Subject details

At the completion of this subject students will be able to:

  1.  Understand appropriate theories, models and other tools that can be used to ensure the effective screening of new venture opportunities for their potential viability and fulfillment of private and social objectives.

2 Understand the processes involved in clarifying and elaborating new products/services and/or new venture opportunities for a better understanding and easier communication to potential investors, lenders and business partners.

3 Recognise and mitigate the risks associated with new business venture opportunities.

4 Develop the underlying marketing plan, operation plan, human resource plan, and financial plan for a proposed new business venture.

5 Develop pro-forma financial statement projections for a new business venture based on your detailed analysis of cost and revenues likely to be associated with the new venture.

6  Present your business concept and financial projections to a knowledgeable and critical audience

  • Topics

    • Introduction to New Venturing Planning
    • Strategic Design of the New Business Venture
    • Business Plan Content and Design
    • Identifying Target Customers
    • Marketing for New Ventures
    • Intellectual Property Protection
    • New Venture Corporate and Organizational Structure
    • New Venture Funding
    • Building the pro-forma financial statements for a new venture
    • Valuing the new venture and negotiating with investors
    • New venture presentation and pitching skills
    • Your New Venture Pitch
    • Revision of unit contents
  • Study resources

    • Instructional Methods

      • Chat Rooms
      • Disscusion forum/Discussion Board
      • Embedded Multimedia
      • Online Quizzes/Tests
      • Online assignment submission
      • Podcasting/Leacture capture
      • Standard Media
      • Web links

Entry Requirements

Others

Note: Level 3 subjects normally assume a moderate level of prior knowledge in this area, e.g. from studying related Level 1 and 2 subjects or other relevant experience.

Special requirements

No special requirements

This subject develops your knowledge and understanding of new venture business. In particular, the course is designed to put entrepreneurship theory into practice. The smaller firm by its very nature allows for the integration of theory and practice and requires students to take a holistic approach to new business creation in the "real" world.

In this subject students will examine new business venture ideas for their commercial viability, legality, ethicality, and their contribution to personal and social objectives. Your intention may be to start your own business in your area of personal or technical expertise, to commercialise a new technology, or to introduce new products and services from within an existing firm or organisation – the skills required are very similar. The new venture might be established primarily for social purposes, or primarily for profit purposes, or for some hybrid of private and social benefits. Your business venture might not be profit-maximising but instead seek a satisfactory level of profit while providing psychological rewards (e.g. lifestyle advantages) to the owners of the business firm and/or social benefits to others more needy. In this subject students will research and write a formal business plan (either as an individual or in groups) for a particular new business opportunity for presentation at the end of the course.

  • Assignment 1 - Quiz (20%)
  • Assignment 2 - New Business Venture Concept Statement (25%)
  • Assignment 3 - Elavator Pitch (20%)
  • Assignment 4 - Detailed Business Plan (35%)

Textbooks are subject to change within the academic year. Students are advised to purchase their books no earlier than one to two months before the start of a subject.

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