Introduction
This unit provides students with an understanding of the definition and scope of entrepreneurship, and an understanding of the enablers and barriers to business start-up.
Students will learn about the influence of national culture and
economy on entrepreneurship and will explore the personal characteristics of
entrepreneurs, including the impact of personal situational factors, such as
education and background. Students will also learn about the role and
importance of small firms to the economy, and about social enterprise and the
social economy. Students will be expected to understand the balance of risk and
reward in starting a new venture and they will investigate and reflect on their
own entrepreneurial and enterprising characteristics. Examples of entrepreneurs
and start-up organisations will be discussed and students will be expected to
draw on local, personal and general knowledge, together with their learning, to
be able to identify the characteristics of entrepreneurial ventures.
Learning Outcomes
By the end of this unit a student will be able to:
- Explore and illustrate the range of venture types that might be considered entrepreneurial
- Assess the impact of small businesses on the economy
- Determine and assess the key aspects of an entrepreneurial mind-set
- Examine the different environments that foster or hinder entrepreneurship.
Essential Content
LO1 Explore and illustrate the range of venture types that might be considered entrepreneurial
Scoping and defining entrepreneurship:
What is entrepreneurship?
Defining entrepreneurship, entrepreneurial activity and enterprise
The differences between serial entrepreneurs, intrapreneurs and owner- managers
The typology of entrepreneurship:
Lifestyle and growth firms
Entrepreneurship in a corporate or public sector context
Roles and characteristics of micro, small and medium-sized organisations
Social enterprise:
Understanding social enterprise, social entrepreneurs and the growth of the social economy
LO2 Assess the impact of small businesses on the economy
Where entrepreneurial ideas come from:
Definitions of creativity and innovation
The main sources of generating business and entrepreneurial ideas How businesses protect intellectual property rights
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 impact upon business start-up
LO3 Determine and assess the key aspects of an entrepreneurial mind-set
Entrepreneurial characteristics and mind-set:
Personal characteristics of entrepreneurs and small business owners
Different lines of argument relating to characteristics
of entrepreneurs such as are entrepreneurs born or made? Or can characteristics
be learnt and adopted by anyone?
Skills set of the entrepreneur:
The types of skills that typify entrepreneurs and how these skills differentiate from other organisation managers
Personal entrepreneurial tendency:
Entrepreneurial characteristics and situational factors in a personal context
e.g. family upbringing, lifestyle, cultural differences and personal motivation and drivers
LO4 Examine the different environments that foster or hinder entrepreneurship
The factors that influence the decision to start a business:
The range of factors that influence the choice to start-up a business e.g. personal background and education, national culture, economic circumstances and character traits
The risks and rewards of business start-up:
The potential rewards of business start-up
The risks and uncertainties of business start-up and how they can be
mitigated
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 |
| LO3 Determine and assess the key aspects of an entrepreneurial mind-set | ||
| P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiate them from other business managers | M3 Explore and examine different lines of argument relating to entrepreneurial characteristics | D3 Analyse the characteristic traits, skills and motivational drivers of successful entrepreneurs, supported by specific examples |
| P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set |
| Pass | Merit | Distinction |
| LO4 Examine the different environments that foster | ||
| or hinder entrepreneurship | D4 Critically evaluate | |
| P7 Examine using | M4 Analyse the link | how background and |
| relevant examples, how | between entrepreneurial | experience influences |
| background and | characteristics and the | entrepreneurs, both |
| experience can hinder or | influence of personal | positively and negatively, |
| foster entrepreneurship | background and | by comparing and |
| experience to specific | contrasting examples | |
| successful entrepreneurs |
Recommended Resources
Textbooks
BURNS, P. (2011) Entrepreneurship and Small Business. 3rd ed. Basingstoke: Palgrave MacMillan.
CARTER, S. and JONES-EVANS, D. (2012) Enterprise and Small Business: Principles, Practice and Policy. Harlow: Pearson.
DOWN, S. (2010) Enterprise, Entrepreneurship and Small Business. London: Sage.
GRIFFITHS, A. and WALL, S. (2011) Economics for Business and Management. 3rd ed. Harlow: Pearson.
Links
This unit links to the following related units:
Unit 48: Launching a New Venture
Unit 49: Managing and Running a Small Business
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