Module Guide
In this module, we shall cover: 1. Module Aims 2. Module Outcomes 3. Module Units 4. Module Assessment Submission 5. Module Assessment: Formative activities 6. Module assessment: Final Summative assessment 7. Your Faculty Team 8. Reading sources
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Module Aims * An understanding of the current state of knowledge around entrepreneurship and start-up models and research as a platform for the market research of a potential business opportunity. * Recognition of progress from idea to an opportunity through a creative but also measured feasibility study * Learning through a practical market research process sourcing relevant current data with judgement and confidence towards justifying a perceived opportunity and its implementation. * Understanding the relevance of group and network resources in business opportunity preparation and the student’s own self efficacy in terms of ability, adaptability and behaviours in these social contexts.
Module Outcomes
On completion of this module you will be able to:
1) Analyse and understand the key concepts around opportunity, entrepreneurial behaviour and the factors in the process of start-up and survival
2) Identify ideas to create opportunities, national or international, through a feasibility analysis and evaluation using relevant disciplines and frameworks
3) Recognise the tension between the creative (innovative) and measured elements (data analysis and evaluation) of a business opportunity and the disjunctive nature of learning this brings.
4) Develop the feasibility assessment through relevant research techniques and sources to create a macro and micro level analysis as the basis to develop a business plan or solve a business problem
5) Present a professional feasibility report for the business opportunity, with appropriate measures, as the base for building a business plan for a new product in a following module; or as a suitable analytical framework to be applied to a business problem for analysis and potential solutions in following modules.
6) Recognise and understand the personal factors that determine the motivation, attitudes and preferred behaviours in the process of researching an opportunity in a market and social context towards introducing a new product; or these factors in practising the business skills for analysing and solving business problems.
The units in this module are entitled:
1) Introduction to the programme as a learning process towards developing an opportunity for testing
2) Concepts of entrepreneurship and the reflections of entrepreneurial capabilities
3) The realities of opportunity creation in a start-up situation and key constraints in the process of creating an opportunity from an initial idea
4) Developing an opportunity from market and resource aspects
5) The feasibility framework and measures of the micro-market from provisional research
6) Nature of market research, secondary and primary data sources and quantitative and qualitative analysis
7) Macro-level analysis – market macro-drivers and industry competitive constraints
8) Sustainability – operational plan, financial measures and financing constraints.
9) Feasibility analysis review and the business model
10) Presentations, the business plan and reflection on personal capabilities
Module Learning
The outcome is a market researched feasibility study and thus is a unique, creative and student owned opportunity. Whilst the framework of the feasibility report is clear (see below and the rubric) the findings are the result of an experiential process of researching data within the suggested frameworks. It will be an iterative process and finding new data will continuously feedback into your existing findings so that the feasibility analysis will be changing week to week with new researched data from the continuous dynamics of the economy.
The process requires good planning and management by students which has two implications. Firstly, classroom sessions are milestones to meet up, review progress and obtain critical feedback on progress made outside the classroom where most of the work takes place outside the classroom collecting data to build the feasibility study of the opportunity through the various stages.
Secondly, this has implications for the roles of those involved. Tutors will impart some knowledge, especially initially, but their main roles are as mentors, advisors, consultants and coaches. Students receive this support as learners developing the opportunity but are also expected to provide support and advice to others in the group as resources to add perspective, new dimensions and constraint recognition throughout the research process.
Practice has shown that these activities improve self-reflection and objectivity on their own opportunities and build a valuable set of skills for future business and management activities.
Module Assessment: Procedures
Pass Requirements
A 'pass' for the module is recorded with a grade of at least 40% for all assignments. All failed assessments must be resubmitted at the next available opportunity, normally the following term. You need to have submitted an assessment to qualify for each resubmission opportunity.
Late Submission
Assignments need to be submitted electronically in Moodle by the specified deadline. Assignments submitted after the deadline without extenuating circumstances will be treated as a 'fail' and given a mark of '0'.
