New Venture Creation Course Outline - 2021 - 2022-1
New Venture Creation Course Outline - 2021 - 2022-1
CLASS TIMES:
TBA
CONSULTATION: BY APPOINTMENT
1|Page
1. COURSE DESCRIPTION
This experiential and interactive course is designed to provide students with a platform to
develop and grow profitable businesses. Given that students may be at different levels of
the new venture creation process, i.e. idea stage or already in operation at the beginning
of the course, students may be accepted in the course for either idea development or
development of turn around strategies. To this end, the course takes a two pronged
approach.
On one hand, students coming to the course at business ideas level are taken through the
process of conception, design and pitching of their new venture ideas. As such, the
students are introduced to the process of identifying new business opportunities,
researching and developing an innovative business concept and business model, and
analysing the resources and strategies necessary to implement it in the form of a new
venture.
On the other hand, students who are already in business will be facilitated to grow their
companies. As such they will focus on development of turnaround strategies with a focus
on product and market development.
Not with standing that, all student entrepreneurs (teams) are required to demonstrate their
ideas/businesses are feasible as well as prove that the ideas/businesses are based on sound
business models. We are thus looking to graduate great teams that have developed
scalable business ideas that have high potential to scale.
2|Page
2. LEARNING OUTCOMES
Program Learning
Assessment Criteria Level Course Learning Outcomes
Outcomes
1. Knowledge
3.1.1.1 Employ different methods to assess the attractiveness of
Upon completing this course, the learners should be able to:
business opportunities
3.1.1.2 Demonstrate an understanding of Key concepts underpinning 1. Demonstrate an understanding of creative and innovative
entrepreneurship and its application in the recognition and exploitation approaches to leveraging limited resources to start a new venture
of product/ service/ process opportunities (Effectuation principles)
3.1.2.1 Explain creative strategies for pursuing, exploiting and further
2. Effectively use appropriate tools to analyze a business opportunity
LO 3.1 - 3.1.1; 3.1.2; developing new opportunities
(feasibility, viability, risk and financial analysis)
3.1.3.
3. Analyze diverse business processes at the different stages of
3.1.2.3 Demonstrate an understanding of the key risks and the most business formation and growth using appropriate tools (business
effective processes in bringing different types of products or services to model, lean Canvas, value proposition canvas) for launching a new
market venture or new project for business development or for growing a
new venture.
3.1.2.4 Explain the different methods for minimizing uncertainties at
4. Describe their business ideas using a concept statement
different stages of the entrepreneurial process
1. Skills
LO 3.2 - 3.2.3; 3.3.3 3.2.3.1 Comprehensively evaluate a business opportunity from the Upon completing this course, the learners should be able to:
perspective of a prospective investor. 1. Develop products and services that are aligned to the needs of the
intended market - develop minimum viable product, develop customer
3.2.3.2 Conduct comprehensive reviews and to produce significant acquisition strategy
insights [Accessing, Processing & Managing Information] within the
2. Develop sales strategies and follow through to facilitate organic
contexts of entrepreneurship.
growth
3.2.3.3 Appropriately develop interventions based on an understanding
of the relationships of the internal and external stakeholders involved 3. Interact with potential customers to inform the development of
and to address the intended and unintended consequences of suitable solutions for to inform
interventions
4. Competently manage critical relationships with key stakeholders
3.3.3.3 Apply new ideas, methods and ways of thinking
such as customers, suppliers, distributors and business coaches and
mentors to facilitate successful creation of a new venture.
