Module Details

Module Code: MGMT6041
Title: Exploring Business Viability
Long Title: Exploring Business Viability
NFQ Level: Fundamental
Valid From: Semester 1 - 2022/23 ( September 2022 )
Duration: 1 Semester
Credits: 5
Field of Study: 3450 - Business & Management
Module Delivered in: 2 programme(s)
Module Description: This module allows students to explore a business opportunity or idea. Students will complete fundamental market research and analysis to assess the viability of the idea for further commercial development.
 
Learning Outcomes
On successful completion of this module the learner will be able to:
# Learning Outcome Description
LO1 Implement business idea generation tools and techniques to generate a new commercial or social business opportunity or idea
LO2 Undertake basic market research to gain industry knowledge and to establish market demand for a product or service.
LO3 Apply basic financial analysis to establish financial viability for a business venture.
LO4 Develop a feasibility analysis to assess the commercial viability of pursuing a business venture.
LO5 Examine relevant sources of private and public assistance and finance available to new start-up enterprises
Dependencies
Module Recommendations

This is prior learning (or a practical skill) that is strongly recommended before enrolment in this module. You may enrol in this module if you have not acquired the recommended learning but you will have considerable difficulty in passing (i.e. achieving the learning outcomes of) the module. While the prior learning is expressed as named MTU module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).
Incompatible Modules
These are modules which have learning outcomes that are too similar to the learning outcomes of this module. You may not earn additional credit for the same learning and therefore you may not enrol in this module if you have successfully completed any modules in the incompatible list.
No incompatible modules listed
Co-requisite Modules
No Co-requisite modules listed
Requirements

This is prior learning (or a practical skill) that is mandatory before enrolment in this module is allowed. You may not enrol on this module if you have not acquired the learning specified in this section.
None
 
Indicative Content
Opportunity Recognition
Creativity, problem solving and the business idea. Sources of new ideas, methods for generating ideas and screening, creative problem solving. The product development cycle.
Sustainability
The UN Sustainable Development Goals, with particular reference to SDG 12 Responsible Consumption and Production - increasing resource efficiency and promoting sustainable economic growth.
Introducing the Business Model Canvas
Business model canvas exploration, application and development. Lean start-up canvas.
Market Research
Understanding customer/end user needs, psychological needs. Market demand, market analysis, exploring competitor profiles. Basic market research methods.
Sources of Support
Enterprise support agencies at local and national level. Finding and using the appropriate support available.
Finance
Sources of public and private funding for start up and growth stages of a business. Investing in an existing business. Debt equity, venture capital, business angels, crowd funding, bootstrapping, government funding.
Financial Planning
Costing, pricing, sales forecasting and break-even analysis
Feasibility Study
Commercial viability, attractiveness of opportunity, skillset, team capacity, personal capability, next steps of business development.
Module Content & Assessment
Assessment Breakdown%
Coursework100.00%

Assessments

Coursework
Assessment Type Practical/Skills Evaluation % of Total Mark 20
Timing Week 3 Learning Outcomes 1
Assessment Description
For example: conduct a brainstorming idea generation exercise to generate a list of potential business ideas. Develop one idea and pitch this idea to a panel of enterprise experts.
Assessment Type Written Report % of Total Mark 40
Timing Week 7 Learning Outcomes 2,3
Assessment Description
For example: Prepare a business concept paper for a business idea outlining preliminary considerations around product, customers, competition, market demand etc.
Assessment Type Written Report % of Total Mark 40
Timing Sem End Learning Outcomes 1,2,3,4,5
Assessment Description
For example: Prepare and present a feasibility report covering financial, marketing/commercial and operational considerations. This assessment may be delivered in a Cross Modular format.
No End of Module Formal Examination
Reassessment Requirement
Coursework Only
This module is reassessed solely on the basis of re-submitted coursework. There is no repeat written examination.

The University reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Contact Type Workload Description Frequency Average Weekly Learner Workload Hours
Lecture Contact In Class Contact Every Week 3.00 3
Independent & Directed Learning (Non-contact) Non Contact Self Directed Study & Research Every Week 4.00 4
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 3.00
Workload: Part Time
Workload Type Contact Type Workload Description Frequency Average Weekly Learner Workload Hours
Lecture Contact In Class Contact Every Week 2.00 2
Independent & Directed Learning (Non-contact) Non Contact Self Directed Study & Research Every Week 5.00 5
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 2.00
 
Module Resources
Recommended Book Resources
  • Janet Crum and Samantha Schmehl Hines. (2019), Supporting Entrepreneurship and Innovation, Emerald Publishing Limited, [ISBN: 9781789732054].
  • Ron Immnick & Brian O'Kane. (2010), Starting you own Business: A Workbook, 3rd. Oak Tree Press, Ireland, [ISBN: 9781904887355].
  • Yvonne McGivern. (2009), The practice of market research - an introduction, 3rd. Prentice Hall, [ISBN: 978027371707].
Supplementary Book Resources
  • Kathleen Allen. (2016), Launching New Ventures: an Entrepreneurial Approach, 3rd. Oak Tree Press, Ireland, [ISBN: 978130510250].
  • David A. Gibson. (2010), The Streetwise Guide to Being Enterprising: Workbook and Journal, 1st. Oak Tree Press, Ireland, [ISBN: 9781904887331].
  • Eric Ries. (2011), The Lean Start-Up: how constant innovation creates radically successful businesses, 1st. Portfolio Penguin, London, [ISBN: 9780670921607].
  • Joseph Tidd and John Bessant. (2015), Innovation and Entrepreneurship, 3rd. Wiley, [ISBN: 9781119089438].
  • Thomas M. Cooney. (2010), Enterprise Cases: looking beyond the commercial, 1st. Lambart Academic Publishing, [ISBN: 9783838355641].
  • Frank Wood and Alan Sangster. (2018), Business Accounting, 14th. Pearson, [ISBN: 9781292208626].
This module does not have any article/paper resources
Other Resources
 
Module Delivered in
Programme Code Programme Semester Delivery
CR_ESMPR_8 Bachelor of Engineering (Honours) in Smart Product Engineering 2 Mandatory
CR_BENPO_6 Certificate in Enterprise Potential 1 Mandatory