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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

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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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[To Achieve a PASS, all P grade descriptors should be achieved; To achieve a MERIT, all P and M grade descriptors should

be achieved; To achieve a DISTINCTION, all P, M and D grade descriptors should be achieved.]

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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.

The report (with updates for the website contents and mindset of the entrepreur) should

include the following:

5. 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]

P1;

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. The most obvious example of entrepreneurship is the starting of new businesses. In economics, entrepreneurship combined with land, labour, natural resources and capital can produce profit. Entrepreneurial spirit is characterized by innovation and risk-taking, and is an essential part of a nation's ability to succeed in an ever changing and increasingly competitive

global marketplace.(BusinessDictionary, 2017) Different types of business ventures

 Sole Proprietorship- is a business that owned by one person, there is actually no legal

or finance distinction between the owner and the business, which means the owner has the full rights over the company’s profit and all the legal issues and liabilities that the business may face. (Volusion LLC, 2017)

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The local sole proprietorship company is Global Career Heights, the entrepreneur is Sheena Nair. Global career heights it’s a consultancy company that is human resource enabling. They focus on developing the business, achieving their business objectives and the strategic compensation plan. They simplify in employment process and also

Streamline HR processes.(anon, n.d)

The global sole proprietorship company is Dyson, the entrepreneur is James Dyson. The company is a British technology company that sells all household appliances eg;

vacuum cleaners, hand dryers, bladeless fans, heaters and hair dryers. (anon, n.d)

 Partnership- is when two or more people are involved in the business and any legal or

responsibilities including finances could be on each owner and it also depends on how

the ownership id being divided between them. (Volusion LLC, 2017)

 Limited liability company- LLC is a type of company that blends a sole proprietor and

a corporation, and the instead of being called as shareholders LLC owners are known

as members. No matter the number of members in an LLC, but there has to be the

managing g member who sees to all the other members and the work on a daily basis.

(Volusion LLC, 2017)

The local LLC is Petland megastore, petland megastore sells live animals and

accessories and food. (anon, n.d)

The global LLC Verizon business global, the entrepreneur is Kim Jong Woo, which provides internet protocol, data and wireless communication solutions. (anon, n.d)

 Corporation- this is mainly a very independent business and has many shareholders

who are involved in the stock of the new business. One of the differences between an

LLC and corporation is that a LLC isn’t taxed as an own business entity.

 Non-profit organization- is mainly projected for charitable and educational purposes.

The profit the organization earns is kept within the company for the programs and

other expenses, known as the ‘non-profit’ aspect. (Volusion LLC, 2017)

The local non-profit organization is Dubai Autism Center which was begun by the

late ruler of Dubai, H.H. Sheikh Maktoum Bin Rashid Al Maktoum. DAC provides

services and a better understanding about Autism to and providing services to the

people with Autism. (anon, n.d)

The global non-profit organization is BlinkNow, the organization was created by Maggie Doyne. BlinkNow has a children’s home ‘Kopila valleys children’s home’ that provides shelter for orphans and homeless families. BlinkNow built a primary school ‘Kopila valley school’ which provides education for over 350 children. (anon, n.d)

 Cooperative- is a business owned and operated fully for the members who need use

the services and any profit or so it’s being expelled and not required to pay the

external stakeholder. (Volusion LLC, 2017)

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 Franchisee- One who purchases a franchise. The franchisee then runs that location of

the purchased business. He or she is responsible for certain decisions, but many other

decisions (such as the look, name, and products) are already determined by the

franchisor and must be kept the same by the franchisee.(BusinessDictionary, 2017)

The local franchisee is Al Tazaj (Taza), the entrepreneur is Sheikh Abdul Rehman Fakieh. Taza offers broasted chicken, and other types chicken. (anon, n.d) The Global franchisee is magnolia bakery; the entrepreneurs are Steve and Tyra

Abrams. Magnolia bakery is a chain of bakeries found in New York City. The bakery is known specially for cupcakes and their desserts. (anon, n.d)

Different types of entrepreneurship

 Small businesses are grocery stores, hairdressers, consultants, travel agents, internet

commerce storefronts, carpenters, plumbers, electricians, etc. They are anyone who

runs his/her own business. They hire local employees or family. Most are barely

profitable. Their definition of success is to feed the family and make a profit, not to

take over an industry or build a $100 million business. As they can’t provide the scale

to attract venture capital, they fund their businesses via friends/family or small

business loans. (Ben Casnocha, 2011)

 Unlike small businesses, scalable start-ups are what Silicon Valley entrepreneurs and

their venture investors do. These entrepreneurs start a company knowing from day

one that their vision could change the world. They attract investment from equally

crazy financial investors – venture capitalists. They hire the best and the brightest.

Their job is to search for a repeatable and scalable business model. When they find it,

their focus on scale requires even more venture capital to fuel rapid expansion.

