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This subject introduces the business model as the mechanism used by entrepreneurs to deliver value to their selected target markets, as well as the method by which entrepreneurs capture value. This is a dynamic process that underpins the commercialisation of innovation. The challenges of designing and implementing a business model are considered, as well as the skills, resources and relationships that an entrepreneur will need to manage activities like designing customer value propositions, developing strategies to protect intellectual property and potentially pivoting, that can lead to the creation of successful business model. The subject also considers the way that emerging concepts like shared value can be incorporated into a business model including marketing. This is done though comparative analysis of competitors who use different but equally successful business models, as well as considering applications where business models have failed. The subject also considers metrics for assessing the ongoing health of the business model, as well as business models as a form of innovation, not just a vehicle for entrepreneurship. Finally, the subject focuses on the applied challenges for students – the development of business models for the garage project and their own enterprise.
Intended learning outcomes
On successful completion of this subject, students should be able to:
- Demonstrate an understanding of the business model in the context of the broader business, economic and regulatory context
- Understand the role of business models in successful entrepreneurship
- Discuss business models as a form of innovation
- Incorporate the idea of shared value into business models
- Create a business model for the garage project.
High level of development;
- Develop problem-solving skills through exercises and cases
- Think critically, and organise knowledge, from consideration of the lecture material
- Develop creative ways of solving unfamiliar problems, through case analysis and activities
- Learn to adopt new ideas, from participation in the lecture program and assessment
Moderate level of development
- Plan effective work schedules, to meet the regular deadlines for submission of assessable work
- Present an argument, by reflecting on those presented in the lecture series and readings
Last updated: 29 April 2020