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Unit of study_

IBUS2104: Entrepreneurship and Innovation

In order to be a successful entrepreneur, it is necessary to have knowledge of several fundamental business processes. The most effective way to master the critical skills and concepts of entrepreneurship is by developing a pitch and a business plan which simulates, as much as possible, the real world processes of starting a business. In this unit, students learn how to investigate customer needs and markets to generate an innovative idea for a start-up. Students also participate in the realistic simulation of the creation of a start-up from the best student-submitted ideas and develop these ideas into a business model. All students join a team that remains together for the duration of the unit, creating and pitching sections of a business plan as well as drafting the final version. This unit brings together skills acquired across other disciplines of study and requires active participation.

Code IBUS2104
Academic unit International Business
Credit points 6
Prerequisites:
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completion of at least 48 credit points
Corequisites:
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None
Prohibitions:
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None

At the completion of this unit, you should be able to:

  • LO1. identify trends and opportunities in the marketplace, including understanding users and formulating new ventures ideas that have not been explored before
  • LO2. construct a market analysis and assess feasibility of a new venture, and design a new business model
  • LO3. prepare a pitch and business plan for a new venture
  • LO4. discuss what an empathic understanding of users and stakeholder is and apply it to their problem in order to identify new value propositions to satisfy users needs and wants
  • LO5. discuss and apply cognitive strategies that define the mindset of innovators and entrepreneurs
  • LO6. be proactive in talking with potential users for understanding their needs and then testing your proposed solution
  • LO7. build a (dummy) prototype for a new product or service.