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Introduction

(Briefly state the purpose of this unit and the knowledge expected to gain in completing the unit.)

Task 1

Q1 (P1+M1)

(P1) Examine different types of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship.

(M1) Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of entrepreneurship in both the public and corporate sector.

Entrepreneur:

(Explain who is an Entrepreneur / What is Entrepreneurship?)

Different entrepreneurial ventures:

Note for students: (Examine/ inspect thoroughly, entrepreneur ventures that fall in the categories below in order to determine their nature or condition. The examination would require inspection and examples from the categories below)

v “Creation and development of New Ventures of all types” (Meyer 2009)

v “Based on the Performance of business”

v “Emerging enterprises that May or may not grow, do or do not innovate” (Mitzberg 1989, Gartner 1990)

v “Firms that are innovative- High Tech firms” (Langlois 2007)

v “Any Established company, small size social venture , High growth firms” (Shane 2012; Ucbasran et.al 2001; Zahra 2014)

ü Any Established company

ü Small size social venture

ü Large size social venture

ü High growth firms

Ø Typology of entrepreneurships:

Note for students: (Briefly explain the typologies below)

v Survival Firms:

v Lifestyle Firms :

v Managed growth firms:

v Aggressive growth firms:

v Public sector entrepreneurships:

v Social enterprise:

How they relate to the Typology of entrepreneurships:

Note for students:

Please make sure you cover different type of ventures (minimum 3 to maximum 5 ventures) from both public and corporate sector. Additionally make sure you cover organisations that has profit motive (such as: Tesco, Apple, Facebook, Corner shop etc.) also organisations that has social motives (such as: NHS, funeral care etc).

Q2. Explore the similarities and differences between entrepreneurial ventures. P2

The similarities of the different ventures:

Note for students: Students need to cover 5- 6 similarities

You may take into consideration: (make sure explain in your own words)

Ø Strong-willed entrepreneur:

Ø Funding from some venture capitalist or investor

Ø Creative idea:

Ø Creating a Brand name

Ø Sustain against large businesses:

Ø Constant Innovation:

Ø Driving forces

The differences between the entrepreneurial ventures:

Note for students: Students should cover 5 – 8 differences

You may take into consideration: (make sure explain in your own words)

Q3. Interpret and assess relevant data and statistics to illustrate how micro and small businesses impact on the economy. – (P3)

Micro Business:

(Explain briefly)

Small Business:

(Explain briefly)

How micro and small businesses impact on the economy:

Note for students: (Collect data (on employment, turnover, assets, growth etc.) on micro and small businesses and demonstrate how they are impacting on the growth of the UK economy. For example, Students may collect relevant data about UK Small Business Statistics from the website below:

https://www.fsb.org.uk/media-centre/small-business-statistics )

Q4. Explain the importance of small businesses and business start-ups to the growth of the social economy. – (P4)

Social economy:

Importance of small businesses and business start-ups to the growth of the social economy:

Note for students: (Consider the role of small business organisations to the growth of the social economy. Briefly explain the topics below)

Ø Creation of employment

Ø Innovation

Ø Engage significant number of people including the from disadvantaged groups

Ø leading the way on diversity

Ø meeting social purpose

Ø Local improvement

Q5.

(i) Evaluate the differences small, medium and large businesses make to the economy, applying relevant data and statistics (M2).

Note for students:

• Distinguish between small, medium and large size businesses.
• Evaluate the contribution of each of them (small, medium, large) and support your argument with relevant data and statistics. (The contribution of small businesses towards the development of the economy may be greater than medium and large.)

(ii) Provide a critical examination of the impact of small business on different levels of the economy including local, regional, national and international. (D2)

Note for students:

• Examine critically, the role small businesses play in the development of the

(i) Local economy

(ii) Regional economy

(iii) National economy

(iv) International economy

e.g. local needs, jobs, innovation, competition, national income.

Q6.

Critically examine the scope, development and growth of entrepreneurial ventures. (D1)

Note for students:

Assess in-depth how, micro and other small businesses have contributed towards

• the growth and development of GDP,
• number of small businesses created,
• new products and brands,
• technology and R&D investment,
• innovations, social initiatives,
• Capital attractions and investments etc.

Address how some of these factors mentioned above have made these entrepreneur ventures to increase and grown in size.