Entrepreneurship Study Options
Entrepreneurship (BEX3411) is not your run of the mill learning experience! You will not be sitting in class being lectured, or writing papers, or even doing exams. You will instead, become immersed in the world of start-ups and innovation. This unit will transform your thinking and challenge the way you look at problems and opportunities. Your personal growth will be guided by people who know what it takes to succeed (and sometimes fail) in the real world of entrepreneurship and innovation.
The unit is designed and delivered by Strategic Design Directors from Isobar (an award-winning global digital design agency), in collaboration with the Entrepreneurship team at Monash Business School. Students will be challenged to step into the exciting and sometimes chaotic world of start-ups, to develop the mindsets and tenacity that will give you an entrepreneurial and intrapreneurial edge. You may not go on to start up a new venture immediately however this unit will arm you with the capabilities and belief to do so if the opportunity arises, or conversely to be of great value in an existing business by bringing a fresh perspective to ‘how things are done around here’.
The delivery of the unit is cutting edge, delivered in block mode through an intensive series of workshops, bootcamps, culminating in a final pitch event that will take you well and truly out of your comfort zone. If you’re a student who wants to get out of the classroom and out into the real world to do things that matter, then this is for you.
This unit is an elective open to all students across all faculties.
We now live in an age where entrepreneurs are key to developing the next generation of innovative game-changing companies and to driving commercial value. The business landscape over the coming decades will embrace and require innovation, creativity and entrepreneurship with survival contingent on the business leaders of tomorrow. This unit brings together the principles required to succeed in a competitive innovation-led world while building a solid foundation of application for commercial exploration of new ideas.
In this unit - with an understanding of the entrepreneurial mindset - students will embark upon a journey of creating innovative startups and positioning them for market. Business venture projects will offer students the opportunity to hone their business skills, consolidate their learning and to put this into practice in real world settings.
This unit is an elective open to all students across all faculties.
Units coming soon
Finance and accounting for start-ups
Finance & Accounting for start-ups examines the financial life-cycle of new ventures. The unit explores different financing models, including bootstrapping, organic growth, debt and risk capital, and equity financing including angels, venture capital, and crowdfunding. Firm valuation, term sheets and exit strategies are also covered in this unit. By utilising a blended approach to learning that may include face-to-face workshops, gamified simulations and flipped classrooms, students will be equipped to optimise value from financial assets across the business venture life-cycle.
The unit provides a strong focus on operational and budgeting elements, in particular cash flow management to develop entrepreneurial capability in fostering understanding of the critical importance of sound financial acumen in becoming profitable.
Technology and innovation for start-ups
Technology, increasingly impacts upon life in both measurable and immeasurable ways. Without it, life as we know would be a very different and most probably, a rather stark experience. Innovation is often explicitly and implicitly bound with technology as knowledge and the way we use knowledge drives rapid advances that can both add to our lives but also at times result in unforeseen implications. This unit examines technology and innovation from a human-centred perspective providing a broad overview of the technology landscape and how this drives innovation that impacts on human lives and by consequence, all life. Technological advances can enable economic growth and diversity and this course, in a practical manner, will highlight how technology can be leveraged in transforming nascent concepts into commercial realities.
The unit adopts a design-driven innovation perspective and demonstrates how a human-centred lens is applied when developing new products, services and technologies. Philosophically, nascent innovators will be challenged in this unit to test and validate (in an applied sense), appropriate technology for different types of innovations that may either underpin a start-up or facilitate more optimal and efficient operations of one. This unit will also focus on the architecture that supports technology and how this relates to the start-up journey and achieving profitability. Students will be exposed to the most current emerging deep technologies including AI, IoT, machine learning and bots but also not overlook less ‘glamorous’ tech where scope still exists for considerable innovation. This will allow students to more comprehensively explore the interplay between innovation, technology, and delivery to market.
Law for entrepreneurs
Entrepreneurship is shaped and governed by prevailing institutions including important aspects of the law. It is critical that when starting and growing a new venture, entrepreneurs are both aware of and compliant with local and global regulations. This unit will cover key legal requirements relevant to starting, structuring and operating a business. It is important that entrepreneurs are aware of and understand the importance of contracts and the law of agency; company law including the advantages of limited liability, duties of directors and the consequences of liquidation; other legal forms of business organisation; intellectual property including trademark as it exists to protect goodwill and prevent consumer confusion, copyright as it exists to protect content, and patent and trade secrets protection to protect innovation; as well as restrictive trade practices. The ethical and compliance aspects of all topics will be examined.
The unit offers students a broad overview of relevant aspects of the law to ensure legislative requirements are complied with and by doing so, risks to any potential business are mitigated. It will also enable founders to seek the right kind of legal advice at the right time for their business.
This unit is informed by design thinking, requiring students to test, prototype and refine a viable response to a real-world challenge or opportunity. Working in diverse start-up teams, students will use innovative approaches to problem solving, by learning how to develop and deliver an end-to-end solution.
The unit is experiential and hands-on with learning guided through mentorship and industry engagement. ‘Start-up Fastrack 1’ focuses on the desirability and feasibility elements of innovation. Students will undertake both primary and secondary research to identify and frame a deeper understanding of the problem. Through iterative cycles of ideation, students will develop the capability to rapid prototype and to conduct real life user-testing to evaluate their concepts and ideas. The business modelling element of the unit is designed to lay the groundwork for ‘Start-up Fastrack 2’ by arming students with the necessary capabilities to build their value proposition through rigorous validation and feasibility assessment.
The second part of Start-up Fastrack is focused on the viability element of innovation. The intention of this unit is to enable student venture teams to map and showcase their final solution and go-to-market strategy. Students will conduct a venture viability analysis to ascertain if the solution is financially sound. The legal component of the unit will arm students with the knowledge to navigate complex regulatory guidelines and policy to ensure their solution is compliant with the law. Students will learn how to enhance their entrepreneurial communication skills, enabling them to confidently pitch their solutions to potential investors, and other stakeholders. Additionally, they will develop an understanding of effective strategies in selling and negotiation.
The unit also covers fundamental business aspects, operational processes and strategy planning, allowing students to synthesise their knowledge to successfully build their new business venture.