Small Business Management
Small Business Management is designed to give you an insight into how to set-up and manage your own business. Many of you will have connections with small businesses, either because your family owns one, you have worked in one, or you might be thinking about setting your own up in the future. This module is designed to enable you to understand the steps of setting up a business from idea generation to start-up capital generation and also to help you think about how you manage a small business from different perspectives. For a business to be sustainable it must learn to evolve and innovate within the market and the trading circumstances it finds itself in. Therefore, this module will look at all aspects of the business from formulating an initial business plan, developing strategy, through to managing resources. The module starts with idea generation and business model canvas creations follows. Lectures will examine the support activities and how these interact with the primary activities of the business, it will help you assess how these impact upon the profit margin and add value. Course content will draw heavily on existing small businesses from a variety of sectors to help you learn from their experiences. There will be successful business people sharing their success stories with students and also helping them to find their ways into their future business career. There are many new and exciting ways to set up, run and manage a business, this module will give you an insight into managing and leading a small business enterprise.
Full module specification
|Module title:||Small Business Management|
|Duration of module:||
Duration (weeks) - term 1: |
Small business management will equip you with the knowledge, skills and understanding to help you make informed decisions about how to start, manage and innovate a small business. It will enable you to critically analyse a business model, which in turn will inform you about how best to mitigate against potential lost revenue and maximise, where possible, appropriate efficiencies that will benefit your profit margin. You will also learn how a small business fits into the wider economy and what role it can play in society. The module will be particularly relevant if you are planning at some point to return to a family run business, or start up your own small business in the future. It will draw upon prior knowledge from other modules and consolidate that learning through case study examples and guest speakers, all of whom are small business owners themselves. You will learn both the theory and practice of how to manage a small business successfully, in addition to the options around business acquisitions and exit strategies.
ILO: Module-specific skills
- 1. Engage with the debates around the importance of small businesses to a regional, national and international economies
- 2. Critically appraise the theory of small business management
- 3. Analyse a business model to identify the main purpose of the business and means of making a profit
- 4. Reflect on real life business case studies and guest speakers about how to innovate a business offer and mitigate against profit loss
ILO: Discipline-specific skills
- 5. How to create an organisation around a business idea
- 6. Develop and defend unique business ideas and understand the journey from a business idea to an actual business
- 7. Develop creative solutions to business management challenges
- 8. Utilise analysis techniques for examining the various components of a business model
- 9. Develop a greater understanding of the need for integrated management thinking about all strategic aspects of small business management
- 10. Use academic theory and models to inform critical thinking and analysis of potential business opportunities and future business scenarios
- 11. Outline opportunities for collaboration in small business networks
ILO: Personal and key skills
- 12. Confidently apply relevant technical language associated with small business management
- 13. Evaluate the skills set required to manage a small business
- 14. Recognise the complexities and challenges facing small business manager and owners
- 15. Communicate a new business/product/service to relevant stakeholders
Learning activities and teaching methods (given in hours of study time)
|Scheduled Learning and Teaching Activities||Guided independent study||Placement / study abroad|
Details of learning activities and teaching methods
|Category||Hours of study time||Description|
|Scheduled Learning & Teaching activities||24||Formal class room based lectures where you will learn the theory and examine case studies|
|Scheduled Learning & Teaching activities||4||Practical workshops where you will undertake practical tasks and interact with business practitioners.|
|Independent study||122||You will produce an independently researched and written theory paper plus a practical business plan based exercise. You will be expected to manage your time accordingly.|
|Form of assessment||Size of the assessment (eg length / duration)||ILOs assessed||Feedback method|
|A plan of the business plan based assessment||500 words||1-14||Written and verbal|
Summative assessment (% of credit)
|Coursework||Written exams||Practical exams|
Details of summative assessment
|Form of assessment||% of credit||Size of the assessment (eg length / duration)||ILOs assessed||Feedback method|
|Formulation of an independently created business plan||60||Business Plan (based on a business idea generated by student) 2,000 words||1-15||Written|
|Presentation - Idea pitching||40||Idea pitching - presentation of the business idea through presenting the Business model canvas||1-15||Verbal|
Details of re-assessment (where required by referral or deferral)
|Original form of assessment||Form of re-assessment||ILOs re-assessed||Timescale for re-assessment|
|Formulation of an independently researched business plan / Idea Pitching Presentation||Business Plan of 2000 words plus a reflective essay of 200 words||1-15||August|
A student will be referred in all components if the student fails the module with a mark of below 40% overall.
A student if deferred in a single component will be reassessed in that component only.
- Small Businesses and their role in the economy and wider society
- How to generate a business idea
- How to create a business model canvas
- How to write up a business plan
- How to find the best business model for your own business
- How to raise a start-up capital
- How to network and develop business strategies around a business idea
- How and when to engage with externals to get support for your business
- Technology - what tech does the business need to do business profitably, how it it managed? Sourced? Resourced? How does the business create value out of this?
- Procurement - what does the business need to buy in? Raw materials? Services? Goods? What are the costs? How does the business create value out of this?
- Inbound Logistics– what are these? How are they managed? Where are they sourced from? How can they add value? How does the business create value out of this?
- Operations– how does the business operate? What does it do on a day to day basis? Are these effective and efficient? How does the business create value out of this?
- Outbound Logistics– what are these? Are they effective and efficient? How does the business create value out of these?
- Marketing/Sales/Service/Export– how is this managed? Is it effective? Where is the business' USP? Does it export? Does it want to? Opportunities? How does the business create value out of these activities?
- Profit Margin– what is it? Could it be larger? What risks are there to it decreasing? Where can the business innovate to increase the profit margin
- Buying or selling an established business– the options and the challenges – the business plan
Workshops and tutorials will be delivered as a team with real business people, business angels, start-up support organisations and also guest lecturers. Students will have a chance to talk to business advisors when needed. The workshops will evolve around designing a business plan, how to finance a new start-up, networking, how to create a niche market or enter a new market, sustainable business. There will be an idea pitching competition where students will pitch their ideas to a panel and will try to win the competition to get the prize.
Indicative learning resources - Basic reading
Text Book –
- Stokes D and Wilson N (2010) Small Business Management and Entrepreneurship, Cengage Learning
Recommended Reading -
- Porter M.E. ( 2004) Competitive Advantage, creating and sustaining superior performance, Free Press, New York
- Barrell A, Gill D and Rigby M (2013) Show Me The Money: How to raise the cash to get your business off the ground, Elliot and Thompson, London
Relevant Journals –
- Journal of Small Business Management
- Journal of Management Studies
- Entrepreneurship Theory and Practice
Module has an active ELE page?
Last revision date