Course Learning Outcomes
Gone are the days that “big is beautiful”. The remarkable international economic growth of the last decade was fueled by new, young emerging companies and an international trend was that the established big companies were experiencing financial turmoil. New Venture Creation already became the “buzz words” of the millennium and more and more people are considering starting their own businesses, rather than working for big companies, as their ultimate goal. The writing is also on the wall for big companies; “adapt or die.” New Venture Creation is therefore not only about starting your own business, but also about creating new opportunities in existing companies, it is about an entrepreneurial spirit as oppose to only managerial talents. New Venture Creation focuses on the concepts, skills and know-how, information, attitudes and alternatives that are relevant for start-ups and early-stage and emerging entrepreneurs. It is an exciting course with two fundamental objectives. First is to teach emerging entrepreneurs and entrepreneurial managers to use the entrepreneurial perspective in order to make better
decisions, and thereby influence positively one’s odds for success, and to minimize the odds – costs – of failure. The second aim is to teach each effective entrepreneurial and general management practice from the perspective of the founder and the vital stakeholders that can make a substantial difference in the ultimate success or failure of the business. The central focus of the course is the critical role of opportunity creation and recognition, as the principal success factors in the new venture formation and building. The course is especially relevant for aspiring entrepreneurs bent on launching and growing a business that is quite profitable and can exceed several million Rand in sales. The notion is that it is often riskier, more demanding and painful and less rewarding to think too small. In examining issues and problems of start-ups and new ventures you should be able to:
Identify and determine what entrepreneurs need to know about the critical driving forces in a new venture success.
Identify how successful entrepreneurs and investors create, find and differentiate
profitable and durable opportunities from just “another good idea”, and how opportunities evolve overtime.
Identify and determine the necessary financial and non- financial resources available for new ventures, identify the criteria they use to screen and evaluate proposals, their
attractiveness and risk, and how to obtain start-up and early growth capital.Determine the critical tasks to be accomplished, the hurdles to overcome during start-up
and early growth, and what has to happen to succeed.
Apply the Venture Opportunity Screening Techniques to an actual start-up idea, and
subsequently, be able to develop and prepare a BUSINESS PLAN suitable for guiding startup, attracting financing and realizing an eventual harvest.
Craft and prepare a personal entrepreneurial strategy to identify relevant issues,
requirements and trade-offs.
5. Additional Information and Arrangements
This course is designed to achieve the aim and objectives within 12 months. In order to do that, the content of the course is divided into 20 topics. Each topic can be studied from the course materials, with the help of the guideline as it will be presented in the manual. The most important component of New Venture Creation is to apply the theory, identify your own opportunity and to be equipped to write your own Business Plan.
The prescribed manuals forms the theoretical basis of the course, is the basic guideline to understand the complexities and relevant issues in starting a new venture, and eventually to be able to write your own Business Plan. It is therefore the responsibility of every student to work individually through the relevant chapters in the manual, to understand the theoretical business issues, and apply it practically. Only a certain issues of the manual will be discussed in the workshops and it will be the responsibility of the students to make sure that he/she is familiar with the manuals.
Mentoring and Coaching will be done on a one on one basis, Mentees will be appointed with their Mentors after assessment and analysis of the students.
Course Learning Outcomes