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Course Pearson BTEC Level 5 Higher National Diploma
Unit No. and Name Unit 09: Entrepreneurship and Small Business Management
Unit code 09: T/508/0495
Unit Type Core
Batch SEV10-ESBM-PaulGulston-1711
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Name Prof. Paul Gulston
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Achievement Feedback Summary
Assessor’s Name Prof. Paul Gulston
Pass Merit Distinction Grades Awarded
LO1 Explore and illustrate the range of venture types that might be considered entrepreneurial.
P1 Choose an item.
P2 Choose an item.
M1 Choose an item.
D1 Choose an item.
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 Conduct and analyse research relevant for a business research project
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.
P3 Choose an item.
P4 Choose an item.
M2 Choose an item.
D2 Choose an item.
LO3 Determine and assess the key aspects of an entrepreneurial mind set.
P5 Choose an item.
P6 Choose an item.
M3 Choose an item.
D3 Choose an item.
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 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
LO4 Apply a range of leadership approaches to a change initiative.
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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.
D4 Critically evaluate
how background and experience influences
entrepreneurs, both positively and
negatively, by comparing and contrasting examples.
P7 Choose an item.
M4 Choose an item.
D4 Choose an item.
Overall Feedback Summary
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Entrepreneurship and Small Business Management: Assignment Task
Assignment title
LO1: Explore and illustrate the range of venture types that might be considered
entrepreneurial.
LO2: Assess the impact of small businesses on the economy.
LO3: Determine and assess the key aspects of an entrepreneurial mind set.
LO4: Examine the different environments that foster or hinder entrepreneurship.
Scenario:
You currently work for a consultancy firm that provides advice and market intelligence to
small businesses and entrepreneurs. As part of updating the new website you have been tasked
with investigating different types of ventures and their impact upon the economy to put on a
webpage. This is a mini research project that is based on a range of different examples, one of
which should be a local business.
You should choose one example of each type of entrepreneurship (one of which should be a
local business and the other global). You must describe and compare different environments
for each of your examples and evaluate their impact on the economy at different levels.
Primary research could be conducted for your choice of local business. Primary research may
include the use of interviews, existing videos or questionnaires completed by practicing
entrepreneurs.
Please ensure that the specific requirements of the M and D grade descriptors are addressed for
achieving higher grades.
The report (with updates for the website contents and mindset of the entrepreur) should include
the following:
1. Examine different types of entrepreneurial ventures and compare their similarities and differences and discuss how they relate to the business and typology of entrepreneurship. [P1, P2, M1, D1]
2. Interpret and analyze the data and statistics collected in your research and discuss how small/micro businesses and startups impact the economy. Discuss how startups and small
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businesses help the economy grow. [P3, P4, M2, D2]
3. Determine the traits, characteristics and skills of successful entrepreneurs and discuss
how they differ from other business managers. You may cite examples form local and
global entrepreneurs from different industries. Assess how unique aspects of
entrepreneurial personality reflect on entrepreneurial motivation and mindset.[P5, P6,
M3, D3]
4. Cite relevant examples and examine how background and experience hinder or foster
entrepreneurship. [P7, M4, D4]
The submission on the LMS is in the form of an individual written report. This should be written in a
concise, formal business style using single spacing and font size 12. You are required to make use of
headings, paragraphs and subsections as appropriate, and 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 5000 –6,500 words, although you will not be
penalized for exceeding the total word limit.
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REPORT
TYPES OF VENTURES
&
IMPACT IN THE ECONOMY
TABLE OF CONTENTS:
A. WHAT IS AN ENTREPRENEUR B. TYPES OF VENTURES C. SIMILARITIES AND DIFFERENCES BETWEEN VENTURES D. TYPES OF TYPOLOGY E. PUBLIC AND CORPRATE SECTOR F. SCOPE, DEVELOPMENT AND GROWTH OF VENTURES
G. QUESTIONNAIRE H. IMPACT OF SMALL BUSINESS IN THE ECONOMY I. IMPORTANCE OF SMALL BUSINESS J. IMPACT OF SMALL BUSINESS IN THE SOCIAL ECONOMY K. DIFFERENCE BETWEEN SMALL, MEDIUM AND LARGE ENTERPRISES L. IMPPACT OF SMALL BUSINESS IN LOCAL, REGIONAL, NATIONAL
AND INTERNATIONAL MARKETS
M. TRAITS OF AN ENTREPRENEUR N. CHARECTERISTICS OF AN ENTREPRENEUR O. SKILLS OF AN ENTREPRENEUR P. DIFFERENCE BETWEEN AN ENTREPRENEUR AND MANAGER Q. TYPES OF MOTIVATION
R. BACKGROUND AND EXPERIENCE OF AN ENTREPRENEUR
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1. Examine different types of entrepreneurial ventures and compare their similarities and differences and discuss how they relate to the business and typology of entrepreneurship. [P1, P2, M1, D1]
Answer1) what is entrepreneurship:
The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. (WebFinance Inc , 2017) P1
Different types of entrepreneurial ventures are sole proprietorship, partnership, limited partnership, corporation, limited liability company (LLC), non- profit organization, co-
operative, franchisee and joint venture.
