ENTR08003 2012 Entrepreneurship

Describe the different characteristics and personality traits associated with the concept of entrepreneurship thereby assessing the candidate's own suitability for establishing a new enterprise.

Appreciate the significance of fostering an entrepreneurial and innovative culture and the key components of the Irish economic, technological, social, cultural and legal environment.

Distinguish between the various approaches used to generate potential new business ideas and develop a feasability study to secure initial financing.

Research, develop and compose a business plan adhering to the traditional format.

Identify the relevant sources of information and financial assistance available to the start-up enterprise.

Explore the positives and negatives of government policy in relation to the support of indigenous ENV's.

1. A definition of entrepreneurship and innovation -

• Describe the characteristics of the entrepreneurial personality, traits and individual qualities
• An introduction to the key environmental and background factors affecting the development of entrepreneurship in society
• An analysis of the research theory and current trends within the entrepreneurial discipline
• Investigation into the individual candidates suitability to be innovative and embrace a career as an entrepreneur.

2. Creation of a supportive environment for entrepreneurship and innovation  -

• Elaborate upon the role of Government policy in the creation of an entrepreneurial culture
• Examine the positive contributors to the entrepreneurial landscape and the key stimuli and inhibitors to entrepreneurial behaviour
• Be familiar with the services and assistance provided by the state and identify the main private sector support agencies.

3. Methods of establishing a new business -

• Sole Trader
• Partnership
• Limited Company
• Franchising
• Licencing and royalty agreements
• Technology Transfer
• Joint Venture agreements
• Co-operative structures.

4. The business planning process -

• Idea generation for new product and service development
• Writing a feasability study
• Composing the business plan - standard format
• The financial plan
• The marketing plan
• The production/operational plan
• Designing the business plan for a specific reader/audience.

5. Financing the ENV -

• A typology of short v long term financing
• Early stage and expansion finance
• Debt v equity souces of finance
• Criteria for judging an investment proposal.

6. Strategies for growth and sustainability -

• Examination of the different stages of SME development
• Be familiar with the external and internal barriers to growth
• Dealing with evolutionary problems
• Managing a company in transition
• Examine sources of assistance available for high growth ENV's.

7.  SME internationalisation  -

• Options for choosing an export market from an Irish base
• Direct and indirect channels of international market delivery
• Building the customer base, selecting a partner in an overseas market
• External and internal barriers to exporting.

8. The innovation and entrepreneurial interface -

• Creating the climate for effective innovation and intrapreneurship
• Linking creativity, innovation and entrepreneurship
• Types of innovation and shared learning networks
• The challenge of exploiting and protecting intellectual property.