ENTREPRENEURSHIP

LEVEL 6

Entrepreneurship

CDKSK-504-1909

Guided Learning hours: 40 

Unit level (MQF):  5

Credits: 4

CDKSK-604-1909-Entrepreneurship (1).pdf CDKSK-604-1909-Entrepreneurship (1).pdf
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Unit description

The working definition of 'entrepreneurship' employed in this unit is that stated by the European Commission: "Entrepreneurship refers to an individual’s ability to turn ideas into action. It includes creativity, innovation and taking calculated risk, as well as the ability to plan and manage projects in order to achieve objectives. This supports everyone in day-to-day life at home and in society, makes employees more aware of the context of their work and better able to seize opportunities, and provides a foundation for entrepreneurs establishing a social or commercial activity" (Entrepreneurship in Vocational Education & Training, June 2009).

In line with this definition, the unit places an emphasis on fostering a mind-set that entrepreneurship is the vehicle that drives creativity and innovation. The learner will, amongst others, be encouraged to gain an insight as to how to investigate customer needs and markets to generate an innovative idea for a start-up; participate in the realistic simulation of the creation of a start-up (1); create and pitch sections of a business plan, as well as draft sections of a business plan for an identified business idea.

The assessment of the unit is designed in a way to provide an opportunity for learners to strengthen transversal competencies which UNESCO highlights as necessary for the 21st century. These include intra-personal skills, interpersonal skills, critical and innovative thinking, media and information literacy and global citizenship. Learners with different backgrounds and experiences are required to contribute actively in a team to prepare the necessary work towards initiating a successful business venture.

In this unit, learners will become familiar not only with the main theories related to entrepreneurship and business start-ups but will have the opportunity to explore, interact and learn from a number of first-hand situations. The challenges of working with diverse team members will provide the learners not only with the possibility to look at entrepreneurship ideas from different perspectives, but also to come up with more creative, original and feasible solutions to challenges that will arise.

The practical and realistic element of the unit will allow learners to engage and interact with different stakeholders from industry and public institutions. This real-life interaction will provide the ideal set up to link theory with practice in the real world. Learners are encouraged to get out of their comfort zone and explore their entrepreneurial spirit by combining creativity, innovation and risk taking to help seize an opportunity, improve current situations or solve problems they encounter in the real world.

1 'Doing effective entrepreneurship' is firmly grounded in theory, yet the chalk and talk delivery mode is not promoted in this unit. Rather, actionable theory through practice is strongly encouraged. Realistic simulations, limited not only to in-class activities such as discussions of the problems faced in the different phases of a business, especially in the process of commercialisation of innovative products and services, and on-paper creative management strategies, are considered essential. 

Learning Outcomes

On completion of this unit the learner will be able to:

1. Understand the terms “entrepreneurship” and “entrepreneur” and techniques used to
     generate and evaluate business ideas.

2. Examine important considerations while developing a new business idea.

3. Apply business planning and control initiatives while developing a new business idea.

4. Contribute effectively in a team to develop a CONCEPT prototype of a feasible product/service
     idea.

Unit Content

1. Understand the terms “entrepreneurship” and “entrepreneur” and techniques used to generate and evaluate business ideas

 Entrepreneurship: definitions, history of entrepreneurship, social entrepreneurship,
    intrapreneurship, entrepreneurship, market systems

 Entrepreneur: profiles of entrepreneurs (social and business), entrepreneurial characteristics,
    entrepreneurial thinking, problem-solving, reflective learning, entrepreneurial decision-
    making, entrepreneurial skills, ability to sell ideas

 The idea generation process: opportunity identification, idea generation, idea evaluation, idea
    assessment, plan for implementation o Idea generation: creativity and innovation, causes of
    innovation, types of innovations, intuitive creative methods, systematic analytical tools, mind
    mapping o Idea evaluation: checklists, strengths and weaknesses analysis, scenario
    technique, identifying business potential in ideas
.

2. Examine important considerations while developing a new business idea

 Core competences and capabilities: personal skills and competences, entrepreneurial
    competences, management competences, technological capabilities, networking capabilities,
    teamwork

 Start-up considerations: business objectives, location, legal form, sources of start-up capital,
    banking facilities, trading licences, customer value proposition, protecting ideas

3. Apply business planning and control initiatives while developing a new business idea

 Market research: market analysis, competitor analysis, developing a marketing concept,
    Unique Selling Proposition

 Financial projections: sales forecast, cashflow forecast, break-even point, statement of
    financial position (introduction to), income statement (introduction to)

 Planning and control: business plan, milestone planning, strategic management, strategic
    control, human resources, international business considerations, risk management
   
     o Using visual project planning tools (e.g. Bar and Gantt Charts) for effective planning
     
     o Developing an overall plan, including planning for time schedules and time management,
        cost, quality levels and checks, change, risk identification and issues and resources
        required, critical path

4. Contribute effectively in a team to develop a CONCEPT prototype of a feasible product/service
     idea. 

 Work out group dynamics: dealing with compatibility issues, team building and divergence of ideas. 

 Basic principles of design. 

 Developing a product/service concept: This could be in any appropriate form which can help to demonstrate
    the business idea to a specific audience.

Guidance for Delivery and Assessment

This unit is designed to be as practical as possible allowing learners to gradually progress in the development of a business idea to sections of a business plan and finally a sales pitch. Lectures in Entrepreneurship are complemented by information sessions as well as mentoring from experienced entrepreneurs and professionals in different areas.

The module will be delivered by means of:

 A number of lectures where learners will get familiar with the main knowledge components required to start off their own business. These lectures will take the learner through the main techniques required for an entrepreneurial mindset.

 Once the teams are formed and start working on their business ideas they would then have a number activities including specialised workshops. The aim of these workshops is to make sure that team members get a good insight into the different aspects that are required for an entrepreneurial mindset and to develop innovative ideas that would lead to a profit/surplus.

 Learners that are willing to develop their business idea further and offer the product/service in the market shall be encouraged to work hand in hand with the MCAST Entrepreneurship Centre (MEC). These learners will be offered access to a mentor who will provide more specific support and advice to help the them overcome challenges they might encounter during journey in setting up their entrepreneurial venture.

Being a practical unit, the learning will take place while teams experience the various stages of the development of a business idea. Learners are highly encouraged to get out of their comfort zone and carry out the different aspects required such as working with others with different backgrounds, taking the lead, making contact with stakeholders such as contacting industry and seeking professional advice, product design and production, using technology, preparing financial statements and forecasting.




Created by Andrew Triganza Scott - MBA (Maas), M.Ed (Melit), BPsy (Hons), PGCE