Sole proprietorship: a sole proprietorship is an organization that works under 1 single owner. This is where the person is responsible for its debts. It is not a separate legal entity. (Entrepreneur Media, Inc. , 2017)
For this venture type the local company that I have chosen is Turquoic. It is based only in the UAE. The owner is Mr. Cristus Cleetus. This enterprise is a sole proprietorship venture as it has only 1 entrepreneur who leads the enterprise. It is a local c ompany as it only works in UAE. (Cristus , 2017) The global enterprise that I have chosen for this venture is LNT Global . It is based in Singapore. The founder is Mr. Tommy Kwek. This enterprise is a sole proprietorship venture
as it has only 1 entrepreneur who taken the lead in the organization. It is a global company as they have their main branch in 1 location but work with many organizations around the world. (LNT Global , 2016)
Partnership: partnership is where 2 or more individuals come together and pool in money or any other kind of resource in order to start up a company. They will be equally distributing
the profits and loss according to the deed. (WebFinance Inc , 2017) For this kind of venture the local company that I have chosen is Al Habtoor Motors. It is based only in the Middle East market. They have 7 partners. Each of them is a director of the company and each of them handle a different function in the organization. They have a CEO in Al Habtoor Motors. He is the one who handles all the situations and various questions that
come up in the organization or market. It is partnership venture as they have diffe rent people who come together who come together for the same purpose. (Dubai Industrial Park , 2017) The global enterprise for this venture is Betty Crocker’s and Hershey’s. It is a global enterprise as they sell their products all over the world. It is based in Minnesota. Betty Crocker’s has joined in with General Mills. They in turn worked together and then they
joined in with Hershey’s. (Anon , n.d)
Limited partnership: limited partnership is when 1 or more partners are liable to the money invested in the organization. They do not receive dividends but get access to the flow of income and expenses in the organization. (Investopedia , 2017)
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Corporation: corporation is a separate legal entity from their owners. Corporations can come into contracts and take loans like any individual and hence enjoy the benefits. (Investopedia , 2017)
Limited Liability Company (LLC): a Limited Liability Company is a corporate structure. The members of the organization are not liable to any of the companies’ debts or l iabilities. (Investopedia , 2017) The local enterprise chosen for this venture is Middle East Plastic Bags Industries LLC. It
is based only in the Middle East market. It is a local enterprise as they do not sell their products to any other region other than the Middle East. (Robin Joseph , 2017) The global enterprise chosen is Nissan. It is present in some parts of the world. And the products that they sell are present where its branch is open. (Anon , n.d)
Non-profit Organizations: a non-profit organization is where the organization is tax- exempt. In this organization the public are offered to give voluntary donations. In order for that to take place the organization has to keep their organizational infor mation open to all, so that the people giving donations will be able to know as to how their money is used in the organization. (Investopedia , 2017)
The local enterprise for a non-profit venture is Al Noor Training Centre. They are located in Dubai. It is a local enterprise as they are only open in the Dubai market. It is a non-profit enterprise as they do not work with an aim to profits. Instead they work towards the getting the welfare of the people. Its founder is HH Sheikh Mansoor Bin Mohammed Bin Rashid Al Maktoum, Honorary Patron of Al Noor Training Centre for persons with disabilities. (Al Noor , n.d)
The global organization chosen for this venture is a school, it is Delhi Private School. It is a global enterprise as they are in some countries with a few branches. Its founder is Mrs. Abha Sahgal, and chairman is Mr. Ashok Chandra. They are a non-profit enterprise as they do not work to the profit but to the education of children which is their main task. (Anon , n.d)
Co-Operative: co-operative organization is where there are a group of owners. Each of them have an equal control in the organization matters and equal in adding capital in the organization. (WebFinance Inc , 2017)
Franchisee: in a franchisee organization the owner or owners can obtain a license and then they will be able to sell their products and services legally and will have access to various
other factors such as knowledge and ideas. (Investopedia , 2017) The local enterprise that I have chosen for this venture is Francrop. It is a local enterprise as it is located in Dubai and it works only in the Middle East market. For this reason it is known as a local enterprise. Its Founder is Mr. Donald Boroian. They work in many markets. This in turn leads them to tell others of their success in other markets. (Francrop Middle East , 2017)
The global enterprise chosen for this venture is Papa John’s. It is a global enterprise as they sell their products and service all over the world to many countries. Its founder is John H. Schnatter. This is chosen as a global enterprise as they have their branches in many parts of
