BUSN2026 Entrepreneurship and Small Business

This topic focuses on the notion of entrepreneurship, its importance in the economic system, and on the skills and knowledge required to be a successful entrepreneur. Specific issues covered include: defining and understanding entrepreneurship; the role and importance of small and medium enterprises (SMEs) in modern market-based economies; planning a new business venture; competitive advantage, marketing strategies and financing options; and forms of business ownership. The importance of entrepreneurial activity in promoting economic growth is also considered as is the relevance of entrepreneurial concepts to managing larger businesses.

This topic aims to:

• Introduce students to the notion of entrepreneurship
• Give students an appreciation of the broader economic importance of entrepreneurship
• Provide knowledge and to develop skills which may assist students in becoming successful entrepreneurs
• Make students aware of the special role of small and medium entreprises (SMEs) in the economy and the particular challenges facing them

1. Define and discuss the concept of entrepreneurship and explain the challenges in becoming a successful entrepreneur
2. Identify and explain the important role played by entrepreneurs in realising economic growth
3. Explain the importance of small and medium enterprises to an economy and the particular challenges facing small and medium enterprises
4. Identify and explain the various challenges and issues involved in starting a small innovative business, including the challenges of researching and analysing business opportunities, formulating a business plan, addressing legal issues, analysing financial projections, obtaining finance and developing a marketing strategy
5. Explain and discuss the advantages and disadvantages of starting a business from new, purchasing an existing business, or purchasing a franchise, as a means of going into business for yourself
6. Explain the concept of intellectual property and the various means for protecting intellectual property