Solved: Entrepreneurial Ventures and Exploration of the Entrepreneurial Mindset
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| Submission Format: |
| The submission is in the form of a strategic management plan report. This should be written in a concise, formal business style using 1.5 spacing and font size 12. You are required to make use of headings, paragraphs and subsections as appropriate and ensure that the report is justified aligned. All work must be supported with research and referenced using the Harvard referencing system. Please also provide a bibliography using the Harvard referencing system. The recommended word limit is 3,000–3,500 words, although you will not be penalised for exceeding the total word limit. You must upload in a word document, PDF submissions will be classed as a non-submission. a Resubmission Is applicable to any student that has a referral or did not submit in the first submission. When resubmitting changes made to the assignment should reflect feedback received. The entire assignment should be uploaded and not just referred sections/tasks. |
| Unit Learning Outcomes: |
LO1 –Explore and illustrate the range of venture types that might be considered entrepreneurial LO2 – Assess the impact of small business on the economy LO3 –Determine and assess the key aspects of an entrepreneurial mindset LO4 –Examine the different environments that foster or hinder entrepreneurship |
| Assignment Brief and Guidance: |
| Scenario : From rags to riches – true entrepreneurship ! Who are Asda’s new owners the Issa brothers? Two UK billionaire brothers – who made their money in petrol stations – have succeeded in buying UK supermarket giant Asda from US owners Walmart. Zuber and Mohsin Issa, 48 and 49, started their business with a single petrol forecourt in Bury, Greater Manchester, in 2001. Now their business, EG Group, owns more than 5,200 petrol stations, mainly in Europe and the US, and employs more than 33,000 people. The speed of growth marks out the brothers as “remarkable entrepreneurs”, says Brian Madderson, chairman of the Petrol Retailers Association (PRA), of which EG Group is a member. The expansion came as the major oil companies sold off or closed their High Street petrol outlets to concentrate on production and refining. The supermarkets – including Asda – saw an opportunity to drum up customers by adding petrol stations to their stores. But the Issas saw an opportunity to add more retailing to their petrol stations. It was a “huge opportunity,” Mr Madderson said. While motorists have been able to pick up a fizzy drink or a pack of gum with their fuel for decades, they are now being offered fast food, takeaway coffee and groceries. Industry insiders describe the brothers as softly spoken and modest. At one industry awards ceremony several years ago, the brothers were present but were said to be too shy to claim their award on stage. People who know them say that part of their success is in remaining curious about competitors and being willing to learn and pick-up new ideas. You have been appointed as a Junior Consultant for a Business Solutions Company and you have been asked by your line manager to produce a report for a client intending to venture into Entrepreneurship. The aspects of your report will cover a range of topics such as the venture types that are entrepreneurial in nature, the impact of entrepreneurship on economy, the entrepreneurial mind set and the environments that foster or hinder entrepreneurships. You could also choose any entrepreneur or any entrepreneurial organisation of your choice. TASK 1: Critically examine the scope, development and growth of a diverse range of entrepreneurial ventures. Guidance: While carrying out critical examination, you must include the different types of ventures, the explanation of how these ventures relate to the typology of entrepreneurship and the similarities and differences between entrepreneurial ventures. TASK 2: Critically evaluate how small businesses have an impact on different levels of the economy (local, regional, national) and in an international context. Guidance: Your answer should include Interpretation, assessment and evaluation of relevant data and statistics to illustrate how micro and small businesses impact on the economy as well as an explanation of the importance of small businesses and business start-ups to the growth of the social economy. TASK 3: Analyse the characteristic traits, skills and motivational drivers of successful entrepreneurs, supported by specific examples Guidance: In your analysis, make sure you determine traits and characteristics of successful entrepreneurs that differentiate them from managers, assess how the personality of an individual affects entrepreneurial motivation and examining different lines of argument relating to entrepreneurial characteristics. Note: The case study relating to Issa Brothers gives you good grounds to relate their entrepreneurial skills to answer Task 3. TASK 4 Critically analyse how background and experience influences entrepreneurs, both positively and negatively, by comparing and contrasting examples Guidance: In your critical analysis, include an examination of how background and experience can hinder or foster entrepreneurship. Also provide an analysis of the link between entrepreneurial characteristics and the influence of personal background and experience using examples of successful entrepreneurs. It is important to compare and contrast the background and experience both positively and negatively. You may use the case study as well as other examples to support your answer. |
| Recommended Resources Textbooks BURNS, P (2011) Entrepreneurship and Small Business. 3rd Ed. Basingstoke: Palgrave MacMillan. DOWN, S. (2010) Enterprise, Entrepreneurship and Small Business. London: Sage. CARTER, S. and JONES-EVANS, D. (2012) Enterprise and Small Business: Principles, Practice and Policy. London: Pearson. GRIFFITHS, A. and WALL, S. (2011) Economics for Business and Management. 3rd Ed. Harlow: Pearson. Journals Journal of Small Business Management. Oxford: Wiley-Blackwell. (http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1540-627X) |
| Assessment Verbs Explain (How does it work?): Apply reasoning to account for how something is or to show understanding of underpinning concepts; responses could include examples to support the reasons Analyse (What makes this work the way it does?): Break the subject or complex situations into separate parts and examine each part in detail; identify the main issues and show how the main ideas are related to practice and why they are important; reference to current research or theory may support the analysis Critically Analyse (What makes this work the way it does, and why?): This is a development of ‘analyse’, which explores limitations as well as positive aspects of the main ideas in order to form a reasoned opinion. Implies careful, exact, in-depth or detailed analysis. Identify (What are they?): Give all the basic facts which relate to a topic. Provide brief information about a subject, specific process or activity. It Involves some selection of subject matter from a larger set or context. Apply: Put into operation or use. Use relevant skills/knowledge/ understanding appropriate to contextExplain how existing knowledge can be linked to new or different situations or in practice Conduct: To undertake an activity of a practical nature.Carry out Critically Evaluate (How well does each part of this work, and what needs to be done to make it work better?): This is a development of ‘evaluate’ where the candidate debates the validity of claims from the opposing views and produces a convincing argument to support the conclusion or judgement |
| Learning Outcomes and Assessment Criteria | ||
| Pass | Merit | Distinction |
| LO1Explore and illustrate the range of venture types that might be considered entrepreneurial | D1Critically examine the scope, development and growth of entrepreneurial ventures. | |
| 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. | |
| LO2Assess 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 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. | M2Evaluate the differences small, medium and large businesses make to the economy, applying relevant data and statistics. | |
| LO3Determine and assess the key aspects of an entrepreneurial mind-set | D3 Analyse the characteristic traits, skills and motivational drivers of successful entrepreneurs, supported by specific examples. | |
| P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiate them from other business managers. P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set. | M3 Devise appropriate strategies to improve competitive edge and market position based on the outcomes. | |
| LO4Examine the different environments that foster or hinder entrepreneurships | D4 Critically analyse how background and experience influences entrepreneurs, both positively and negatively, by comparing and contrasting examples. | |
| P7 Examine, using relevant examples, how background and experience can hinder or foster entrepreneurship. | M4. Analyse the link between entrepreneurial characteristics and the influence of personal background and experience to specific successful entrepreneurs |