Exploring Innovation and Entrepreneurship

BUS 3005BED Exploring Innovation and Entrepreneurship is an 18-credit-unit, two-term, 3000-level course offered by the Lee Shau Kee School of Business and Administration for undergraduate students.

The course is designed to help you to develop the skills and knowledge essential for the development of innovative and entrepreneurial opportunities in a global context.

Course aims

This course aims to equip you with knowledge and understanding of different forms of innovative and entrepreneurial practice around the world and at different scales, including technological and social innovation, commercial and social enterprise, independent and corporate entrepreneurship. It draws on relevant research evidence, theories, concepts and frameworks and addresses the relationship between innovation and entrepreneurship at a conceptual and practical level.

Course learning outcomes

Upon completing BUS 3005BED, you should be able to:

• describe different forms of innovative and entrepreneurial practice around the world (LO 1);
• explain the importance of and the relationship between innovation and entrepreneurship (LO 2);
• analyse the key components in the development of innovative and entrepreneurial opportunities, including resources, risks, network and personal skills (LO 3);
• reflect on the contextual factors at different dimensions, including institutional, geographic, technological and organisational dimensions, that affect innovative and entrepreneurial behaviours (LO 4); and
• formulate a proposal for a new venture by applying core theories, concepts and frameworks in innovation and entrepreneurship (LO 5).

This course uses adapted materials from the OUUK course B205 Exploring Innovation and Entrepreneurship. They will be distributed to you in the form of a Course Guide, a set of five study units, and a set of required readings.

The study units

The study units set out your study pathway through the course readings and other course learning resources. They provide you with learning material, such as case studies, articles, and activities that are designed to facilitate your understanding of each topic. As you work through the study units, you will also come across various study tips that aim to improve your study skills.

You'll therefore need to keep referring to the units as you work through the course. The five units are as follows:

Unit 1 introduces key ideas and definitions about innovation and entrepreneurship, including different types of innovation and entrepreneurship, the connection between innovation and entrepreneurship, the innovation process, the entrepreneurial process and individual entrepreneurs. It also emphasises the importance of innovation and entrepreneurship by considering 'what it all means for me'.

Unit 2 covers entrepreneurial teams, business models and risk and trust, with the focus on the skills required to create teams, build networks and secure the necessary resources for an innovate and entrepreneurial venture.

Unit 3 explores the many contexts in which innovation and entrepreneurship are practised around the world by addressing geographic locations, industry sectors, technologies, organisation types and implications for policy and practice.

Unit 4 discusses the process for creating new ventures, from generating ideas, forming teams, and preparing a business plan for pitching the venture proposal.

Unit 5 supports you in integrating the knowledge and skills you will have obtained in the first four units and building up a holistic review of innovation and entrepreneurship environment and proposing a new venture.

The study units and the amount of study time devoted to them are as follows:

Set textbook

There is no set textbook for this course. A set of study units entitled Exploring Innovation and Entrepreneurship which incorporates book chapters selected from the OUUK course B205 Exploring Innovation and Entrepreneurship will be provided to you on the OLE.

Two other books will be of value to you, but please note they are not required to complete the course:

Bessant, J. & Tidd, J. (2020). Managing innovation: Integrating technological, market and organizational change (7th ed.). Wiley.

Mariotti, S. & Glackin, C. (2020). Entrepreneurship: Starting and operating a small business (5th ed.). Pearson.

Reference books/materials

The following reference materials are also optional; they are suggested if you would like to read more about innovation and entrepreneurship from different sources.

Christensen, C. M. (2019). The prosperity paradox: How innovation can lift nations out of poverty. Harper Business.

Drucker, P. (2015). Innovation and entrepreneurship. Routledge.

Paulus, P. B. & Nijstad, B. A. (2019). The Oxford handbook of group creativity and innovation. Oxford University Press.

Ramsinghani, M. (2021). The Business of Venture Capital: The art of raising a fund, structuring investments, portfolio management, and exits (3rd ed.). Wiley.

Scarborough, N. & Cornwall, J. (2019). Essentials of entrepreneurship and small business management (9th ed.). Pearson.

