Qualification - Pearson BTEC Level 4 Higher National Certificate and Level 5 Higher National Diploma in Business management

Unit 9 (T/508/0495) - Entrepreneurship and Small Business Management

Assignment Title - Entrepreneurial Ventures and exploration of the Entrepreneurial Mindset

Learning Outcomes:

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

LO2 Assess the impact of small businesses on the economy.

ASSIGNMENT BRIEF AND GUIDANCE

Scenario
You currently work as intern for a consultancy firm [named organisation/an organisation of your choice - your own place of work if appropriate], that provides advice and market intelligence to small businesses and entrepreneurs. As part of updating the new website you have been tasked with investigating different types of ventures and their impact upon the economy to put on a webpage. This is a mini research project that is based on a range of different examples, one of which should be a local business.

Task 1
You should choose one example of each type of entrepreneurship, at least one of which should be a local business. You must explore and compare different environments for each of your examples and evaluate their impact and importance on the economy at different levels. Make sure your work shows a critical examination to the scope, development and growth of entrepreneurial ventures.

You should include data and statistics to support your findings. Primary research could be conducted for your choice of local business. Primary research may include the use of interviews, existing videos or questionnaires completed by practicing entrepreneurs. While working on this research ensure to see that you evaluate the differences between small, medium and large business and the contribution they make to the different levels of the economy (local, regional, national) economy by applying relevant data and statistics.

Submission Format
The submission is in the form of an individual written report. This should be written in a concise, formal business style using double line spacing and font size 12. You are required to make use of headings, paragraphs and subsections as appropriate, and all work must be supported with research and referenced using the Harvard referencing system. Please also provide a bibliography using the Harvard referencing system. The recommended word limit is 1,000-1,500 words, although you will not be penalised for exceeding the total word limit.

Second Section
LO3 Determine and assess the key aspects of an entrepreneurial mindset.
LO4 Examine the different environments that foster or hinder entrepreneurship

Scenario and activity:

Continuing from Assignment 1, in your role as an intern at the consultancy firm [named organisation/an organisation of your choice - your own place of work if appropriate] you have been asked to present as a keynote speaker at the annual Business Start-up Show in London. You are to present on 'The Mindset of the Entrepreneur'. Your presentation will be 10 minutes and will include the following:
» Specific examples of entrepreneurs to illustrate the scope of entrepreneurship covering one local entrepreneur, one global entrepreneur and one social enterprise.
» Exploration of their situational factors, similarities and differences.
» Discussion on their shared entrepreneurial traits and characteristics. Ensure to see that you are able to differentiate them form other business managers.
» Analysis of how background and experiences can either hinder or foster entrepreneurship, providing specific examples to support your line of argument.
» Conclusions that are drawn from comparing the different entrepreneurs, their backgrounds and experience and the extent to which it has influenced them. Ensure to see that you can analyse the characteristic traits, skills and motivational drivers of successful entrepreneurs, supported by specific examples.

Submission format
The submission is in the form of a 10-minute individual PowerPoint presentation and 5 minutes allocated for questions. The presentation slides and speaker notes should be submitted as one copy. You are required to make effective use of PowerPoint headings, paragraphs and subsections as appropriate. Your research should be referenced using the Harvard referencing system. Please also provide a bibliography using the Harvard referencing system. The recommended word limit is 1,000-1,500 words, including speaker notes, although you will not be penalised for exceeding the total word limit.

General guidance
For higher grading you are required to consider developing your answers further based on the given learning outcomes and assessment criteria given at the end of the assessment brief. Across the report you are required to provide various examples to enhance the credibility, currency and depth of the answer. You are also required to support your answer by academic and professional sources as well as statistics when relevant. Harvard referencing to be followed in this task (Citations and reference list) should be provided.

Learning Outcomes and Assessment Criteria

Pass

Merit

Distinction

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

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.

P2 Explore the similarities and differences between entrepreneurial ventures.

M1 Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of entrepreneurship in both the public and corporate sector.

LO2 Assess the impact of small businesses on the economy

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.

P4 Explain the importance of small businesses and business start-ups to the growth of the social economy.

