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Qualification - Higher National Diploma in Business
Unit Name - Entrepreneurship and Small Business Management
Unit Number - Unit 9
Level - Level 4
Assignment Title - The Development of Sustainable Entrepreneurship and its Impact on Economy
Learning outcome 1: Explore and illustrate the range of venture types that might be considered entrepreneurial
Learning outcome 2: Assess the impact of small businesses on the economy.
Learning outcome 3: Determine and assess the key aspects of an entrepreneurial mindset
Learning outcome 4: Examine the different environments that foster or hinder entrepreneurship.
"The main goal of fostering entrepreneurship is to create growth and wealth by giving high value-added activities to the economy. This can be reached when new businesses are created and the existing ones keep their growing path (Fabre & Smith, 2003)". The entrepreneur culture significantly impacts the promotion of new idea generation, creativity and innovation which considered to be the key factors for economic and social growth of the nations. Therefore, for growing nations or any growth-oriented enterprise or business, accelerating entrepreneurship and innovation is a top priority. The history is full of such examples where idea became reality, just naming few, Walmart, KFC, Uber technologies, Amazon, Microsoft, Facebook, Google are successful entrepreneurial
ventures that constantly growing by leaps and bounds.
Entrepreneurs create social change through offering unique products and services. Entrepreneurs break away from tradition and reduce dependence on obsolete systems and technologies. This results in an improved quality of life, improved morale, and greater economic freedom.
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Turkey's contribution in promoting Entrepreneurship
In this regard, Startup Istanbul is the leading startup event which brings together founders, investors and executives in the region. It's a gathering of the leading startups, various companies, business angels and venture capitalists from Asia and Europe. The most promising startups are selected to join the demo day and they pitch on stage. For year 2018, the winners were Smart Data logger, SomaApp, Vivoo, just to name a few. This year, 500 startups, 500 investors and 4000 attendees will come to Istanbul to join the event. Furthermore, founded by business people and opinion leaders who are aware of the importance of entrepreneurship and believe that it is the key to change, Turkish Entrepreneurship foundation works with youth to advance the entrepreneurship culture and to make entrepreneurship a career alternative among young people.
The Role of Entrepreneurial skills and Mindset
Similarly, Entrepreneurs must know the value of strong leadership and must aim to becoming visionary leaders, leaders who are able to predict the future market trends and are able to plan and act accordingly to these predictions.
Institute for the Future (IFTF) study concluded that in 2030 entrepreneurial traits such as vision, perseverance, creative problem-solving and learning agility will be critical for all workers to employ. To keep pace with emerging technologies and evolving skill sets, people will need to be flexible and adaptable, and be committed to continuous growth and development. Whether they work for themselves or others, they will need an ‘entrepreneurial mindset', which can be defined as "a growth-oriented perspective through which individuals promote flexibility, creativity, continuous innovation, and renewal" (Ireland et al., 2003 pg. 968).
You have been selected in your university annual entrepreneurial forum to demonstrate your critical evaluation and analysis in the form of report and presentation in front of the audiences (students, faculty of business management, and guests' speakers). You are enthusiastic and consider it a great learning opportunity for you to communicate your knowledge and skills in order to be nominated to attend upcoming mega entrepreneurial seminar. For this, you are required to achieve the following.
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Critically examine the scope, development and growth of entrepreneurial venture by:
• Explaining different types of entrepreneurial ventures related to the typology of entrepreneurship and further Explore Similarities and differences between entrepreneurial ventures
• By Investigating, demonstrate understanding of entrepreneurship in both private and public sector.
Critically evaluate how small businesses have an impact on different levels of the economy and in international context by:
• Evaluate by Interpreting and assessing relevant data and statistics as how small, medium and large businesses impact on economy.
• Explain the importance of small business and business start-ups to the growth of the social economy.
Analyse the characteristics, traits, skills and motivational drivers of successful entrepreneurs, supported by specific examples by:
• Differentiate entrepreneurs from other business managers.
• Assessing how aspect of entrepreneurial personality reflect on motivation and mindset
• Relating to entrepreneurial characteristics, explore different lines of arguments.
Critically analyse how background and experiences influence entrepreneurs both positively and negatively by comparing and contrasting examples by:
• Analysing the link between entrepreneurial characteristics and influence of personal background and experience to specific successful entrepreneurs.
Explore and illustrate the range of venture types that might be considered entrepreneurial
Examine different types of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship.
Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of entrepreneurship in both the public and corporate sector.
Critically examine the scope, development and growth of entrepreneurial ventures.
P2 Explore the similarities and differences between entrepreneurial ventures.
Assess the impact of small businesses on the economy
Interpret and assess relevant data and statistics to illustrate how micro and small businesses impact on the economy.
Evaluate the differences small, medium and large businesses make to the economy, applying relevant data and statistics.
Critically evaluate how small businesses have an impact on different levels of the economy (local, regional, national) and in an international context.
Explain the importance of small businesses and business start-ups to the growth of the social economy.
Determine and assess the key aspects of an entrepreneurial mindset.
Determine the characteristic traits and skills of successful entrepreneurs that differentiate them from other business managers.
Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset.
Explore and examine different lines of argument relating to entrepreneurial characteristics.
Alyse the characteristic traits, skills and motivational drivers of successful entrepreneurs, supported by specific examples.
Examine the different environments that foster or hinder entrepreneurship.
Examine, using relevant examples, how background and experience can hinder or foster entrepreneurship.
Analyse the link between entrepreneurial characteristics and the influence of personal background and experience to specific successful entrepreneurs.
Critically analyse how background and experience influences entrepreneurs, both positively and negatively, by comparing and contrasting examples.
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