Schilling, M. (2022). Strategic management of technological innovation (7th ed.). McGraw-Hill.

Learning support

The self-study materials outlined above will help you achieve the course intended learning outcomes.

BUS 3005BED will also include five two-hour live online lectures which aim to consolidate your understanding of the key concepts, as well as 31 one-hour live online surgeries which provide a platform for you to raise questions on the course materials, and to obtain guidance in preparing your assignments.

There are five six-hour day schools (compulsory, in person) which are designed to provide you with the opportunities to interact with teachers and fellow classmates, and participate in activities, discussions and presentations. These day schools will engage you in practising your communication, problem-solving and presentation skills that are important in the innovation and entrepreneurship processes.

Overall, the study units, online lectures, online surgeries and compulsory in-person day schools will help you to achieve all the learning outcomes of the course.

The Online Learning Environment (OLE)

The main place you will refer to for learning resources during the course is HKMU's Online Learning Environment (OLE). There you will have access not only to the course materials (including the study units and the course readings) in different formats (both PDF and ePub versions), but also to a rich array of multimedia materials such as videos, web-based activities and video lectures, etc. At the same time, you will be able to discuss topics with other students and your tutor interactively via the course discussion board.

My Milestone Tracker mobile app

The My Milestone Tracker mobile app is specifically designed to help you to check your study progress, such as your completion of assessment components, along the learning journey of the course.

Assessment

Course assessment includes continuous assessment as follows:

Continuous assessment (100%)

Continuous assessment consists of the following components:

Assignment 1 (15%)

This is an individual assignment which focuses on Unit 1. This assignment is used mainly to assess learning outcomes 1 and 2. You will be required to produce an individual visual essay and accompanying transcript based on an example of innovation or entrepreneurship that you have selected in accordance with course's guided approach.

Assignment 2 (15%)

This is an individual assignment which focuses on Units 1 and 2. This assignment is used mainly to assess learning outcomes 1 to 3. You are required to propose a new business that creates value for society and prepare a complete one-page business model canvas. You will also need to prepare a short report to outline three actions that you would take to address some practical issues in order to make the idea a reality.

Assignment 3 (20%)

This is an individual assignment which focuses on Unit 3. This assignment is used mainly to assess learning outcomes 1 and 4. You will be required to prepare an individual, case-based analysis of entrepreneurial/innovative activity that examines the role of particular contexts at different dimensions, including institutional, geographic, technological and organisational dimensions.

Application-based assessments (20%)

Marks will be given based on level of participation and achievements in activities that take place during the compulsory in-person day schools. They are used to assess learning outcomes 1 to 5.

Lecture polls (10%)

There will be two polling questions for each of the eight live online lectures to track your understanding of the lectures. They are used to assess learning outcomes 1 to 5.

Compulsory oral presentation (20%)

This is a compulsory individual assignment in which you will present your findings in the previous assignments. You will need to pass the oral presentation in order to pass the course. It is used to assess learning outcomes 1 to 5.

The pass mark for each assignment is 40. To order to pass this course, you must pass the compulsory oral presentation, participate in all day schools, and obtain 40 or above in the overall course score.

Assessment submission

As a mechanism to maintain academic integrity, you are required to submit the soft copy of your assignments as follows:

• Submission of soft copy
  You should upload a soft copy of your assignment to the course OLE by 5 pm of the submission due date. Files uploaded to the OLE should be prepared in Microsoft Word. Please refer to the quick start guide for submission of assignments to Turnitin.
  You do not have to submit a hard copy of your assignment.
• 10% of the marks awarded to the assignment will be deducted for each calendar day
  overdue until the soft copy of your assignment is submitted.

Assignment submission extension policy

The assignment policy of the University as stated in the Student Handbook should be observed. You are required to submit assignments for this course in accordance with the dates communicated by your Course Coordinator. You may apply for a submission extension on the grounds of illness, accident, disability, bereavement or other compassionate circumstances.

