Entrepreneurship
CDKSK-504-1909
Guided Learning hours: 40
Unit level (MQF): 5
Credits: 4
CDKSK-604-1909-Entrepreneurship (1).pdf Size : 846.441 Kb Type : 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.