New Venture Creation

University of the South Pacific

Course Description

  • Course Name

    New Venture Creation

  • Host University

    University of the South Pacific

  • Location

    Suva, Fiji

  • Area of Study

    Entrepreneurial Management

  • Language Level

    Taught In English

  • Prerequisites

    Two 200-level MG courses

  • Course Level Recommendations

    Upper

    ISA offers course level recommendations in an effort to facilitate the determination of course levels by credential evaluators.We advice each institution to have their own credentials evaluator make the final decision regrading course levels.

    Hours & Credits

  • Credits

    3 - 4
  • Recommended U.S. Semester Credits
    3 - 4
  • Recommended U.S. Quarter Units
    4 - 6
  • Overview

    Entrepreneurship is growing at a phenomenal degree in Asian countries. This course on entrepreneurship deals with the creation of new ventures. Furthermore, small business and entrepreneurship have engendered considerable interest in the island nations of the South Pacific in the late 1980s and 1990s. Additionally, the small business sector has given the economies of the Pacific Island countries (PICs) much of its recent vitality through the creation of new jobs and the development of new products and services. Small-scale enterprises have played, and continue to play, a crucial role in the development of free enterprise economies in the small states. Beyond these economic contributions, small business provides unbounded opportunities for individuals to pursue dreams of independence and financial success. It is envisaged to play a similar role in the island nations of the South Pacific.
    Almost all Pacific Island governments perceive the need to foster indigenous businesses, not only as a crucial component of the private sector (which is increasingly recognised as the only certain source of dynamic economic growth), but also as a means of achieving valued social objectives including a more balanced pattern of development and employment expansion. Furthermore, small business seems to have captured the spirit of the times.
    The purpose of this course is to augment your interest in the exciting world of small business. Another is to get you to consider small business ownership as a career. A final purpose is to describe the means by which a new venture is planned and managed. This course explores the skills, attitudes and knowledge needed to create and manage new ventures. Thus, it will focus on finding and developing opportunities for promising new enterprises with growth potential. The key objectives are to equip students with the knowledge and skills they need to: (1) Assess their own potential as entrepreneurs.
    Learning Outcomes
    - Be familiar with the principal financial statements needed for any entrepreneurial venture?the balance sheet, income statement and cash-flow statement.
    - Be able to develop a complete business plan.
    - Be able to utilize the legal forms of organization?sole proprietorship, partnership, incorporated companies in businesses.
    - Use the existing informal risk-capital market (including ?angel capital?) in raising capital.
    - Be familiar of the importance of family businesses and their unique problems.
    Course Content
    Entrepreneur and Entrepreneurship
    Definition of entrepreneur
    Approaches to entrepreneurship
    Characteristics of successful entrepreneurs
    Small Business Development in the South Pacific
    Entrepreneurship in the South Pacific
    Problems of Definition and Nature of Small Firms
    The Role of Small Scale Enterprises
    Personal requirements for success in business
    Why people go into business
    Reading
    Entrepreneurial Mind and Behaviour
    The dark side of entrepreneurship
    Entrepreneurial risk
    Stress and entrepreneur
    Entrepreneurial risk and ego
    Entrepreneurship and sustainable development
    Ethics and Social Entrepreneurship
    Defining entrepreneurial ethics
    Ethics and laws
    Strategy for ethical responsibility
    Business ethics in the cross-cultural world
    Ethical leadership by entrepreneurs
    Innovation
    Social entrepreneurship and ecopreneurs
    Opportunity and the creative pursuit of innovative ideas
    Marketing Challenges for Entrepreneurial Venture, Pathways to Entrepreneurial Ventures
    Environmental Assessment: Regulation, industry and community
    Entrepreneurial marketing for new ventures
    Marketing strategies
    Marketing plan
    Marketing research methods
    Consumer characteristics
    Marketing strategies for growing ventures
    Pathways to Entrepreneurial Ventures
    ?acquiring an established venture
    ?franchising and minipreneurship
    ?social venturing
    Measuring performance for Entrepreneurial Ventures
    Importance of financial statements
    Preparation of financial statements
    Implications of capital budgeting
    Usefulness of break-even and ratio analysis
    Cash flow analysis
    Sustainability performance measures
    Development of a Sustainable Business Plan
    Importance of a business plan
    What is a sustainable business plan?
    Benefits of a Business Plan
    Segments of a business plan
    Preparation and presentation of a business plan
    Assessment and Commercialization of Entrepreneurial Opportunities
    Opportunity Identification
    Assessment of the Environment
    Project Selection
    How to Screen Your Business Idea
    The Pre-Feasibility Study
    Legal and Regulatory Aspects of Business Formation
    Sole Trader or Proprietorship
    Partnerships
    Bankruptcy
    Company, Limited Company
    Joint Ventures
    Legal Requirements to Start a Business
    Some Common Law Rights and Responsibilities
    Intellectual property rights ? patents, trade secrets, copyright, trade marks
    Sources of capital for entrepreneurial ventures
    Sources of financial capital
    Debt and equity methods of financing
    Commercial loans and public stock offerings
    Informal risk capital market
    Angel financing
    Venture capital market
    Private placement
    Strategic entrepreneurial growth
    Strategic entrepreneurship for emerging ventures
    ? the nature of planning in emerging firms
    ? strategic planning
    ? the nature of operational planning
    Entrepreneurial strategy
    Strategic sustainable development
    Managing entrepreneurial growth
    venture development stages
    building the adaptive firm
    transition from an entrepreneur to manager
    attaining entrepreneurship leadership in the new millennium
    Global opportunities for entrepreneurs
    The Asia-Pacific entrepreneurship
    Multilateral institutions
    Going global
    International marketplace
    Feasibility study outline for global marketing entry
    Franchising
    Family Businesses
    Entrepreneurial succession: succession and continuity
    Challenges facing family entrepreneurs
    Key factors in succession
    Developing a succession strategy
    The harvest strategy
    Disadvantaged entrepreneurs: women and indigenous groups
    Textbooks
    Howard H. Frederick, Allan O?Connor and Donald F. Kuratko (2013), ?Entrepreneurship, Theory, Process, and Practice, 3nd Edition, Cengage Learning, Victoria, Australia.
    Assessment
    Mid term exam: 20%
    Group Project: 20%
    Tutorial attendance: 5%
    Tutorial participation: 55
    Final Exam: 50%

Course Disclaimer

Courses and course hours of instruction are subject to change.

Eligibility for courses may be subject to a placement exam and/or pre-requisites.

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Credits earned vary according to the policies of the students' home institutions. According to ISA policy and possible visa requirements, students must maintain full-time enrollment status, as determined by their home institutions, for the duration of the program.

Please reference fall and spring course lists as not all courses are taught during both semesters.

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Please note that some courses with locals have recommended prerequisite courses. It is the student's responsibility to consult any recommended prerequisites prior to enrolling in their course.