Teaching Responsibility
LJMU Schools involved in Delivery:
LJMU Partner Taught
Learning Methods
Seminar
Workshop
Module Offerings
7502DIMENT-JAN-PAR
Aims
To develop an insight into the importance of entrepreneurs developing a financial mindset
To recognize importance of appropriate Budgeting, Financial Management and Forecasting in an entrepreneurial environment.
To understand the strengths and opportunities associated with obtaining funding from traditional and alternative sources such as Crowdfunding
To understand the elements essential to creating a credible Business Plan or successful Bid application
Learning Outcomes
1.
Explain the importance of sound financial planning and cost control within a dynamic enterprise environment
2.
Critically evaluate how the dynamic characteristics of the mindset of an entrepreneur can be reconciled with sound financial management
3.
Critically analyse the benefits of using key financial accounting and management information when forecasting, monitoring and controlling a fast growing entrepreneurial business
4.
Apply the concepts of accounting to the entrepreneurial decision making process in pursuit of value creation within an enterprise
5.
Critically evaluate the benefits, constraints, risks and costs of different sources of funding
6.
Demonstrate and discuss the key elements of a Business Plan and successful Bid application
Module Content
Outline Syllabus:Revisit the characteristics of the entrepreneur and associated strengths and weaknesses
Describing the nature of an entrepreneurial enterprise in using financial-based measures
Reconcile the entrepreneur’s desire for dynamism with the accountants need for rational control
Consideration of the fundamentals of finance which are most relevant to a small entrepreneurial enterprise and how these measures and processes change as the business grows.
Reading and analysing financial accounts and creating metrics to when forecasting and measure the performance of an entrepreneurial enterprise
Sources of funding – the pros and cons of each, from traditional to modern.
When to fund a business through debt, when to fund through equity.
Exit strategies and business valuation
What makes a successful business plan?
Additional Information:This module is intended to open the minds of students to the importance of financial control within a small entrepreneurial enterprise. The conflict that can arise between the dynamic entrepreneurial mindset the need to sound financial control is considered. With a rapidly growing business, the key financial measures to ensure performance is still on track are analysed, and how these change as the business grows are considered. The different sources of funding for a business are discussed, and the pros & cons, risks and benefits of each type are analysed. All measures and components are brought together in the creation of a business plan that will unlock these sources of funding.