Year
2023Credit points
10Campus offering
No unit offerings are currently available for this unit.Prerequisites
ENTR201 Entrepreneurial Mindset
Incompatible
MGMT315 New Venture Planning
Teaching organisation
3 hours per week for twelve weeks or equivalent.Unit rationale, description and aim
Along with pro–activeness and innovativeness, strategic planning is also important for entrepreneurs and the success of their start–ups. From inception, most entrepreneurs have novel and breakthrough product/service ideas to commence a business. However, many of them lack a practical strategic orientation that will aid them in appraising all aspects of the economic practicality of their start–up including a description and examination of their venture prospects. Moreover, if the new venture/start–up plan complies with the standards expected by investors, or other funding sources, founder entrepreneurs may secure the seed capital (or other resources) for their new venture/ start–ups or augment the capabilities of their entities.
This unit will advance students’ skills in strategic planning (financial, R&D, marketing, operations, etc.) of new ventures and comprehensively elucidates every aspect of a new venture including ethical considerations. In this unit, students will systematically learn how to develop and formulate a professional strategic new venture plan for a real–world new business.
The aim of this unit is to enhance students’ knowledge and skills of strategic planning and strategic entrepreneurship and to familiarise them with the critical strategic decisions that entrepreneurs need to make before the formal launch of their new businesses.
Learning outcomes
To successfully complete this unit you will be able to demonstrate you have achieved the learning outcomes (LO) detailed in the below table.
Each outcome is informed by a number of graduate capabilities (GC) to ensure your work in this, and every unit, is part of a larger goal of graduating from ACU with the attributes of insight, empathy, imagination and impact.
Explore the graduate capabilities.
On successful completion of this unit, students should be able to:
LO1 - Discuss the application of key models, theories and concepts associated with strategic entrepreneurship (GA5, GA8)
LO2 - Apply strategic thinking to identify and analyse an entrepreneurial opportunity (GA4, GA5)
LO3 - Utilise and communicate the information/data that are relevant to strategic new venture planning and its results (GA5, GA10)
LO4 - Interpret and apply the ethical issues including subsidiarity and workers’ rights that are intimately intertwined with strategic new venture planning (GA3, GA5)
LO5 - Formulate and assess the various elements of a strategic business plan for start-ups (GA5, GA6).
Graduate attributes
GA3 - apply ethical perspectives in informed decision making
GA4 - think critically and reflectively
GA5 - demonstrate values, knowledge, skills and attitudes appropriate to the discipline and/or profession
GA6 - solve problems in a variety of settings taking local and international perspectives into account
GA8 - locate, organise, analyse, synthesise and evaluate information
GA10 - utilise information and communication and other relevant technologies effectively
Content
Topics will include:
- strategic entrepreneurship: definition, evolution and impact
- strategic mindset in planning during uncertain times
- new venture strategic planning; key theories and concepts
- strategic decision making in entrepreneurial enterprises
- business plan for a new/micro business
- ethical issues in new venture planning (work allocations in new ventures and hearing customers’ and workers’ voice)
- business models of start-ups - feasible models
- entrepreneurial marketing for start-ups
- R&D planning for start-ups
- financial planning for start-ups
- operations planning for start-ups
- supply chain management and start-ups
Learning and teaching strategy and rationale
This unit adopts active, case study, problem-based and experiential (expert keynote speakers) learning approaches simultaneously to help students in acquiring and integration of knowledge and skills related to strategic entrepreneurship and strategic business planning for new ventures. Students will be able to learn the application of theories and concepts underpinning strategic entrepreneurship and new venture strategic planning in a series of workshops along with the materials (Videos, texts, exercises, industry-focused databases and cases) provided through the online learning platform. Each workshop includes mini-seminars focusing on the core theories followed by practical exercises. Few entrepreneur experts will be invited throughout the semester as keynote speakers to share their practical experiences in strategic planning with students. Through this blended mode of delivery, students - individually and in groups - will develop and accumulate practical knowledge of strategic new venture planning and strategic entrepreneurship that can impact start-up business success.
Mode of delivery: This unit is offered in different modes. These are: “Attendance” mode, “Blended” mode and “Online” mode. This unit is offered in three modes to cater to the learning needs and preferences of a range of participants and maximise effective participation for isolated and/or marginalised groups.
Attendance Mode
In a weekly attendance mode, students will require face-to-face attendance in specific physical location/s. Students will have face-to-face interactions with lecturer(s) to further their achievement of the learning outcomes. This unit is structured with required upfront preparation before workshops, most students report that they spend an average of one hour preparing before the workshop and one or more hours after the workshop practicing and revising what was covered. The online learning platforms used in this unit provide multiple forms of preparatory and practice opportunities for you to prepare and revise.
Blended Mode
In a blended mode, students will require intermittent face-to-face attendance determined by the School. Students will have face-to-face interactions with lecturer(s) to further their achievement of the learning outcomes. This unit is structured with required upfront preparation before workshops. The online learning platforms used in this unit provide multiple forms of preparatory and practice opportunities for you to prepare and revise.
Online Mode
In an online mode, students are given the opportunity to attend facilitated synchronous online seminar classes with other students and participate in the construction and synthesis of knowledge, while developing their knowledge. Students are required to participate in a series of online interactive workshops which include activities, knowledge checks, discussion and interactive sessions. This approach allows flexibility for students and facilitates learning and participation for students with a preference for virtual learning.