No Submission
Students who do not submit either one or all of their assignments are not entitled to resubmit and will therefore fail the module. As a result of their failure to pass the module, students will automatically fail to qualify for a Masters Award.
Resubmission Provision
Students who have failed one or more assessments for this module are required to resubmit the failed assessment(s) at the next available opportunity, usually the following term. University regulations related to the capping of resubmission marks apply.
Feedback
Formative feedback is offered throughout the module in seminar and group activities through the staged presentation of the elevator pitch in groups in class and then as it evolves into a complete professional presentation for public consumption. Final assessment feedback will be through comments on the final report on Moodle.
Module assessment:
All assessments, formative and summative will be on individual performance. There is no group assessment.
(A) Formative Assessment and feedback
OPPORTUNITY AND FEASIBILITY PRESENTATION
This will be conducted in 3 stages in the module
1) Week 5 - an “elevator pitch” will set out the initial opportunity concept and base resource implications
2) Week 9 – outline of the main feasibility variables plus base performance data
3) Weeks 10 – final summary presentation version for a relevant audience
Students are expected to build this form of summary towards a final presentation for feedback. The first two stages will be in the classroom group context with informal assessment by the tutor and fellow students and the final presentation in an open context including the tutor.
The final assessment will be a coherent summary of the feasibility analysis and reflect an objective review of the data gathered and its analysis in support of the opportunity concept and its feasibility.
10% of the marks contribute to this process as measured in the final presentation..
The aims of the 3 stages
1) To encourage articulation of the opportunity at each stage as part of an iterative process and feel comfortable with uncertainty and risk
2) To listen to feedback as a resource to develop and refine the opportunity as a measured holistic analysis and evaluation
3) To encourage students to be confident in selling their idea as an opportunity to a professional standard and in a professional context
Important Instructions
1) Participation is a requirement at each stage as an integral part of the learning in your role as the presenter of your opportunity and to feedback to your colleagues to develop analytical skills to be applied to developing your own feasibility report.
2) Keep a record of the Week 4 and Week 9 submissions which will lead to a final presentation in Weeks 9 and 10. Guidelines as to what each presentation requires will be on Moodle as part of this formative assessment. After the weeks 4 and 9 each activity and feedback should reflect and review the activity as part of the process towards the final presentation.
3) The final presentation will be reviewed for the summative mark of 10% as part of the final assessment (see below) and will be assessed in Week 10
Presentation details and guidelines
Week 5
Intra- group presentation will be conducted in class as an elevator pitch to present and test the initial opportunity representing a customer need/profile/behaviours nexus.
Week 9
By this stage the elevator pitch will have expended to include wider environmental constraints and their measures – market drivers and competition factors – plus resource and financial aspects as part of operational and sustainability issues, this creating a more integrated and holistic view of the opportunity for discussion and contructive feedback in class.
Week 10
A final integrated review of the opportunity feasibility to present publicly as succinctly as possible as a professional delivery for assessment and justification of findings by the staff assessor and critical discussion by students, other staff and interested parties.
Formatting
All presentations need to be formatted for purpose and audience and as the presentations move from Week 4 the expectations over content and its communication will be expected to become more professional. By the final stage where public “selling” of the idea takes place, use of visual techniques now widely available will assumed to be the norm at a professional level.
This involves economy and convenience for the audience to understand the opportunity, its dimensions and context – and its attractiveness as a potential investment.
Content needs to be focused, clear and logical on the key points and significant words. It needs to be visually supported by design – font, colour, diagrams and graphs to ensure the visual absorption is convenient to the audience.
Feasibility presentations outcomes * Present an opportunity through a series of stages as part of critical review process to an audience. * Demonstrate a focused and planned approach in presenting key data to convey the main factors in the feasibility analysis to publicly justify an opportunity * Develop a final feasibility presentation for assessment of the opportunity and the key external, target market and resource factors that support the justification.
