It is imperative that managers have an understanding of the concepts of innovation and entrepreneurship and the skills and competencies to apply its knowledge effectively. The aims of this unit of study are: to provide an in-School study of the concepts of innovation, entrepreneurship and entrepreneurship and an appreciation of the environment in which they are practiced and to study and appraise the theory and practice of resource acquisition and utilisation. This unit of study includes the following topics: opportunity recognition; the innovation, entrepreneurial and entrepreneurial process; new venture ideas; market opportunities; competitive advantage; human resource issues; personal ethics; identifying and marshalling key stakeholders; financial considerations: acquisition of resources, and ownership and structure; innovators in action: managing rapid growth, managing a troubled organisation, and crafting a personal strategy.