MSc Enterprise and Business Creation

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Key facts

Times and Sunday Times Good University Guide 2017 / Complete University Guide 2017

If you’re an aspiring entrepreneur who wants to get a new business idea up and running, then this course is made for you. It provides the perfect platform to develop that initial spark of an idea and plan a real commercial venture, before starting the business once you graduate. This course will give you all the support required to turn a back-of-the-envelope concept into potential front-page news.

Overview

Designed for self-starters and aspiring entrepreneurs, the MSc Enterprise and Business Creation offers you the support required to develop initial business ideas, and turn them into real commercial ventures. You will first learn the fundamentals of business creation, and then how to tailor this learning to your chosen field of focus. Finally, you will be offered a choice of four exit routes. Teaching is jointly taught by experts at UEA, along with tutors within the enterprise community, experienced in business and business creation.

About the course

Unlike postgraduate degrees at other institutions, the unique structure of this degree is focused on helping you to develop and realise your business ideas. Exams are of no value in starting a business so all assessment is via targeted coursework.

Beginning in September, the first semester takes all participants, irrespective of their experience, through the fundamentals of business creation. The second semester then gives you the opportunity to tailor your learning to your chosen business field. You will have a choice of modules which all draw on the competencies of UEA and partners, including:

  • Entrepreneurship in Global Health and Care - in collaboration with UEA’s pioneering Norwich Medical School, the School of Health Sciences, and the Norfolk and Norwich University Hospital.
  • Creative Enterprise: Sustainable Business for the Arts - in collaboration with UEA’s multi-award winning faculty of arts and humanities, including its world fame in creative writing and the Sainsbury Centre for Visual Arts.
  • Entrepreneurship in Agritechnology and Industrial Biotechnology - in collaboration with Europe’s leading centre for plant and health sciences in the Norwich Research Park.

Exit routes

Uniquely in a course of this nature, you will have a choice of four exit routes in your third semester, the fourth option enables you to extend your total course to 18 months:

Route One - for students wishing to continue their business education, before starting their business, this option allows participants to take a number of business school modules, e.g. Integrated Business Decisions, Leadership and Change Management.

Route Two - for students who’d prefer to spend some time on business research before starting their own business, this route provides two options:

  • researching some aspect of your own business, before presenting a dissertation, or
  • doing consultancy on behalf of a business culminating in the presentation of a consultancy report.

Route Three - students create their final Business Plan, before presenting to potential investors and mentors to gain investment, feedback and support.

Route Four – uniquely, ‘prize winning’ participants will secure investment to launch their business. They will remain in the Enterprise Centre, rent-free, for a further six months, with supported incubation, to ensure the business hits the road running. This is an once-in-a-lifetime opportunity that enables you to extend your total course to 18 months. NB: visa conditions may apply.

We anticipate Routes Three and Four to be the most popular exits as both feature the development and finalising of the participants’ Business Plan ahead of launching the planned enterprise.

Course Modules 2017/8

Students must study the following modules for 60 credits:

Name Code Credits

ACCOUNTING AND FINANCE FOR START UPS

A successful business start-up is dependent on the ability of the entrepreneur to manage money. This involves two main activities; firstly the company has to attract finance to fund its development, operations and growth; and secondly the company will need to ensure that the money is managed properly. The module will ensure that students understand the importance of maintaining accurate accounting systems in order to be able to demonstrate to stakeholders (including investors) that they are able to manage their money. This will be taught through the use of accounting software and excel spreadsheets, which students can go on to use for their own business. The financial decision-making tools and valuation techniques will be taught in the module, which will help students make the right capital budgeting decisions for kick-starting their business. Both internal (e.g. working capital) and external (e.g. business angels and banks) funding sources will be covered. Students will have the opportunity to participate in workshops with financial investors providing both equity and debt, in order to learn what the key success factors are for winning funding pitches. THIS MODULE IS ONLY AVAILABLE TO NBS MSC STUDENTS

