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Qualification - BTEC Level 4 Higher National Certificate in Business
Unit Name - Entrepreneurship & Small Business Management
Unit Number - Unit 9
Unit code - T/508/0495
Unit Credit - 15
Level - Level 4
Assignment Title - Entrepreneurship & Small Business Management
Learning Outcomes 1: Explore and illustrate the range of venture types that might be considered entrepreneurial.
Learning Outcomes 2: Assess the impact of small businesses on the economy.
Learning Outcomes 3: Determine and assess the key aspects of an entrepreneurial mind-set.
Learning Outcomes 4: Examine the different environments that foster or hinder entrepreneurship.
Assignment consists of two Section:
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 Sections. In Section 1, it should cover the following aspects:
• The impact of different types of ventures including local, social, global, etc. on the economy of the country (locally and internationally).
• Explore and investigate the similarities and differences between entrepreneurial ventures.
• 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.
• 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.
• You need to include a range of examples including at least one example for each type of entrepreneur.
• 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 Section of your report is about "Entrepreneurial mindset". For doing this Section, you need to analyse the following 2 cases and submit your findings in your research report under Section 2. You need to cover the followings:
• 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.
• 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.
• 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.
• 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.
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Case Study 1: Elizabeth Gooch and EG Solutions PLC
In 2006, Management Today named Elizabeth Gooch as the seventh most successful female entrepreneur in the UK. About 25% of the top entrepreneurs in the list were female.
Elizabeth is founder and CEO of EG Solutions, a small company selling operations management software that helps clients to generate improvements in operational performance and efficiency. EG Solutions prides itself on implementing its programmes on a fixed cost, fixed timescale basis. It is the only company that guarantees return on investment and its sales receipts/revenues are based on the results delivered. A typical implementation project pays itself within six (6) months.
Elizabeth started work for HSBC Bank aged 18 but left after only 12 months to work for a consultancy that helped large firms find better ways to use their staff. Eight (8) years later, she started her own business, EG Consulting, aged 26, financed by £1,000 borrowed from family and friends and a credit card.
EG Consulting initially offered consultancy and training on operations management to financial services companies. In its first year, turnover reached £600,000. However, the complexity of collecting the information needed to advise on improving efficiency led Elizabeth to develop software to help in the task.
In 1993, the software, called Operational Intelligence, was launched as a product in its own right. It allowed data to be collected in real-time, enabling all deSectionments of a company to monitor the production process. At that point, the business had six (6) employees, several contract workers and a turnover of £1 million.
Elizabeth met Rodney Baker-Bates, then CEO of Prudential Financial Services and things changed dramatically. He believed that she was not making enough of the business and advised that she should focus on the software, rather than consultancy work.
In 2005, the company changed its name to EG Solutions PLC, with Rodney as the Chairman - engaged as a strategic planning consultant to help develop the business in a focussed way. The strategy worked, increasing turnover by 28% in a year to £4.2 million.
The business needed additional capital to fund an ambitious growth target so; Elizabeth decided to float the company on the Alternative Investment market (AIM), rather than approaching venture Capitalists, so as to retain control of the business.
The float was successful but EG Solutions suffered £700,000 and £800,000 losses in 2006 and 2007 respectively. Elizabeth cut costs by £1.2 million in 2008 and returned EG Solutions to profit, admitting that she took her eye off the UK market as she looked overseas for business opportunities that she had planned to achieve and ambitious growth.
She famously advised:
"There needs to be a lot more attention to strategy. Persevere and never see anything as failure. Look at what you can learn from something that does not go the way you want. It is all about attitude. I do not believe in failure. I have needed sheer determination - although my shareholders would probably describe it as stubbornness."
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Case Study: Tom Mercer and MOMA Foods ("MOMA")
Tom Mercer, a graduate of Cambridge University, was a management consultant with Bain and Co. in the City of London.
He stated: "I spent most of my days dreaming up business ideas, but one in Sectionicular seemed to stick with me. As a city worker, I thought there were loads of options for lunch and dinner but very few healthy and tasty breakfasts that commuters could pick up on their way into work. I ran this by friends and colleagues and it began to feel like this idea actually had legs.
