This course examines the factors that promote entrepreneurial success in new business ventures. The course focuses on knowledge-intensive and socially responsible entrepreneurship. In the knowledge-based economy, entrepreneurial ventures need to be abreast with knowledge on establishing innovative businesses that provide sustained competitive advantage, economic and societal value.
Students are expected to gain knowledge on how to start a business. This includes idea generation and evaluation, industry and potential markets analysis, potential risks identification, crafting solid value proposition and creating a valid business model for the new business. Through the course students will get an opportunity to connect with a student incubator and participate in new venture creation competitions. During the course, students will also get opportunity to interact with entrepreneurs in knowledge-based firms. They can work on their own ideas or work with a start-up company to develop its business model.
Students enrolled in this course have the opportunity to work closely with InGenious cases or cases from their own network. InGenious is a collaborative project of the Stavanger University with local firms designed in collaboration with the European Consortium of Innovative Universities (ECIU). This will enable students to work in close collaboration with start-ups in the Stavanger region.
In this course, we apply effectuation approach to entrepreneurship. In addition to all tools that students will be provided during the course, such as idea generation tool, pitching techniques, value proposition identification, SWOT analysis, negotiations skills, business model canvas and blue ocean strategy, students will learn about five core principles of the effectuation. Being an entrepreneur is different from being a manager, and thus different skillsets are required. The "Bird in hand" principle is the first effectuation principle students will learn - assessing their own means, who they are and what they know. Being able to handle risk and create future rather than forecast it is another crucial principle. Further, leveraging surprises is a core entrepreneurial ability and students will learn how to take advantage of it. Negotiation and building partnerships are other core skills that will be discussed through this course. Finally, students will learn to put it all together and modify the business idea until they find their niche and achieve market success. Bringing a social, environmental and economic value is a core essence that students will learn in this course.
Who are entrepreneurs and what is entrepreneurship
Idea generation and evaluation
Creating a business model
Strategic alliances and negotiations
Social and responsible entrepreneurship
Blue ocean strategy
Regional infrastructure for entrepreneurship and sources of funding
Risk assessment and financial calculations
Upon completion of the course, students will:
have a theoretical and practical understanding of establishing a new business
know how to develop a proper business model
know how to make a successful pitch
understand the importance of economic, environmental and social business values
understand the importance of thinking 'glocally' with an international perspective on business development
After this course students will be able to:
understand main elements of the commercialization process
investigate the market potential for new ideas
identify core resources needed for idea implementation
exploit external networks and partnerships
perform financial and liquidity analysis
summarize obtained knowledge in a business plan/business model
Required prerequisite knowledge
Written business plan and oral exam
Form of assessment
Written business plan according to specified requirements
Oral exam (presentation and defence)
The written assignment and the oral exam will be considered together in relation to the final grade. The business plan submission counts for 50% and the oral exam consists of a presentation and defence which counts for 50%.
Participation on 70% of all lectures, One oral presentation, Draft of business concept
Supplementary information about the three mandatory requirements:
1. Participation on 70% of all lectures (regular and guest lectures) and seminars.
2. Students will prepare one seminar presentation (individual/group)
3. Students will submit a preliminary draft of the business concept
The sessions will be organized as a combination of lectures, guest lectures, group discussions, and seminars. Before each session, students are expected to go through the required literature or video materials. Active participation during class sessions is expected. Between sessions, students should work independently with assignments or other deliverables agreed with the teachers. It is desirable that students work together in groups of 2 or 3 students for the assignment. The assignment is based on developing a business idea and a business plan. For this assignment, students will be supervised by teachers and/or mentors from the business community. Based on this assignment, students will present their work through business idea and business model canvas pitch. The final evaluation will be a written business plan and an oral exam at the end of the course. Students will have the opportunity to submit a draft of their business plan to get feedback prior to the final submission.
Expected workload: 250-300 hours
Lectures: 50 hours
Self-study: 100 hours
Business plan: 100 hours
Knowledge-based Entrepreneurship (MØA415_1)
All master's students at UiS.
Students will have the opportunity to give feedback on the course first in an early dialogue, and then in a written course evaluation at the end of the course.