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the world. It is a franchisee as they have licenses to sell their pizzas in many of their branches. (Papa Johns International , 2017)
Joint Venture: a joint venture is when 2 or more people come together and pool in r esources
in order to carry out a common task to start up the organization. (Investopedia , 2017) The local enterprise chosen for this organization is Adnoc. Adnoc is chosen as the local enterprise as they are only present in the Middle East market. The CEO of Adnoc is Sultan Ahmed Al Jaber. This enterprise went into a joint venture with Masdar as they came together in order to complete a particular task together. (MASDAR , 2017)
The global enterprise for this venture I chose is Microsoft. Microsoft is a global organization as they work in many parts of the world and sell its products. Microsoft has got into a joint venture with GE. Microsoft is a joint venture as they joined together with GE in order to create a health helpful product. In GE they work towards making health care products in the market. In doing so they got together in order for a common purpose. The founder of
Microsoft is Mr. Bill Gates and Mr. Paul Allen. (Microsoft , 2012) Relation with typology:
Types of entrepreneur typology:
A sole proprietor can be in relation to a trading entrepreneur as a single person can handle
trading be that with clothes or other factors such as catering and handicrafts. Trading can also be in a partnership frim, both can share the profits and losses. They can also divide on the amount each is to bring as capital in the organization. A trading company can also be a co- operation as it will depend on the type of products and services that they offer . Limited Liability Company can be a trading company also as it will depend according to the deed the liability will be distributed. They cannot be a not for profit organization as they are selling
goods and services in order to gain profits. A trading company can also be a joint venture. A manufacturing entrepreneur can be a sole proprietor as long as the person has enough capital in order to run the whole business on his/her own. It can also be a partnership as they will be able to divide everything in the organization. Limited partnership is also possible as they will be able to they will be able to distribute the required necessities accordingly. They
cannot be a non-profit organization as manufacturing will require profits and increase in the finances in the organization. An agricultural entrepreneur can be a sole proprietor as the owner can have his/her own field in which he/she is able to grow natural agricultural material and sell it off. This can be a partnership and joint venture. They cannot be a non-profit organization as they will
require the latest technology in order to get the best results from the field. A technical entrepreneur can be a sole proprietor, if he/she has the skills to do many technical matters. This kind of enterprise can be a partnership, a limited liability company or a joint venture. In doing so they will be able to get more income and profits. It cannot be a non-profit organization as in order to give the best to their customers they will require the
latest kinds of technology and various kinds of techniques. They will also re quire man power in order to come up with various ideas and skills in the organization.
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Non-technical entrepreneur can be a sole proprietor as a person single handled will be able to use different methods in order to market their products and services. This kind of an enterprise can be a partnership, joint venture or a limited liability company. They can be these as they will be able to earn enough and they will be able to get their best from their
organization.
Private entrepreneur is mostly a sole proprietor. As this is when a person handles the business separately and is responsible for every decision and takes all the decisions.
State entrepreneur is where is where the government is the one that takes up the
organization and makes the decisions and handles it. This can be any of the ventures such as sole proprietorship, partnership, limited partnership, corporation, Limited Liability
Company, non-profit organization, co-operative, franchisee and joint venture.
Joint entrepreneur is where the government and the private business owners join together in order to work to a common goal. The kind of ventures can be partnership, corporation, and
joint venture and so on.
Men entrepreneur an entrepreneur which is mainly earned by a male figure. And this is controlled and managed by a man. A male can get into any sort of venture such as sole proprietorship, partnership or co-operation.
Women entrepreneur when an entrepreneur is a female and it is owned by a female, hence they are able to work with the whole organization following her guidelines. A women can also hold any kind of enterprise such as a sole proprietorship, partnership, non-profit organization or even a joint venture.
Small scale entrepreneur is when a business consists of a very few employees. This factor
can differ from place to place. In the UAE market the number of employees gives The idea on what type of organization it is. This can have ventures such as sole proprietorship as they will have few employees to work with.
