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LO1 Explore and illustrate the range of venture types that might be considered entrepreneurial.
LO2 Assess the impact of small businesses on the economy
LO3 Determine and assess the key aspects of an entrepreneurial mindset
LO4 Examine the different environments that foster or hinder entrepreneurship
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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.
Jacob Edward Kohen (who later changed his name by deed poll, and was generally known as "Jack") was born in Whitechapel, London, in 1898. He was the second son and last of five surviving children of Avroam Kohen, a tailor and immigrant Russian Jew. Leaving school at 14, he joined his father in business; the outbreak of the First World War led to a demand for uniforms and ensured an income for the family.
In 1917 Jack joined the Royal Flying Corps but was demobilised two years later. In order to avoid returning to his father`s workshop, he spent his £30 demobilisation gratuity on surplus NAAFI foodstuffs, which he sold in a Hackney street market, quickly developing the selling strategy - low prices and fast turnover – which earned him the nickname "Jack the Slasher". Anxieties about the respectability of market trading were swept away as he found he had the enterprise, self-confidence and stamina to succeed as a costermonger.
Inevitably, the outbreak of the Second World War halted Sir Jack`s plans for further growth, but following the opening of Britain`s first self-service shop in 1942, he was inspired to travel to America to investigate the emerging trend for self-service "supermarkets". He found that post-war Britain, constrained by rationing, was not initially receptive to his attempts to reproduce the "gleaming palaces" he had found in the United States. However, the 1950s saw triumphant expansion: Tesco`s first supermarket – a store with over 2,000 square feet of trading floor – opened in 1956. Take-overs brought even faster growth in the 1960s, and by 1968, Tesco was the fourth largest chain in Britain.
At the beginning of the 1930s, Sir Jack`s shrewd ability to identify new markets drew him to the new covered arcades serving London`s growing suburbs. He rented a stand in an arcade in Tooting, and then built an open-fronted store at Dartford which combined storage space with a retail outlet. In 1932, Tesco Stores Ltd was registered, and the first shops opened under the Tesco name at Becontree and Burnt Oak, and by 1939 Sir Jack had acquired a hundred stores in the London area.
You are required to write a report and Essay. You are advised to carry out in-depth secondary research as required by the questions and demonstrate your practical application abilities to the given contexts.
This assignment GUIDE should be a total of 4,000 words (-/+10%).
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Scenario: You work in a small and medium enterprise specialised magazine and you have been asked to write a REPORT examining the following:
Task Guidance: Your Newspaper article should include the following points:
Examine different types of entrepreneurial ventures and explain how they relate to the typology Of entrepreneurship. P1
Explore the similarities and differences between entrepreneurial ventures. P2
Interpret and assess relevant data and statistics to illustrate how micro and small businesses impact on the economy. P3
Explain the importance of small businesses and business start-ups to the growth of the social economy. Describe the economy of the UK and the importance of to society. P4
Merits and Distinctions Criteria
M1 Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of entrepreneurship in both the public and corporate Sector.
M2 Evaluate the differences small, medium and large businesses make to the economy, applying relevant data in addition, statistics.
D1 Critically examine the scope development and growth of entrepreneurial ventures.
D2 Critically examine how small businesses have an impact on different levels of the economy (local, regional, national) and in an international context.
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Scenario: after writing a report, you have been invited to present in an essay form.
Task Guidance: You have been asked to prepare an essay covering the following:
Determine the most likely characteristic traits and skills of Jack Cohen or other entrepreneurs and state how they differentiate from other business managers. P5
Assess how aspects of the entrepreneurial personality of Jack Cohen or another entrepreneur, reflect their entrepreneurial motivation and Mind set. P6
Examine, using relevant examples, how background and experience can hinder or foster entrepreneurship. P7
Merits and Distinctions Criteria
M3 Explore and examine different lines of argument relating to entrepreneurial characteristics.
M4 Analyse the link between entrepreneurial characteristics and the influence of personal background and experience to specific successful entrepreneurs.
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.
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