal lives
2. UC graduates are global citizens - communicate effectively in diverse cultural and social settings
2. UC graduates are global citizens - make creative use of technology in their learning and professional lives
2. UC graduates are global citizens - think globally about issues in their profession
3. UC graduates are lifelong learners - adapt to complexity, ambiguity and change by being flexible and keen to engage with new ideas
3. UC graduates are lifelong learners - be self-aware
3. UC graduates are lifelong learners - evaluate and adopt new technology
3. UC graduates are lifelong learners - reflect on their own practice, updating and adapting their knowledge and skills for continual professional and academic development

Skills development

The graduate attributes for this unit need to be considered within the context or our changing world and the Forth Industrial Revolution: Innovation, Technology - Automation and Changes to the Workforce. This unit will also provide a place to enable and test practice that both from a theory and graduate attribute perspective. 

Prerequisites

Entrepreneurship