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Entrepreneurship and Small Business Management Assignment Help

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Unit 9 Entrepreneurship and Small Business Management - BTEC HND In Business

Unit code: T/508/0495

Unit level: 4

BTEC Higher National Certificate in Business

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Aims & Objectives -

This unit provides students with an understanding of the definition and scope of entrepreneurship and an understanding of the enablers and barriers to business start-up. Students will learn about the influence of national culture and economy on entrepreneurship and will explore the personal characteristics of entrepreneurs and the impact of personal situational factors, including education and background. Students will also learn about the role and importance of small firms to the economy, and about social enterprise and the social economy.

Students will also be expected to understand the balance of risk and reward in starting a new venture and they will investigate and reflect on their own entrepreneurial and enterprising characteristics. Examples of entrepreneurs and start-up organisations will be discussed and students will be expected to draw on local, personal and general knowledge together with their learning to be able to identify the characteristics of entrepreneurial ventures.

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Learning Outcomes -

LO1. Explore and illustrate the range of venture types that might be considered entrepreneurial.

Answer: Entrepreneurship encompasses a wide range of ventures, each with its own unique characteristics and goals. Traditional entrepreneurial ventures focus on creating innovative products or services to generate profits. These can range from tech startups developing groundbreaking software to small businesses offering niche products or services. On the other hand, social entrepreneurship ventures prioritize social and environmental impact, seeking to address societal challenges while generating revenue. Examples include organizations focused on sustainable agriculture, affordable healthcare, or education initiatives. Additionally, intrapreneurship involves entrepreneurial activities within established organizations, where employees are encouraged to innovate and develop new products or services. This can lead to increased efficiency, new revenue streams, and overall organizational growth. Ultimately, the diversity of entrepreneurial ventures reflects the boundless human capacity for innovation and the desire to create positive change.

1. Scoping and defining entrepreneurship:

i. What is entrepreneurship? Defining entrepreneurship, entrepreneurial activity and enterprise.

ii. The differences between serial entrepreneurs, entrepreneurs and owner-managers.

2. The typology of entrepreneurship:

i. Lifestyle and growth firms. Entrepreneurship in a corporate or public sector context.

ii. Roles and characteristics of micro, small and medium-sized organisations.

3. Social enterprise:

i. Understanding social enterprise, social entrepreneurs and the growth of the social economy.

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LO2. Assess the impact of small businesses on the economy.

Answer: Small businesses are the backbone of many economies, contributing significantly to job creation, economic growth, and innovation. They create a substantial portion of new jobs, often in local communities, and stimulate economic activity by providing goods and services. Small businesses also foster competition, leading to lower prices, higher quality products, and increased consumer choice. Furthermore, they are often more adaptable to market changes than larger corporations, driving innovation and economic dynamism. By supporting local businesses, individuals can contribute to their community's economic health and overall well-being.

1. Where entrepreneurial ideas come from:

i. Definitions of creativity and innovation.

ii. The main sources of generating business and entrepreneurial ideas.

iii. How businesses protect intellectual property rights.

2. The role and importance of small firms:

i. The number and type of small firms and their contribution to the economy at national, regional and local level.

ii. Factors to consider: size, turnover, profit, rate of growth, innovation, sustainability and adaptability.

3. International aspects of entrepreneurship:

i. How international differences impact upon business start-up.

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LO3. Determine and assess the key aspects of an entrepreneurial mind-set.

Answer: An entrepreneurial mindset is characterized by a unique blend of traits and behaviors. Key aspects include a strong sense of innovation and creativity, constantly seeking out new ideas and solutions. Entrepreneurs possess a high tolerance for risk, embracing uncertainty and challenges as opportunities for growth. They are self-motivated and driven, with a strong work ethic and a relentless pursuit of their goals. Additionally, they exhibit excellent problem-solving skills, adaptability, and resilience in the face of setbacks. Effective communication and leadership abilities are crucial for building strong teams and inspiring others. Ultimately, an entrepreneurial mindset is a powerful tool that enables individuals to identify opportunities, take initiative, and create value.