M2 Evaluate the differences small, medium and large businesses make to the economy, applying relevant data and statistics.

LO3 Determine and assess the key aspects of an entrepreneurial mindset

D3 Analyse the characteristic traits, skills and motivational drivers of successful entrepreneurs, supported by specific examples.

 

 

 

 

D4 Critically evaluate how background and experience influences entrepreneurs, both positively and negatively, by comparing and contrasting examples.

P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiate them from other business managers.

P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset.

M3 Explore and examine different lines of argument relating to entrepreneurial characteristics.

LO4 Examine the different environments that foster or hinder entrepreneurship

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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Unit 09 Entrepreneurship and Small Business Management Sample Solution

Table of Contents

  • Introduction 3
  • Task 1 4
  • Examination of diverse categories of entrepreneurial schemes and a description how they relate to the typology of entrepreneurship 4
  • Exploring the similarities and differences between entrepreneurial ventures 5
  • Interpretation and assess related data and figures to explain how micro and small companies influence on the frugality 7
  • Description the reputation of small businesses and industry start-ups to the development of the social frugality 9
  • Task 2 11
  • Conclusion 25
  • References 26

Introduction

An entrepreneur is the person who combines different thoughts and makes new ideas that are innovative and also contain initiative knowledge and also cartels his skill to start a new enterprise founded by him. As is the founding father of his enterprise he is responsible for any kinds of business risks and he also cartels land, capital, and labor for his new business. Entrepreneurship involves a different strategy that includes planning, organising, designing and operating a new business while taking at all kinds of financial hazards in takings of financial returns. While going through the report, it will have a discussion on different entrepreneurship, accomplishments of entrepreneurs, SME and its value to the UK's fiscal development.

Task 1

Examination of diversecategories of entrepreneurial schemes and a description how they relate to the typology of entrepreneurship

Entrepreneurs are basically a business creator who takes a risk and ensures to gather values and thinks innovatively to make products that will meet consumer satisfaction. An entrepreneur organises business to make a profit by giving his consumer innovative and satisfaction product. The entrepreneurial ventures are different in types and discussed through the following figure-

Small industry entrepreneurship:

Small industry entrepreneurship or SME businesses can be operated by the founding father of the enterprise and with some number of employees because the capital is very low while starting the organisation. Besides the revenue stream are not much and the owners only focus on new clients and take initiative on how to develop the quality and services of the product along with its different innovative ideas take place in the organisation. Family members are the key employee of small industries and besides friends also can take part as a partner to operate SME organisation and many SME's provides good services and develop exponentially.

Accessiblestartup entrepreneurship:

Entrepreneurs who believe that with their innovative business thoughts and ideas they can change the business environment these entrepreneurs start this kind of entrepreneurship but they search for the asset from speculation capitalists. As these organisations produce innovative products and services from the starting they search for brightest talent for their organisation and ensure to set up an accessible business model (Longenecker et al., 2017).

Heftyfirm entrepreneurship:

Hefty enterprises operate with fixed management strategies as it ensures their business aim and besides the managers also emphasis to provide new merchandises and services to its customers so that their business can sustain for a long period of time and they can enlarge the longevity of the business. Due to the business rivalry, legislation, and internal and external factors, this kind of business is forced to change its business strategy as per the customer's demand and market trends. But the large size of the organisation makes it difficult for the organisation to imply innovation.

Communal entrepreneurship:

Entrepreneurs who work for the betterment of the society are engaged with communal entrepreneurship as they intend to provide services to the community to ensure the world better place for the batty peoples and it can be profitable, non-profitable and hybrid organisation.

Exploring the similarities and differences between entrepreneurial ventures

Different entrepreneurial schemes have different aims, purposes, and visions that affect the organisation environment and besides also create different scopes. Entrepreneur ventures focus on the development of their enterprises and find scopes to have investment to develop their services in accordance with the market trend and customer demand (Drexel, 2015). Those need to develop an effective organizational structure that can enhance communication with different department to run its regular activities. The growth of different entrepreneurial ventures is dependent on the quality of products and services, how much they can meet the demand of the customers, pricing and sustainable strategies. In the following table, the similarities and differences between entrepreneurial ventures are described-

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