NBS-7057A

20

BUSINESS: WINNING AND THE ART OF

You, and you alone, can decide to start a business. And you can start any business that you want. However it is the market (not you) that will decide if you've made the right decision. Grounding our new business in the reality of the future (not current) market is the foundation to your success. We live or die by the decisions of the market. If we are good we thrive, if not#.well, we don't want to go there. We need to know what the future world wants/needs/will pay for. We need to know if the market potential is enough to justify our starting business? We need to know how we will compete? We need to know who we want to compete with? We need to know how to position our business in the market? To brand. To seduce customers. In short, we need to know how to win. Two connected disciplines that we use to determine our fate are strategy and marketing. Strategy is about creating the future and managing our future development and most important of all, strategy is about winning, about achieving sustainable competitive advantage. Strategy is about creating a purpose for our business. Marketing is communicating our purpose to the customers we chose (and we choose our customers; not the other way around). Remember it is not the best products or services that win, usually it is the best marketed products or services that win. Drawing on theories, models, real case studies and real experience this module develops you as a strategist and marketer in your creation of a business that will win. THIS MODULE IS ONLY AVAILABLE TO NBS MSC STUDENTS

NBS-7060A

20

ENTREPRENEURSHIP AND BUSINESS PLANNING

This foundation module is designed to provide participants with practical understanding of enterprise formation at the pre-start up stage. It introduces the precursor elements of venture creation process, an assessment of the IP position, marketing and financial analyses emphasizing on four integral components; -Effectuation -Venture and Business Planning -Commercialization -Planning for Growth Knowledge and understanding Having successfully completed the module, participants will be able to demonstrate knowledge and understanding of: #Entrepreneurship and the relationship between entrepreneurs, owner-managers, inventors and innovators; #The necessary steps in the venturing process; #The criteria for development of a successful business plan and business plan presentation. Intellectual skills #Analyse and interpret approaches and attitudes to entrepreneurship, enterprise and business venturing; #Evaluate, analyse, understand and interpret activities involved in business venturing; #Demonstrate evaluative, research and investigative skills. THIS MODULE IS ONLY AVAILABLE TO NBS MSC STUDENTS.

NBS-7059A

20

Students will select 60 credits from the following modules:

Name Code Credits

BUSINESS OPERATIONS AND PROJECT MANAGEMENT FOR ENTREPRENEURSHIP

Operations and project management are at the heart of all businesses, whether large or small, in manufacturing or services, serving consumer or business markets. While operations management mainly deals with repeated activities, project management deals with one off activities. However, there is considerable overlap between the two disciplines. The aim of this module is provide an introduction to these two closely related disciplines that is tailored to the needs of entrepreneurs and new business start-ups. Therefore, while students will learn from the breakthroughs and innovations of the largest multi-nationals - such as lean production, big data, sustainable processes or agile project management - we will tailor the insights that we can gain and the lessons that we learn for entrepreneurial start-ups and early stage organisation. THIS MODULE IS ONLY AVAILABLE TO NBS MSC STUDENTS

NBS-7061B

20

CREATIVE ENTERPRISE - BUSINESS PLANNING FOR THE ARTS

Creative Enterprise - business planning for the arts will assist Arts and Humanities students to identify and move forward with their career ambitions by creating an individualised strategy intended to explore how the field of business creation may work for Arts graduates. #Creative enterprise This examines the skills, ways and means to start up individual creative practice and / or creative ventures. The student is required to examine, evaluate and develop their entrepreneurial awareness and capacity. They also need to deploy a competence in the key skills, attributes, traits and behaviours required to undertake, manage and sustain creative practice /cultural enterprises, including recognising and creating opportunity, addressing uncertainty and risk in the context of self-direction and self-employment. They will look at the the key roles of digital technology and social media adopting the appropriate applications. #The Arts/ Business Plan A personal five-year Plan and individual strategy which identifies the student's creative ambitions linked to self-employment supported by business planning of current or proposed enterprises. Students review their current position and assumptions before identifying future goals aided by research and analysis with tutorial support. The student is required to demonstrate at each developmental stage a conceptual, contextual and practical understanding relating to their creative aims and objectives or ambition to start up an enterprise. #Resources and Cultural Sector Frameworks This section develops the required working strategies to achieve a positive engagement with current cultural policy and frameworks in the public, private and charitable sectors. Students acquire an understanding of individual or group practice when embarking on enterprises in this sector with incomes streams wholly or partly self-generated, or part subsided, or part sponsored. Students will learn to identify a full range of resources and investment opportunities including valuing human capital, partnerships, collaboration, networking, fundraising, sponsorship and crowd sourcing. #Innovation and new routes to market This section involves applying innovation to the student`s creative practice or enterprise in a context within and outside existing markets or known parameters. Undertake a critical comparative analysis of students creative processes and develop new ways of working, aligning the resulting products and services to the identification of new routes to market outside established norms. Examine options for innovative use of natural materials supported by ADAPT expertise. Relate pricing, perceived value, production time, and available capacity to inform budgetary modelling designed to address the challenges of competition, communication, visibility and ability to reach existing and new target markets. THIS MODULE IS ONLY AVAILABLE TO NBS MSC STUDENTS