5. Demonstrate capabilities in managing organizational dynamics -
develop related plans and strategies (develop business plan, marketing
3|Page
plan, operational plans and analyse associated risks and assess
feasibility and viability)
6. Successfully pitch the venture concept and model to a panel of
investors
7. Develop and maintain a Customer Relationship Platform
2. ATTIDUDES
LO 3.3 - 3.3.1; 3.3.2; Upon completing this course, the learners should be able to:
3.3.3 3.1.2.5 Demonstrate an understanding of the team dynamics, i.e. how
1. Willing to share with other incubates to facilitate collective growth
teams develop and function as well as the various types of conflicts that
and cross pollination of ideas across the lab
can arise during teamwork
3.3.3.1 Effectively interact within a team as a means of enhancing 2. Adequately manage team dynamics and solve related conflicts in
learning the process of creating and operating a new venture
3. Be coachable
4. Have positive work and business ethics
3.3.3.2 Respond positively and effectively to problems in unfamiliar 5. Be self-propelling and proactive in pursuing the objectives of the
contexts company
6. Interact with stakeholder to develop customer centric products
and services
7. Effectively reflect on the entrepreneurial journey
4|Page
3. RATIONALE
The course purposes to provide the students with a safe haven to start and grow their new
ventures. As a result, the students are guided to practice the theoretical aspects of
entrepreneurship that have been acquired in the diverse courses that make up this
programme. Thus, the focus is more on the practice of strategy formulation, business
model formulation and implementation, customer development and sales than theory.
OTHERS
b. https://www.entrepreneur.com/article/311940
c.
5|Page
4.4. Martin Zwilling (2012) A smart Buisness knows 8 ways to pivot their vision:
http://www.forbes.com/sites/martinzwilling/2012/01/21/a-smart-business-knows-8-ways-to-pivot-
their-vision/#532718df6314
4.5. When and how to pivot a business model: http://www.cleverism.com/when-how-pivot-business-model/
4.6. Startup secrets, stories, and strategies, with a Scandinavian twist.- http://torgronsund.com/
4.7. http://www.manager.io/desktop/download
4.8. https://youtu.be/aMIESSL6W60
4.9. ; https://www.youtube.com/watch?v=QoqohmccTSc
6|Page
5. DETAILED SYLLABUS BY WEEK OR OTHER, COULD ALSO INDICATE REFERENCES FOR EACH SECTION
May 5th 5 minutes Feasibility Analysis Video Presentations SUBMISSION FEASIBILITY ANALYSIS
REPORT 5th May
May 5th Business Model Canvas and Lean Canvas Submit Business Model canvas – May 10th
SEMESTER ENDS
7|Page
SEMESTER 2
WEEKS TOPIC SEMINAR/MENTORSHIP ACTIVITY PROJECTS AND ACTIVITIES
Week 1 - Feb 8th Introduction Business plan development starts
8|Page
NOTE: Since the students take this course on a part-time basis, students are requirement to make arrangements for their companies to run on a
full time basis. For example, the entrepreneurs may arrange for student interns to do certain aspects of the business whilst the focus on the
development of the business. Also, students are required to maintain a daily diary, throughout the semester.
9|Page
6. LEARNING AND TEACHING ACTIVITIES
Learning and teaching is facilitated through lectures, group seminar discussions and
individual work to provide a challenging and experimental environment for learning.
Lectures are used to ground the students in new venture creation theory. Seminars are
designed to enable the students to collaborate in exploring the concepts covered in the
lecture with a view to broaden their understanding. Individual projects are designed to
facilitate individual learning.
7. MODES OF ASSESSMENT
Because this course takes an experiential learning approach, student learning is
assessed through an array of evidence. The evidence portfolio presents all the
evidence compiled by the student to demonstrate their competencies and capabilities
to describe their business ideas using a concept statement, justify the feasibility and
viability of their business idea, ability to develop and execute business models,
marketing and sales plans as well as business plans. The students are further required
to demonstrate capabilities are sourcing for resources for both start-up and growth by
pitching their ideas idea to a panel of investors. Thus the students are expected to
emerge from the course with at least a proven concept, ready to demonstrate traction
to potential investors.
