Assignment Guideline – ESBM Jan21 B Introduction This is where you write briefly about the key outline of issues covered in Parts A and B of the report to show how the report is organised. In writing Part A of the report, ensure that you provide your own list of UK Small and Medium Entreprises as examples of organisations that attended the seminar at the Department for Business, Energy and Industrial Strategy. Table of contents In this section, provide a table of contents for the report. Avoid using P1, P2, M1, M3, LO1, LO2 etc as table of contents. Rather, create your own subheadings for the report and use them to create table of contents for the report Explore and illustrate the range of venture types that might be considered entrepreneurial Explain what is meant by entrepreneur and entrepreneurial ventures. Explain each of the different types of entrepreneurial ventures that I have listed below , the size of each venture, the reasons why the owners have established the venture, source of initial capital/money used by the owner/s to to set up the venture and total number of employees that are often employed to work in each venture. Ensure to give an example of companies falling within the different ventures. Micro enterprise venturesLifestyle venturesMedium-sized venturesGazelle ventures. Also, explain briefly one advantage and disadvantage of each type of entrepreneurial venture listed above.. Typology of Entrepreneurship Typology of entrepreneurship is a way of classifying or grouping entrepreneurs into different categories. So below are examples of Craftsman entrepreneur / Independent entrepreneurOpportunistic entrepreneurGrowth oriented entrepreneurAdministrative entrepreneur (More research focussed entrepreneurs, eg, pharmaceutical companies, Oxford University spinoff – Vaccitech Plc )Innovative entrepreneur (Also more research focussed. Eg, Elon Musk, SpaceX, Oxford University spinoff – Vaccitech Plc)Owner refusing growth entrepreneur Relationship between the different types of entrepreneurial ventures and typology of entrepreneurship Based on your analysis of the typology of entrepreneurship and the different types of entrepreneurs, you need to explain how and why each of the entrepreneurial ventures is linked to each of the typology of entrepreneurship. So for example: A person who sets up Micro enterprise ventures can belong to or classified as independent / craftsman entrepreneur because micro-enterprises are often established and managed by the owner with his own capital (one man business) and growth is slow/minimal initially. Similarities between the different types of entrepreneurial ventures In this section, briefly explain what all the different types of entrepreneurial ventures have in common. Differences between the different types of entrepreneurial ventures In this section, briefly explain the differences between all the entrepreneurial ventures ranging from micro ventures to Gazelle ventures.Hint (Think of differences in capital to set up, the reason why the owner established the company, the number of employees etc). Assess the impact of small businesses on the economy Types of UK Small Businesses Explain the types of businesses listed below and provide examples of those businesses in UK: Micro businessSmall businessMedium -sized Business In addition, research on the internet and find graphs and tables from reports that show/estimate the number of UK Micro businesses, Small Businesses, Medium Businesses/Small and Medium Businesses including the number of people employed in those sectors and yearly turnover. Below are useful websites that can be used but also research on other websites as well so that all students do not produce the same materials from the same website Click to access SN06152.pdf Small Business Statistics UK Edition Small Business Statistics 2020 . Need To Know Micro Business Statistics UK 2021 UK Social Economy Explain the term “Social Economy” and provide brief explanation and statistics on the key features of the sectors listed below on the UK Social Economy: The Co-OperativesThe UK Mutual Society (eg, Building Societies and Credit Unions)Social enterprises A useful website for the section on UK Social Economy is available on https://www.ess-europe.eu/sites/default/files/publications/files/ariadne-social-economy-in-the-uk.pdf Small Businesses and Contribution to UK and International Economy Explain the importance and benefits of small businesses to UK economy and other countries economy Challenges facing UK Small businesses Brief explain some of the challenges facing UK small businesses ASSIGNMENT PART B In writing this section of the report, consider choosing ONE of the organisations that you listed in Part A as the chosen client, provide brief background information of the organisation in this section Determine and assess the key aspects of an entrepreneurial mind-set Key characteristics traits, skills of successful entrepreneurs and examples of those entrepreneurs Briefly explain three key skills of successful entrepreneurs (eg, Time management, Leadership skills, open -minded and communication skills, resilient). Explain four of the key characteristics traits of successful entrepreneurs ( eg, Vision, original thinkers, have motivation, networking skills and contacts, risk taking, prefer to be in charge of own destiny, determination and dedication , ability to adapt to changing business environments, Creativity and Innovation etc). Support your explanation with examples of two successful entrepreneurs that you know and explain what. Explain briefly how the key characteristics, traits and skills of successful entrepreneurs differ from business managers or a business manager that you have worked with in the past. Motivations for successful entrepreneurs Explain /define motivation. Apply McClelland Need Theory of Motivation below to explain what motivates entrepreneurs to become successful: Need for affiliationNeed for powerNeed for achievement Entrepreneurial Personality, motivation and mind-set Explain /define personality Apply one of the three personality theories below to analyse/assess how it can influence the personality and motivation of entrepreneur/s that you know: Carl Jung personality typing theory (Introvert and extrovert)BB & K five way modelFour behavioural investor types /BIT theory In addition to explaining the positive aspects of your selected personality theory on the entrepreneur motivation, ensure to explain briefly some of the negative aspects of the influence of the selected personality theory on the entrepreneur. Different environments that foster or hinder entrepreneurship. Briefly state the factors that cause individuals to become entrepreneurs Explain the background factors that can encourage some people to go into entrepreneurship (eg, educational background, family background, personal experiences etc). Explain the background factors that can discourage some people from becoming an entrepreneur (eg, business failure, lack of funds and past experiences etc) Provide two or three examples of entrepreneurs that you are aware of and explain how their backgrounds have helped them to become successful entrepreneurs and some challenges that those entrepreneurs have experienced.
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