Medium scale is when the number of employees are more than a small scale entrepreneur but less than a large scale. The types of ventures can be sole proprietorship, limited liability
Company, partnership and more.
Large scale is when the number of employees are large. The kind of ventures can be partnership, corporation, co-operative, franchisee, Limited Liability Company and more.
In relation to the 2 main enterprises chosen for interview are:
Sole Proprietorship: the enterprise chosen is Turquoic. It is technology based, as the entrepreneur and his employees are technical in nature. The work that they do is technical as they work on helping other enterprises in order to improve or to create websites. 2 nd it is ownership based, it is specifically a private entrepreneur. This is so because it is solely
owned by 1 entrepreneur. 3rdly it is gender based, this is so as it is owned by a male entrepreneur. 4t h it is a size based enterprise, it is a small -scale enterprise as based on the market that they are working on. It is working in the UAE market. This market determines if an enterprise is small, medium or large based on the employee size. The amount of
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employees present in the enterprise is medium hence it is determined as a medium scale enterprise.
Limited Liability Company: the enterprise chosen is Middle East Plastic Bags Industries
LLC. It is business based enterprise and to be more specific it is a manufacturing enterprise. It is so as their enterprise makes plastic products hence they are a manufacturer. 2ndly it is based on ownership, which is a state entrepreneur. This means that the enterprise is in the hands of the government. They provide the necessities for the organization such as subsidiaries. 3rd it is based on the size of the enterprise, the size of the enterprise depends on the number of employees working in the enterprise. The number of employees is large hence
according to the UAE market it is dependent on the number of employees hence it is a medium enterprise.
P2
Similarities of limited partnership with other partnerships:
In all kinds of partnerships it is required that all the partners, be it 2 or more, are required to
give in an amount of resources to the company and an amount of assets. They should be involved with every matter in the deed. Such would be the amount of profit and loss distribution, revenues and so on.
Differences of a limited partnership with other partnerships:
A general partnership would require that all the matters be confirmed in a partnership deed.
In a joint venture the partners will only be together till a particular project is complete. But in a limited partnership it is very important that the partners distribute the required amount of liabilities of the organization. (Investopedia , 2017)
Difference between a local and global enterprise:
Table 1: sole proprietor
Turquoic LNT global
The similarities is that in a sole proprietorship they have only 1 enterprise owner.
They work in the UAE market only. They work with other enterprises all over the world.
Table 2: partnership
Al Habtoor Motors Betty Crocker & Hershey
The similarities is that they have 2 or more owners of the enterprise.
This enterprise has 9 directors who are also entrepreneurs of the enterprise.
This enterprise is based on both the brands and each have their own equal rights.
Table 3: non- profit organization
Al Noor Delhi Private School
The similarities is that they work towards the welfare and increasing the s tandard of society.
Works towards removing the disability of kids in the society only in the UAE market.
Works towards educating the kids in society and improving standard of life. They work
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in many countries. And many in the UAE market itself.
M1
Connection of venture to public and corporate:
A corporation can be open in a corporate sector. In a public sector a corporate company can also work as they look to the public in order for the company to grow.
A not for profit organization can work in the public sector as they get their funds from the public and hence they need to open up their organizational details to them. A co-operative organization can be open up to the corporate sector as they look into other organizations for support and hence they will be able to raise funds in their organization. Also
they obtain many legal rights from the governments. A corporate sector entrepreneur is also called intrapreneur. An intrapreneur is, a person who is an entrepreneur inside an organization and at the same time does not take in the risks. (Investopedia , 2017)
In relation to the sole proprietor which is a local organization chosen is Turquoic. This enterprise is a sole proprietor venture and it works in the public and corporate sector. It is in connection with the public sector as it is open to people who want to open up a new enterprise and those who need websites and Turquoic services. It is also in connection with the corporate sector as they work in a manner that helps them in order to get in conne ction with other organizations and enterprises.
In relation to the Limited Liability Company which is Middle East Plastic Bags Industries LLC, they are in connection with the corporate sector as they sell their products to the retailers and they in turn are able to sell it to retail stores. They are not in very close connection with the public sector directly as they are a manufacturing company.
D1
Scope, development and growth with ventures:
Sole proprietorship:
Scope: the scope of sole proprietorship depends on if the person has come up with such a creative idea that he or she will be able to create it. And at the same time it should not be present in the current market. Such type of company can have many benefits, but it is
important for that owner to realize that they are supposed to make something completely different that the world has not seen in order to keep alive in the market. (Sindhuja , n.d)
Development: the development of a sole proprietor company will depend on the economic situation of the country. For example in South Africa according to the new report, the economy was just developing. This in turn helped the government to encourage sole
proprietary companies. This in turn boosted up the country to increase in sole proprietary companies. Alongside that they were able to go well as they made products and services which the people in that region had not be accessible to. (Khanna , 2014) so the development of this venture will be high when the economy is low and they are able to get new kinds of products to their customers. The development will likewise be low if the country is developed and the customers are open to a global market.
