The module is assessed by a single piece of coursework, comprising no more than 2,000 words, that contributes 100 per cent of the module assessment.
The aim of the assignment is to show your understanding of a number of entrepreneurship concepts from the module and your ability to apply these to:
• identify, develop and evaluate a business idea and distinguish an ‘idea’ from an ‘opportunity’
• analyse the entrepreneurial process the role of the entrepreneur and entrepreneurial outcomes.
A. Use the ‘Lean Approach’ to evaluate a potential new business idea to ascertain if it is feasible or not.
This will require you to generate a potential business idea (social or business enterprise), present it in the form of a ‘Lean Canvas’ and conduct research. Based on your research you will evaluate your original Lean Canvas and clearly indicate, whether you will be pursuing it, with rationale for your decision.
Part 1 must include:
2. Tows/SWOT/Pestle – whichever is most relevant
3. Feasibility assessment
4. Competitor analysis
B. Critically discuss, using academic literature, what other factors impact successful entrepreneurship, beyond the ‘Lean Approach’. In doing so, relate your response to an entrepreneur of your own choosing. What do you conclude about successful entrepreneurship?
This will require you to understand and discuss elements of entrepreneurial success, based on frameworks presented in the module and wider reading, to reach a coherent conclusion.
Part 2 must include:
1. Timmons Framework (opportunity, resources, team)
2. Effectuation vs Causation
3. Peter Vogeles ecosystems and conceptual framework
4. Psychological factors and Entrepreneur traits – personality characteristics
5. Entrepreneur experiences
6. Human capital / social capital
7. Entrepreneur profiles
8. AOB (timing culture)
At the highest level, there is no perfect solution and your creativity alongside academic rigor is important. Task A is very much about applying the concepts to determine if there is an opportunity, whereas Task B requires you to utilise academic literature to discuss the factors beyond a ‘lean-approach’. Higher marks will be awarded based on the following criteria:
• Clarity of depiction of business idea and Lean Canvas.
• Quality and scope of research of ‘idea’.
• Effective analysis, of original Lean Canvas, based on research carried out.
• Clear indication of decision and rationale to pursue or not, using appropriate ‘tools’.
• Application of theory to practice and use of academic frameworks in discussing factors constituting entrepreneurial success.
• Evidence of wider reading.
• Evidence of synthesis and clarity of discussion
• Work is clearly organised, structured, presented in a cohesive style, with a logical flow and critical manner.
• Appropriate use of tables, diagrams and referenced correctly.
Please note: your appendices should not exceed six pages.
Further guidance will be provided regarding the assessment through the course of the module.
Useful resources for completing the assessment
• Maurya, A. (2010) Lean Canvas. Business Model Toolbox. https://bmtoolbox.net/tools/lean-canvas/ Links to an external site..
• Maurya, A. (2013) Capture Your Business Model in 20 Minutes – Lean Canvas. [Video] 23 January.Capture Your Business Model in 20 Minutes – Lean CanvasLinks to an external site.
• ChannelX (2017) Lean Canvas Example. [Video] 18 May.Lean Canvas ExampleLinks to an external site.
• TeamLearnable (2013) MVP: Quickly Validate Your Start-Up. [Video] 23 December.MVP: Quickly Validate your Start-UpLinks to an external site.
• Rocks, D. (2010) Perform a Break Even Analysis with Excel’s Goal Seek Tool. [Video] 28 July.Perform a Break Even Analysis with Excel's Goal Seek ToolLinks to an external site.
• Blank, S. (2013) Why the Lean Start-Up Changes Everything Links to an external site.. Harvard Business Review 91(5), 64, May.
• Mullins, J. (2017) Mullins Model. Extract from The New Business Road Test: What entrepreneurs and investors should do before launching a lean start-up. Links to an external site.Pearson Education Ltd.
• Rae, D. (2007) Opportunity Evaluation. Extract from Entrepreneurship: from opportunity to action Links to an external site.. Palgrave Macmillan, 98.
