DEVELOPING AND RUNNING AN INNOVATIVE BSC BUSINESS ENTERPRISE HONOURS DEGREE PROGRAMME

Nigel Adams, Programme Director BSc Business EnterpriseUniversity of Buckingham, Buckingham, MK18 1EG England

e-mail: nigel.adams@buckingham.ac.uk

Abstract

This will be an interactive workshop which will present and reflect on the experience of the Programme Director, Business Enterprise, at a the University of Buckingham Business School, in developing and running, since January 2006, aninnovative undergraduate Business Enterprise honours degree programme.

During the two year (8 term) programme, undergraduate students have the opportunity to establish and run their own business, as an integral part of their honours degree.

At the end of the two year programme, if the students' businesses are starting to be successful, graduates have the opportunity to buy the business from the university and continue to develop them.

In the first two terms the students study a range of business subjects, including Marketing, Accounting and Business Planning, plus Entrepreneurship andInnovation. The students then prepare and submit their business plan and must also “pitch” their business idea in front of a venture capital panel.

If the students' business plan and “pitch” are successful and they also pass their first examinations, held at the end of the second term, they are given “seed-corn” capital of up to GBP5000 to establish and operate their business forthe following 18 months.

In addition to running their businesses, the students also continue to study a wide range of business enterprise subjects.  They are supported by academic staff and are mentored throughout by experienced entrepreneurs.

The vital need for academic rigour in the programme will be discussed, along with the importance of including practical activities, such as learning about working with customers, partners, suppliers, bankers, accountants, government organisations and venture capital providers.

To achieve intended learning outcomes, it has been found that it is vital to involve external entrepreneurs with the students throughout the programme. This means that the entrepreneurs not only make interactive presentations to the students, but are also available to them as long-term mentors.

The Business School now has over 6 years’ experience running this programme and four cohorts have graduated. In 2009 the programme was revised and improved, taking into account the students’ and faculty’s experience.

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When presenting and reflecting on the experience gained in running this innovative honours degree programme, detailed information will be provided aboutthe range courses offered and their success or not in achieving the intended learning outcomes of the programme.

Although the author believes that academic rigour is important, he has found that the practical activity of undergraduates establishing and running their ownreal businesses has resulted in the Business Enterprise students achieving excellent "learning outcomes".

This will be a very interactive session to enable the delegates to question and discuss with the Programme Director a wide range of topics, including the selection of students, student drop-out rates, graduate employment, the timing of particular courses during the programme, the courses that have achieved the intended learning outcomes and those that have not.

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ObjectiveThis paper presents and reflects on the experience of the Programme Director Business Enterprise, at the independent University of Buckingham, in developing and running, since January 2006, an innovative undergraduate Business Enterprisehonours degree programme.

BackgroundThe University of Buckingham was founded in UK in 1976 by a group of Oxford academics. The university’s culture has always been entrepreneurial, as it depends on a positive reaction from its customers (students and their parents). Not surprisingly, the University developed and launched in 2006 the first undergraduate programme in UK that enables students to establish and operate their own business as an integral part of their BSc Business Enterprise (BBE) Honours Degree.

The university is one of the smallest in the UK and does not receive any fundingfrom the UK government. As a result of its size and the need to be “entrepreneurial”, innovative programmes such as the BSc Business Enterprise aremore likely to be approved by the university’s academic authorities. The programme therefore achieved academic approval during 2005 and was started in January 2006.

Since the university was established in 1976, it has offered undergraduates the opportunity to achieve an honours degree in just two years. This is possible, asstudents at the university study for 4 terms of 9 weeks in each of the two years. They also take examinations every 6 months, in June and December each year. A diagram showing the two year system of study can be seen in Appendix I.

The idea for the BSc Business Enterprise Programme was conceived by the Dean of the university’s Business School in 2004 and the programme was created by him, the current Dean of the Business School and other faculty members during 2004 and 2005.

Level and Target StudentsThe level of the Business Enterprise programme was discussed during its development, many colleagues felt that it should be a Masters Programme, but others believed that the earlier students start an enterprise degree, the betterwould be the learning outcomes and the success of the businesses. In addition, the programme would be unique in UK higher education and would therefore be morelikely to attract students.

The BSc Business Enterprise programme is aimed at students who:• Want to set up and develop their own business, at the same time as they study

for an honours degree.• Plan to make a positive contribution to a family business or small company,

following graduation.• Have flair, creativity & an entrepreneurial or “can-do” approach to business,

which will be vital when working for any businesses in the future.

