Identify the various types of entrepreneurial ventures, and explain how they relate to the type of typology of entrepreneurship.
Unit 9: Entrepreneurship and Small Business Management
LO1 Explore and illustrate the range of venture types that might be considered entrepreneurial
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.
D1 Critically examine the scope, development and growth of entrepreneurial ventures.
LO2 Assess the impact of small businesses on the economy
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.
D2 Critically examine how small businesses have an impact on different levels of the economy (local, regional, national) and in an international context.
LO3 Determine and assess the key aspects of an entrepreneurial mindset
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.
D3 Analyse the characteristic traits, skills and motivational drivers of successful entrepreneurs, supported by specific examples.
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
D4 Critically evaluate how background and experience influences entrepreneurs, both positively and negatively, by comparing and contrasting examples.
3rd January 2018
Billionaire Richard Branson: This simple trick is the best way to come up with an idea for a successful business
If you want to become your own boss in 2018, coming up with a business idea is the first step. If that feels daunting, billionaire serial entrepreneur Richard Branson has advice: Start by asking yourself what you could do to make your own life better or easier.
"Entrepreneurship in its truest form is about identifying a gap in the market and creating a product of use to fill that hole and make people`s lives better," writes Branson in a blog post on Tuesday.
"Often the best way to find this gap is to look around you — are there services that could be improved or a product that could make something easier?" says Branson, who is currently worth more than $5 billion, according to Forbes.
There is never a “one-size-fits-all answer to business and being flexible and adaptable is a key skill needed for success”.
Based on the words of Sir Richard Branson, as a mentor in your small business committee, you are required to compile a report to boost and build entrepreneurship amongst young adults. You are to “mind the gap” and shift the attention to entrepreneur education by exploring the range of business ventures available and examining the different environments that foster and hinder entrepreneurship.
Word count 1500 words +/-10%
- Identify the various types of entrepreneurial ventures, and explain how they relate to the type of typology of entrepreneurship.
- Investigate the similarities and differences between entrepreneurial ventures.
- Discuss the 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.
You are a small business consultant specialised in start-up businesses. You are looking to widen your client list, and therefore you have decided to create a presentation that assesses the impact of small businesses in the UK economy, providing helpful recommendations to your existing and potential clientele.
Group Presentation (3 in a group)
- Evaluate critically the contribution of micro and small businesses to the U.K economy in the last three years. Please support your analysis with recent data.
- Examine the role of small firms and their contribution to the economy at local, regional, national, regional and international levels.
- Discuss the importance of small businesses and business start-upstothe growth of the UK economy.
Steph Croft-Simon,founder of Nom Foods, launched Nom Popcorn in 2015, which, she says, was the first organic popcorn brand in the UK. “I knew there was a market for popcorn that was simple, free from artificial flavours, and that wasn’t covered with refined sugar,” she says. However, it wasn’t easy. “It was difficult to track down an innovative manufacturer who could deal with the specific requirements of sourcing organic, ethical ingredients, and making sure that the production facility was gluten and dairy-free.”
After seeking advice and carrying out several trial runs, she launched with salted,spalted maple and cinnamon maple flavours, each containing about 100 calories a bag. Now her popcorn is available from stockists such as Ocado, Whole Foods and Abel & Cole.
With big brands such as Metcalfe’s Food Company’s Skinny Popcorn and Tyrrell’sPoshcorn swooping in, the market for the snack has become crowded. But smaller players believe this brings added advantages. “Big brands have lots of money to spend on marketing their ranges, which is also great for us as they’re doing great work making popcorn a favourite go-to snack,” says Croft-Simon.
Sales of potato crisps have taken a hit,but have not yet been crushed by the rise of the kernel. “While popcorn has enjoyed phenomenal growth over the past five years, its market penetration is still a long way behind that of crisps,” says Anita Winther, Mintel food and drink analyst, who adds that popcorn is eaten by 34% of adults, compared to 81% for potato crisps. “It’s unlikely that popcorn will rival the popularity of crisps, which can be considered a British institution with a broad following across the generations.”
The popularity of popcorn here – the UK consumes twice as much popcorn as any other nation in Europe – has much to do with its versatility, in Croft-Simon’s view: “It can be eaten at all times of the day – we make popcorn granola for breakfast.” Brands are now expanding their ranges – Propercorn launched a range targeted at children last year. “While we’ve watched healthy snacking boom among adults, there remains a real need for healthier on-the-go alternatives for kids,” says Propercorn co-founder Cassandra Stavrou.
Winther believes popcorn and its innovative flavours are here to stay. “Young people eat savoury snacks the most and popcorn has made it on to their repertoire,” she says. “It is likely to remain there as they grow older.”
Based on the case study answer the following questions:
- Determine and analyse thecharacteristictraits and skills of a successful entrepreneur that differentiates them from other business managers. Illustrate your answer with examples from the case study.
- Assess and analyse how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset?
- Explore and examine different arguments relating to entrepreneurial characteristics, such as are entrepreneurs born or made? Can anyone learn to be an entrepreneur?
- Examine, using relevant examples from the case study, 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 evaluate how the background and experience influences entrepreneurs, both positively and negatively. Illustrate your answer by comparing and contrasting examples that you have researched independently from the case study.
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