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Developing Entrepreneurial Competences

Developing Entrepreneurial Competences

Code: BUS1LF001
Extent: 12 ECTS (324 h); Part A (2+2 ECTS), Part B (4 ECTS), Part C (2+2 ECTS)
Timing: Semester 2
Language: English
Level: Basic studies
Type: Compulsory

Prerequisites

The student has successfully completed the module LEALF1 and module ECOLF1 studies. The course is part of the module Providing a Tool-kit for a New Business and integrated with Finnish 3 (for International Students), Finnish Business Communication 1 (for Finnish students).

Learning outcomes

Upon successful completion of the course, the student

  • will be encouraged to find one’s own internal entrepreneurship and to continuously look for emerging business opportunities
  • is able to enhance one’s creativeness and assess one’s own readiness to act as an entrepreneur and entrepreneur
  • understands and assesses/manages risks related to start-up of own business
  • understands the importance of entrepreneurship and SMEs to the community
  • will understand the position of a domestic legal order in the global context and undestand the basic legal concepts and logical rules necessary for the independent use of sources of law
  • will have elementary knowledge on the Finnish contracts law
  • will have the knowledge on the Finnish corporate law needed for establishing a company
  • will have legal knowledge necessary for conducting basic business procedures
  • is well prepared to act as a party of an employment relationship
  • understands the fundamentals of customer understanding
  • knows the basics of marketing mix and marketing processes for building up sustainable business service ideas
  • is able to use correct and efficient mathematical methods for analyzing basic business-related problems
  • is able to evaluate basic numeric market information (market predictor)
  • is able to set price to services and products (sales maker)
  • learns how to record the business transactions and related entries in the accounts
  • learns the content of the income statement and balance sheet
  • is familiar with the structure of trade and other industries in Finland
  • has enhanced his/her HH3S competences as applicable to the course.

Course contents

The course contents and topics are based on the integrated parts:

Part A: Entrepreneurship and Law for a New Business (2+2 ECTS)

  • Competences and characteristics of entrepreneurs
  • Business idea development (generation, screening, development)
  • Analyzing business opportunities
  • SWOT analysis
  • Mission, Vision, Basics of Strategy
  • Stakeholders of the company: Contributions and expectations
  • Developing the competitive advantage
  • Sources of the Finnish law
  • Legal personality; legal entities, legal capacity, contractual capacity
  • Contracts; formation of contracts, invalidity and adjustment of contracts
  • Corporate law; forms of enterprise
  • Sale of goods; business trade, consumer trade
  • Competition law; competition restrictions, unfair competition
  • Labor law; collective agreements, employment contracts, termination of employment relationship

Part B: Customer Oriented Operation Planning (4 ECTS)

  • recognize the tools for customer understanding (a market predictor & service designer)
  • use desk research as a market research tool for gathering information for developing marketing strategies for a startup company (a market predictor)
  • use segmentation, targeting and positioning principles (a market predictor)
  • to identify value propositions for products and services for different customer segment(a service designer)
  • to understand the main promotional, pricing and channel tools for a startup company
  • understand the basics of sales skills
  • start creating a network for future career opportunities ( a leader within)

Part C: Business Mathematics and Accounting for a New Business (2+2 ECTS)

  • Applications of percentages, index clause, inflation and change in real terms
  • Simple interest, compound interest, discounted value, average annual change
  • Exchanging currencies and effect of changes in currency exchanges rates on pricing
  • Basics of double entry bookkeeping in the international business
  • Recording financial transactions: revenue-, expense- and financial accounts through exercises
  • Value added tax entries
  • Profit and Loss account and Balance sheet

Cooperation with the business community

Data collecting through networking with companies, guest speakers and company visits.

International dimension

International and global business approach to course themes and topics, contributions by multinational student groups and company cooperation

Teaching and learning methods

Contact hours
PBL-tutorials
Case studies
Workshops
Independent studies
Business plan consultation
Assignments and homework
The assessment of one’s own learning 1 h

Recognition of prior learning (RPL)

Recognition of prior learning is observed on the course according to separate instructions.