Programme DesignDuring the two years (8 terms) of their studies, undergraduate students on the BSc Business Enterprise (BBE) programme must also establish and run their own

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business, as an integral part of their honours degree. This makes the programme more difficult than “normal” Business Degrees, as the students must not only study, but also develop, establish and run a real business, all in just two years. Students on this programme therefore learn how to divide their time between academic studies and running their businesses, so that they are successful in both activities.

Starting in January each year, the students study a range of business subjects in the first two terms, including Marketing, Accounting and Business Planning, plus Innovation and Entrepreneurship. The students then prepare and submit theirbusiness plan and must also “pitch” their business idea in front of a venture capital panel at the end of May each year.

If the students' business plan and “pitch” are successful and they also pass their first examinations, held in June each year, they are given “seed-corn” capital of up to GBP5000 to establish and operate their business for the following 18 months.

In addition to running their businesses, the students also continue to study a wide range of business enterprise subjects.  They are supported by academic staff and are mentored throughout by experienced entrepreneurs.

Information about the courses is shown in Appendix 2. This shows that courses are split into an “Academic Stream” and a “Business Stream”. The Business Streamconsists of four Modules: Starting a Business, Business Launch, Business Operation and Business Transition. Each module is relevant to the stage of development of the students’ businesses during the two year programme.Details of the ProgrammeThe Starting a Business module in the first semester includes “embedded” courseson Business Planning, Marketing (practical aspects), Innovation and Entrepreneurship, Operations Management, Service Management and Computer Systems. Each course is worth 7.5 units (credits) and so the total value of the module is 45 units over two terms.

The Business Launch module in the second semester includes “embedded” courses onOperations Management, Financial Control, Innovation and Entrepreneurship, E-Business and Marketing Communications. Again each course is worth 7.5 units (credits), but there are only 5 “embedded courses” as the students’ first two Quarterly Business Review Reports each have a value of 3.75 units (credits). As a result the total value of the module is again 45 Units.

During the third semester in the second year the Business Operation module includes “embedded” courses on Marketing: Implementation & Growth, Business Records, Service Management and Operations Management. As there are now only 4 “embedded courses” the students’ second two Quarterly Business Review Reports each have an increased value of 7.5 units (credits). The total value of the module is therefore again 45 Units.

The fourth semester has the Business Transition module, when the students prepare to buy the business, sell it or close it. This module has only 3 “embedded courses”, Selling Yourself & Your Products, Business Records and Transition Strategy, each with a value of 7.5 units (Credits). The fifth

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Quarterly Business Review Report has a value of 7.5 units (credits), whereas theFinal Business Review Report is a very important and reflective document which has a value of 15 units (credits).

All Business Enterprise courses are taught at the same level as the Business School’s other business degree courses. However, several 7.5 unit (credit) courses are presented, so that all the important subjects can be covered along with the more practical work. Different and more appropriate forms of assessmentare used. For example, the students’ Business Plans and their “pitches” for venture capital and the students’ Quarterly Business Review Reports are all assessed.

Academic and PracticalOperating in a university, it has been essential that we maintain academic rigour in the programme. However by combining academic theory with the reality of students immediately establishing and running a business, has resulted in undergraduate students reflecting on and critically analysing the theories that they have learned.

The programme also includes practical activities, such as learning about workingwith customers, partners, suppliers, bankers, accountants, government organisations and venture capital providers. It also provides information about the importance of meeting official deadlines, such as company tax returns and “Companies House” rules.

Facilities and SupportAn “Enterprise Hub” was established on the university’s campus, with the financial support of the South East Economic Development Agency (SEEDA). This isnow called the “Knowledge Base” and has been used as the offices for the majority of the students’ businesses since 2006. Some of the office accommodation has also been offered to start-up businesses in the area, on a commercial, but low cost basis. This has enabled the students to work closely with entrepreneurs who have started businesses locally.

In addition to academics providing lectures, tutorials and support, external entrepreneurs and business people mentor and support the students throughout theprogramme. See Appendix 3 for examples of Entrepreneurs involved in the programme. BBE students have also been encouraged to join local business networking groups. This has enabled them to learn the importance of “networking”to start-up businesses and to help them to develop networking skills and find customers and suppliers.

The students are also encouraged to work with organisations that support start-up businesses and young entrepreneurs, for example the student/graduate run National Consortium of University Entrepreneurs (NACUE). This has enabled the students to find out how other undergraduate and post-graduate entrepreneurs operate their businesses and to discuss problems in running start-up businesses.

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BusinessesAt the end of the two year programme, if the students' businesses are starting to be successful, graduates have the opportunity to buy the business from the university and continue to develop them.