TASK Weighting
1. Concept statement (presentation) - SEMESTER 1 5%
2. Feasibility Analysis (Presentation) - SEMESTER 1 5%
3. Business Feasibility Report - SEMESTER 1 15%
4. Business Models, Value Proposition, Lean Canvas (Presentations) 15%
- SEMESTER 1
Sub Total) 40%
5. Business Plan Video Pitch - SEMESTER 2 5%
6. Business Plan - SEMESTER 2 30%
7. Profitability - SEMESTER 2 5%
8. Reflective Essay and Evidence Portfolio - SEMESTER 2 20%
Sub Total Project 60%
TOTAL 100%
___________________________________________________________________________
10 | P a g e
9. RUBRICS
11 | P a g e
9.3. BUSINESS MODEL
Value Proposition 12 Generates at least 3 value propositions for each of customer segments
Correctly aligns the various distribution channels with the value
Distribution Channels 12 propositions and the intended market segments
Defines at least 3 types of tools they will employ to forge and maintain
relationships with customers in order to deliver value to their intended
Customer Relationships 6 market segments
Revenue Streams 9 Describe 3 revenue streams
Outlines at least 3 core capabilities that will enable the proposed venture
Core Capabilities 9 to deliver value to its customers
Outlines at least 3 partners that they will have to work with to be able to
Partner Network 6 deliver the intended value
Describe the activities they will have to configure to enable them to
Activity Configuration 6 deliver value to their customers
Cost Structures 8 Outlines 4 cost centres for their business model
Correctly fit business model into a business model canvas and correctly
labels the canvas (infrastructure, offer, customer and revenue components
Business Model Canvas 8 of the business canvas).
Has provided evidence, at least 5 models, to demonstrate that business
Business Model Innovation 15 model is not static
Total 100
12 | P a g e
9.4. GROUP PRESENTATIONS– LEAN CANVAS RUBRIC
13 | P a g e
The students are supposed to produce a 2000 words personal reflective statement, which will be supported by an evidence portfolio. The personal
reflective statement carries 10 marks and the evidence portfolio carries 10 marks as well.
The purpose of the evidence portfolio is to keep a record of the student journey during the process. The portfolio is to be assessed during the coaching sessions. It is
important that the following are kept in the portfolio and marks should be allocated monthly as follows:
MONTHS
Attributes
1 2 3 4 5 6 TOTAL
A record of the decisions made on each aspect of the business model 5 5 5 5 5 5 30
Reasons advanced in support of the decision 3 3 3 3 3 3 18
What the team has to do to ensure the revised business model works 2 2 2 2 2 2 12
Minutes of the coaching sessions (5*4 meetings per month) 20 20 20 20 20 20 120
Minutes of meetings with the advisor, highlighting valuable lessons learnt 5 5 5 5 5 5 30
A daily journal, to be kept individually, to help students take note of their emotions, feelings and actions (4 reviews
20 20 20 20 20 20 120
per month)
Records pertaining to the controls and performance (bookkeeping, customer relationship management, 20 20 20 20 20 20 120
Make it interesting – use photos and any other evidence you deem appropriate 5 5 5 5 5 5 30
Total Possible Points 80 80 80 80 80 80 480
PLEASE NOTE: Evidence for the following is also to be included in the evidence portfolio. However, they are assessed separately
14 | P a g e
9.6. BUSINESS PLAN RUBRIC
15 | P a g e
9.7. INCUBATION REPORT (REFLECTIVE STATEMENT) MARKING SCHEME
ASSESSMENT BRIEF
The students will submit a 2000 words personal reflective essay. The personal reflective essay
enables the student to be a reflective learner / practitioner. The student is required to articulate
how his/her experiences have informed their understanding, the various new venture creation
activities and choice of actions. Whilst the paper is personal and could even be subjective, the
students must draw from literature to justify actions and decisions taken during the Business
Incubation Implementation course. As an academic exercise, the essay must have references, as well
as be coherently written.
Due Date:
Mark Allocation
Marks
Attribute
(%)
1. Title page: Does this include the: title? Author’s name? Module/course details? 2
2. Acknowledgements: Have all sources of help been acknowledged? Not only for writing the
3
report but through the student’s entrepreneurial journey
3. Contents: Are all the main sections listed in sequence? Has the list been automatically
5
generated?