(B) Module Assessment: End of Module Assessment (100%)
INDIVIDUAL FEASIBILITY REPORT (Deadline beginning of week 10) Word limit: 3,500 plus appendices
Assessor: Tutor
Approaching the Assignment: 1. Identify the descriptors and criteria for the opportunity and the same for the feasibility framework 2. Use the Marking Criteria to understand the expectations of the reader. 3. Use your research sources and referencing to evidence, support and justify your feasibility analysis 4. Your assignment should include relevant in-text citations, diagrams and tables, a full list of References (CU Harvard Referencing Style) and relevant appendices to support the main body.
Please remember that when you submit your assignment, you need to include: * Your Name * Your Student ID number * The Title of the Assignment (in the Submission Title box)
Suggested Structure – Feasibility Report (see also marking rubric and the weekly activities that have built the elements towards this report)
1) The business opportunity - Reflect as accurately as possible the description of your proposed business opportunity as a very brief title.
2) Executive Summary – This is a succinct statement of the opportunity in its feasibility context as the basis for further development towards a viable business plan. In the real world of business where entrepreneurs are being assessed for potential investment, investors, who review hundreds of ideas, use the executive summary as a key indicator of the idea and the entrepreneur as someone who can succinctly, on one page or just over, capture all the main elements in an integrated, coherent and economic style.
3) Research strategy- A succinct description of no more than 250 words describing how you developed the feasibility study:
a) chose the idea and business opportunity, i.e. three ideas, and using a methodology of primary research, secondary and a selector device, you first chose the idea and business opportunity
b) Thereafter, how you researched each of model using primary, and secondary research from the LRC (CULC Library and Resources Centre)
4) The Business Opportunity 1. An identified need or gap appropriately described and evidenced from key data as a specific target 2. A product or service that has a clear design and delivery function to meet the described need through clear benefits delivered in such a way as to produce market value that has the potential to be feasible
The following 4 chapters cover the macro and micro level frameworks of the domains of attractiveness (Mullins)
5) Feasibility: Micro-market analysis 1. Target market size and dynamics- current trends – that give a clear picture of the context of the need 2. A profile of the target customer and existing patterns of behaviour 3. Identification of current data sources to substantiate the assumptions about the target market and customers plus any planned market research (including primary) to substantiate the development around further assumptions
6) Feasibility: Macro market and drivers 1. What are the main market drivers in the bigger market context? 2. What is the overall market size and what are the key trends from the data available? 3. Evidence from appropriate data should be provided to substantiate assumptions about the macro-market environment plus plans for further research to substantiate any remaining assumptions
7) Feasibility: competitive environment and direct competitors 1. In completing an initial competitive analysis, what are the key variables and their relative strengths? including direct competitors? 2. In the light of the competitive analysis, identify and evaluate the direct competitors and whether this is the right business to deliver in. 3. Evidence from appropriate data should be provided to substantiate assumptions about the macro-environment plus plans for further research to substantiate any remaining assumptions.
8) Feasibility: Sustainability 1. What are the main elements of the USP to deliver to target customers and how is this clearly expressed through identification of the main resource requirements, physical and human, and their organisation. 2. Identification of start-up financing requirements and post start-up liquidity situation through trading 3. Clear financial projections and break-even measures with their implications for financial decisions (e.g. pricing, costs and margins) using appropriate methods.
The next section relates to two of the other managerial domains and is adapted to cover the entrepreneurial orientation and reflection plus the evidence of networking
9) Feasibility: managerial capabilities 1. A reflection of personal capabilities and orientation towards opportunities – new or providing opportunistic solutions to established businesses - based on the self-reflective exercises and the experience of the feasibility process 2. Connectedness – the internal connectedness through using and contribution to the team plus the external connections (social capita) that have provided sources for the feasibility report or plans for future activities
10) Reflections
What you learnt e.g. 1. Methodologies you had not experienced before 2. The experience of compiling a long document of e.g. 3500 words 3. How you learn 4. Enjoyable parts of the module 5. Demanding parts of the module
In short, your personal learning experience
11) References 1. The main sources of data that have been identified and accessed are suitably referenced using the correct protocols.
