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The course on Innovation and Entrepreneurship aims to provide students with a comprehensive understanding of the principles, processes, and practices of innovation and entrepreneurship and how they can be applied to create value and solve complex problems in various contexts. Through theoretical concepts, case studies, and practical exercises, students will develop the skills and knowledge needed to identify, evaluate, and pursue new business opportunities and build and manage innovative ventures in a dynamic and rapidly changing global economy. Topics covered in the course may include ideation, creativity, design thinking, business model innovation, market analysis, financial modelling, risk management, and scaling. Students will also learn about the role of innovation and entrepreneurship in driving economic growth, job creation, and social impact and will explore the ethical and social responsibilities of entrepreneurs and innovators in today’s interconnected world.

Innovation and entrepreneurship are two critical drivers of economic growth, job creation, and social progress in today’s global economy. The course on Innovation and Entrepreneurship aims to provide students with a comprehensive understanding of the principles, processes, and practices of innovation and entrepreneurship and how they can be applied to create value and solve complex problems in various contexts.

After the successful completion of this course, you will understand the following;
Nature and Importance of Entrepreneurship

1. Define entrepreneurship and distinguish between entrepreneurship and intrapreneurship.
2. Analyze the nature and development of entrepreneurship and its role in economic development.
3. Evaluate the entrepreneurial decision process, including the desirability of new venture formation and the factors influencing entrepreneurial decision-making.
4. Identify different types of start-ups and describe the entrepreneurial process involved in starting and managing a new venture.
5. Assess the skills required by entrepreneurs, including managerial and entrepreneurial decision-making and the ethics and social responsibility of entrepreneurs.
6. Discuss the future of entrepreneurship and recent trends in intrapreneurship, including the role of government as an innovator and the causes of the recent interest in intrapreneurship.

 

INTERNATIONAL ENTREPRENEURIAL OPPORTUNITIES.

• Assess the opportunities and challenges associated with international entrepreneurship, including the importance of international business to firms and the differences between international and domestic entrepreneurship.
• Evaluate the process of entrepreneurial entry into international business, including different market entry methods and strategies for overcoming barriers to international trade, such as trade blocks and free trade areas.
• Analyze the role of entrepreneurs in generating new ideas and the methods used to generate and develop these ideas, such as creative problem-solving and other ideation techniques.
• Compare and contrast different sources of new ideas for entrepreneurs, including internal and external sources, and evaluate the benefits and drawbacks of each.
• Evaluate the effectiveness of different entrepreneurial strategies for overcoming trade barriers and expanding into international markets.
• Critically analyze the role of innovation in international entrepreneurship and the importance of adapting to local market conditions and cultural differences when developing and implementing international business strategies.

 

CREATIVITY AND THE BUSINESS IDEA

• Analyze the product planning and development process, including the criteria for assessing new business opportunities and establishing evaluation criteria.
• Evaluate the role of e-commerce in business start-up and growth, including the benefits and challenges of using the internet to start and grow a company.
• Assess the process of starting an e-commerce company, including website development, and evaluate the strategies used by entrepreneurial companies to succeed in e-commerce.
• Examine the importance of endorsement deals for entrepreneurial companies and identify three best practices for securing and executing successful endorsement deals.
• Evaluate the points to be considered while doing e-commerce, including the promotion of the website in all marketing materials and the role of the product life cycle in developing and marketing e-commerce products.
• Critically analyze the challenges and opportunities associated with doing e-commerce as an entrepreneurial company and identify the strategies and practices that can be used to overcome these challenges and capitalize on these opportunities.

CREATING AND STARTING THE VENTURE

• Analyze the role of planning as part of the business operation, including the purpose of a business plan and who should write it.
• Evaluate the scope and value of the business plan and identify the key stakeholders who read and evaluate it.
• Examine the information needs for a business plan and the use of the internet as a resource tool to support the planning process.
• Assess the process of using and implementing the business plan, including how to measure progress and why some business plans fail.
• Evaluate the elements of a marketing plan, including marketing research, and assess the benefits of using marketing research in the planning process.
• Critically analyze the marketing research process and identify the strategies and practices that can be used to develop effective marketing plans for entrepreneurial companies.

Innovation Management

• Define the basic concepts and definitions related to innovation, such as creativity, invention, and diffusion, and differentiate between them.
• Evaluate different methods for measuring innovation, including input and output metrics, and explain their strengths and limitations.
• Describe the innovation process and its key stages, including idea generation, screening, testing, implementation, and diffusion.
• Analyze the role of knowledge in innovation, including the importance of tacit and explicit knowledge, and explain how knowledge management can support innovation.
• Identify different types of innovation, such as incremental, radical, and disruptive, and provide examples of each.
• Describe the characteristics of innovation, such as complexity, uncertainty, and risk, and explain how they influence the innovation process.
• Analyze the principles of technological innovation management, including technology scouting, road mapping, and open innovation, and explain how they can be applied in a business context.
• Evaluate strategies for enhancing a company’s capacity for innovation, such as creating a culture of innovation, investing in R&D, and collaborating with external partners.