Assessment strategy and rationale
In order to pass this unit, students are required to demonstrate mastery of all learning outcomes and achieve an aggregate mark of at least 50%. Marking of each assessment task will be in accordance with rubrics specifically developed to measure student level of achievement of the learning outcomes for each assessment item.
The assessment strategy for this unit helps students develop their knowledge of strategic entrepreneurship and new venture planning to the point where students can structure and outline a comprehensive business plan for a start-up/new venture. To accumulate this level of aptitude, students will present their knowledge of theories associated with strategic and entrepreneurial business planning via online interactive activities that covers the key issues associated with effective planning in new ventures across different contexts (Assessment 1). Students further advance their understanding of the practical application of strategic entrepreneurship models by presenting a solution to a planning problem faced by a real-world new venture (Assessment 2), and further write and justify feasible new venture plan for that entity (Assessment 3).
Overview of assessments
| Brief Description of Kind and Purpose of Assessment Tasks | Weighting | Learning Outcomes | Graduate Attributes |
|---|---|---|---|
Assessment Task 1: Portfolio of Engagement From weeks 3-11, students will actively participate in online discussion forums and online activities. Assessment 2 will cover materials in the weeks 3-11 and students’ active participation in the forums and online activities. Students will be evaluated on a combination of engagement in the unit via discussion board questions, responses to postings and evidence of successful engagement in online asynchronous activities. Submission Type: Individual Assessment Method: online engagement and completion of regular learning tasks Artefact: Portfolio evidencing engagement | 30% | LO1, LO2, LO3 | GA4, GA5, GA8, GA10 |
Assessment Task 2: New venture analysis Presentation This assessment task consists of a 7-minute verbal presentation (with accompanying slides). This task requires students to analyse and apply concepts and practices relating to strategic entrepreneurship and new venture planning to real-world business situations. Students also need to focus on ethical considerations such as the contribution of all new ventures’ members to decision-making when they present their work. In this assessment students analyse the current business status of a real-world new venture and identify the pain points of the business from strategic entrepreneurship perspective. Considering the impact of COVID19 on the entrepreneurship ecosystem is essential in this assignment. Submission Type: Individual Assessment Method: Verbal presentation Artefact: Presentation notes/slides | 30% | LO2, LO3, LO4 | GA3, GA4, GA5, GA10 |
Assessment Task 3: Final Revised Plan Report This assessment task consists of a 2000-word report. This task requires students to draw on their critical thinking skills and comprehension of the application of strategic entrepreneurship and new venture planning models. In this assessment students need to provide solutions to an existing new venture’s operational issues by providing a comprehensive strategic new venture plan (different from typical business and market plans). Also, in this assessment students need to give attention to customer’s voice issue and fair allocations of responsibilities and resources in new venture planning. Considering the impact of COVID19 on the entrepreneurship ecosystem is essential in this assignment. Submission Type: Individual Assessment Method: Report Artefact: Written report | 40% | LO4, LO5 | GA3, GA5, GA6 |
Representative texts and references
Barringer, BR & Ireland, DR 2019, Entrepreneurship: Successfully launching new ventures, 6th edn, Pearson Education.
Bessant, J.R & Tidd, J 2018, Entrepreneurship, Hoboken, NJ: John Wiley & Sons.
Drucker, P 2015, Innovation and Entrepreneurship, Routledge Classics, London.
Matthews, CH & Brueggeman, R. 2015, Innovation and Entrepreneurship: A Competency Framework, Routledge, USA.
Journals
- Strategic Entrepreneurship Journal
- Journal of Business Strategy
- Journal of Business Venturing
- Entrepreneurship Research Journal
- Entrepreneurship Theory and Practice
- European Journal of Innovation Management
- Innovation Policy and the Economy
- International Journal of Entrepreneurship Theory and Research
- Journal of Entrepreneurship, Management and Innovation
- Journal of Innovation and Entrepreneurship
- Journal of Social Entrepreneurship
- Journal of Small Business Management
- Journal of Product Innovation Management
- Industrial Marketing Management
Journal Articles
Honig, B. and Samuelsson, M., 2021. Business planning by intrapreneurs and entrepreneurs under environmental uncertainty and institutional pressure. Technovation, 99, p.102124.
Boudreaux, C.J., 2020. The importance of industry to strategic entrepreneurship: evidence from the kauffman firm survey. Journal of Industry, Competition and Trade, 20(1), pp.93-114.
Wadhwani, R.D., Kirsch, D., Welter, F., Gartner, W.B. and Jones, G.G., 2020. Context, time, and change: Historical approaches to entrepreneurship research. Strategic Entrepreneurship Journal, 14(1), pp.3-19.
Cristo-Andrade, S. and Ferreira, J.J., 2020. Knowledge spillovers and strategic entrepreneurship: what researches and approaches?. International Entrepreneurship and Management Journal, 16(1), pp.263-286.
Bradley, S.W., Kim, P.H., Klein, P.G., McMullen, J.S. and Wennberg, K., 2021. Policy for innovative entrepreneurship: Institutions, interventions, and societal challenges. Strategic Entrepreneurship Journal.
Bhatti, M.A., Al Doghan, M.A., Saat, S.A.M., Juhari, A.S. and Alshagawi, M., 2021. Entrepreneurial intentions among women: does entrepreneurial training and education matters?(Pre-and post-evaluation of psychological attributes and its effects on entrepreneurial intention). Journal of Small Business and Enterprise Development.
Rastkhiz, S.E.A., Dehkordi, A.M., Farsi, J.Y. and Azar, A., 2019. A new approach to evaluating entrepreneurial opportunities. Journal of Small Business and Enterprise Development.