Aim of Unit 9 Entrepreneurship and Small Business Management
Knowledge about entrepreneurship is essential in order to understand the barriers that might occur in a start-up business. National and economic culture influences entrepreneurship in various ways. This would help the students to acquire knowledge about the characteristics of entrepreneurs as well as the influence of situational factors including background and education. Moreover, small firms and social enterprises play an important role in the economic development of a society. Thus, the students would be able to understand the risk factors for starting a new venture. They would further be able to reflect and investigate on their own the characteristics of enterprises and entrepreneurs.
LO1 Explore and illustrate the range of venture types that might be considered entrepreneurial
Entrepreneurship is the act of taking up financial risks during the establishment of new ventures with a hope of earning a profit. An intra-preneur is a person that fosters innovation within the limits of the organization whereas an entrepreneur is a person who initiates a business with the aim of earning a profit. Moreover, owner-managers are the one who runs the business within the limited availability of resources. Different sized organizations possess different characteristics and roles as per the typology. Moreover, social enterprises are responsible for the growth of the social economy.
LO2 Assess the impact of small businesses on the economy
Entrepreneurs incorporate innovative ideas in order to come up with entrepreneurial ideas that would help in earning profit for the organization. The organizations need to protect these creative ideas by complying with intellectual property rights. Moreover, small firms play an essential role by contributing to the economy at the national, regional as well as local level by enhancing the employment opportunities for the young generation. There are certain international aspects that influence start-up businesses.
LO3 Determine and assess the key aspects of an entrepreneurial mindset
Different entrepreneurs possess a different set of thinking that basically depends on their background. In addition to this, the entrepreneurs possess certain typical skills that make them different from that of managers of an organization. The entrepreneurial tendency depends on situational factors and entrepreneurial characteristics that include lifestyle, family upbringing, personal motivation and cultural differences.
LO4 Examine the different environments that foster or hinder entrepreneurship
There are several factors that influence the decision making the process for entrepreneurs regarding starting a new business. These factors include national culture, education, character traits and economic circumstances. Starting a new business could come up with several risks. Further, it is essential for an entrepreneur to acquire knowledge about the risks that they might face after the establishment of a new business. This would thereby help the entrepreneurs to plan for strategies in order to mitigate the probable risks.
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Learning outcomes and assessment criteria
|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.||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.|
|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 mindset|
|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.||D3 Analyse the characteristic traits, skills and motivational drivers of successful entrepreneurs, supported by specific examples.|
|P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset.|
This unit links to the following related units:
Unit 1: Business and the Business Environment Unit 27: Identifying Entrepreneurial Opportunities Unit 28: Launching a New Venture
Unit 29: Managing and Running a Small Business