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Growth: the growth of a sole proprietor company is increasing compared to other ventures. More of the people in the economy prefer to work for themselves and not under anyone. 60% of new jobs are sole proprietary. They use other features such as amazon in order to keep
their products such as inventory. That also supports them in order to move their products to many places. (Wiederman , 2013) In Turquoic the scope of the enterprise is that many in other enterprises and organizations will require such work and help done on websites. This ensures that many organizations and enterprises will be able to take the help required by them. Their development is clearly seen
by many. The enterprise started off with only 1 person who is the entrepreneur. Then he slowly bought in people in the organization who had the skill and talent in order to get the work done and then accordingly they are able to work for many enterprises and organizations. The growth is seen thought the amount of enterprises that they work for.
Partnership:
Scope: the scope of partnership will depend on the price expected by the government in order to get the deed ready. In the current market if the partners have enough capital then they will be able to work and get the deed. The amount of capital with each of the partners will depend on the company being established or not. (American Academy of Orthopaedic Surgeons , 2017)
Development: as according to the way partnership have remained strong has helped in the development of this venture. Some factors are: Benefits: as long as the benefits between both the partners is equal and agreed upon the n only can there be a common ground and easy flow of decisions in the organization. Deed: the expectations and deed of partnership should be clear to both the partners. In such a
situation the partners will be able to focus on the right matters and this in turn will help them in order to give the best in the organization. (Hull , 2013) the further development of a partnership deed in an organization will further depend upon how the economy runs and how the people interact. For example it is a common trend in America for people to work more in individuality than in groups. Hence depending on the structure of people the organization will run.
Growth: the growth of this venture in an economy will depend only on how well the benefits and deeds worked in the economy.
Limited Partnership:
Scope: the scope of limited partnership will completely depend on the economy that the
organization works in.
Development: the development of the limited partnership venture depends on the way that that type of organization or venture runs in the economy and how much it is accepted by the market and consumers.
Growth: the growth of the organization will depend on how they work together in the organization as a whole. It is important that the employees know as to how the organization is growing as only then will they be able to decide on how they should have the control in the organization.
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Corporation:
Scope: the scope of a corporation in an economy will completely depend on if there are many people who are interested in that particular activity. When people who come together in order
to do a task together then they will be known as the organization that fulfils corporation. (Kim & Kogut , 2012)
Development: the development of a corporation sector company will depend on the economy. The economy supports the corporation then they will be able to know as to how to develop the economy.
Growth: the growth of a corporation sector takes place and then they will be able to grow in the economy that they are present in.
Limited Liability Company (LLC):
Scope: the scope of a limited liability company will also be depended on the economy. If the
economy is a well to do economy then people in the economy will be ready to take up liability and hence that will lead to this venture in the economy growing.
Development: the development of this venture in the economy will ensure that the economy is needing this venture in order to make the economy grow in an overall.
Growth: the growth of this venture in an economy will help the m in order to grow and do well. When the economy takes in such companies that are in this venture they help them. The enterprise is Middle East Plastic Bags LLC the scope is really high as they create products that are very useful to many customers. The development is seen as they have grown through the many years. The growth is seen through the many retailers that they have
been in contact with.
Non-profit organization:
Scope: the scope of a non-profit organization is to help the economy grow for the welfare of the people. These kind of organizations help the people in order to be better developed in a country and economy.
Development: the development of a non-profit organization depends on the amount of volunteers are there for the donations of the economy and the country.
Growth: the growth of the economy will help the people in order to build up the GDP of the country as the welfare of the people will be good.
Co-operative:
Scope: the scope of a co-operative organization will be according to if the people in the economy are ready in order to work in such an organization.
Development: the development of a co-operative organization will depend on how the
organization works in that field and economy.
Growth: the growth of the organization will be dependent on how far the organization will run.
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Franchisee:
Scope: the scope of a franchisee will depend on what the organization wants to sell. In doing so they will be able to know as to what are the requirements.
Development: the development will depend on how much the customers will prefer their products and services compared to their competitors.
Growth: the growth of the franchisee will depend on the development of the franchisee in the country.
Joint venture:
Scope: the scope of the joint venture in a country will also have other factors such as the legal requirements on the country.