Teachers with the main responsibility for the course

Part A
Hanna Harilainen
Christina Karlia-Palomäki

Part B
Mervi Riikonen

Part C
Jutta Heikkilä
Anne Arkima
 

Course materials

Barringer, B. 2009. Prepararing Effective Business Plans, An Entrepreneurial Approach. Pearson Education. Upper Saddle River.
Barrow, C., Burke, G., Molian, D., & Brown, R. 2005. Enterprise Development. Thomson. London.
Heikkilä, J. Spring 2016. Business Mathematics, Part 1.
Lovelock, C. Wirtz, J. & Chew, P. 2009. Essentials of Services Marketing. Pearson Education. Selected chapters.
Meldrum, M. & McDonald, M. 2007. Marketing in a nutshell.Elseviers Ltd. UK.
Surakka, A. 2012.  (or newer edition).  Access to Finnish law. WSOY. Helsinki.
Vitale, R., Giglierano, J. & Pfoertsch, W. 2011. Business to Business Marketing. Pearson Education. Selected chapters.
Walther L. M., Skousen C. J.: The Accounting Cycle, bookboon.com, 2009
http://bookboon.com/en/textbooks/accounting/the-accounting-cycle

Assessment criteria

Grade/Learning Outcomes

1 (Min. 40%
competence level)
3 (Min. 70%
competence level)
5 (Min. 90%
competence level)
Knowledge The student has a vague understanding of his/her own internal entrepreneurial attitude and the role of entrepreneurial activity in the society. He/she has some knowledge and understanding of the wide variety of expertise required in creating a business idea and founding and running a business. He/she identifies the basic marketing concepts, knows the sources of law and identifies some of the legal concepts, as well as accounting principles and percentage calculations at least in one of areas: indexes, simple or compound interest calculations. The student’s risk awareness is limited. The student recognises his/her own internal entrepreneurial attitude and understands the role of entrepreneurial activity in the society well. He/she has a good knowledge and understanding of the wide variety of expertise required in creating a business idea and in founding and running a business. He/she identifies well the marketing concepts and knows the most important legal concepts and principles, as well as accounting principles and percentage calculations at least in three of areas: indexes, simple or compound interest calculations. The student’s risk awareness is on a realistic level. The student’s own internal entre-preneurial attitude is well developed, and the role of entre-preneurial activity is natural to him/her. The student has an excellent knowledge and understanding of the wide variety of expertise required in creating a business idea and in founding and running a business. Without any difficulty he/she identifies the marketing concepts and is familiar with the sources of law and the legal concepts and principles, as well as accounting principles and percentage calculations in all four areas: indexes, simple or compound interest calculations. The student’s risk awareness is on a very realistic level.
Skills The student can partly collect and analyse the marketing and legal data, and use financial and mathematical calculations needed in creating business ideas. He/she rarely uses the viewpoints of other students to widen his/her own thinking and seldom finds some connections between different perspectives related to entrepreneurship. The student can collect and analyse the marketing and legal data, and use financial and mathematical calculations needed in creating business ideas. He/she sometimes uses the viewpoints of other students to widen his/her own thinking and finds connections between different perspectives related to entrepreneurship. The student can independently collect and analyse the marketing and legal data, and use financial and mathematical calculations needed in creating realistic business ideas. He/she actively uses the viewpoints of other students to widen his/her own thinking and easily finds connections between different perspectives related to entrepreneurship.
Competence The student mostly works professionally in multicultural teams in order to create a realistic business idea with the required marketing tools, legal norms and financial and mathematical estimates. He/she seldom generates new ideas to enhance entrepreneurial activity. The student shows poor service and sales orientation as required by the HH3S policy. The student works very professionally in multicultural teams in order to create a realistic business idea with the required marketing tools, legal norms and financial and mathematical estimates. He/she generates new ideas to enhance entrepreneurial activity. The student shows good service and sales orientation as required by the HH3S policy. The student can fully professionally engage in creating a realistic business idea with the required marketing tools, legal norms and financial and mathematical estimates. Working in multicultural teams without any difficulty is natural to him/her. He/she generates  innovative ideas to enhance entrepreneurial activity. The student shows excellent service and sales orientation as required by the HH3S policy.

Modes of assessment and their weights

Course Themes

Assessment Target % of the
Theme Grade
% of the Total  Course Grade

Part A

Theme 1 Entrepreneurship

Assignment/Interview of
Entrepreneurs
Business idea development process and presentation
Class activity
40 %

40 %
20 %

16.7 %

Part A

Theme 2
Law for a New
Business 1

Assignments
Class activity
Evaluation on participation activity
an duly transmitted assignment
papers contributes to the grade of
Law for a New Business 2)
passed/failed passed/failed

 

8,2%

Part B
Customer
Oriented
Operation
Planning 1

Class activity
Workshop/PBL
Exam
Project work
Company networking (day versions)
20-30%
30-40%
20%
20%
passed/failed

41,7%

Part C
Business Mathematics

Exam
Assignments

80%
20%

33.4%

The assessment of one's own learning does not influence the course grade. The assignment is the same for all courses/modules and the answers will also be used for course/module development. The assignment is completed on an E-form.