Learning Outcomes:
On completion of this module, learners should be able to:
• Demonstrate a practical understanding of how entrepreneurial thought and action may be applied to opportunities of all kinds including new ventures as well as innovation within existing organisations
• Develop the ability to understand the fundamental concepts and tools that help develop entrepreneurial ventures and that may be applied to real world situations and opportunities
• Gain an understanding of the fundamental skills of creativity, teamwork and communication necessary for the successful development of an idea
• Develop the ability to see new opportunities
• Develop, define and clearly communicate (pitch) a new venture concept or initiative in an efficient, effective and compelling manner
Indicative Module Content:
Entrepreneurs view the world around them in terms of problem-solution fit. The entrepreneurial mindset is to first and foremost clearly define the problem-to-be-solved. This is discovered by observing and talking to potential customers or users about their needs, wants, pains and gains. This is the difficult part. Only after that do you move on to the easier part whereby you ideate a number of alternative, creative solutions to the defined problem. The mindset is to then carry out tests or experiments to identify the best solution by prototyping minimal viable products (MVPs). This cycle of trying to find 'fit' is very much an iterative process.
This module will embrace the ideas and concepts above by facilitating students to practice key innovation and entrepreneurial tools and techniques and develop life-skills including creative confidence, curiosity, communication, collaboration and commitment. This module will also enable student teams to develop a commercial, social or community venture. The module will allow students to apply tools and techniques to their own ideas for new ventures.
Students will identify and define problems-to-be-solved (jobs-to-be-done, pains and gains) and develop prototyped solutions using key tools and concepts such as:
• Customer discovery interviews, observation and secondary research
• Generating innovative solutions for problems defined through ideation and empathy mapping
• Value proposition design and articulating value for chosen customer segments
• Business Model Canvas
• The Effectuation Process (Sarasvathy 2008)
• Prototyping, experimentation and testing
• Iterating and pivoting a concept
• Pitching and Presenting in a safe environment