Year
2024Credit points
10Campus offering
Prerequisites
ENTR201 Entrepreneurial Mindset
Incompatible
MGMT315 New Venture Planning
Teaching organisation
150 hours over a twelve-week semester or equivalent study period
Unit rationale, description and aim
Within the Catholic intellectual tradition and acting in Truth and Love, Australian Catholic University is committed to the pursuit of knowledge, the dignity of the human person and the common good.
Along with proactiveness and innovativeness, strategic planning is important for entrepreneurs and the success of their startups. Most entrepreneurs have novel and breakthrough product/service ideas to commence a business from inception. However, many of them lack a practical strategic orientation that will aid them in appraising all aspects of the economic practicality of their startup including a description and examination of their venture prospects. Moreover, if the new venture/startup 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/startups 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 in 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.
| Learning Outcome Number | Learning Outcome Description | Relevant Graduate Capabilities |
|---|---|---|
| LO1 | Discuss the application of key models, theories and concepts associated with strategic entrepreneurship | GC1, GC11 |
| LO2 | Apply strategic thinking to identify and analyse an entrepreneurial opportunity | GC7, GC8 |
| LO3 | Utilise and communicate the information/data that are relevant to strategic new venture planning and its positive and negative social, environmental, cultural or/and economic impacts. | GC2, GC11 |
| LO4 | Interpret and apply the ethical issues including subsidiarity and workers’ rights that are intimately intertwined with strategic new venture planning | GC2, GC3 |
| LO5 | Formulate and assess the various elements of a strategic business plan for start-ups | GC7, GC8 |
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 startups
• R&D planning for startups
• Financial planning for start-ups
• Operations planning for startups
• Supply chain management and startups
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 integrating 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. 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 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, as 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 engage in asynchronous learning 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.
ACU Online
This unit uses an active learning approach to support students in the exploration of knowledge essential to the discipline. Students are provided with choice and variety in how they learn. Students are encouraged to contribute to asynchronous weekly discussions. Active learning opportunities provide students with opportunities to practice and apply their learning in situations similar to their future professions. Activities encourage students to bring their own examples to demonstrate understanding, application and engage constructively with their peers. Students receive regular and timely feedback on their learning, which includes information on their progress.
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 Capabilities |
|---|---|---|---|
Assessment Task 1: Portfolio of Engagement 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 selected weeks. This assessment is intended to develop students’ ability to pursue independent work, develop a sense of online community and encourage participation. Submission Type: Individual Assessment Method: Online engagement Artefact: Portfolio evidencing | 30% | LO1, LO2, LO3 | GC1, GC2, GC7, GC8, GC11 |
Assessment Task 2: New Venture Analysis Presentation This assessment task consists of a 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 stakeholders in decision-making. In this assessment, students analyse the current business status of a real-world new venture and identify the pain points of the business from a strategic entrepreneurship perspective. Submission Type: Individual Assessment Method: Verbal presentation Artefact: Presentation notes/slides | 30% | LO2, LO3, LO4 | GC2, GC3, GC7, GC8 |
Assessment Task 3: Written Report This assessment task consists of a written 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. in this assessment, students need to give attention to customers’ voice issues and fair allocations of responsibilities and resources in new venture planning. Submission Type: Individual Assessment Method: Report Artefact: Written report | 40% | LO4, LO5 | GC2, GC3, GC7, GC8 |
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.