Applications for extensions must be submitted online via the OLE. Please note the following:

1. Supporting documents must be submitted to justify applications for extensions of over seven days.
2. Applications for extensions should normally be lodged before or on the due date.
3. Applications are considered by:
   • your tutor for extensions of up to seven days;
   • the Course Coordinator for extensions of 8 to 21 days; and
   • the Dean for extensions of over 21 days.

After an assignment is submitted via the OLE, it is your responsibility to check that the assignment has been successfully submitted. Extension applications due to any problem with uploading will not be accepted. The University cannot accept any responsibility for assignments that are not received by your tutor due to any problem with submission via the OLE. As a precaution, you are advised to keep a copy of each assignment you submit.

According to the University's policy, no extension of the due date will be allowed for the final assignment. This policy will be strictly enforced. Any late submission of the final assignment will result in the score of the assignment being adjusted to zero.

How to participate in online lecture polls and online quizzes

The online lecture polls will be available on the OLE and will be conducted during live online lectures. Students who join online lectures in real-time will complete the polls during the lecture time. Students who do not join the lectures in real-time can complete the polls during a set period of time (details will be posted on the OLE) after watching the recordings of the live online lectures.

Within the specified period, you can attempt the online lecture poll one time and submit your answers before the poll closes. Once you have submitted your answers, you will not be able to change or re-submit them. Also, if you open a poll on the OLE but do not attempt it, you will get zero marks for that poll.

The following table gives a general overview of the course structure, including the number of weeks allocated to each unit, the assessment requirements and the learning support provided.

Remark: Please note that there will be four additional lecture polls to be scheduled in Weeks 17 to 32. This teaching schedule is provisional and is subject to change.

Case studies are a useful and increasingly popular form of learning and assessment in HKMU's School of Business and Administration. In this section we will look at why case studies are used and then suggest some learning strategies that you can use to approach case studies. We will also briefly discuss some problems that you may encounter as you learn from case studies.

What is a case study approach to learning?

One main purpose of a case study is to explore an issue or a number of issues in relation to an organisation. The intention is to get you to carefully diagnose an organisation; to focus on key problems, and to suggest how these might be resolved. Often the case is a real-life account of an organisation which you are required to analyse in order to focus on a problem. Usually, the information that is provided is incomplete and you are often expected to observe developments in the organisation over a period of time. The case study approach is an excellent opportunity to actively apply material that you have read and conceptual knowledge to the reality of an organisation.

At HKMU, case studies may be used as part of assignments, exams, study units, or day school exercises. You normally are given some information about a company (this could be both text and graphical information, such as figures and tables). You are then asked to think about some problems related to the company and to use concepts and apply theories that you have learnt in your course to propose possible solutions for the company.

Let's have a look at two kinds of case study questions that you might be asked to work through in your courses. The first example is quite structured, while the second is much more open-ended.

Two examples of case study questions

1. Read the case study entitled 'ABC Consultants' and consider the following issues:
   • Using your understanding of the resource-based model, what measures could be taken to improve ABC's returns?
   • Drawing on your broad understanding of the consultancy industry, assess ABC's relative competitiveness and its profit potential.
   • To what extent do internal factors account for ABC's financial weaknesses?
   • Based on your assessment of ABC's financial weaknesses, formulate a new strategic intent and develop a mission statement for ABC.
2. Read the case study entitled 'XYZ Industries'.
   • Identify the key problems that are currently faced by XYZ's management.
   • Propose viable solutions to these problems.

Why case studies?

As you can see from the above examples, a case study approach to learning requires a great deal of thinking and often will not easily yield a quick 'wrong' or 'right' answer. However, case studies are also good preparation for dealing with real-life business problems. Cases may be short and relatively simple, or longer and complex. The purpose is the same for both types: to give you an opportunity to develop your skills in analysing the strengths and weaknesses of the organisation under examination, to consider the processes at work within the organisation, and to make decisions about future actions.

Case studies are not meant to replace textbooks, but rather to ask you to draw connections between theories and practice and to apply abstract ideas, concepts, and principles to specific concrete situations. Consequently, case analysis develops a number of skills that are crucial in business. In particular, they help you to:

• analyse complex, unstructured, sometimes ambiguous situations;
• identify critical issues and problems;
• question your own and others' assumptions;
• improve your problem-solving skills;
• develop your ability to find alternatives and make informed decisions;
• make decisions with incomplete information and think strategically;
• self-educate yourself and draw on a broad range of resources and knowledge; and
• present and justify recommendations in writing.

