Professional skills and expertise
In this module, students will get practical experience in applying selected methods and tools for identifying, creating and exploiting innovative entrepreneurial opportunities on international markets.
On successful completion of this module, students will be able to:

• apply methods for the identification and development of product, process, or service innovations (including, for example, a design thinking approach)
  
• evaluate and test business opportunities on foreign markets in a structured way
  
• assess the resource needs (in terms of human resources, informational resources, networks and financing) for launching and managing international new ventures
  
• develop a business model and a business plan for an international new venture
  
• devise a milestone plan for securing the necessary resources for launching an international new venture
  

• apply creativity methods for creating business ideas
  
• apply a hypotheses-driven learning approach
  
• present business ideas in a concise and appealing form in a limited timespan ("elevator pitch")
  
• critically assess a business concept
  
• reflect on one's own role in an entrepreneurial team
  
• become enthusiastic and interested in creating value through bringing an idea successfully to the market and create a new venture
  

• explore the potential and recognize the limits of digital technologies for enabling business model innovations
  
• use digital technologies for improving the communication and coordination within an entrepreneurial team
  
• use spreadsheet software to create a financial business plan for an international new venture
  

None

This module covers the following topics:
I. Generating business ideas and matching ideas with entrepreneurial talent
• Identification of innovative business opportunities
• Creating ideas for product, process, and service innovations
• Role of founders, co-founders, supportive members of the entrepreneurial team
• Preliminary evaluation of rough business ideas
II. The innovation process
• Overview of the innovation process
• Design thinking
• Describing business ideas in detail ("Why?", "What?")
III. Assessing and testing business ideas
• Assessing the market potential for innovative products and services on international markets
• Approaches to testing new product and service ideas
• Assessing scalability and growth potential for international new ventures
IV. Developing a viable business model
• Elements of a business model
• The business model development process
• Evaluating risks
• Strategies for growing a customer base
V. Using digital technologies to optimize business models
• Digital business models
• Assessing the potential and limits of digital technologies for optimizing a business model
VI. Managing resources for international new ventures
• Assessing resource needs for international new ventures (human resources, information, networks, financing)
• Developing a business plan (including financial forecasting and budgeting)
• Sources of financing for new ventures
• Attracting human resources for new ventures (job profiles, search and recruitment strategies)
VII. Making a convincing presentation of a business model/business plan to relevant stakeholders (e.g. investors, talents) ("pitch")

Blank, S. (2013). Why the lean start-up changes everything. Harvard Business Review, 91(5), 63-72.
Burns, P. (2018). New Venture Creation: A Framework for Entrepreneurial Start-ups, 2nd ed. London: Macmillan International Higher Education/Red Globe Press.
Hirsich, R. D. (2015). International Entrepreneurship: Starting, Developing, and Managing a Global Venture. 3rd ed. Thousand Oaks, CA: Sage Publications.
Lewrick, M., Link, P., & Leifer, L. (2018). The Design Thinking Playbook: Mindful Digital Transformation of Teams, Products, Services, Businesses and Ecosystems. Hoboken, NJ: John Wiley & Sons.
Bland, D. J., & Osterwalder, A. (2019). Testing Business Ideas: A Field Guide for Rapid Experimentation. Hoboken, NJ: Wiley.
Tidd, J., & Bessant, J. R. (2018). Managing Innovation: Integrating Technological, Market and Organizational Change. Hoboken, NJ: John Wiley & Sons.

• Lecture and discussion
  
• Project work in groups

Integrated module exam (immanent examination character):

• Written business plan (50%)
  
• Final presentation (20%)
  
• Individual learning diaries (20%)
  
• Peer evaluation of contribution to overall team performance (10%)