ou just need to think of any well-known company (e.g., Rituals, RouteMobiel, MEXX, Flügel, TomTom, G-Star, Gsus or Geox) to ask whether these organisations had not existed if there had not been someone daring enough to grasp a perceived opportunity and to establish a new business.
Research has revealed that most of our employment, Gross National Product and economic growth is dependent on the venturing initiatives of (teams of) individuals that start and grow new companies. Indeed, the societal importance of entrepreneurship as an engine for innovation, renewal and job creation is well understood by economists and policy makers.
Yet, knowing the importance of entrepreneurship does not equal understanding the entrepreneurial process. Such would require one to explore the contexts, structures and processes that allow enterprising actors to turn business opportunities into viable companies. The process characteristics are often overlooked.
This is unfortunate because entrepreneurship can be so extremely fascinating to study and rewarding to practice. Venturing yourself is actually not as daunting as it may seem to be. Smart entrepreneurs de-risk their venture, or at least they try to have others share in the risk taking (and the returns).
Key to entrepreneurship is spotting and acting on business opportunities. Entrepreneurs do not only to spot opportunities they also must mobilise (financial and other) resources that are needed to milk the opportunity. That is why this minor highlights the (societal) dynamics that produce new opportunities. It also explains why the courses will will challenge you to explain why and how individuals discover opportunities, and to explain how individuals transform opportunities in economic activity.
Hence, this minor explores entrepreneurship as a process in which enterprising individuals play a key role. This minor allows you to explore the virtues of scholarly insights on the triggers, process and outcomes of new business venturing. It could gear you up for an entrepreneurial career in business, or at least help you to build a better understanding for the entrepreneurial process in which opportunity is transformed into business.
You will, also, learn to appreciate the contributions of scholarly research of entrepreneurial processes, entrepreneurs and entrepreneurial ventures.
The structure of the Entrepreneurship minor is as follows:
September- October Period 1 November December Period 2 JanuaryPeriod 3 Birthing new ventures (6,5 ects) Social & Sustainable Entrepreneurship (6,5 ects) Creativity & Concept Development (4 ECTS skills course) Mobilising resources (6,5 ects) Commercialising Science & Technology (6,5 ects)
As you can see above, the Minor comprises a 30 ECTS programme.
Birthing new ventures: the interplay of individual initiative and entrepreneurial opportunity
Not many will contest the societal impact of enterprising individuals and entrepreneurial ventures on our economies. Entrepreneurs often start-up new companies with the intention to challenge (and sometimes even overthrow) incumbents. In the process, they create new jobs and apply competitive pressure on established firms. Entrepreneurs supposedly have an important direct and indirect effect on driving innovation. Not surprisingly, academics have sought to unravel the entrepreneurial process.
From their findings we learn that all that happens prior to a formal launch of a new venture is critical to understand the essence of entrepreneurship. For example, we know that many more people see opportunities than individuals that actually seek to exploit the opportunities that they have discovered.
In this course you will explore why and how opportunities are created and/or discovered by more or less enterprising individuals. In addition you will explore why only a few of those that see an opportunity will actually engage in efforts to further explore and exploit the opportunities that they have spotted. You will identify factors that drive entrepreneurship at the level of enterprising individuals. You will explore how personality characteristics, experience & education, and social embeddedness shape entrepreneurial journeys. You will learn that entrepreneurship is not necessarily about taking risk as many entrepreneurs put a lot of effort in minimizing (or even outsourcing) risk prior to the launch of their venture.
Mobilizing resources for entrepreneurial start-up and growth
The societal impact of enterprising individuals cannot be contested. They found companies that challenge (and often replace) incumbents and they have an important role in introducing innovative products and services to new or established markets. However, entrepreneurs never operate in isolation; many entrepreneurs cofound their venture with others and establish partnerships to gather the resources necessary for launching and growing their ventures.
