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ENTREPRENEURSHIP AND INNOVATION
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MODULE 10 - RISK MANAGEMENT
Aim
This module provides students with the opportunity to ‘reality test’ their Business idea/s using key Entrepreneurial Risk Management Audit tools and to be able to assess the viability or ‘bankability’ of their plan from the perspective of the venture capitalist/financier.
General Objectives
- To assist the students to audit their current thinking about their Business Idea in a rigorous manner
- To help the student identify the key Risk elements- both in terms of Risk Imagination (or lack of it), and Risk Mitigation ( or lack of it) in their current thinking
- To explore the reality of getting a new venture ‘off the ground’
- To understand how to work with relationships and deal making in the value chain to take the business idea into a Strategic Roadmap by constructing deals along the value chain
- To strengthen their Business Ideas in terms of their overall efficacy
- This Module is organized as a two hour seminar and a one hour workshop.
Content
- Overview of ‘Entrepreneurial Best Bets Risk Audit Model’
- Application to student’s Business Ideas- to identify strengths and weaknesses
- Clustering of students ideas by sector
- Best Bets Sector Analysis- Strategic Roadmap
- Growth and Innovation context in Trinidad and Tobago – ‘Innovation system’ assistance available
- Imagination Risk –Applying the ‘Nokia Innovation Opportunity Matrix’
- Mitigation Risk – Choosing between Existing technology, Product Enhancement, or New processes, New Products
- Entrepreneurship and the Value Chain- Risk Simulation Interactive Team Exercise
- ‘Team making’ – issues in forming the team who can deliver the business s idea
- ‘Deal Making’ - Understanding the development of a new enterprise and the need to ‘do deals’ along the value chain
- Risk measurement and mitigation from the perspective of the financier.
- Students action plans- what this module reveals they need to do in order to successfully complete their ‘Business Plan Practicum’
Students will have been on a ‘journey of thinking’, during the earlier modules of the course, exploring possible entrepreneurship opportunities for their Business Plan Practicum.
Three key learnings that students gained from the module will be analysed:
Risk Imagination:
What are the current (and future) global ( export potential) customer needs, and innovation trends? -Global Sector foresight
What are the customer needs in the local market- (T&T and Caribbean) - Local Sector Foresight
What are the financial possibilities for this business?
Risk Mitigation:
What capability is needed here?- Local Capability Assessment
What are the financial needs, and what are the financial risks?
What business idea best fits the future?- the ‘Best Bet’ analysis
Students will explore the risks attached to their business ideas in order to help make the best choice of venture to develop in their Business Plan
Learning Objectives
At the end of this module, students would be able to:
- Audit the key risk elements of a new Business idea
- Identify the Value Chain dynamics surrounding a new business idea
- Explain the theory and practice of ‘dealmaking’ to support the development of a new businesses
- Communicate a new business idea
Assignment
Multiple Choice questions
Assessment
The assessment will be by multiple choice questions administered during the module - there will be a pass/fail mark
Evaluation
A written evaluation form will be administered at the end of the module- this will measure the perceived value, and quality of the learning content and teaching method. It will allow for suggestions to be made to the te4acher for improvement which will be incorporated into future planning
Teaching/Learning Strategies
- PowerPoint presentation ( in a workbook which each student will have)
- An action learning interactive team simulation in which students will play out the exploration and viability testing of particular new products
- Facilitated small group discussion and feedback
Resources:
- Text :‘Strategic Foresight- The Power of Standing in the Future’ Nick Marsh, et al (Crown 2002, Melbourne , Australia)
- Chapter 2- ‘The Seven Tsunamis – Key Trends of change ‘
- Chapter 4- ‘Consumer Foresight- understanding what consumer needs will be in the future’
- ‘Business and Innovation Success Stories from Trinidad and Tobago’- Linda Robinson NIHERST 2007
A complete list of resources will be made available at the start of the module.
Equipment:
Multimedia Equipment
