LO1. Explain range of venture types that might be considered entrepreneurial.
Scoping and defining entrepreneurship
What is entrepreneurship? Define entrepreneurship, entrepreneurial activity and enterprise. The difference between serial entrepreneurs, entrepreneur and owners managers.
Typology of entrepreneurship:
Lifestyle and growth firm in context to public and corporate sector.
Roles and characteristics of micro, small and medium sized business.
Understanding social enterprise, social entrepreneurs and the growth of social economy.
LO2. Evaluate the impact of small businesses on the economy.
Where entrepreneurial ideas come from:
Description of creativity and innovation.
The main sources of generating business and entrepreneurship ideas.
The role and importance of small firms:
The number and type of small firms and their contribution to the economy at national, regional and local level.
Factors to consider: size, turnover, profit, rate of growth, innovation, sustainability and adaptability.
International aspects of entrepreneurship:
How international differences impacts upon business start up.
LO3. Identify and evaluate the key factor of an entrepreneurial mind-set.
Entrepreneurial characteristics and mind set:
Research on personal features of entrepreneurs and how these abilities differentiate from other organisation managers.
Personal entrepreneurial tendency:
Entrepreneurial characteristics and situational factors in a personal context, including family upbringing, lifestyle, cultural differences and personal motivation and drivers.
LO4. Explain the different environments that enhance or hinders entrepreneurship
The factors that influence the decision to begin a business:
The range of factors that influence the choice to start a business, including personal background and education, national culture.
The risks and rewards of business start up:
The risk and uncertainties of business startup and how it can be avoid.
Part 1: “ Entrepreneurial Ventures: cover LO1 & 2.
You are working as an intern in a consultancy firm that provides advice and market intelligence to small business and new entrepreneurs. Your firm is going to introduce a “Small Business & Entrepreneur Show” with the objective to attract new businesses by extending support for starting and running the business successfully. This would serve as a one window solution to small businesses for all their problems.
Prepare a research report which will consist in two parts. In Part 1 , covers the following elements:
- Impact of different ventures including local, social, global etc. (locally and internationally)
- Investigate the similarities and dissimilarities between the entrepreneurial ventures.
- Use supporting data and statistics to analyse the impact and importance of small, medium and large businesses on the growth of an economy.
Part 2: “Entrepreneurial Mindset” covers LO3 & LO4.
- Explain scope of entrepreneurship cover one local , one global and one social enterprise and explore their situational factors, similarities and dissimilarities.
- Evaluate the background and experiences which hinders and fosters the entrepreneurship, specific example to support an arguments to apply on case studies.
- Assess the characteristics traits, skills and motivational drivers of successful entrepreneurs and apply it to Tom Mercer and Elizabeth Gooch and support by another example.
- Draw conclusion and compare and contrast the entrepreneur of both . Discuss backgrounds, experience and factors that influenced them.
CASE STUDY 1: Elizabeth Gooch and EG Solutions PLC
There is been seen that Elizabeth Gooch a well-known female entrepreneur who is being recognized as the top entrepreneur in the list of managing all the work in UK. She is a well-known founder of UK and is the CEO Of EG solutions that manages all the small company work and also manage the operation management with attaining the help in the software for the clients. It also helps in generating the improvement and also maintain all the operational activities with selling all the effective software. The main aim of the company is to manage the growth and also to align and implement the sales in the company with all the general receipt and the other revenues and results. Them complies that all the typical areas and the implementation leads to the reject pays which is accumulated it 6 months.
Elizabeth Gooch has also worked in HSBC Bank in her 18 year of age and also left for learning the consultancy with all the large firms and the effective management staff. Thereafter completing the time period of 8 years she had made the effective start up of her own business in which he financed the £1,000 which was borrowed by the family and friends and also lend money from the credit card.
EG consulting gain the growth by managing the profit and the other net gains of around £600,000 and also through operation management. Them acquires all the several conducts with which the management and the general areas with which the growth is managed is being aligned. In 1993 all the operational intelligence managed the growth through all the products and all the real data time and also by enabling all the departments to manage the growth through 6 employees with several contracts. Elizabeth thereafter met Rodney Baker Bates who manages the prudential financial services. In 2005. The EG solutions engaged in strategic planning consultant that develop the strategic work and also around the runover by 28%. There is required to maintain all the striges through which the growth is being managed and also aligned all the operational activities through which the determination with the effective failed are can be applied. This manage the sheer determination and all the probably stubbornness and the other attitude of working.
CASE STUDY 2 : Tom Mercer and MOMA Foods (“MOMA”)
Tom Mercer was a management consultant with Bain & Co. in London. He was a graduate of Cambridge University. He stated that “ I spent most of my days dreaming up business ideas, but one in particular seemed to stick with me. As a social worker, I feel that there were loads of options for lunch and dinner but very few healthy and tasty breakfast that commuters could pick up their way into work.
Before going to work, he would blend smoothies with oats for his breakfast in his flat in Waterloo but this took time and he was often wok as a result.
I stayed up through the night chopping vegetables , blending it with oats and yoghurts, breaking numerous blenders and pouring into water bottles which I was picked up from Tesco. A couple moths later, after receiving positive feedback from those that took a sample, my company offered me some time off to develop the idea further.
In November, I had go ahead from Waterloo East Station to start selling in February 2006. The next few moths were hectic to say – we opened 2 more sites for very quickly- one in Vauxhall and another one in Canary Wharf.
After 4 months, the MOMA team has grown and it was time to hand over the night shift to someone else!
LO1: Explain range of venture types that might be considered entrepreneurial.
D1: Critically analyse the scope, development and growth of entrepreneurial ventures.
P1: Explain different forms of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship.
M1: Evaluate a wide range of entrepreneurial ventures to highlights an understanding of entrepreneurship in both the public and corporate sector.
P2: Identify the similarities and differences between entrepreneurial ventures.
LO2: Evaluate the impact of small businesses on the economy.
D2: Critically evaluate how small businesses have an impact on different levels of the economy (local, regional, national) and in an international context.
P3: Evaluate and assess relevant data and statistics to illustrate how micro and small businesses impact on the economy.
M2: Analyse the differences small, medium and large businesses make to the economy, applying relevant data and statistics.
P4: Describe the importance of small businesses and business start-ups to the growth of the social economy.
LO3: Identify and evaluate the key factor of an entrepreneurial mind-set.
D3: Evaluate the characteristic traits, skills and motivational drivers of successful entrepreneurs, supported by specific examples.
P5: Explain the characteristic traits and skills of successful entrepreneurs that differentiate them from other business managers.
M3: Identify and examine different lines of argument relating to entrepreneurial characteristics.
P6: Examine how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset.
LO4: Explain the different environments that enhance or hinders entrepreneurship
D4: Critically examine how background and experience influences entrepreneurs, both positively and negatively, by comparing and contrasting examples.
P7: Identify using relevant examples, how background and experience can hinder or foster entrepreneurship.
M4: Evaluate the link between entrepreneurial characteristics and the influence of personal background and experience to specific successful entrepreneurs.
By the summer of 208, we has nine stalls and sold into a few offices and shops including Selfridges but unfortunately, this was also the beginning of the recession. MOMA’s distinctively colourful carts are now common sights around stations in London. In 2009, Tom had twenty-five (25) people working for him, including ten (10) stall workers who were mainly students, wanting to earn extra money. The driver picks up the stall workers and the leftovers at the end of the shift. Tom now plans to open more stalls and extend the company beyond London by selling through Ocado - a leading UK internet retailer.