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Unit 9 Entrepreneurship and Small Business Management - Higher National Diploma in Business

Entrepreneurial Ventures and Exploration of the Entrepreneurial Mindset

Learning Outcome 1: 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.

Learning Outcomes
By the end of this unit a student will be able to:
1. Explore and illustrate the range of venture types that might be considered entrepreneurial.
2. Assess the impact of small businesses on the economy.
3. Determine and assess the key aspects of an entrepreneurial mindset.
4. Examine the different environments that foster or hinder entrepreneurship

Assignment Brief and Guidance:

Part 1 -Entrepreneurial Ventures Scenario

You currently work as an intern at a Consultancy Firm that provides advice and market intelligence to small businesses and entrepreneurs. The firm is in the process of updating its services to meet the growing needs of their clients and prospective clients and your department has been tasked with investigating different types of entrepreneurial ventures and their impact on the different levels of the economy and at the international level.

The Team Leader has broken down the task and distributed it among the team members and you have been assigned to Explore and illustrate the range of venture types that might be considered entrepreneurial and to Assess the impact of small businesses on the economy. You are to present your findings in a Report Format addressed to the team leader.

Activity

In carrying out the investigation, you are to aim at producing a report that Critically Examines the scope, development and growth of entrepreneurial ventures and also Critically Evaluates how small businesses have an impact on different levels of the economy (local, regional, national) and in an international context.

As Guidance, the report Must Examine different types of entrepreneurial ventures and Explain how they relate to the typology of entrepreneurship and also Explore the similarities and differences between entrepreneurial ventures. An Investigation into a diverse range of entrepreneurial ventures to demonstrate an understanding of entrepreneurship in both the public and corporate sector could enhance the quality of your report.
You Must also Interpret and Assess relevant data and statistics to illustrate how micro and small businesses impact on the economy and Explain the importance of small businesses and business start-ups to the growth of the Social Economy. An Application of relevant data and statistics to Evaluate the differences small, medium and large businesses make to the economy, could be undertaken as part of the report.

Part 2 - Exploration of the Entrepreneurial Mindset

Scenario

The firm has seen an increase in enquiries about an understanding of the enablers and barriers to business start-up and the personal characteristics of entrepreneurs and the impact of personal situational factors, including education and background. You have successfully completed the first activity and your team leader has assigned you the task of researching into theories and concepts aimed at Determining and assessing the key aspects of an entrepreneurial mindset and also Examines the different environments that foster or hinder entrepreneurships to come up with answers for these enquiries. You are to present your findings in the form of a Brochure titled "The Mindset of the Entrepreneur".

Activity
To produce a comprehensive brochure aimed at attracting high end clients in the city, you are to Analyse the characteristic traits, skills and motivational drivers of successful entrepreneurs, supported by specific examples and Critically Analyse how background and experience influences entrepreneurs, both positively and negatively, by comparing and contrasting examples.

As a guide, the contents of the brochure Must Determine the characteristic traits and skills of successful entrepreneurs that differentiate them from other business managers and Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset. You Must also Examine, using relevant examples, how background and experience can hinder or foster entrepreneurship.

An Exploration of different lines of argument relating to entrepreneurial characteristics and an Analysis of the link between entrepreneurial characteristics and the influence of personal background and experience to specific successful entrepreneurs could be carried out to clarify the age-old question of whether entrepreneurs are "made" or "born" in the brochure

Attachment:- Entrepreneurship and Small Business Management.rar