NBS-7067B

20

ENTREPRENEURSHIP IN AGRITECHNOLOGY AND INDUSTRIAL BIOTECHNOLOGY

Contemporary scientific research is providing increasing opportunities for entrepreneurial change to catalyse socioeconomic benefits. The Norwich Research Park includes UEA and several independent research institutes that together house world-leading science researchers and entrepreneurs, with particular strengths in the agricultural and biotechnological sectors. Students will learn from scientists turned entrepreneur and will be supported in their endeavours by developing a broad base of relevant knowledge and skills. Students will engage in interactive discussions with entrepreneurial leaders drawn from the Norwich Research Park and beyond and this will grow students' knowledge of the spin out technologies developed from basic science research, particularly for industrial biotechnology and agriculture. Discussion and evaluation of several case studies will review how they address a number of global challenges, including food and energy security, healthy ageing and the fight against rising antimicrobial resistance. The students will also engage with local like-minded peers, such as the Science Faculty Enterprise and Engagement club, or student teams that enter entrepreneurial competitions. THIS MODULE IS ONLY AVAILABLE TO NBS MSC STUDENTS.

NBS-7068B

20

ENTREPRENEURSHIP IN GLOBAL HEALTHCARE

Entrepreneurship in Global Healthcare is a module focused on ensuring that students are capable of spotting opportunities and catalysing entrepreneurial change in the health and social care sectors for the benefit of patients. The emphasis is placed on students demonstrating their entrepreneurial capacity by working collectively to deliver Norwich's first Health Hackathon. Based on the Kauffman Foundation / MIT model, as the capstone of the module, students will create and deliver a 1-day Hackathon event that brings together #100 multidisciplinary stakeholders from across the regional health economy focused on driving innovation and enterprise in areas of unmet clinical need. Students will be supported in their entrepreneurial endeavours by developing a broad base of relevant knowledge and skills. The module will depend on a wide ranging programme of concise flipped lectures (lectures provided in advance via e-learning); students will then engage in interactive discussions in the classroom to consolidate their lecture-based learning. Furthermore there will be 10 seminar sessions from entrepreneurial leaders drawn from across the global health economy which will grow students' awareness of emerging trends and the nature of entrepreneurial ventures in both the developed and developing worlds. These entrepreneurs will outline their entrepreneurial journey via Skype. Two of the 10 sessions will require the students to source the speaker themselves on topics of most interest to the student group, and in the process grow their entrepreneurial networks. There will also be a visit to Hinchingbrooke Hospital in Cambridgeshire; the first NHS hospital run by a private provider, to explore the entrepreneurial interface between public and private healthcare providers. Students will also be required to engage with four Harvard style case studies exploring a variety of health-related enterprises in-depth e.g. social enterprise mediated healthcare delivery, medical device development; entrepreneurial change in existing healthcare settings. Through forensic pre-reading and relating the content to their wider MSc studies we will explore the content through a critical lens, and scrutinise the decision making of the key proponents within the case studies. These problem-based cases will require students to articulate their learning in clear, concise and entrepreneurial ways. Finally, students will be play a central role in seven one hour interactive enterprise skills sessions that will support their development of the Hackathon event. These sessions will bring together concepts central to entrepreneurial event creation. The formative assessment will require students to complete a 1,500 word analysis of a health-related enterprise selected collectively by the group. The summative assessment will depend on two activities: (1) As a student group 50% of the assessment mark will be awarded for the development and delivery of the Health Hackathon against a pre-agreed set of performance metrics e.g. commercial sponsorship secured; number of event attendees; media coverage generated; participant feedback scores. (2) The remaining 50% will be awarded individually on the in-depth 3,000 word analysis of health-related enterprise of their own choosing deploying as much of the relevant learning from the module as appropriate to consider the enterprise's capacity to deliver exceptional products or services to patients. THIS MODULE IS ONLY AVAILABLE TO NBS MSC STUDENTS

