Notes for Tuto
Please read carefully – thank you - ?
TASK 1
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Submission Format
Harvard Referencing Style
Font: 12 Cali
i Light, 1.5 linespacing
Othe
Guidelines and examples on how to answer the questions are given below under each question and task, please follow these guidelines. Delete the questions once you finished answering it, but leave the P, M and D. For example you will see between
ackets P1, M4, D1 etc that belong to a particular question, leave these on the assignment.
All reading material and recommended resources are uploaded with this assignment for your convenience. You can find all the answers on the uploaded PowerPoint slides and pdf.
(visit the website below to collect data about UK Small Business Statistics)
https:
www.fsb.org.uk/media-centre/small-business-statistics
Please feel free to ask questions.
References
Please use UK/ EU references as well.
Learning Outcome TASK 1 (please note distinction level must to be achieved. All questions on the assignment must be answered)
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 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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(ASSIGNMENT STARTS HERE)
Entrepreneurial and Small Business Management
Introduction
(Please leave blank)
Task 1 (please note below wordings is not included in total word count)
Q1+Q3 (P1+M1)
[Q1. Examine different types of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship] (P1)
+
[Q3. Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of entrepreneurship in both the public and corporate sector]. - (M1)
Entrepreneur:
Different entrepreneur 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 obviously, require inspection and examples from the categories below)
· “Creation and development of New Ventures of all types” (Meyer XXXXXXXXXXSetting up any new business)
· “Based on the Performance of business” (improving the performance of the business)
· “Emerging enterprises that May or may not grow, do or do not innovate” (Mitzberg 1989, Gartner 1990)
· “Firms that are innovative- High Tech firms” (Langlois 2007)
· “Any Established company, small size social venture , High growth firms” (Shane 2012; Ucbasran et.al 2001; Zahra 2014)
· Any Established company (e.g. Tesco)
· Small size social venture (e.g. Funeral care)
· Large size social venture (e.g. NHS)
· High growth firms (e.g. Google , Facebook)
· Typology of entrepreneurships:
Note for students: (Briefly explain the typologies below)
· Survival Firms:
· Lifestyle Firms :
· Managed growth firms:
· Aggressive growth firms:
· Public sector entrepreneurships:
· Social enterprise:
How they relate to the Typology of entrepreneurships:
Note for students: You need to create their own table, this is a sample below
(Please note below is already prefilled for your convenience)
Venture type as defined by a variety of Authors
Examples in those categories
Sector
How they relate to the typology of entrepreneurships
An Established company, High Growth Firms-
the OECD-Eurostat Manual on Business Demography Statistics XXXXXXXXXXdefines a ―high-growth
enterprise as ―All enterprises with average annualized growth greater than twenty percent per annum, over a three-year period, and with ten or more employees at the beginning of the observation period.
Growth is thus measured by the number of employees and by turnover.
Facebook
Corporate and private
The typology is “Aggressive growth firm”.
-The social networking company Facebook held its initial public offering (IPO) on Friday, May 18, 2012. The IPO was the biggest in technology and one of the biggest in Internet history, with a peak market capitalization of over $104 billion. (Investopedia)
-Facebook (FB) exceeded $500 billion in market value in July XXXXXXXXXXCNN Money, 2017)
-In 2012 when Facebook paid an astounding $1 billion to acquire Instagram.
-In 2014, Facebook bought WhatsApp for $19 billion. (Investopedia)
Public sector entrepreneurships
Can be define as an organization which is owned by the public authorities including the local authorities and central state.
Is stablished with a purpose of achievement but just in a set of public purpose which does not prioritise profit
TfL (Transport for London)
Public secto
The typology is "Manage-growth firm"
London underground's history dates back to 1863 where the world's first underground railway (The Metropolitan Railway) opened between Paddington and Fa
ingdon with just 6 intermediate stations. (tfl.gov.uk)
This has grown to 270 stations and 11 lines between Capital's subu
s and beyond. From 1968 is were more lines across central London with a total of 10 lines. (tfl.gov.uk).
Mitzberg definition, which suggest that any firm whether growing or not is an entrepreneur venture
Corner shops
(A small retail store, often in a residential area, that ca
ies a limited selection of everyday items such as newspapers, sweets and stationery, and is open long hours for the convenience of shoppers, also called Off License)
Innovative firms
Apple
Corporate and private
Established companies
Tesco
(a British multinational groceries and merchandise retailer)
Corporate and private
Social ventures
NHS
(National Health Service)
Public
The typology is “Managed growth”
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.]
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)
· Strong-willed entrepreneur:
· Funding from some venture capitalist or investor
· Creative idea:
· Creating a Brand name
· Sustain against large businesses:
· Constant Innovation:
· 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)
Survival
Life Style
Managed growth
Aggressive growth
Annual
growth Rate
Time Horizon
Managerial focus
Managerial style
Entrepreneur
orientation
Managerial skills
Technology
Investment
Exit approach
Source of finance
Organisation Structure
Economic motives
Reward
[Q4. Interpret and assess relevant data and statistics to illustrate how micro and small businesses impact on the economy. ]- (P3)
Micro Business:
(Explain
iefly)
Small Business:
(Explain
iefly)
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 )
[Q5. Explain the importance of small businesses and business start-ups to the growth of the social economy.] - (P4)
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)
· Creation of employment
· Innovation
· Engage significant number of people including the from disadvantaged groups
· leading the way on diversity
· meeting social purpose
· Local improvement
[Q6.
(a) Evaluate the differences small, medium and large businesses make to the economy, applying relevant data and statistics] (M2).
· Distinguish between small, medium and large size businesses.
· The contribution of small businesses towards the development of the economy may be greater than medium and large.
· Evaluate the contribution of each of them (small, medium, large) and support your argument with relevant data.
(b) Provide a critical examination of the impact of small business on different levels of the economy including local, regional, national and international. (D2)
· Examine critically, the role small businesses play in the development of the
(i) Local economy
(ii) Regional economy
(iii) International economy
e.g. local needs, jobs, innovation, competition, national income.
Q7.
[Critically examine the scope, development and growth of entrepreneurial ventures.] (D1)
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
ands, 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.
Reference:
2
PowerPoint Presentation
Entrepreneurship
and Small Business Management
LO1: Explore and illustrate the range of venture types that might be considered entrepreneurial.
Entrepreneurship
Entrepreneurship is the process of creating something new and of value by devoting (giving) the necessary time and effort.
By accepting and acknowledging the necessary financial, psychological, and social risks, and
Finally receiving the resulting rewards be it monetary and personal satisfaction and freedom to do what you want.
Robert D. Hisrich, M. Peters & D.A Shepherd
2
Entrepreneurship
Scott Shane (Case Western) – “Entrepreneurship is an activity that involves the discovery, evaluation and exploitation of opportunities to introduce new goods and services, ways of organizing, markets, processes, and new materials through organizing efforts that previously had not existed.”
Howard Stevenson (Harvard) – “.. The pursuit of opportunity without regard to resources cu
ently controlled.”
W. Gi
Dyer, Jr. – “The founding of new businesses is the essence of entrepreneurial activity.”
3
Entrepreneu
“An entrepreneur is one who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying significant opportunities and assembling the necessary resources to capitalise on