• Rae, D. (2007) Selecting a Business Opportunity. Extract from Entrepreneurship: from opportunity to action Links to an external site.. Palgrave Macmillan, 253.
• Applegate L.M. (2001) Entrepreneurial Mind-set Tool. Harvard Business School 9-801-233. Download via this linkDownload Download via this link
• Hisrich RD, Peters MP & Shepherd DA (2008) ‘The Entrepreneurial Mind-set’ Chapter from Entrepreneurship, Seventh edition (International edition). New York: McGraw-Hill, Irwin. Pages 30–47. Download via this link.Download Download via this link.
• Sarasvathy S. (2005) ‘What makes an entrepreneur entrepreneurial?’ Harvard Business Press
• Timmons JA and Spinelli S (2009) New Venture Creation: Entrepreneurship for the 21st Century, Chapter 3, pgs. 101 – 117, McGraw Hill 8th Edition. Chapter downloadable from this link Download Chapter downloadable from this link.
• Timmons FORT Model – The Entrepreneurship Process: Babson http://faculty.babson.edu/academic/eship/mappingtheterritory_babson/babson_entreprenuership.pdf (Links to an external site.)
• Vogel, P. (2017) From venture idea to venture opportunity. Entrepreneurship Theory and Practice, 41(6), 943-971. Download via this link.
There are several websites that provide relevant and up-to-date information related to the topics discussed in this module. Sites well worth visiting regularly include:
https://www.gemconsortium.org/Links to an external site.
International research and statistics, carried out by London Business School.
https://ecorner.stanford.edu/Links to an external site.
Excellent resource from Stanford University with free videos and podcasts, featuring entrepreneurship and innovation thought leaders.
https://www.startups.co.uk/Links to an external site.
Lots of practical advice about starting a business.
https://www.entrepreneur.comLinks to an external site.
Probably the top US site with every topic you can imagine. Well worth a visit.
https://www.entrepreneurship.orgLinks to an external site.
Resource-packed US site, with excellent video clips, particularly on the lean start-up.
https://www.50eggs.com/lemonade-storiesLinks to an external site.
Stories and video clips from this new film about famous entrepreneurs and their relationships with their mothers.Links to an external site.
https://www.asianwomenmeanbusiness.com/Links to an external site.
Asian Women Mean Business.
www.zeromillion.comLinks to an external site.
Interesting articles and stories.
https://www.powerhomebiz.comLinks to an external site.
Ideas, articles and stories.
www.benlore.com/index2.htmlLinks to an external site.
Useful websites with stories of entrepreneurs and the entrepreneurial mind.
https://www.dyson.co.ukLinks to an external site.
https://www.richersounds.com/Links to an external site.
www.pret.comLinks to an external site.
Websites of successful entrepreneurs and their businesses.
Submitting the assignment
You must submit your assignment by the deadline stated in the ‘Teaching dates’ section on the module Canvas site home page.
All assignments will be submitted electronically on the module Canvas site go to: Canvas > Dashboard > Module Tile > Home Page > Assignments (in left menu).
Under ‘Assignments’, click on the link: ‘Entrepreneurship and Creativity Submission’ selecting the appropriate submission date advised.
You will then be taken to a submissions page.
Under the ‘File upload’ tab choose, click on the ‘Upload file’ button to Browse and select the file you wish to submit from your device or own file store.
Tick the End-User License Agreement box and click the Submit Assignment button to submit your assignment.
A message will appear on screen confirming that you have successfully submitted your work. Important Note: you only have one attempt to submit your Assignment, therefore ensure you are submitting the correct file.
Similarity Checker – you can use the Similarity Checker to submit your draft
In the event that you are required to take supplementary assessment you will be notified of this immediately after by the Examination Board. Prior to the submission of any supplementary assessment you will have the opportunity to have a one-to-one and/or group meeting (online or in person) with the module tutor to discuss the supplementary assessment.
The supplementary assignment for this module will require you to undertake the same task BUT, you will be required to utilise a new idea for part A and a different ‘entrepreneur’ for part B.