Before going to work, he would blend smoothies with oats for his breakfast in his flat in Waterloo but this took time and he was often late for work as a result. Then, it suddenly struck him that his problem was actually a business idea: pre-prepare the blend and then, sell it to commuters from key points, like train, tube, tram and bus stations around London. And so, MOMA was born in 2006.
He further stated: "It was now time to think about what this healthy breakfast was actually going to be. I settled on a liquid mixture of yoghurt, oats and fruit (the very first draft of our current Oatie Shake). I needed to get the product into the hands of key consumers, so thought what better than a guerrilla style sampling session at Waterloo station.
I stayed up through the night chopping fruit, blending it with oats and yoghurts, breaking numerous blenders and pouring into water bottles I'd picked up from Tesco. 200 bottles later, with my trestle table set up outside the station, my friends and I were ‘busily exchanging bottles for email addresses.
A couple of months later, after receiving positive feedback from those that took a sample, my company offered me some time off to pursue the idea further.
This soon turned into leaving the company officially in August ‘05. I'd done my research standing in train stations counting the footfall (and getting kicked out of a few for looking too suspicious) and found the best stations to set up my pop-up stall.
By November, I had the go ahead from Waterloo East station to start selling in February 2006. One converted filing cabinet, an old BT van, and a railway arch later, MOMA sold its first breakfast to the city of London's commuters.
The next few months were hectic to say the least - we opened 2 more sites very quickly - one in Vauxhall and one in Canary Wharf. I used to get up at 1.45am, start work in our railway arch kitchens at 2.30am and then start selling at 6.30am.
After 4 months, the MOMA team had grown and it was time to hand over the night shift to someone else!
By the summer of 2008 we had nine stalls and sold into a few offices and shops, including Selfridges but unfortunately, this was also the beginning of the recession.
Commuters just weren't as prepared as they were before to spend that little bit extra on healthy breakfast outside of the home. We started to move our focus away from the stalls and onto retailers and soon pulled in some great wins - Waitrose, Ocado, and Virgin Atlantic.
Since then we have been through two redesigns, three city wide marketing campaigns, many great retail listings and taken on some really talented team members.
We've become the number 1, Muesli brand in the U.K. and have our products in supermarkets, trains and coffee shops across the country. But this is still only the beginning; we have so much more room for growth and can't wait to see what's in store!"
MOMA's distinctively colourful carts are now common sights around stations in London.
In 2009, Tom had twenty-five (25) people working for him, including ten (10) stall workers who were mainly students, wanting to earn extra money. The driver picks up the stall workers and the leftovers at the end of the shift.
Tom now plans to open more stalls and extend the company beyond London by selling through Ocado - a leading UK internet retailer.
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LO1: Explore and illustrate the range of venture types that might be considered
D1: Critically examine the scope, development and growth of entrepreneurial ventures.
P1: Examine different
types of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship.
M1: Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of entrepreneurship in both the public and corporate sector.
P2: Explore the similarities and differences between entrepreneurial ventures.
LO2: Assess the impact of small businesses on
D2: Critically examine how small businesses have an impact on different levels of the economy (local, regional, national) and in an international context.
P3: Interpret and assess
relevant data and statistics to illustrate how micro and small businesses impact on the economy.
M2: Evaluate the differences small, medium and large businesses make to the economy, applying relevant data and statistics.
P4: Explain the
importance of small businesses and business start-ups to the growth of the social economy.
LO3: Determine and assess the key aspects of an entrepreneurial mind-set.
D3: Analyse the characteristic traits, skills and motivational drivers of successful
entrepreneurs, supported by specific examples.
P5: Determine the characteristic traits and skills of successful entrepreneurs that differentiate them from other business managers.
M3: Explore and examine different lines of argument relating to entrepreneurial characteristics.
P6: Assess how aspects of
the entrepreneurial personality reflect entrepreneurial motivation and mindset.
LO4: Examine the different environments that foster or hinder entrepreneurship.
D4: Critically evaluate how background and experience influences entrepreneurs, both positively and negatively, by comparing and contrasting examples.
P7: Examine, using relevant examples, how background and experience can hinder or foster entrepreneurship.
M4: Analyse the link
between entrepreneurial characteristics and the influence of personal background and experience to specific successful entrepreneurs.
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