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 of entrepreneurs have novel and breakthrough product/service ideas to commence a business. However, many of them lack an effective strategic orientation that will aid them to appraise 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. Students will systematically develop a professional strategic new venture plan for a real-world new business as their capstone assessment.
The major aim of this unit is to enhance students' knowledge of strategic planning and strategic entrepreneurship and to familiarise them with the critical strategic decisions that entrepreneurs need to make prior to the formal launch of their new businesses.