Duration: 2 years full time
Institution code: R72
UK fees*: £13,600
International/EU fees**: £22,000
Duration: 1 year full time
Institution code: R72
UK fees*: £13,600
International / EU fees**: £22,000View this course
Entrepreneurship and Innovation with a Year in Business (MSc)
This course is designed for individuals who wish to pursue a career as an entrepreneur, whether that be starting a new organisation or developing entrepreneurial and innovative projects within existing organisations. You will be equipped with specialist and in-depth understanding of entrepreneurship and innovation together with practical skills, enhancing your employability.
The course draws upon the highest level of theory and practice in this field and builds on the extensive research and teaching expertise of academics within the School of Business and Management. The content of this course is continually updated to reflect contemporary issues and areas of interest, such as family business management, entrepreneurship and consultancy, and social entrepreneurship.
By choosing to spend a year in business you will also be able to integrate theory and practice and gain real business experience. We provide a learning environment where students can use their experience of organisations to engage with and challenge both the theoretical and case materials and work together on new intellectual and management problems.
On graduating you will have a critical understanding of entrepreneurship and innovation research, an appreciation of the impact of entrepreneurship and innovation and the processes and practices at every level. You will look at venture creation, innovation, consultancy, financial planning, entrepreneurial marketing, social entrepreneurship and family business management.
Our course is enriched with the knowledge and expertise shared by our visiting speakers which include entrepreneurs running successful and in many cases, highly innovative business.
As a student of the School of Business and Management you will join an intellectually stimulating, friendly and supportive research environment and, through working closely with our expert and experienced academic staff, you will be in a position to realise your potential.
- Excellent position to be a successful business owner or manager by gaining a deep understanding of entrepreneurship and innovation, coupled with a practical set of skills gained in your year in business and the beginning of an effective business network.
- Flexibility to tailor your studies to suit your specific areas of interest, such as marketing communications, e-business and accounting.
- Latest thinking and exciting intellectual challenges provided by academics who are at the frontiers of their subjects.
Core ModulesYear 1
This module will introduce you to the basic theories and practices related to business planning and the entrepreneurial start-up process. You will look at the discovery of business opportunities, the development and assessment of business ideas, the formation of founding teams, and how to preparare a business plan.
In this module you will develop an understanding of the key aspects of entrepreneurship. You will look at the entrepreneurship process, the key differences between large companies and small and medium-sized enterprises, and the financing options available to start-up and developing companies. You will examine enterprise barriers, growth and performance, with particular consideration given to the role of start-up and entrepreneurial activity in the hi-tech and biopharma sectors.
This module will provide you with an introduction to the key topics in marketing, focussing on how small and entrepreneurial organisations with limited resources market and promote themselves. You will develop an understanding of selling and negotiating, market analysis and customer segmentation, consumer behaviour, creativity and innovation, leveraging limited marketing resources, customer relationship management and brand building.
In this module you will explore business innovation in the context of new ventures and corporations, discussing how changes in Information technology, markets, and society are affecting the emergence of new business models, products, and services. You will look at sources of innovation and creativity, the innovative organisation, developing new products and services, innovation networks and policies, knowledge management and innovation in the global context for competitive advantage.
In this module you will develop your analytical research skills so that you are better prepared for your dissertation project. You will look at approaches to management research and the assumptions upon which they are based, and consider how to critically evaluate primary and secondary data sources. You will examine how to choose appropriate quantitative and qualitative research methods for data collection and subsequent analysis, and how to conduct research in a systematic and critical reflective manner. You will also analyse the ethical implications of research investigations and their impact upon findings.
This year will be spent on a work placement. You will be supported by the School of Management and the Royal Holloway Careers and Employability Service to find a suitable placement. However, Royal Holloway cannot guarantee that all students who are accepted onto this degree programme will secure a placement, and the ultimate responsibility lies with yourself. This year forms an integral part of the degree programme and you will be asked to complete assessed work. The mark for this work will count towards your final degree classification.
In this capstone module you will be given a topic, drawn from current issues faced by businesses, and you will be expected to identify and select an organisational or industry context. You will expected to undertake a substantial review of secondary sources, comprising both academic journals and industry publications. Using relevant market research techniques, you will undertake a substantive and unique primary research study, providing a critical analysis with key insights. You will be asked to make justified and feasible managerial suggestions, prepare an executive summary, and deliver a presentation to communicate your findings.
There are a number of optional course modules available during your degree studies. The following is a selection of optional course modules that are likely to be available. Please note that although the College will keep changes to a minimum, new modules may be offered or existing modules may be withdrawn, for example, in response to a change in staff. Applicants will be informed if any significant changes need to be made.Year 1
In this module you will develop an understanding of the role of business in modern society from an ethical perspective. You will look at different types of business, including publicly traded multinationals, small and medium-sized enterprises, social enterprises and family firms. You will examine the issues in these organisational types and articulate moral arguments from a range of perspectives, critiquing alternative models of business, including social entrepreneurship, fair trade and microfinance.
In this module you will develop an understanding of the challenges and opportunities of small and medium-sized enterprises (SMEs). You will consider family businesses as a distinct type of organisation, looking at their strengths and weaknesses. You will examine the prevalence and economic contribution of family firms, as well as issues of governance, strategic management, succession, change and transgenerational value creation, and relationships and conflicts between family members.
In this module you will develop an understanding of the broader socio-cultural issues relevant to marketing practice in the 21st Century. You will look at the interactions that occur between the market, consumers and the marketplace, focussing on how particular manifestations of culture are constituted, maintained and transformed by broader forces such as cultural narratives, myths, ideologies and grounded in specific socio-economic circumstances and marketplace systems. You will engage with complex theoretical concepts including consumer culture theory, symbolic consumption and the production of culture.