An example of the type of business started by BBE students is Podnik Ltd, a sustainable or “green” consultancy which helped Buckingham town start to become free of plastic shopping bags. It also initiated a project to power the StudentsUnion Building, using the river that flows through the campus for hydro power. Following his graduation, the student involved is now establishing his first wind turbine in his home town.

Programme ReviewsAs a result of experience gained running the programme and comments from students and academics, several changes were made in the programme. For exampleexternal entrepreneurs have replaced academics for the two “Innovation and Entrepreneurship” courses. This has been welcomed by the BBE students and has resulted in improved learning outcomes, as students demonstrate their understanding of business concepts by using examples from the entrepreneurs’ talks and discussions. Appendix 3 shows the types of entrepreneurs who have given presentation and had discussions with the BBE students.

Another course, “Selling yourself and your products” will be introduced in the Summer Term of 2011, as it was found that students don’t understand the importance of selling to their success in gaining venture capital and selling their products or services. Some of them also lack the confidence required to achieve success.

Reflection The Business School now has over 5 years’ experience running this programme and four cohorts have graduated. We can therefore reflect on the experience gained in running this innovative programme.

The positive results have been the:• Personal development of the Business Enterprise students. (e.g. BBE

students are more mature.)• Positive reaction to the programme from a wide range of people, though not

all teachers approve.• Support of colleagues throughout the university. (e.g. Faculty members

from every school involved.)• Widening participation in higher education. (e.g. A BBE scholarship was

won by Rwandan refugee.)• Involvement with the business community. (e.g. Local mentors and business

people involved.)• Successful employment of BBE graduates. (e.g. ALL graduates employed or in

higher education.)

The problems that have been faced:• Time taken and cost of promoting the programme. (e.g. “Word of mouth”

promotion needed.)• Finding and attracting appropriate students. (e.g. Sufficient students

attracted only after 5 years.)6

• Student workload & drop-out rate. (e.g. All applicants made aware of workload to reduce problem.)

• Timing & success of courses during programme. (e.g. Changes made to address this problem.)

• Costs and time involved with administration of students’ companies (Companies House & HMRC)

What has been learned?• It has been found that students’ preparing a business plan and a “pitch”

presentation in the first semester was successful.• A theoretical approach to innovation & entrepreneurship did not result in

the achievement of the learning outcomes required.• Quantitative Methods, plus the need to improve English language and

presentation skills are vital in the early part of programme.• A broad range of subjects is required to cover all the topics that

students will need for their businesses and academic qualifications.• A “light” touch is needed hen mentoring, don’t say no!

PresentationThe paper will be presented in an interactive session to enable the delegates toquestion and discuss with the Programme Director a wide range of topics, including the selection of students, student drop-out rates, graduate employmentand establishing their own business, the timing of particular courses during theprogramme, the courses that have achieved the intended learning outcomes and those that have not.

During the question and answer session, delegates will be asked if:• They have started similar programmes?• Those who have run similar programmes have had similar or different experiences?• They think that there is a future for this type of programme in other universities?• We can take-away anything useful from this session?

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Appendix 1

The University’s Two Year Programme

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Appendix 2aBSc Business Enterprise – Year 1

Term Academic Stream Business Stream

  Year one: Starting a Business

1Winter

Introduction to Financial Accounting (15 units) (4)BBE: Introduction to Marketing (7.5 units) (4)

Introduction to Office Software *

BBE: Starting a Business (22.5 units) has the following embedded courses in Term 1:

BBE: Business Planning (7.5 units) (4)BBE: Innovn & Entrepreneurship 1 (7.5 units) (4)BBE: Marketing (7.5 units) (4)

2Spring

BBE: Introduction to Management Accounting (7.5 units) (4) BBE: Quantitative Methods (7.5 units) (4)BBE: Law for Business Enterprise 1 (7.5 units) (4)

BBE: Starting a Business (22.5 units) has the following embedded courses in Term 2:

BBE: Ops Management 1 (7.5 units) (4) BBE: Service Management 1 (7.5 units) (4) BBE: Computer Systems (7.5 units) (4)

Total Unit Value Terms 1 & 2 - 90 unitsPreliminary Examinations for examined courses. Assessment of written business plan for 'Starting a Business' module. Venture capital “pitch” (Oral examination) for the business start-up funding.