Development: the development of the joint venture will depend on how far the organization
will grow and then it becomes widely accepted.
Growth: the growth of this venture in an economy and country will be based on the development of the organization.
2. Interpret and analyze the data and statistics collected in your research and discuss
how small/micro businesses and startups impact the economy. Discuss how startups and small businesses help the economy grow. [P3, P4, M2, D2]
Answer2) the 2 local enterprises that have been interviewed are Turquoic and Middle East Plastic Bags LLC. P3
The summary is given below.
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From this graph we see that both the entrepreneurs think that confidence is a really important factor that is required in an organization. then comes other traits.
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The capital which is brought for Turquoic is personal. And the motivation is the experience that hee has faced in the makret. The LLC has thecapital bought in from loans and investments and the motivation is the demand that is required in the market.
For Turquoic the employee size is 5-10 which makes it a small enterprise. The LLC employee size is 40-50 which makes it a medium enterprise.
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Small and micro businesses impact in the economy:
Growth: the economic growth would mean that, at time small businesses have a chance of growing to a large enterprise and moving into being global or international market. When an
organization grows in an economy then they have high chances of growing the economy that they are working in. the economy will grow when the organization includes the local people in the community by providing them employment. Then when employment rate i ncreases
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then the GDP of the country increases. When the GDP of the country increases then automatically the economy grows. Mapping: it is important for a small business in order to look into the future. When they do
they will be able to go into a large and international market. When an organization looks into the future that means they need to study the market. In studying the market they will be able to know as to where the need is for their product or service. In doing so they will be able to help in the economy in solving their problems and giving the need goods and services for their direct needs. In doing so the company will be able to help the economy to grow.
Giving: a small business also a local business is a type of enterprise that will give back to the economy. In other words they provide employment and various other factor in the local community. When the organization is able to give back to economy then they will be able to provide more to the economy which helps them in order to make the eco nomy grow in which they are working in. this helps the economy to grow and in turn helps the country to grow. (Moussa , 2015)
Based on the response…
Above is the response that we have received from the 2 enterprises. The first is Middle East Plastic Bags Industries LLC. We can see that they are an organization that is still growing in the economy and has helped many in the run. The second response is Turquoic. They are grown and are still continuing in the same
process, and helped out in other entrepreneurs in order to grow. In doing so they help in giving back to the economy after growing to an extent.
P4
Importance of small business:
Employment: due to small businesses present in the economy it helps the people or the
citizens in the economy in order to get employment. This in turn increases the employment rate in the economy and in turn country. Minds: when the small enterprises encourage the employees or people to work then in turn they also help them in order to use their common sense and to be innovative in their work. This creates the employees to be creative in various matters. This in turn helps the country in
order to have marketable employees as they start getting innovate. Exporting: the exporting experience in the small businesses helps the enterprises in order to know as to what are the requirements in order to export a particular product. (Wright , n.d)
Small business impact on social economy:
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A small business can have an impact on a social economy as they work in the local market and they will understand as to how to get the customers and how to satisfy them or to solve their local issue in that economy. Hence they will be able to give in their full on their social responsibility in the organization. (Ellsberg , 2011 )
M2
Difference between small, medium and large:
The difference between a small, medium and large enterprise is that, in a small and medium enterprise the amount of work done in the IT (information technology) department is very low. That is the work done is by people who will do the basics of the IT in the enterprise.
They are known as the IT administrator or any such title. In a large enterprise the IT department is given of very high importance. The work done in this department is very important. This is due to the complex structure that the large enterprise have. The employees working in the IT department will be those who have expertise on that particular field.
The local sole proprietor, Turquoic enterprise selected is a small enterprise and hence all the work done is not by those with much of expertise on many field but just in the one area which they will be working for. The local enterprise chosen for the Limited Liability Company is Middle East Plastic Bags
Industries LLC. It is medium sized industry. Hence it has those working in a different department and only those working in these kind of ventures work in the field of study.
D2
Small business impact on local, regional, national and international community:
Local: small businesses are seen to have a greater impact in economies nowadays. Small
businesses make the economy grow and make a ‘multiplier effect’. This is seen when money is given out within an economy then it generates more value in that economy itself. This in turn can lead to enterprises giving out in charity within the economy. (Spors , n.d) A local enterprise can be the enterprise Turquoic. They work only in the local market with those organization with whom they are able to keep in close contact with. They helps other
organizations around them to grow. In doing so they help the community in order to increase in its living standards and their employment rate. Regional: according to the report, the small businesses are able to see as to what the current issue is being faced by the people living in that region. Then they in turn are able to look into it and give effective solutions and at the same time they will be able to find out as to what is
the most convenient way for the people to access the solution being provided. (Miles , et al , 2007) A regional enterprise example is Al Habtoor Motors. They work in the regions. And in various other regions too. They see as to what the difficulties in transport that those in that region face and accordingly add them into their product.
