Entrepreneurship in the Modern Economy
Entrepreneurship is the most important input factor of modern economies. Knowledge of entrepreneurship and its role in these economies is essential for students opting for consultancy work in the world of entrepreneurship and young businesses. Are you one of them?
Name of minor: | Entrepreneurship in the Modern Economy |
Code: | FEB53101 and FEB53101M |
Teaching language: | English |
Offered by: | Erasmus School of Economics (ESE) |
Other programmes which are contributing to the minor: | not applicable |
Access: |
Content
Entrepreneurship is the single most important input factor of modern economics. Even during the current slowdown of the economy we witness an increase of new firm start-ups. Policymakers aim to stimulate enterprising behaviour and many young people realize that self-employment or working for an entrepreneurial venture may be more rewarding than a traditional career with established companies. Sound academic knowledge of these phenomena is scarce. The minor Entrepreneurship in the Modern Economy combines an academic introduction to the process of setting up a business (Essentials of Small Business Management) and the role of entrepreneurship in the modern economy (Essentials of Entrepreneurship) with the practical approach (Writing and Presenting a Business Plan).
Learning objectives:
Academic and practical approaches of the many faces of entrepreneurship are combined.
Applied management perspectives are taught in the Essentials of Small Business Management part. Academic and practical dimensions of setting up small businesses are presented so that students are able to write and evaluate a business plan. The difference between large (incumbent) and small (young) firms’ management will play a central role.
Applied economics perspectives are taught in the Essentials of Entrepreneurship part. Students are made familiar with the modern literature explaining why entrepreneurs play a fundamental role in modern economies. The difference between the earlier ‘managed’ society and the current ‘entrepreneurial’ society will play a central role.
Specific characteristics:
Students are expected to have an interest in entrepreneurship. Yet, students are NOT expected to have already been introduced to the domains of business administration or (applied) economics (e.g. strategy, marketing, accounting, HRM, finance, operations). As this minor is delivered in English command of the English language in speech and writing should be sufficient to actively participate in the classes.
Organization
Maximum number of students that can participate in the minor: 100
Minimum number of students that can participate in the minor: 20
Overview modules:
Essentials of Entrepreneurship #2 is not required for ESE students that opt for a 12 ECTS minor.
Module 1: Essentials of Small Business Management
- ECTS: 5 + 2 (Writing and Presenting a Business Plan)
- Content: The first part of the minor covers a broad range of topics essential for young and small businesses and start-ups. The goal is to equip the students with the knowledge to develop a business on their own or to consult with young and small businesses and start-ups. The students will learn techniques how to find a profitable business idea and how to evaluate its respective market potential. The students will also learn how to finance a small business and how to quickly grow by expanding it internationally. This part of the minor serves as a preparation for the writing of a (fictitious) business plan, which will be presented in front of an audience of entrepreneurs, businessmen, and financiers in the third part.
- Teaching method: Lectures, preparation for writing a business plan
- Teaching materials:
1. Robert Hisrich, Michael Peters, Dean Shepherd, Entrepreneurship, McGrawHill Education, 2010, isbn 9780071267687. Paperback not hardcover. www.mcgraw-hill.co.uk/html/0071267689.html
2. Reader: the scholarly articles used in addition to the book can be downloaded through the university library or will be handed out in class. - Programme offering the module: ESE; Applied Economics: Dr. Joern Block (lecturer) and Prof. dr. Roy Thurik (coordinator)
Module 2: Essentials of Entrepreneurship #1
- ECTS: 5
- Content: This second part of the minor provides a bird’s eye view on the Economics of Entrepreneurship. We provide a basis for understanding why entrepreneurs play a fundamental role in modern economies. The contrast between the ‘managed’ and the ‘entrepreneurial’ economy will be central. Four issues are raised throughout the course and are explored from an applied, non-math economics perspective: what is entrepreneurship, what is its role regarding the functioning of markets, what are its links with innovation and economic progress. Additionally, the importance of the regional context for entrepreneurship is dealt with including some policy issues.
- Teaching method: Lectures
- Teaching materials: Reader: the scholarly articles used can be downloaded through the university library or will be handed out in class
- Programme offering the module: ESE; Applied Economics: Prof.dr. Roy Thurik (coordinator) and Dr. Marcus Dejardin (guest lecturer)
Module 3: Essentials of Entrepreneurship #2
- ECTS: 3
- Content: The third part of the minor focuses on three further topics of the entrepreneurship literature. First, different sources of finance for new entrepreneurial ventures are analyzed, e.g. debt vs. equity finance, with special attention to the role of venture capital. Secondly, the implications of globalization on entrepreneurship are discussed. In particular, attention is devoted to the threats and opportunities offered by trade liberalization across countries, and to the impact of foreign investment inflows on domestic entrepreneurship in each country. Finally, the rationale for entrepreneurship policy is analyzed, as well as the various forms that such policy can take on within different country-contexts.
The course is structured as a seminar. During each lecture a group of students is asked to present some articles from the reading list. A class discussion follows, based on the written comments that students are required to submit to the instructor in advance. - Teaching method: Seminar
- Teaching materials: Reader: the scholarly articles can be downloaded through the university library or will be handed out in class
- Programme offering the module: ESE; Applied Economics: Prof. dr. Enrico Pennings (lecturer) and Prof. dr. Roy Thurik (coordinator)
Additional information:
Teaching is based upon:
- Interactive discussions based on the literature and finalised with synthetic view by the teacher
- Use of teaching cases: stylized descriptions of actual situations that put you in the position of an entrepreneur trying to set up a business or a policy maker trying to make policy
Contact hours:
There are approximately two classes a week. All classes are three times 45 minutes and require active preparation and class participation. The 15 ECTS (12 ECTS) minor expects you to spend some 420 hours (330 hours) for class preparations, class participation and examination.
Communication channels:
The usual communication channels at the Erasmus School of Economics, Blackboard and SIN-Online, will be used to communicate with the students.
Examination
Examination modules:
Each module has a separate exam (asset of question per module but in one examination session)
A minimum of 5.5 is required for all the courses to be graded for the minor.
Method of examination:
Module 1 “Essentials of Small Business Management”:
Written exam (open and MC questions), presenting a business plan
Module 2 “Essentials of Entrepreneurship #1”:
Written exam (open and MC questions)
Module 3 “Essentials of Entrepreneurship #2”:
In class participation plus homework, consisting of short comments on articles
Composition of final grade:
Weighted average according to ECTS. A minimum of 5.5 is required for all the courses to be graded for the minor.
Feedback:
Feedback is on demand. Students make an appointment with the teacher.
Contact information
Contact person:
Prof. A.R. Thurik
thurik@ese.eur.nl
Phone: (010) 408 2232
Room: H12-26
Faculty website:
www.eur.nl/ese/students/minor/entr