  Year one: Business Launch

3Summer

BBE: Marketing: Building a Customer Focus (15 units) (5)

BBE: Management (7.5 units) (5) JS

BBE: Business Launch (22.5 units) has the following embedded courses in Term 3:

BBE: Innovn & Entrepreneurship 2 (7.5 units) (5) BBE: Ops Management 2 (7.5 units) (5)BBE: Financial Control (7.5 units) (5)

Student Business First Quarterly Review at the end of Term 3 (3.75 units) (5)

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4Autumn

Business Info Systems (15 units) (5)

BBE: Economics of Firm (7.5 units)(5)

BBE: Business Launch (22.5) has the following embedded courses in Term 4:

BBE: E-Business (7.5 units) (5)BBE: Marketing Communications (7.5 units) (5)

Total Unit Value Terms 3 & 4 - 90 unitsPart 1 Examination and Student Business Review end of Term 4 (includes assessment and/or exams for taught courses) and Student Business Quarterly Review (3.75 units) (5)

Note 1: Students must attend all the courses/workshops contributing to the 'Starting a Business' course. Some tutors will require students to complete and pass class tests and/or course assessments in these sessions and students cannotnormally continue with their studies in Part 1 until they have satisfied the course tutors in these subjects. All subjects embedded in this course contributeto the written business plan and the total unit value across the two terms is 45units.Note 2: During terms 1 and 2 students will also complete skills courses comprising of study skills, team-working skills and the *Introduction to Office Software Course. This is a skills course, which students must attend and it willbe examined by coursework and an examination. Students cannot normally continue with studies for Part 1 and certainly cannot graduate without passing all their skills courses.Note 3: Students must attend all the courses/workshops contributing to the ‘Business Launch’ course. All subjects embedded in this course contribute to theQuarterly Business Review reports that must be presented at end of the summer and autumn terms and the total unit value across the two terms is 45 units.

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Appendix 2bBSc Business Enterprise – Year 2

 Term Academic Stream Business Stream

Year two: Business Operation

5Winter

BBE: Finance & Accounting For Small Businesses (15 units) (6)

BBE: Risks In Business (7.5 units)(6)

BBE: Business Operation (22.5 units) has the following embedded courses in Term 5:

BBE: Marketing: Implementation & Growth (7.5 units) (6)BBE Business Records 1 (7.5 units) (4)

Student Business Quarterly Review at the end of Term 5 (7.5 units) (6)

6 Spring

Corporate Strategy & Strategic Management (15 units) (6)

BBE: Law for Bus Enterprise 2 (7.5 units) (5)

BBE: Business Operation (22.5 units) has the following embedded courses in Term 6:

BBE: Service Management 2 (7.5 units) (5)BBE: Ops Management 3 (7.5 units) (6)

Total Unit Value Terms 5 & 6 - 90 unitsPart 2 Stage 1 Examination and student business review end of Term 6 (includes assessments and/or exams for taught courses) and Student Quarterly Business Review(7.5 units) (6)

  Year two: Business Transition

7Summer

Advertising (15 units) (6)

Business Ethics (15 units) (6)

BBE: Business Transition (22.5 units) has the following embedded courses in Term 7:

BBE: Selling Yourself & Your Products (7.5 units) (6)BBE: Business Records 2 (7.5 units) (5)

Student Business Quarterly Review at the end of Term 7 (7.5 units) (6)8

AutumnHuman Resource Management (with special emphasis on managing peoplein small businesses) (15 units) (6)

BBE: Business Transition (22.5 units) has the following embedded courses in Term 8:

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BBE Transition Strategy (7.5 units) (6)

Total Unit Value Terms 7 & 8 - 90 unitsPart 2 Stage 2 Examination at end of Term 8 (includes assessments and/or exams fortaught courses) and Final Student Business Review (15 units) (6)

Note 1: Students must attend all the courses/workshops contributing to the ‘Business Operation’ and ‘Business Transition’ courses. Some tutors will requirestudents to complete and pass class tests and/or course assessments in these sessions and students cannot normally continue with their studies in Part 2 until they have satisfied the course tutors in these subjects.

All subjects embedded in these courses contribute to the Quarterly Business Review and Final Business Review reports that are to be presented at the end of each term and the total unit value across the two terms is 45 units.

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Appendix 3

Innovation and Entrepreneurship

Examples of the types of visiting entrepreneurs

Visiting Entrepreneur Type of entrepreneur

Mike Clare Founder of the Dreams chain of retail outlets

Victoria Lennox Founder of the National Consortium of University Entrepreneurs

Mike Southon Serial Entrepreneur and FT writer

Alex Johns Social Entrepreneur & Buckingham Alumnus

Penny Power Founder of Ecademy.com (Social Network)

Jeremy Blake Creator of a local sales training company

Celia Gates Inventor and Entrepreneur (Dr Cookware)

Marcus Bicknell Intrapreneur in large companies

Louise Staden Life Coach and NLP Specialist based locally

Noam Kostucki Young Social Entrepreneur

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