BUSN9023 Entrepreneurship and Small Business

2017

4.5

1 x 2-hour lecture weekly
1 x 1-hour tutorial weekly

1 Admission into MBUST-Master of Business and Technology
1a Admission into MNT-Master of Nanotechnology
Must Satisfy: ((1 or 1a))

Master of Business and Technology; Master of Nanotechnology

This topic focuses on the notion of entrepreneurship, its importance in the economic system, and on the skills and knowledge required to be a successful entrepreneur. Specific issues covered include: defining and understanding entrepreneurship; the role and importance of small and medium enterprises (SMEs) in modern market-based economies; planning a new business venture; competitive advantage, marketing strategies and financing options; and forms of business ownership. The importance of entrepreneurial activity in promoting economic growth is also considered; as is the relevance of entrepreneurial concepts to managing larger businesses.

The aims of the topic are:

• to introduce students to the notion of entrepreneurship
• to give students an appreciation of the broader economic importance of entrepreneurship
• to provide knowledge and to develop skills which may assist students in becoming successful entrepreneurs
• to make students aware fo the special role of SMEs in the economy and the particular challenges facing small and medium enterprises

On successful completion of this topic students should be able to:

• define and discuss the concept of entrepreneurship and explain the challenges in being an entrepreneur
• Identify and explain the important role played by entrepreneurs in realising economic growth
• understand and explain the importance of small and medium enterprises to an economy and the particular challenges facing small and medium enterprises
• identify and discuss the 'entrepreneurial process' and 'entrepreneurial outcomes'
• identify and explain the various challenges and issues involved in starting a small innovative business, including across areas such as researching and analysing business opportunities, formulating a business plan, addressing legal issues, analysing financial projections, obtaining finance, and developing a marketing strategy
• illustrate the development of analytical skills, communication skills and other skills appropriate to pursuing a career as an entrepreneur
• explain the challenges in managing the growth of a small entrepreneurial firm and in 'harvesting' the wealth created by entrepreneurial endeavours