12) Appendices 1. Presentation of any secondary based data analysis that supports analysis in the main body of the report. 2. For primary sources, if created (e.g. proposed questionnaire or semi/unstructured interview questions) should be presented as evidence of future research. If conducted on a small scale the evidence should be presented together with a statement of the ethical conduct of such research. 3. Break-even calculations and Year 1 cash flow spread sheet as supportive evidence for the financial analysis.
The final presenation will constitute 10% of the final marks (see rubric).
Staff
Callum MORRISON
Reading
Required Reading:
Mullins, J. The New Business Road Test, 3rd Ed., Prentice Hall
An excellent approach based on much experience and is simply based on the need for a feasibility study first before the plan. Hence it provides for the framework for the module analysis and assessments. It has a simple but robust framework around a road-test of 7 elements to be applied to any opportunity. The examples tend to be larger firms but many demonstrate how they grew – and also failed – with relevant lessons. It also has valuables sections on market research and data gathering in the feasibility context.
Recommended Reading:
Highly recommended
Rae, D, Entrepreneurship: from Opportunity to Action, Palgrave MacMillan
This focuses directly on opportunity development and the development of the individual as part of this process. Hence it is a systematic review of the stages, frameworks and is also a vital read at this opportunity development stage. It is rigorous and operates at a ready-to-go opportunity level. It has a companion site which students are recommended to use and many of the slides are based on sources here. Note there are valuable analytical kits in the appendices for self and opportunity development. There is on line access and many of the course slides are taken from this source.
Warmly recommended
Burns, J Entrepreneurship and Small Business, 3rd Ed., Palgrave MacMillan
Parts of the text are warmly recommended since this comprehensively covers all aspects of small business with a strong mix of theoretical and applied. There are the main concepts that relate to Strategy, Marketing and Finance but applied to the world of small business. Since it is designed to meet many audiences some of the material can be by-passed but the applied element has valuable information and exercises from start-up to growth and the planning process. The companion site has support material including case studies and analytical exercise self the exercises some of which will be used.
Other sources
LRC
CULC Library and Resources Centre (LRC) subscribes to a number of databases, e.g. Mintel and passport, from which you can obtain valuable data on industry: 1. Trends to compile the Macro market 2. Competitor activities and data with which to compile Macro and Micro Industry 3. Resources to compile the Micro Industry 4. Costs and revenues to compile Finances
In addition, the library also offers many other sources on small business and entrepreneurship
Since this is a practical learning process towards business viability sources will be recommended by the tutors, on an ad hoc basis in each section. Students are however advised that research methods texts are useful for methods and techniques of primary and secondary data and the quantitative and qualitative techniques to use the data as evidence. In the Unit on research methods the recommended text for M001 will be referred to (Saunders, M, Lewis, P and Thornhill, A (2009) Research Methods for Business Students, 5th Ed., Harlow: FT Prentice Hall).
The web
Generally, Google references are not acceptable, and LRC references are preferred- see above
But since this is a practical research based activity, the onus is on the students to use web based data. Never before in human history has so much information been available, hence expectations about the level of data are always rising. Apart from the profusion on the web, the University has access to key business resources. There is an expectation that students, as part of the learning process in building an opportunity from an initial idea, will use these sources for 3 data resources: * relevant academic sources to understand the current knowledge and understanding around entrepreneurial activities in domestic and international economies * techniques in framing and building market research to construct an initial feasibility report and subsequent business plan including the important financial data * current and relevant market and industry data to feed and justify the feasibility report as well as primary data collection techniques