NBS-7066B

20

NAVIGATING THROUGH THE RED TAPE

This modules introduces business students to the discipline of law insofar as it relates to conducting business in England, and as such adopts a "business facing" rather than "law-facing" approach. It is modeled on the assumption that students taking the module lack a background in law and its fundamental concepts and the overall objective is not to provide detailed legal knowledge in any particular area, but rather to help students identify where potential legal issues, risks or problems can arise in the general context of running a business (and then in relation to specific business practices) and to develop a sense of when and where proper legal advice is required. THIS MODULE IS ONLY AVAILABLE TO NBS MSC STUDENTS

NBS-7065B

20

PLANNING AND RUNNING YOUR BUSINESS

Planning your business is mission critical. But at that stage they are just that; plans. Equally critical is our ability to turn these plans into reality that requires sound knowledge and skills in project management. Equally while drawing upon knowledge management theory to shape our thinking as we operationalise our business. This module will draw heavily upon the teaching of existing entrepreneurs and business owners in exploring risks and realities in taking a plan into action. THIS MODULE IS ONLY AVAILABLE TO NBS MSC STUDENTS

NBS-7062B

20

Students will select 60 credits from the following modules:

Name Code Credits

BEHAVIOURAL ASPECTS OF MARKETING AND MARKETING RESEARCH

The key to a successful marketing strategy is the development of a customer focus within the organisation which relies upon a thorough understanding of buyer behaviour. This module provides an understanding of the main theories of buyer behaviour, and the application of these theories in the development of marketing strategies. Marketing research promotes a better understanding of customer behaviour and the effectiveness of marketing strategies. It is essential that business and marketing managers have a firm understanding of the value of, the processes involved in and the methods used for marketing research. This module also provides such an understanding. THIS MODULE IS ONLY AVAILABLE TO NBS MSC STUDENTS.

NBS-7087X

20

BUSINESS LEADERSHIP AND CHANGE MANAGEMENT

Warren Bennis, the founding father of the scientific study of Leadership, wrote "Failing organisations are usually over-managed and under-led". This comment is still as valid today as when it was originally stated in the last century. But what counts as effective leadership for businesses coping with the ever increasing pace of change in a fast evolving global business environment? Where once organisational change was perceived of as an occasional occurrence, it is now considered to be a requisite organisational capability, and its successful implementation a major source of competitive advantage for the organisation. As such, however, it requires organisations to have leaders with strategic vision and the capability to inspire others to turn their vision into reality. This module introduces students to the major theories and practice regarding change management with discussion of the role of business leadership in successful implementation. Students in groups will participate in a "live" change management consultancy, and present their findings and recommendations to their "client" in a group presentation. THIS MODULE IS ONLY AVAILABLE TO NBS MSc STUDENTS

NBS-7041X

20

BUSINESS PLAN

This practical module will enable you to develop a sustainable business plan for your start-up idea and offers you the opportunity to compete for an award of GBPxxx,000 of start-up funding. Pulling together the subject specific skills and learning from the other modules covering marketing, planning, budgeting, finance and legal aspects, you will now focus on the opportunity your business offers to its target audience, be it an investor, a partner or new staff. You will be taught the skills to structure and present your ideas in a clear and coherent way both in writing the plan and the summary documents, as well as using video and social media. You will learn how to tailor the business plan to your target funder. Whether this is a bank, a business angel, a grant awarding body or a crowdfunder you will have the opportunity to present to them and receive personal feedback on your pitch.

NBS-7070X

60

BUSINESS RESEARCH

This module provides (exit route 2 of this MSc) and gives you with the opportunity to undertake in depth research into a business subject. This research activity will take place over the 12 weeks of the third semester and will address a business issues. The context of that issue will allow you to choose the nature of your research and the final presentation of your work : Option 1 - is to produce a dissertation The dissertation element of the Masters programme offers you the opportunity to demonstrate your ability to carry through an independent piece of research on a subject of your choice in greater detail than any taught element of the course can offer. It allows you to develop and display your skills in independent research and depth of knowledge of a particular area of research. The module is intended to provide evidence of your ability to research and develop ideas with occasional supervision from a nominated member of faculty to ensure that the chosen area covered is being explored to its potential. The dissertation should draw from material from other modules within the MSc Programme. Your dissertation will be on a business subject likely in the context of your business idea. Option 2 - is to produce a piece of consultancy work This involves identical volume and level of work and with the same academic supervision but the context differs in that you will undertake your business research on behalf of a client. This provides you the opportunity for gaining valuable insights into a business issue within a business environment. While you will work on a research issue of the clients' choosing (not yours) the module organiser will seek to provide consultancy opportunities in areas of interest to you (and maybe your business idea). It research will provide you the opportunity to learn and practice business skills relevant to your future business.