We start the Resource mobilization course with exploring the two most essential resources for launching and growing a venture: human and financial. In so doing, you will explore how to put together an entrepreneurial team, examine team dynamics as well as how to recruit the best employees. You will review different types of financial resources available to entrepreneurs as well as how to select the best one for a specific type of venture. Based on this, you will also examine the role of business planning as part of a ventures resource mobilization strategy.
This course will explore the concept of bootstrapping or how to get things done when you do not have the required resources. In all of the above, attention will be paid to how a ventures resource mobilization strategy is not a static concept, but is one that changes dynamically over the lifecycle of a venture.
Social & Environmental Entrepreneurship
Social & Environmental Entrepreneurship aims to combine social goals with financial sustainability. Social ventures such as Annie Connect or Onze Saar showcase that profit can be made while serving a social cause. Other social ventures such as the Aravind Eye Hospitals do not seek to generate profit. They want to maximize the social value that they create. Social & Environmental Entrepreneurship further incorporates environmental ventures, such as Solar Century, Lemnis and E-Max, which showcase that profit can be made while serving an environmental cause. Other environmental ventures do deem the serving of an environmental cause as more important than generating (shareholders) profits.
This course explores the special features of Social & Environmental Entrepreneurship (creating social or environmental value) in comparison to regular entrepreneurship (creating economic value). Attention is given to the variety in issues addressed by social entrepreneurs, how traditional business concepts such as strategy, performance and finance are translated in a Social & Environmental Entrepreneurship setting as well as limitations of and problems encountered in social and environmental venturing.
Commercialising Science & Technology
Commercialising Science & Technology helps you to understand and master the process of turning science into products and products into businesses. University labs and corporate R&D department increasingly rely on professionals that help bridging science production (conference presentations, scientific publications, and patents) to value creation (revenues, funding for scientific and applied research). Topics to be discussed include legal, fiscal and governance issues.
For many years, scholars have sought to understand (end improve) technology transfer. Recent developments push publicly financed research institutes and research universities to exploit the economic value of their research. As a result, companies and entrepreneurs will find that academics have become more willing to share and collaborate. Yet they expect to gain from such knowledge and technology transfer. For example, they may want to increase research budgets and/or seek to find better employment opportunities for their students. Also companies have several incentives to seek closer collaborative ties with researchers outside their own organisations. They are increasingly willing to partner with (and even invest in) ventures that were started to commercialise university know-how.
In this course you start building an understanding for the bridging of science to business. It provides insight in technology transfer and licensing as well as an understanding of the dynamics of science production and deployment.
Creativity and Business Concepting
This skills training course of the Entrepreneurship Minor at Maastricht University is focused on two of the most important triggers for new ventures:
* spotting opportunities,
* developing business concepts that could be deployed to exploit the discovered opportunity
Creativity plays an important role in several, maybe all, aspects of what makes organizations work and flourish. Creativity is also an essential skill for entrepreneurs to master if they want to start, build and grow a company. But on the other hand, the concept of creativity is barely understood. Is creativity a personality trait, is it something you can learn by exercise, is it the outcome of a process, or something that is greatly dependent on the environment of the creative person? If you want to build a creative company is it sufficient to hire creative people, do creative individuals make up a creative team, does the creative personality exist? During this skills course we will touch upon all these important aspects of creativity.
But, most of all, we will try to find ways to develop your own creativity. The starting point of the training is the fact that everyone is creative, that creativity is a skill that can be learned and trained. We will follow different paths to help you to investigate your own creativity and to find the best way to improve your creative skills.
Entrepreneurial opportunities are rarely discovered through systematic search, yet systematic search can play a critical role in the further development of embryonic ideas for new business. Creativity plays a key role in opportunity recognition, ideation, and in business concepting. Yet, entrepreneurs usually also need to be creative in mobilising resources (people, capital, equipment etc.), in starting-up, and in growing their business. That is why this skills course helps you to develop your creative problem solving skills.
More information on registration requirements, tuition, registration, housing, visa etc can be found at
|TOEFL paper-based test score:||575|
|TOEFL computer-based test score:||230|
|TOEFL internet-based test score:||90|
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