It is imperative that managers have an understanding of the concepts of innovation and entrepreneurship and the skills and competencies to apply its knowledge effectively. The aims of this unit are: to provide an in-School study of the concepts of innovation, entrepreneurship and entrepreneurship and an appreciation of the environment in which they are practiced and to study and appraise the theory and practice of resource acquisition and utilisation. The process' 4 major steps of innovative entrepreneurship is covered in this unit. Studying this process informs an understanding of entrepreneurship and how to practice it for the purpose of establishing and then successfully growing an entrepreneurial venture. This unit includes the following topics: opportunity and problem recognition; the innovation, entrepreneurial and entrepreneurial process; new venture ideas; market opportunities; competitive advantage; human capital issues; personal ethics; identifying and marshalling key stakeholders; financial considerations: acquisition of resources, and ownership and structure; innovators in action: managing rapid growth, managing a troubled organisation, and crafting a personal strategy.

Unit details

Online Real Time
Study level:
Credit points:
Unit code:

Learning Outcomes

On successful completion of this unit, students will be able to:
  1. Identify problems and opportunities that influence innovation and entrepreneurship that embraces technology for 21st century businesses;  
  2. Develop an understanding how effective research methods to support problems or opportunities identified by applying relevant innovation theories and market implications;  
  3. Develop skills in creative thinking, divergent thinking, design thinking, decision-making and transforming an initial idea to a full-fledged business opportunity, designing and organising a team and assessing the opportunities of the new business idea;  
  4. Effectively work in a team assigned with appropriate roles and goals that contribute in achieving group-negotiated outcomes for the entrepreneurial venture; and  
  5. Persuasively argue the effectiveness of a business pitch through upholding evidence in an oral presentation to a variety of audiences.  


Assessment type Description Grade
Assignment Ideas Booth (Individual Assessment) 20%
Test Individual Test 20%
Report Venture Mapping: Model & Team Plan (Group) 20%
Presentation Pitching & Pitch Deck (Group) 40%

Required reading

Entrepreneurship: Successfully launching new ventures, Global edition (8th ed.).
Barringer, B. R., & Ireland, R. D. (2018).
Harlow: Pearson Education.

Where to next?

VU takes care to ensure the accuracy of this unit information, but reserves the right to change or withdraw courses offered at any time. Please check that unit information is current with the Student Contact Centre.