National: the amount of small businesses in a country is huge. This in turn helps the economy grow which in turn helps the country to grow too. The number of employees taken in an enterprise will help them in order to increase the amount of employment rate in the country.
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This leads to employees growing to be more innovate and understanding. When we see in an economy the number of people employed this in turn bring our trust towards the economy. This helps the country to grow. (Kmurray , 2014)
The national enterprise can be the organization Adnoc which went into a joint venture with Masdar. They worked in a particular place and the effects has multiplied into the places surrounding them. International: small businesses do have a huge impact globally also. When an enterprise is going global they in turn have already the best staff recruited and at the same time they give
off a really good pay to those employees. This helps them in order to know as to what will be required by a society. When they realize that they study the market more and then go global in selling their products and services. (Littlefield , 2011) An international enterprise is Microsoft. They are headquartered in one country but work in many parts of the world and at the same time they sell their products and services to many
parts of the world. 3. Determine the traits, characteristics and skills of successful entrepreneurs
and discuss how they differ from other business managers. You may cite
examples form local and global entrepreneurs from different industries.
Assess how unique aspects of entrepreneurial personality reflect on
entrepreneurial motivation and mindset.[P5, P6, M3, D3 ]
Answer3)
P5
Traits of successful entrepreneurs:
Determination: one of the trait would be that the entrepreneur will have to be very determined in order to know as to what will be their main goal and what they would want to do in the organization. It is important that they know what their focus is which in turn will
lead to success. Risk: the risk is a common factor that every entrepreneur will have to take up in any organization. The more there is risk then more there is gain, in terms of profits. Confidence: it is important that the entrepreneur has full confidence in his workforce and at
the same time he has confidence in the work that the organization is working forward to. Failure: every entrepreneur should know that failure is a very common factor in being an entrepreneur. The person can learn well from his mistakes. This in turn helps them in o rder to know as to where they need to work on as an organization.
Passion: the entrepreneur should have a passion towards the work. In order for that to happen the person should know as to what his interests are and then work accordingly to that. Able to sell and promote: the entrepreneur should have the ability to sell and promote their products and services. (Smale , 2015)
Traits as per the respondents:
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As per the 2 respondents we can see that both believe that confidence is required by entrepreneurs. This will be so that they will learn that they need to go out into the competitive market and to give out their product and to show how it is better than their competitors.
The next trait chosen is risk, this is because the market might already have products and services similar to the enterprise offered. Hence going into the market and not knowing if it will turn out to be a profit or loss is a risk that the enterprise will have to take up. The next trait is passion, this is most required by an e ntrepreneur as when a person has a passion to do a particular thing then the person will be able to do it in the long run even if the
business takes time to grow. The last trait is perseverance, this trait comes in line with passion. As the entrepreneur will have to have perseverance in order to see the success that will follow up in the long run that the enterprise might take up.
Characteristics of entrepreneurs:
Motivation: the entrepreneur should be a person who motivates the people in the organizat ion and in turn knows ways to get motivated in order to complete a particular task. Creativity: it is important that 1 of the characteristic of the entrepreneur is that he is creative. When the person is creative then they will be able to motivate others in the organization to be
creative also. Skills: the work that the entrepreneur does should be one that helps them in order to do the work right. The skills should be acquired by the entrepreneur and if he does not have the skills then it is important that they have they have employees who have that particular skill. (Agrawal , n.d)
Skills of an entrepreneur:
Resiliency: this is the capability in order for a person in order to work out through any problem and to solve them. This gives the person the ability in order to know as to how he or she should run the company.
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Focus: It is important for an organization in order to do the assigned work and to work in that task force. The entrepreneur should know as to how he or she is to maintain focus and thi s will help him in order to gain success in the organization.
