Entrepreneurship in Family Firms

Department
  • International Program
Course unit code
  • IFLV6543
Number of ECTS credits allocated
  • 3.0
Name of lecturer(s)
  • Ass. FH-Prof. Mag. Wieser Desiree, PhD, Mag. (FH) Sexl Florian, BA MSc MBA, FH-Prof. Priv.-Doz. MMag. Dr. Zehrer Anita
Mode of delivery
  • distance learning/e-learning
Recommended optional program components
  • none
Recommended or required reading
  • Amato, S., Broccardo, L., & Tenucci, A. (2024). Family firms, management control and digitalization effect. Management Decision. DOI 10.1108/MD-03-2023-0347
    Berrone, P., Cruz, C., & Gómez-Mejía, L. R. (2012). Socioemotional wealth in family firms: Theoretical dimensions, assessment approaches, and agenda for future research. Family Business Review, 25(3), 258-279. 3 https://doi.org/10.1177/0894486511435355
    Frank, H., Kessler, A., Nosé, L., & Suchy, D. (2011). Conflicts in family firms: State of the art and perspectives for future research. Family Business Review, 130-153
    Gómez-Mejía, L. R., Haynes, K. T., Núñez-Nickel, M., Jacobson, K. J., & Moyano-Fuentes, J. (2007). Socioemotional wealth and business risks in family-controlled firms: Evidence from Spanish olive oil mills. Administrative Science Quarterly, 52(1), 106-137.
    Kammerlander, N. (2022). Family business and business family questions in the 21st century: Who develops SEW? Journal of Family Business Strategy, 13, 100470. https://doi.org/10.1016/j.jfbs.2021.100470
    Lu, X., Wijayaratna, K., Huang, Y., & Qiu, A. (2022). AI-enabled opportunities and transformation challenges for SMEs in the post-pandemic era: A review and research agenda. Frontiers in Public Health, 10.3389/fpubh.2022.885067
    Qiu, H., & Freel, M. (2019). Managing family-related conflicts in family businesses: A review and research agenda. Family Business Review, 33(1), 90-113, https://doi.org/10.1016/j.jii.2021.100224
    Zhang, C., & Lu, Y. (2021). Study on artificial intelligence: The state of the art and future prospects. Journal of Industrial Information Integration, 23, 100224.
Level of course unit
  • Bachelor
Year of study
  • Fall 2025
Semester when the course unit is delivered
  • 1
Language of instruction
  • English
Learning outcomes of the course unit
  • This module aims to provide students with a core understanding of entrepreneurship, theory and practice through a blend of theoretical and experiential learning activities. This course explores and develops an understanding of entrepreneurship and the wider enterprise business environment. The course explores and covers theoretical concepts relating to entrepreneurship, idea development, creativity and innovation management, market analysis, strategic planning, resource management, operations management, financial planning, ethical/social enterprise, marketing and the role of the digital environment, as well as growth and internationalisation. Illustrated with real-life examples, this course aims to provide students with a critical understanding of the process of entrepreneurship both in theory and in practice.
    Specifically, the course aims to:
    • To raise awareness of the importance of entrepreneurship in the 21st century.
    • Introducing students to establish and emerging entrepreneurship methodologies.
    • Provide a deeper understanding of contemporary issues related to entrepreneurship theory and practice.
    • Demonstrate the role and importance of entrepreneurship to the Global economy.
    • Illustrate the ways in which entrepreneurship occurs in a variety of contexts.
    • Develop an understanding of entrepreneurial fundamentals (from opportunity identification and idea development to marketing and operations).
    • Develop student knowledge of the internal environment of the enterprise and its operations.
    • Enable students to acquire and develop an understanding of key entrepreneurial skills and tools.
    • Understand how businesses grow and the changing role of the entrepreneur.
    • Provide the opportunity to practice some entrepreneurial skills.
    • Provide practical experience of setting up a business
    • Develop understanding of organisational forms and structures.
    • Introduce students to the marketing function and business planning.
    • Develop student understanding of the interconnectedness between core elements of the business and its operation.
    2
    • Enable students to acquire and develop understanding, knowledge and skills related to managing an entrepreneurial venture.
    • Enhance business skills via an understanding of the practical application of theoretical knowledge through assessment and guest speakers.
