Pillar 1 - Entrepreneurial Skills Basics

The module introduces students to the field of entrepreneurship. It contains the theoretical foundations of entrepreneurship and offers an overview and basic understanding of ecosystems and the functions of start-ups in the innovation context.

Introductorily the concept of business start-up will be historically and in current context examined, giving students a basic understanding of the subject area of entrepreneurship. The compulsory module further covers acquisition of basic terminology in the context of entrepreneurship, with cultural differences between start-ups and corporates as well as with the basics of validating a business model.

Independently, students will be able to work out central differences between entrepreneurs and managers as well as between start-ups and corporates, highlighted by analysis of the socio-economic conditions. A basic understanding of the start-up ecosystem in Germany and Europe is established. Key knowledge on factors influencing the start-up ecosystem will be conveyed. An interim presentation is used to share the results of independent work.

The remainder of the course will apply the theoretical principles of validating a business model to the start-ups as covered earlier. This allows students to work out strategic contexts of a start-up based on best practice examples. The fundamentals acquired can be used immediately and success factors can be identified by applying methodological principles to validate the business model. Results are presented, discussed, and evaluated together in a final pitch.

This module leads students through the process of idea development to business model development using the design emphasize”, “define”, “ideate”, “prototype”, as well as “test” a business idea. This builds a basic understanding of how to develop a business idea. The theoretical basics of design thinking as well as entrepreneurship are applied in a workshop and first experiences with the challenges of founding are acquired with development of a business model and the validation of the business model.

A core understanding of market analysis and creation as well as testing of a prototype is established. Implementation of a marketing and sales strategy enables students to differentiate between strategic and operational decisions, identify factors for success, and derive learnings. Development of the business model also gives students a basic understanding of financing of a business model or the framework conditions for spinning off a scientific idea. Development of the business model is presented in a final pitch and critically examined and discussed in the plenum.