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Unit 9 Entrepreneurship and Small Business Management

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Aim of Unit 9 Entrepreneurship and Small Business Management

The main aim of this unit is to identify the importance of small scale business and the impact it has on the entrepreneurs. Students will be able to understand the influences the culture of the nation and the economy on entrepreneurship. The situational factors as well as the personal and situational factors that lead to entrepreneurship will be taken into account. A balance between risk and reward could be better understood and this will help to reflect upon their own decisions in entrepreneurship and managing small scale enterprises. In addition to this, students will be able to identify the features of entrepreneurial ventures taking into account the local, personal and general knowledge all together.

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

LO3 Determine and assess the key aspects of an entrepreneurial mindset

LO4 Examine the different environments that foster or hinder entrepreneurship

LO1 Explore and illustrate the range of venture types that might be considered Entrepreneurial (make it H3)

Entrepreneurship is the process of making a business that is owned by a sole entrepreneur inherited through family business or own initiative. Enterprises are owned by entrepreneurs who carry out entrepreneurial activity. There is a basic difference between serial entrepreneurs, intrapreneurs and owner managers and proper distinction can be made between the three. It is necessary to understand the importance of social enterprise, growth of social entrepreneurs and social economy. Entrepreneurship can corporate and public sector and the importance of small and medium sized entrepreneurs needs to be well understood.

LO2 Assess the impact of small businesses on the economy

The ideas of entrepreneurship come from families which are business minded and individuals who are inspired by other business entrepreneurs. Creativity and innovation implies development of new ideas into the method or process. The main sources of business ideas come from business minded families and also various social media websites. Businesses often protect intellectual rights. The types of businesses can be divided into national, regional and local level. The factors to be considered include the size, turnover, the rate of profit and innovation.  There are international aspects of entrepreneurship which influence the start up of a business in a major way.

LO3 Determine and assess the key aspects of an entrepreneurial mindset

In order to understand the personal characteristics of entrepreneurship it is necessary to conduct research on the personal traits of the entrepreneurs and small scale businesses. The personal styles and situational factors such as the upbringing of family and differences in culture constitute the personal characteristics. With differences in skills on entrepreneurs different entrepreneurial organizations can be distinguished.

LO4 Examine the different environments that foster or hinder entrepreneurship

There are a variety of factors that influence the decision of business entrepreneurs to start a business. This includes the culture of the nation, personal background and education of the entrepreneurs, the traits of different entrepreneurs and the availability of financial instruments to the business starter. The possible risks that arise due to start up of business should be mitigated. The reward that a business generates can be well accessed with the growth in business.

Learning outcomes and assessment criteria

Pass Merit Distinction
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 evaluate 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. M3 Explore 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.    
Pass Merit Distinction
LO4 Examine the different environments that foster or  
hinder entrepreneurships  
P7 Examine, using M4 Analyse the link D4 Critically analyse how
relevant examples, how between entrepreneurial background and
background and characteristics and the experience influences
experience can hinder or influence of personal entrepreneurs, both
foster entrepreneurship. background and positively and negatively,
  experience to specific by comparing and
  successful entrepreneurs. contrasting examples.

Link

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