    • Engagement with the wider entrepreneurial ecosystem
    • To assist the development of skills (particularly critical evaluation of academic research, diagnostic, problem solving, team/group working, communication, written, presentation and IT skills) through both formative classroom based work and summative assessment.
    The course involves lectures and tutorials, both of which will be highly interactive. Class participation is compulsory both in individual and group activities which encourages creative thinking and ‘learning by doing’. Class participation is highly rewarded and expected. Moreover, this class is designed to operate as a stepping stone for other classes in the second and third year of your studies. Therefore, you are expected to immerse yourself in its integrated design. Lectures provide the theory, the assignments are linked to practice and tutorials bridge the gap between the theory and practice.
Course contents
  • 1. Entrepreneurial Mindset Chapter 1 Learning Objectives 01: To introduce the concept of entrepreneurship and explain the process of entrepreneurial action. 02: To describe how structural similarities enable entrepreneurs to make creative mental leaps. 03: To highlight bricolage as a source of entrepreneurs’ resourcefulness. 04: To introduce effectuation as a way expert entrepreneurs sometimes think. 05: To develop the notion that entrepreneurs cognitively adapt 06: To introduce sustainable entrepreneurship as a means of sustaining the natural environment and communities and developing gains for others.
    2. Generating and Exploiting New Entries Chapter 3 Learning Objectives 01: To understand that the essential act of entrepreneurship involves new entry. 02: To be able to think about how an entrepreneurial strategy can first generate, and then exploit over time, a new entry. 03: To understand how resources are involved in the generation of opportunities. 04: To be able to assess the attractiveness of a new entry opportunity. 05: To acknowledge that entrepreneurship involves making decisions under conditions of uncertainty. 06: To be able to assess the extent of first-mover advantages and weigh them against first-mover disadvantages. 07: To understand that risk is associated with newness but there are strategies that the entrepreneur can use to reduce risk.
    3. Creativity and the Business Idea Chapter 4 Learning Objectives 01: To identify various sources of ideas for new ventures. 02: To discuss methods available for generating new venture ideas. 03: To discuss creativity and creative problem solving techniques. 04: To discuss the importance of innovation. 05: To understand and be able to develop an opportunity assessment plan. 06: To discuss the aspects of the product planning and development process. 07: To discuss aspects of e-commerce.
    4. Protecting the idea Chapter 6 Learning Objectives 01: To identify and distinguish intellectual property assets of a new venture including software and websites. 02: To understand the nature of patents, the rights they provide, and the filing process. 03: To understand the purpose of a trademark and the procedure for filing. 04: To learn the purpose of a copyright and how to file for one. 05: To identify procedures that can protect a venture’s trade secrets. 06: To understand the value of licensing to either expand a business or start a new venture. 07: To recognize the implications of new legislation that affects board of directors and internal auditing processes for public companies. 08: To illustrate important issues related to contracts, insurance, and product safety and liability.
    5. The Business Plan: Creating and Starting the Venture Chapter 7 Learning Objectives 01: To define what the business plan is, who prepares it, who reads it, and how it is evaluated. 02: To understand the scope and value of the business plan to investors, lenders, employees, suppliers, and customers. 03: To identify information needs and sources for each critical section of the business plan. 04: To enhance awareness of the value of the Internet as an information resource and marketing tool. 05: To present examples and a step-by-step explanation of the business plan. 06: To present helpful questions for the entrepreneur at each stage of the planning process. 07: To understand how to monitor the business plan. 08: To understand the importance of contingency planning
    6. The Marketing Plan Chapter 8 Learning Objectives 01: To understand the relevance of industry and competitive analysis to the market planning process. 02: To describe the role of marketing research in determining marketing strategy for the marketing plan. 03: To illustrate an effective and feasible procedure for the entrepreneur to follow in engaging in a market research study. 04: To define the steps in preparing the marketing plan. 05: Understanding how to prepare a marketing budget. 06: To illustrate different creative strategies such as social media that may be used to differentiate or position the new venture’s products or services.
    7. The Organizational Plan Chapter 9 Learning Objectives 01: To understand the importance of the management team in launching a new venture. 02: To understand the advantages and disadvantages of the alternative legal forms for organizing a new venture. 03: To explain and compare the S corporation and limited liability company as alternative forms of incorporation. 04: To understand the implication
Planned learning activities and teaching methods
  • The course comprises an interactive mix of lectures, discussions and individual and group work.
Work placement(s)
  • none

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