You may find that there are many possible 'right' answers to the questions in a case study. This illustrates that there is often no single best way to responsibly manage and solve real-life business problems.

Some guidelines for analysing case studies

The following strategies should help you to successfully analyse case studies:

1 Read the case and become familiar with the facts

First, skim read the case to obtain a general understanding of the main point(s). Highlight or underline the pertinent points as you read.

Read the case again, and this time note down critical facts (such as names, time sequences, and where events occurred). Try to understand how events have influenced decisions. Identify the important individuals or stakeholders, and try to assess the importance of supporting information in the case. How reliable is this supporting information? Are there any gaps in the information that is given?

Make a note of any questions that you have as you read the case.

2 Assess the context of the case

Try to understand the environment of the organisation and the wider context of the case.

Ask yourself questions about:

• The state of the organisation: What is the state of this organisation: good, bad or in- between? Usually this involves thinking about interpersonal relationships, and assessing production or financial problems.
• Key players and systems: How do systems and people operate in this organisation? Why do they operate like this? Are the systems undergoing change? How successful are the changes? Is there someone who could sabotage any future strategy? Is there someone who can ensure the success of a future strategy?
• Significant trends: How does this industry operate? What are the main or unique characteristics of the industry? What were they five or ten years ago, and what are they likely to be in the future? What impact are trends likely to have on the organisation under investigation? How does this organisation's performance compare with that of competitors?
• Constraints: Clearly identify all constraints in the case. A constraint may be viewed as anything (usually beyond the control of the organisation) that may prevent an otherwise feasible course of action from becoming a success. What is outside the control of individuals in the case study? For example, it is unlikely that any company or individual in Hong Kong could prevent a foreign government from imposing tariff barriers on imports.

A SWOT analysis is a good way to get a better understanding of the organisation and the context or environment in which it is operating. A SWOT analysis considers the Strengths and Weaknesses of the organisation, and the Opportunities and Threats which the organisation faces in the external environment.

3 Recognize the case's symptoms

Read the case again and as you read, try listing all the symptoms of the case. The symptoms of a case are not the problems, but they may help you to identify the problems. Symptoms are all the things that are undesirable or that are not as expected. For example, falling sales could be a symptom of several problems such as poor market segmentation, poor product quality, or problems in a supply chain. At this stage of your analysis, you should just try to observe all the symptoms, and avoid prematurely identifying problems or suggesting solutions. Like a doctor who consults a patient, you first need to observe and note all the symptoms before you can give a definite diagnosis of the problem. Think about how the symptoms may be interrelated. Relationship diagrams, like the one below, may help you to see the relationships between symptoms.

4 Diagnose the case's problems

After you have a good sense of the symptoms, you're ready to determine key issues that need to be analysed more closely. You are now diagnosing the situation, like a doctor diagnosing a patient's symptoms. Ask yourself 'what seems to be the trouble in this organisation?' and make a list of what you now perceive to be the key problem(s). You will probably need to go back to the details of the case and as you do this, you may add to or refine your list of potential problems.

If there are several problems, you need to order and prioritise them. You might want to number problems according to how you perceive their importance, or make a matrix, like the one below, which shows relationships between various criteria and each problem.

Also try to establish if there are relationships or themes in common among the various problems. Perhaps different problems in your list are actually variations of a broader central problem.

Ask yourself what assumptions you have made about the case. Are these assumptions reasonable, and are they supported by the facts? Would other people objectively suggest the same problems, based on the facts that you have? Are you suggesting problems that are not supported by the facts of the case?

After you have considered and put into order the possible problems and questioned your assumptions relating to these problems, you should write a statement of the problems as you perceive them. Avoid suggesting solutions at this stage.

Once you have a problem statement, you need to find evidence in the case to support your problem diagnosis. Also, try to identify ideas, concepts and theories from your textbook and course units which help to explain what is happening in the case.