1. Entrepreneurial characteristics and mind-set: Research on personal characteristics of entrepreneurs and small business owners. Different lines of argument relating to characteristics of entrepreneurs such as are entrepreneurs born or made? Or can characteristics be learnt and adopted by anyone?

2. Skills set of the entrepreneur: The types of skills that typify entrepreneurs and how these skills differentiate from other organisation managers.

3. Personal entrepreneurial tendency: Entrepreneurial characteristics and situational factors in a personal context, including family upbringing, lifestyle, cultural differences and personal motivation and drivers.

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LO4. Examine the different environments that foster or hinder entrepreneurship.

Answer: The environment plays a crucial role in fostering or hindering entrepreneurship. Supportive environments characterized by strong intellectual property rights, accessible capital, and efficient regulatory frameworks encourage innovation and risk-taking. A culture that values entrepreneurship, celebrates failure as a learning opportunity, and provides mentorship and networking opportunities can further stimulate entrepreneurial activity. 2 Conversely, restrictive environments with burdensome regulations, corruption, and limited access to resources can stifle entrepreneurial aspirations. Additionally, economic instability, political uncertainty, and social unrest can create a challenging climate for entrepreneurs. Therefore, creating an environment that nurtures entrepreneurship requires a holistic approach that addresses both economic and sociocultural factors.

1. The factors that influence the decision to start a business: The range of factors that influence the choice to start-up a business, including personal background and education, national culture, economic circumstances and character traits.

2. The risks and rewards of business start-up:

i. The potential rewards of business start-up.

ii. The risks and uncertainties of business start-up and how they can be mitigated.

Assessment - This assignment consists of two sections:

Section 1 - "Entrepreneurial Ventures"

Business Case / Scenario - You work as an intern in a consultancy firm that provides advice and market intelligence to small business and new entrepreneurs. Your firm is going to arrange a "Small Business & Entrepreneur Show" with the aim to attract and guide new businesses by extending support for starting and running the business successfully. This would serve as a one window solution to small businesses for all their problems.

Your manager has asked you to prepare a research report which will consist of two parts. In part 1, it should cover the following aspects:

1. The impact of different types of ventures including local, social, global, etc. on the economy of the country (locally and internationally).

2. Explore and investigate the similarities and differences between entrepreneurial ventures.

3. You will also use data & statistics to assess and critically evaluate the impact and importance of small, medium & large businesses on the development of an economy.

4. In your report, you will also need to investigate and critically examine the scope, development and growth of entrepreneurial ventures both in public and corporate sectors.

5. You need to include a range of examples including at least one example for each type of entrepreneur.

6. A conclusion at the end of research report.

For doing this, you need to conduct small scale primary research including interviews, questionnaire and surveys from the existing entrepreneurs.

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Section 2 - "Entrepreneurial Mindset"

The second part of your report is about "Entrepreneurial mindset". For doing this part, you need to analyse the following 2 cases and submit your findings in your research report under Part 2. You need to cover the followings:

1. You need to illustrate the scope of entrepreneurship covering one local entrepreneur, one global entrepreneur and one social enterprise and explore their situational factors, similarities and differences.

2. Your report should also cover the shared entrepreneurial traits and characteristics and analyse and critically evaluate the background and experiences which can either hinder or foster entrepreneurship, providing specific examples to support your line of argument and apply it to both the given case studies.

3. You also need to assess and analyse the characteristic traits, skills and motivational drivers of successful entrepreneurs and apply it to Tom Mercer and Elizabeth Gooch. You can also support your arguments by other examples.

4. Give conclusions that are drawn from comparing and contrasting both the entrepreneurs, Tom Mercer and Elizabeth Gooch, discuss about their backgrounds, experience and the extent to which it has influenced them.

Case Study 1: Elizabeth Gooch and EG Solutions PLC

Case Study 2: Tom Mercer and MOMA Foods ("MOMA")

Note - Your research paper should be in a Report Format and the recommended word limit is 3,500.

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