4. Abstract or summary: Does this state: the main task? The methods used in coming up with
5
the statement? The conclusions reached? The recommendations made?
5. Introduction: Does this include: your terms of reference? The limits of the report? An outline
5
of the method - reflection? A brief background to the subject matter?
6. Reflection: Does this include: Why reflection, why incubation – importance and value,
reflection on role played? Reflection on individual learning and development with regards to
graduate attributes? Reflection on the entrepreneurial processes? What has informed decisions
and actions taken? Reflect on feelings, emotions as well. Are actions and decisions made 30
supported by appropriate literature? Other challenges and how they were mitigated. reflection in
hindsight i.e. reflection on what could have been done differently. At the postgraduate level it is
important that you draw from your knowledge from other courses to inform your reflection.
7. Conclusions and recommendations: Have you drawn together all of your main ideas? Have
10
you avoided including any new information? Are your recommendations clear and concise?
8. Academic References: Have you listed all references? Have you included all the necessary
5
information for locating each reference? Are your references accurate and consistent?
9. Appendices: Have you only included supporting information? Does the reader need to read
these sections? Does the attached personal diary reflect feelings, emotions and personal
15
development over time?
10. Writing style: Have you used clear and concise language? Are your sentences short and
jargon free? Are your paragraphs tightly focused? Have you used the active or the passive voice? 10
11. Use of information technology: are the tables of contents and bibliography automatically
10
generated? Is a reference manager used? Are the figures and tables appropriately labelled?
TOTAL 100
16 | P a g e
GUIDELINES
Title page
Include title, student number, module/course details. Please do not write your name.
Acknowledgements
Contents
Automatically list all the main sections in sequence, include a list of illustrations and a list of tables.
Abstract or summary
Highlight the main task, the methods used, the conclusions reached and the recommendations made.
Introduction
Guide the reader through the report. In addition, include a justification of the importance of business
incubation and personal reflection to both the learner and the reader. Also, cover the limits of the report
here.
Literature Review
Provide a brief background to the subject matter. You should cover pertinent issues of business
incubation as a tool for facilitating creation and growth of new ventures with high growth potential. Also,
touch on the literature that places business incubation in the entrepreneurial environment framework as
well as issues pertaining to measurement of business incubator and incubates (clients) performance.
Team and start-up literature will also be ideal here.
Reflection
Here you go through an introspection journey. Touching on, but not limited to, what you did, your
feelings, frustrations and most importantly what you could have done differently. Use literature to
support the normality or non-thereof of the issues, feelings, and actions taken during the start-up phase.
In addition, use literature to justify why you feel the alternative action could have helped.
Draw together all of your main ideas. It is important that you do not include new information at this
stage. Make clear and concise recommendations in line with the issues raised in your write up.
References
Use reference management system (EndNote) to facilitate automatic listing of all references used in
the report. Make sure that all the necessary information for locating each reference is included in
the list.
Appendices
Include detailed supporting information that you could not otherwise include in the main report
here. Refer to detailed supporting information, located in the appendices, in the report where only
the abridged version is used.
Writing style
Use clear and concise language. Make a habit of using short and jargon free sentences. Make sure
that you maintain consistency and coherently link your sentences and paragraphs.
17 | P a g e
REFERENCING STYLE (Copied as is from the Research Report Guidelines):
The APA has two recommended styles, one for submitted work and one for published work.
The ‘APA Published’ style should be used in all work submitted in the Department.
Below is a brief introduction to APA reference format. For more detailed information, see the
APA publication manual, which is available in the Library.
This evidence was supported in a further study (Walker, 1989), where it was found ...
If you are referring to more than one work in the same parentheses, separate them with
semicolons and arrange them in the order in which they appear in the reference list (see
below)
— usually this will simply be alphabetical order:
… as various authors have shown (Johnson, 1995; Thomas, 1990; Walker, 1989).
