Topic outline
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Entrepreneurial Enterprises Entrepreneurial Commercialisation Creativity and Innovation Putting these courses into context Entrepreneurial Enterprises (BUSS 3043)
Welcome to Entrepreneurial Enterprises (3:15) Research shows that entrepreneurship is a key driver for business and economic development; it involves identifying and evaluating business opportunities, and providing entrepreneurial drive and initiative to organise the resources that you need to turn the business idea into a new venture. It also involves finding ways to innovate to add value, both for the customer as well as for the new venture so that it can make a profit. This course focuses on the starting point, which is entrepreneurial activities by individuals that turn ideas into innovation and lead to the creation of new venture start-ups. The output is a feasibility report (or business case) that summarises the technical, market and financial feasibility of the business opportunity.
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Entrepreneurial Commercialisation for New Ventures (BUSS 3048)
Entrepreneurial Commercialisation for New Ventures (3:44) Research shows that most new product or service failures can be attributed to shortcomings in marketing analysis, planning and implementation. This course specializes in the commercialisation process and the marketing process for newly founded firms, small businesses in particular, and has a component of hi-tech marketing.
This is why the course focuses on the marketing aspects of commercialisation. In particular, this course provides tools, models and approaches that can readily be applied to improve marketing decision-making in a venture to help it to survive and to be successful.
Marketing is very often written about and taught as a ‘big business’ activity. Most businesses, however, are small and have very limited resources (in particular money, time and people). This means that most business people face the challenge of planning and doing marketing in situations where they do not have ‘big business’ resources and have to do almost everything themselves. There is also another major difference; in the big business situation, the marketing manager is by and large an advertising manager without any real responsibility for product or service development, and pricing and distribution decisions. This can be compared with the small business environment addressed in this course where a marketing person is very much involved in all of these decision areas, as well as in sales and corporate strategy development. The major output of this course is a creative marketing plan for a business idea that is not yet in the market.
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Creativity and Innovation (BUSS 2066)
Creativity and Innovation (3:22) Entrepreneurship and commercialisation rely on innovation. In turn, innovation requires the combination of novelty or newness, and value adding, where novelty comes from creativity. So, this course provides the foundation for both of the other entrepreneurship courses by exploring the nature of creativity and the way that this contributes to innovation.
The course starts by exploring the many myths attached to creativity, and draws on the substantial body of recent research that shows that creativity is not the exclusive province of gifted or unusual people, but is something that can be developed and cultivated and that relies on interaction between people.Similarly, innovation is explored using recent research that shows that this area also depends very much on interaction between people and particularly between businesses and their customers to develop the value that makes an innovation worth commercialising.
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Putting these courses into context
Download this document that puts these courses into a broader context in contributing to economic development, and show how they are linked together and build on each other