5 Formulate criteria for a 'good' solution and identify possible constraints to solutions

Before you propose a solution, you need to consider the characteristics of a 'good' solution. Obviously, your solution should bring benefits such as improved productivity, reduced costs or greater profits. However, it also needs to be viable and to accommodate the constraints that you have already identified, i.e. Is the solution legal? Is there a budget for this solution? Does it conflict with the organisation's culture?

Try to brainstorm alternative solutions. Aim to generate a broad and creative range of options and then try to rate each according to various criteria.

The following matrix demonstrates how this can be done.

Also refer to ideas, concepts and theories from your course materials as you consider and assess each possible solution.

It's often wise to propose a solution that allows for plausible alternatives if it should fail. Managers use the term satisfice when they are considering acceptable alternative solutions, that is, the solution is able to satisfy the situation while also making some realistic sacrifices to existing constraints. Therefore, it is a satisficing rather than a maximising solution.

Finally, don't forget to consider the possibility of taking no action. What will actually happen if no action is taken? Are any (or all) of the solutions less viable than taking no action at all?

6 Recommend a viable solution

After you have assessed the merits and pitfalls of each alternative solution, select the best solution for the situation.

Remember that the solution needs to be viable. Can the recommended solution be introduced? Are there the resources and the willingness to implement it? Be realistic about what may work. Explain why it is the best solution within the constraints of the existing context and explain how it can be applied to the organisation. Suggest a time-frame for the solution's implementation.

Outline possible strategies for implementing your solution, either partially or completely. As many feasible courses of action as possible should be considered before you choose the one that seems the most likely to succeed. The more ideas you have, the greater your chance will be of finding a solution that will work well. The complexity of most organisational problems means that it is highly unlikely that one idea alone will correct the situation. Usually a combination of actions is required, and these need to be funded differently, timed carefully and staffed as necessary.

7 Present your solution as a written recommendation

Review your final solutions and then prepare a set of written recommendations. These should clearly outline your proposed solution in relation to the problems that you have identified. Your recommendations should also include details of why these solutions are the most appropriate given the circumstances and constraints of the case. Finally, you need to clearly state how and when your proposals will be implemented.

Your tutor and your course Assignment File can provide some guidelines on how to present your recommendations.

Some mistakes to avoid as you analyse cases

When you first tackle case studies, you should be careful to guard against the following mistakes:

1. One of the most common mistakes made in case analysis is repeating or simply summarising the facts of the case. Your tutor is already very familiar with the case details, so you do not have to restate them. You are required to use and analyse the facts, not repeat them. Your analysis should contain only enough case material to support your arguments. Therefore, be analytical!
2. You may often be tempted to just deal with symptoms and ignore the causes of the problem. It is very important to analyse the background of the case (and the climate in which the events of the case unfold).
3. Avoid discussing problems in isolation and do not overlook their interrelatedness. If you try to think in terms of 'systems' rather than in terms of individual problems, you are more likely to avoid this pitfall.
4. Students often fail to state the assumptions underlying their analysis. If any important assumptions have been made, have you questioned them and are they reasonable and appropriate? Avoid selectively using and interpreting case material in order to justify a preconceived solution.
5. Practical limitations and constraints may sometimes be overlooked. For example, a recommendation that a whole team be fired is probably unrealistic.
6. A very common mistake is poor integration of the facts in the case with the concepts, principles, and theories in the textbook. Such integration is vital. Ask yourself if relevant theories from your course have been fully and constructively applied.
7. Finally, recommendations are too often not spelled out in detail or are unrealistic. A timetable for implementing them is also often not given.

Analysing cases poses many challenges, and this is one reason the case study method is so rewarding. It is a very active form of learning. It offers you a risk-free opportunity to gain managerial and organisational experience and should greatly increase your confidence to make informed decisions in the real world.

Good luck and we hope you enjoy working through the cases that you encounter!

If you wish to defer your studies of this course until a later date, you should apply for deferment of studies. For the regulations governing deferment of studies, please refer to your Student Handbook. If you have applied for deferment of studies you should continue with your studies of this course and submit the required assignments until formal approval is given by the University.

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