Two classes of variables are important: ‘(1) the psychological state of readiness to take
specific action, and (2) the extent to which a particular course of action is believed to
bebeneficial in reducing the threat’ (Rosenstock, 1966, p. 98).
If a work has two authors, give both surnames with ‘and’ in between:
If a work has three to five authors, give all names the first time they appear, and the first
author’s name followed by ‘et al.’ for subsequent references:
18 | P a g e
form, include as many names as is necessary to distinguish them. In this case, ‘et al.’ should
be preceded by a comma:
‘This has been supported by West and Farrington, 1973 (cited in Stephenson, 1992)’.
You must include the full reference for both the primary and secondary source at the end of
the text. (NB it is always preferable to use primary rather than secondary sources.)
Kneip, R. C., Delamater, A. M., Ismond, T., Milford, C., Salvia, L., & Schwarz, D.
(1993).
Journal articles
19 | P a g e
In the case of a journal article, the author name(s) and year of publication are followed by:
the title of the article (with initial letters in lower case), the name of the journal (underlined or
in italics), the volume number (underlined or in italics) and the first and last page numbers of
the article. (In journals where the page numbering is not continuous throughout each
year/volume, the issue number should be included too.)
Danner, D. D., Snowdon, D. A., & Friesen, W. V. (2001). Positive emotions in early life
and longevity: findings from the Nun Study. Journal of Personality and Social
Psychology, 80, 804-813.
Klimoski, R., & Palmer, S. (1993). The ADA and the hiring process in organizations.
Consulting Psychology Journal: Practice and Research, 45(2), 10-36.
Books
The author name(s) and year of publication are followed by: the title of the book, which
should be underlined or in italics; the edition or volume (if appropriate); the place of
publication and the publisher. If the publishing house has several sites, give the closest.
Fishbein, M., & Ajzen, I. (1975). Belief, attitude, intention and behaviour: An
introduction to theory and research. Reading, MA: Addison-Wesley.
Terry, D. J., Gallois, C., & McCamish, M. (1993). The Theory of Reasoned Action: Its
application to AIDS-related behavior. Oxford: Pergamon.
Chapters in books
The author name(s) and year of publication are followed by: the title of the chapter; the
name(s) of the editor(s), preceded by ‘In’ and followed by (Ed.) or (Eds.); the title of the
book, which should be underlined or in italics; the edition or volume (if appropriate); the first
and last page numbers of the chapter (in parentheses and preceded by ‘pp. ‘); the place of
publication and the publisher.
Conner, M., & Sparks, P. (1996). The theory of planned behaviour and health
behaviours. In M. Conner & P. Norman (Eds.), Predicting Health Behaviour: Research
and Practice with Social Cognition Models (pp. 121-162). Buckingham: Open University
Press.
20 | P a g e
Gollwitzer, P. M. (1990). Action phases and mind-sets. In E. T. Higgins & R. M.
Sorrentino (Eds.), Handbook of Motivation and Cognition: Foundations of Social
Behavior (Vol. 2, pp. 53-92). New York: Guilford Press.
Maccoby, E. E., & Martin, J. (1983). Socialization in the context of the family: parentchild
interaction. In P. H. Mussen (Series Ed.) & E. M. Hetherington (Vol. Ed.),
Handbook of child psychology: Vol. 4. Socialization, personality, and social
development (4th ed., pp. 1-101). New York: Wiley.
Web citation:
McGann, J. (1995). The rationale of HyperText. Retrieved June 27, 2001, from
University of Virginia, Institute for Advanced Technology in the Humanaties Web site
http://jefferson.village.virginia.edu/public/jjm2f/rationale.html
The links under Style and Formatting on the departmental Study Skills page”
Source:
www.kent.ac.uk/psychology/studying/studyskills/essays/pdf cited in Research report
guidelines.
21 | P a g e