New business ventures are on the rise. In fact, there were 672,890 new companies registered in the UK in 2018 to 2019 - an increase of 8.5% compared to the previous year and the highest number of incorporations since 2009 to 2010.
Entrepreneurial ventures not only contribute to the economy – the global start-up economy is estimated to be worth $3 trillion – they also drive social change through the introduction of new goods, services and experiences.
However, turning an idea into a successful business venture is not without risk. With 45% of start-ups failing in the first five years, entrepreneurs cannot rely on a ‘good idea’ alone.
Building a successful venture from scratch requires a solid foundation in business management as well as an in depth understanding of how start-ups thrive in the real world.
Providing students with real life scenarios to enhance their learning is a central part of our Entrepreneurship Management and Innovation online MSc – a multifaceted course which attracts business-minded graduates who have a strong drive to start their own business or innovate within their chosen careers.
From idea to venture
One of the key learning techniques used on the course is the use of real life case studies, incorporating a range of mediums such as interviews, videos, articles and images. By learning from the experiences of other companies and entrepreneurs, students can learn how to progress their own business ideas more rapidly.
Backed up by research and proven business theory, the use of case studies brings a practical real-world edge to students’ learning, which they can readily apply to their own ventures.
“Entrepreneurship is at the core, and business is covered in a holistic way” explains Professor of Entrepreneurship and Innovation, Dimo Dimov. “The course integrates the basics of business and management around a systemic enterprise with an emphasis on entrepreneurship. The idea is to provide the tools and principles for navigating the entrepreneurial journey from idea to venture.”
Learn from experience
Real world scenarios and shared expertise help budding entrepreneurs gain an in depth understanding of the challenges and opportunities that they will face when it comes to realising their own business ideas.
Within the course, students are encouraged to form relationships with course-affiliated entrepreneurs so that they can learn from their personal experiences, providing invaluable insight into how to get a successful business venture off the ground.
The University of Bath also looks at the work done by organisations such as the FinTech Innovation Lab, whose mentors, advisors and experts offer ambitious start-ups three months of mentoring, networking and advice to help them refine and test their value propositions. Partnerships like these represent a mutually beneficial relationship: the mentors benefit from new insights, and indications about the future of the markets, and the start-ups benefit from insights from experienced and established people in their field.
Further case studies like the experiences of start-ups exemplified by ZZish – who have tapped into an estimated £3 billion market with an innovative educational app – provide an insight into all aspects of starting your own business, from initial funding to global expansion.
The University of Bath is also partnered with SETSquared – a globally ranked number one Business Incubator that runs a unique enterprise partnership and collaboration with leading research-led UK universities.
Expertise from organisations like SETSquared, alongside exploring case studies from both established brands and start-ups, allows students to apply their learnings to their own ventures and think about how they can be developed and scaled up over time. It also enables them to critically examine key issues relating to their own ideas, for example, is there a market for my product? Do I have a clear vision for my business? Who are my competitors?
The chance to hear first-hand experiences from successful innovators such as Roderick Beer, MD of the UK Business Angels Association, and Holly Stockbridge-Hodgson, Change Network Lead at Engie, gives students the context and real-world examples they need to enable them to confidently answer those all-important questions.
“This MSc degree will challenge the way you think; you will learn to be more creative, practical and critical in your approach” says Prawpun Kasemthongsri, MSc Entrepreneurship and Management student at Bath.
Case studies are also excellent tools for understanding how mistakes can be costly: Apple’s failed Newton MessagePad, Amazon’s Fire Phone, Google+ and Crystal Pepsi show just how expensive the failure to align a product with a genuine market need can be. Recently students have also been examining the impact of coronavirus on bankruptcy filings in retail, using these examples to better understand why these businesses are struggling – and what they can do to avoid the same pitfalls.
“The University of Bath has a strong tradition of engaging with practice” says Professor Dimov. “Entrepreneurship and innovation represent some of its core values and it has some of the world’s leading academics in these areas. You will become part of a vibrant community.”
Turning ideas into reality
According to a report from the Global Entrepreneurship Monitor (GEM) entrepreneurial ventures have continued to increase over the past two decades and entrepreneurial thinking is becoming an increasingly sought-after skill, both for individuals and organisations.
“Organisations of different types are increasingly looking for individuals with entrepreneurial thinking and skills” says Dr Stoyan Stoyanov, course leader for the Entrepreneurship Management and Innovation online MSc with the University of Bath School of Management. “Organisations are looking to grow or initiate new programs and they need individuals who will be able to help them accomplish those endeavours. The university is very well established when it comes to contributing to both domains; entrepreneurship within existing companies, but also for individuals.”
Masters level study of entrepreneurship and innovation not only helps students to nurture their entrepreneurial drive and adopt a ‘big picture’ approach – it provides the tools and expertise to rapidly accelerate their own business ideas.
Whether you’re expanding a family business, starting a new enterprise or seeking to drive innovation from within your own organisation, our Entrepreneurship Management and Innovation online MSc will help to take you there. To find out more, request information by filling in our online form below.