NBS-7085X

60

INTEGRATED BUSINESS DECISIONS

The module is "delivered" as a "game" played in teams. The military has used such a game to teach strategy and tactics. It has been updated to the international business environment, so that one team (business) in each game emerges as the winner. Each team needs to use something of what has been learnt from all modules covered so far in the MSc course. THIS MODULE IS ONLY AVAILABLE TO NBS MSc STUDENTS

NBS-7034X

20

Disclaimer

Whilst the University will make every effort to offer the modules listed, changes may sometimes be made arising from the annual monitoring, review and update of modules and regular (five-yearly) review of course programmes. Where this activity leads to significant (but not minor) changes to programmes and their constituent modules, there will normally be prior consultation of students and others. It is also possible that the University may not be able to offer a module for reasons outside of its control, such as the illness of a member of staff or sabbatical leave. Where this is the case, the University will endeavour to inform students.

Entry Requirements

  • Degree Subject Any subject
  • Degree Classification Good 2.2 or equivalent

Entry Requirement

Our first requirement is that you have a desire to create your own business.

Next we will look at your academic achievements and any relevant experience that you have. Qualifications might include:

  • A lower second class honours degree (2:2) or international equivalent in any subject from a recognised institution

  • Professional qualifications, e.g. accounting, medical etc.

  • Technical qualifications, e.g. HNC etc.

You do not need business experience to join this course but any you do have could be useful in your application and may be more important than your academic qualifications. For example:

  • Full or part-time work

  • Self-employment or portfolio career (e.g. in the arts)

  • Research experience relevant to your business idea (e.g. science, medicine etc.)

  • Any business you have started (successful or not)

  • eBay trading activities

  • Investing or personal stock market trading

  • Leadership or management experience (e.g. in the military)

To help decide if the course is right for you, we ask you to submit your business idea with your application, describing what the business idea is and why the world needs it. This does not have to be essay format but can be presented in the form of diagrams or tables as a summary of your business.

Candidates will be considered at the discretion of the course leader. Those who meet our requirements will be asked to take part in an interview.

Students for whom English is a Foreign language

We welcome applications from those whose first language is not English or whose degree was not taught in English. To ensure such students benefit fully from postgraduate study, we require evidence of proficiency in English:

  • IELTS: 6.5 overall with a minimum of 6.0 in each component
  • PTE (Pearson) Academic: 62 overall with a minimum of 55 in each component

Test dates should be within two years of the course start date. 

Other tests, including Cambridge English exams and the Trinity Integrated Skills in English are also accepted by the university. The full list of accepted tests can be found here: Accepted English Language Tests.

INTO UEA also run pre-sessional courses which can be taken prior to the start of your course. For further information and to see if you qualify please contact: INTOpre-sessional@uea.ac.uk or visit: INTO University of East Anglia Language Learning Centre.

Fees and Funding

Tuition Fees for 2017/18

  • Home/EU students: £9,400 
  • Overseas students:  £15,600

International applicants from outside the EU may need to pay a deposit.

Living Expenses

Approximately £9,600 living expenses will be needed to adequately support yourself.

Scholarships and Funding

A variety of Scholarships may be offered to Home/EU and Overseas students. Scholarships are normally awarded to students on the basis of academic merit and are usually for the duration of the period of study.

Funding for postgraduate study is also available both from the university and from a number of external schemes.

Find out more about scholarships, funding and bursaries.

How to Apply

Applications for Postgraduate Taught programmes at the University of East Anglia should be made directly to the University. You can apply online.

Further Information

To request further information & to be kept up to date with news & events please use our online enquiry form.

If you would like to discuss your individual circumstances prior to applying please do contact us:

Postgraduate Admissions Office
Tel: +44 (0)1603 591515
Email: admissions@uea.ac.uk

International candidates are also encouraged to access the International Students section of our website.

    Next Steps

    We can’t wait to hear from you. Just pop any questions about this course into the form below and our enquiries team will answer as soon as they can.

    Admissions enquiries:
    admissions@uea.ac.uk or
    telephone +44 (0)1603 591515