Invest: it is important that the entrepreneur has an investment and has a goal in the long term run. In doing so they will be able to know as to how to run in an organization. investments in the long term will help them in order to know as to what will have to be done in the future of the organization. Sell: the entrepreneur in order to earn profits has to sell or know in order how to sell the
particular product and in turn will know as to what is required and expected from the product. Learn: it is important that the entrepreneur learns from his mistakes. In doing so they will be able to make their organization go in a better way and pattern. (Aileron , 2013)
What an entrepreneur is:
An entrepreneur is a person who takes the initiative in order to start an organization in a different kind of venture. (WebFinance Inc , 2017)
What a manager is:
A manager is a person that is responsible for a few people who are under him or her in order to complete a particular task or to get some work done. (WebFinance Inc , 2017)
Difference between entrepreneur and manager:
An entrepreneur is a person who is more on getting work done by people and not just by motivating them to get more creative or to learn more ideas. A manager is one who will try to find the necessities to be done in the organization and then to get the work done. It does not depend upon what the employees in the organization are doing. It depends on if they are
doing what they are told.
Examples of local and global : Local: as for sole proprietorship the enterprise chosen is Turquoic. This enterprise has an entrepreneur and not a manager. The entrepreneur is the one who makes decisions and give order to make in the enterprise. The whole enterprise is run by 1 person only and with few
employees. The industry that they work in is to help in technical problems that other organizations or enterprises face. Global: the global enterprise is LNT global . It is run by only 1 entrepreneur, hence it is a sole proprietorship. This only runs with working with other organizations and other enterprises all around the world. All the decisions are taking with 1 entrepreneur which is 1 person. The
industry that they work in is a consultancy firm where they help in the benefits of the organizations in order to grow.
P6
Entrepreneur motivation:
Desire: every entrepreneur has a motivation in order to do something new in an organization.
It is very important that they understand as to what is require d by their customers and to accordingly satisfy them.
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Independence: entrepreneurs are people who prefer in order to be independent in the work that they do. They prefer to find out the solutions of their customers and then at the same to work for their best.
Experience: the entrepreneur will be a person who is more open to get more experience in the work that he or she is doing and working in. Demand: when the demand of the products or service of the entrepreneur increases then it becomes a source of encouragement to the entrepreneur. (Sinha , n.d)
Relate to the entrepreneur:
The motivation that one entrepreneur has received is the market demand. When the need raises in the market then it motivates the entrepreneur in order to satisfy that need i n the
market. The 2nd response is that the entrepreneur has seen as to how doing such a business in this market will help other facets to grow. In doing so the number of employment and organizations goodwill can also grow.
M3
Lines of entrepreneurial characteristics:
It is important that an entrepreneur is the one that takes up any decision in an enterprise. In doing so he or she will be able to build up the need in order to make the enterprise work and understand as to what all is required in the organization. But sometimes the concept of motivation is less in some organizations as the enterprise is
always a fast running enterprise that they work into going into new ideas and new fields every day that motivation of employees takes place naturally. It can also be the working environment and facilities that the organization provides for motivation.
D3
Examples of motivation:
The entrepreneur working in Middle East Plastic Bags Industries LLC, his motivation is the experience that he has faced in the market and the need and demand he has seen growing in the market. The 2nd entrepreneur got his motivation from his experience. He has an experience of studying about the field that he works in. when the need and idea came up and when he saw it
being accepted in the market he turned his experience into a working idea.
4. Cite relevant examples and examine how background and experience hinder
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or foster entrepreneurship. [P7, M4, D4]
Answer4)
P7
Background and experiences:
Background and experiences can foster and hinder an entrepreneur. Experience: For example UBER. Founded by Travis Kalanick. The experience that he faced in his life made him think of the idea of UBER. Him being present and able to put up his brand through various ways has helped them in order to bring up the company. (Anon , n.d) Background:
An example for Elon Musk. He was a person who had studied in physics and had later left from college in order to continue in a field that interested him and he started improvising in products. (Ashlee , 2015) There are also other examples of people who have had no experience or background in any sort of education related to the product created. Some examples are:
There is an example of Chris Guillebeau. He started writing books and then started basing it on how to motivate entrepreneurs in order to start their own business. Entrepreneurs read his books and then they learn on how to start their own start-up businesses. (Anon , n.d) M4
Link of characteristics and background and experience:
Motivation, skills and creativity are some of the main characteristics. They help the entrepreneur in order to work towards one particular goal. The work can also be their passion as that will be the main reason for which they will take the business ahead. A main example will be Elon Musk. He is a person who had a passion in which he was able to go ahead with what he studied, got the motivation to go ahead with it, put in his own creativity and then added his skills into this factor and then this helped him in order to become successful in the
work and his passion.
D4
Positive and negative influence:
In an enterprise failure is a factor that will come in an organization. So it is important that the entrepreneur is one that will have to look ahead and be able to absorb the failure and to go ahead despite the circumstances that they face. It is important that the organization has to identify as to what is needed and required in the organization. For example: Sir James Dayson:
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