In this module you will develop an understanding of the scope and nature of marketing ethics. You will explore issues at the interface of marketing and moral philosophy, examining the complexity and interconnectedness of moral dilemmas in marketing practice. You will look at ethical reasoning and decision making, developing frameworks for approaching ethical problems that may arise in day-to-day marketing practice. You will consider the links between various ethical dilemmas in marketing mix decisions and marketing management more broadly, assessing the range of responses to marketing issues on behalf of businesses, regulatory bodies, and consumers.
In this module you will examine the principal means of marketing communications – advertising, promotion, public relations, direct marketing and sales teams. You will develop an understanding of the contemporary media environment and how this impacts on marketers' efforts to communicate with stakeholders. You will examine how communications must be tailored to the market segment, and look at the impact of communication cultures, particularly overseas, on market entry.
In this module you will develop an understanding of how the role of service marketing is changing in society and the changing factors that influence marketing decision-making for organisations. You will look at the differences between services and goods, the key elements of service marketing, the service delivery process, and implementing and managing profitable service strategies.
This module, taught during your induction, will introduce you to the key elements of organisational management for commercial success. Through analysis of historical roots, you will develop an understanding of the current practices for managing customers, shareholders, and employees, and discuss how numbers and technology influence management decision-making.
In this module you will develop an understanding of the contemporary issues regarding the theory and practice of communication in accounting. You will look at the nature of the international reporting environment, examining the roles, needs and characteristics of lay and expert readers of financial reports. You will consider how impressions are created through the use of graphs, narratives and pictures, and the role of experimental research. You will also explore rhetorical, literary and cultural theory perspectives in the critical study of financial reporting documents, and will examine case studies on a variety of international reporting practices.
Teaching & assessment
The courses are interactive, usually offering a lecture-style background of key theories and principles in the first part, and more practical activities, exercises and group discussions in the second part of the lectures. Guest lectures are invited in different classes to give students a real-world experience on entrepreneurship. Participation from students in the classroom is a key principle for learning.
Outside the classroom, in the Autumn Term we organise a field trip to an entrepreneurship hub, and in the Spring term we organise a field trip to a small business. These provide more opportunities to visit and learn from real entrepreneurs in their environment, giving more opportunities to advance their ideas after their studies. In addition, entrepreneurship activities from student societies on campus could be integrated in the teaching process to bridge theory and practice.
Assessment is carried out by a variety of methods. In the classroom, you will engage in a number of activities, simulations, case-study discussions and presentations where you will receive instant feedback from your lecturers.
Formal assessments include coursework in the form of individual or group assignments, but also presentations, posters, or digital media content creation depending on the course. Examinations are towards the May exam period and in-class test could take place during the last weeks of each course.
After the teaching term, students will be allocated a supervisor that will guide them through an Independent Business Research Project. The year-in-business students will be allocated a mentor that will follow their progress and work, assisting them in keeping a log and writing a similar final project. This final project gives an opportunity to test learn concepts and ideas in practice in a real business context via research and analysis.
This course requires a UK 2:2 (Honours) or equivalent. Relevant professional qualifications and/or experience in an associated area will also be considered.
International & EU requirements
English language requirements
All teaching at Royal Holloway is in English. You will therefore need to have good enough written and spoken English to cope with your studies right from the start. Find out what scores we require.
For more information about country-specific entry requirements for your country please see here.
Your future career
On graduating with a Masters degree Entrepreneurship and Innovation in Royal Holloway you will be highly employable and have a variety of career paths available, including: product development/research, business planning, growth and operations/strategic management in existing businesses, creating new businesses, providing business support and advice or specialising in entrepreneurship policy, research and education. By spending a year in business you will have the experience that employees value, as well as having created valuable business connections. You will also have a solid foundation to continue PhD studies.
“My degree has given me a solid theoretical framework with practical skills and the confidence to be my own boss” - Kola Akinola, Founder of Travelsoul and Co-founder of Savvykids, (MSc Entrepreneurship)
Fees, funding & scholarships
Home (UK) students tuition fee per year*: £13,600
The fee for your year in industry will be 20% of the first year fee for that academic year.
EU and international students tuition fee per year**: £22,000
The fee for your year in industry will be 20% of the first year fee for that academic year.
Other essential costs***: There are no single associated costs greater than £50 per item on this course.
* and ** These tuition fees apply to students enrolled on a full-time basis. Students studying on the standard part-time course structure over two years are charged 50% of the full-time applicable fee for each study year.
All postgraduate fees are subject to inflationary increases. This means that the overall cost of studying the course via part-time mode is slightly higher than studying it full-time in one year. Royal Holloway's policy is that any increases in fees will not exceed 5% for continuing students. For further information, please see our terms and conditions. Please note that for research courses, we adopt the minimum fee level recommended by the UK Research Councils for the Home tuition fee. Each year, the fee level is adjusted in line with inflation (currently, the measure used is the Treasury GDP deflator). Fees displayed here are therefore subject to change and are usually confirmed in the spring of the year of entry. For more information on the Research Council Indicative Fee please see the RCUK website.
** The UK Government has confirmed that EU nationals are no longer eligible to pay the same fees as UK students, nor be eligible for funding from the Student Loans Company. This means you will be classified as an international student. At Royal Holloway, we wish to support those students affected by this change in status through this transition. For eligible EU students starting their course with us in September 2022, we will award a fee reduction scholarship equivalent to 60% of the difference between the UK and international fee for your course. This will apply for the duration of your course. Find out more
*** These estimated costs relate to studying this particular degree at Royal Holloway during the 2022/23 academic year, and are included as a guide. Costs, such as accommodation, food, books and other learning materials and printing, have not been included.