Creating a Complete Business Plan for a Technical Idea - Entrepreneurship and the Innovation Process


Year1. year
SemesterSpring 2024
Level of courseN/A
Type of courseElective
PrerequisitesNo prerequisites.
ScheduleTaught for 12 weeks.
Páll Kristján Pálsson
The course will give an overview of the running and managing business entities, including planning, cost analysis, human resource management and the role of managers and directors. The importance of continueous innovation is emphasised and related to the corporate lifecycles. As a practical project the students will develop a full business plan for a start-up of a technical idea.
Learning outcome - Objectives
On the completion of the course students should be able to invent business ideas that are then fostered scrutinised and matured through brainstorming, canvas methods and the creation of a business plan for technical comlicated solutions. On the completion of this course the students also should:
  • Possess a clear understanding of the methodology and theoretical understanding of the managerial aspect used in defining and writing complete business plans.
  • Understand innovation through the search for promising and inspiring ideas, idea evaluation and selection.
  • Understand the basics of innovation through technical developmental processes and life-cycle of both products and businesses.
  • Understand marketing through market analysis and create a marketing and sales plans that define customers and market demands.
  • Understand the technical challenges in innovation and define developmental processes for solutions and plan actions accordingly.
  • Understand the financial and funding aspect of innovation: Plan for capital and financing, revenue and cost estimates, cash flow plan and balance sheets. Also cost estimations, revenue, value assessment and sensitivity analysis.
  • Understand innovation through the human aspect of management such as the need for direction, strategy, organisation chart, and human resource management.
  • Define business opportunities and write a business plan for technical coplicated projects and interpret business plans.
Also students should at the completion of the course know how to define business opportunities and make a text- and calculation models in order to evaluate the business opportunity according to demand, solution, profit and financing interest. To know how to avoid making mistakes when searching and evaluating business  opportunities.Students should be able to adapt the most important methods in optimizing business opportunities by analysing current situation and suggest methods that are likely to lead to optimal results in business planning and business plans. Also students shall be able to describe how to realize their proposals.
To possess the knowledge to present and interpret the outcome of a business plan and be able to establish and/or operate minor companies.
Course assessment

Reading material
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Teaching and learning activities

Language of instructionEnglish