Scalable start-ups in innovation clusters (Silicon Valley, Shanghai, New York,

Bangalore, Israel, etc.) make up a small percentage of entrepreneurs and start-ups but

because of the outsize returns attract almost all the risk capital (and press.) (Ben

Casnocha, 2011)

 Large companies have finite life cycles. Most grow through sustaining innovation,

offering new products that are variants around their core products. Changes in

customer tastes, new technologies, legislation, new competitors, etc. can create

pressure for more disruptive innovation – requiring large companies to create entirely

new products sold into new customers in new markets. Existing companies do this by

either acquiring innovative companies or attempting to build a disruptive product

inside. Ironically, large company size and culture make disruptive innovation

extremely difficult to execute. (Ben Casnocha, 2011)

 Social entrepreneurs are innovators who focus on creating products and services that

solve social needs and problems. But unlike scalable start-ups their goal is to make the world a better place, not to take market share or to create to wealth for the founders. They may be nonprofits, for-profit, or hybrid. (Ben Casnocha, 2011)

P2;

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Difference and Similarities between sole proprietorship and partnership

Sole proprietorship- A type of business organization, in which only one person is the owner as well as operator of the business. Partnership- A business form in which two or more persons agree to carry on business and

share profits & losses mutually is known as partnership. Sole Proprietorship Company like Global Career Heights is business where it’s owned by one person Sheena Nair. There is no need for any financial issues because all the profits and liabilities are rightly for the owner herself. While in a partnership it’s owned by 2 or more individuals equally or not and there could be mishaps between them financially or otherwise, the profits should be shared amongst the partners.

Difference and Similarities between LLC and franchisee

Limited Liability Company- An LLC is a newer type of business that is a blend between a sole proprietorship and a corporation. Instead of shareholders, with LLCs, owners are referred to as members. Franchise- Is a company that holds a franchise for the sale of goods or the operation of a

service. LLC Petland megastore aren’t taxed operated as an own business entity and a franchise can also be owned as an LLC, a franchise like Magnolia bakery is a parent company that allows the owners to use that company’s name and their products and use them globally. Difference and Similarities between sole proprietorship and non-profit organization

Sole proprietorship- A type of business organization, in which only one person is the owner as well as operator of the business. Non-profit organization- It’s a business organization that's intended to promote educational or charitable purposes. Sole Proprietorship Company like Global Career Heights is business where it’s owned by one person Sheena Nair. There is no need for any financial issues because all the profits and

liabilities are rightly for the owner herself. In a non-profit organization like Dubai Autism Center the money that are invested in the company is kept in that organization to provide and help in for the programs and expenses for the education, services and charity. IMPROVEMENT M1;

Public sector- DAC (Dubai Autism Center) Corporate sector- Google, Apple, 3M DAC is a public owned company, it’s owned by the government and it’s for the benefits of all the children and adults. Dubai Autism Center provides services and a better understanding about Autism to and providing services to the people with Autism. It is a public sector and it’s

a benefit for the children, parents and adults. And all the money goes to the programs and other services for kids. (anon, n.d) Google is a corporate segment which is otherwise called as intrapreneurship. A business visionary is a man who works inside an association on enhancing and imagination; he goes out on a limb to take care of given issues. They make the best out of a criticism and work on

that to come up with something better and different. The example of Google can be chosen for intrapreneurship as their main focus is innovation and invention, the employees working in that organization focus on making different and

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unique products that catch the eye of the customers, and comes across to them as something they need and must have at their homes. (anon, n.d)

The case of Google can be decided for enterprise endeavor as their principle center is

development and innovation, the representatives working in that association concentrate on making extraordinary and one of a kind items that get the attention of the clients, and runs over to them as something they require and should have at their homes. The general population and corporate chose can be thought about as, DAC works for the occupants and the benefit that they gain is utilized to upgrade the administrations accommodated the kids and grown-ups and the pay is utilized as a part of that and the minority is simply the benefit that they win and the

legislature. The public and corporate selected can be compared as, DAC works for the residents and the profit that they earn is used to enhance the services provided for the children and adults and the income is used in that and the minority is the profit that they earn for themselves and the government. Whereas at Google the profit that is earned is used for the employees working

and for the organization itself, the profit is used as incentives which are provided to the employees, their salaries and the profit earned for the organization itself. (anon, n.d)

6. 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]

P3;

Micro and small businesses impact on the economy

Small and micro businesses have a great impact on the economy. Should always keep in mind about the impact that the small business can have in the community and the world. The opportunity to follow the passion is exciting, but there are many challenges one would face -

money and time management, hiring the right people, and marketing etc.” The opportunity to pursue your passion is exciting, but there are many challenges along the way - money and time management, hiring the right people, and marketing, just to name a few.” The opportunity to pursue your passion is exciting, but there are many challenges along the way - money and time management, hiring the right people, and marketing, just to name a few.” Another important advantage of small businesses is that they give money back to their

community. That revenue and the resulting tax dollars are then spread around the community, enriching and supporting everyone in the process. Small businesses are an engine of growth that allows both citizens and the government to acquire the goods and services they need to grow. At the same time it allows real people with good ideas to act upon them and make their business a reality. In turn this stimulates local (and national) economies and encourages others to take the same leap toward becoming a small business owner. They give people the

opportunity to achieve financial independence, encourage innovation, and create employment opportunities. It’s that sort of desire for independence that buoyed the freelance contractor economy. Being your own boss is challenging but definitely empowering. (Huffpost, 2017) Questionnaire local sole proprietorship;

Name of the owner : Sheena Nair Name of the enterprise : Global Career Heights HR When did you start your company? 11/14/17

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What's the type of your venture?

o ( Yes) Sole proprietorship

o ( ) Partnership

o ( ) Joint Venture

o ( ) Limited Liability Company

o ( ) Franshisee Brief about your company : GCH identifies the employer’s human capital

requirements and our consultants do an extensive & exhaustive search to cull out the right candidatures. In order to achieve a more comprehensive screening, our consultants compliment personal interviewing with assessment tools to ensure that the personality traits are favorable to the organization’s culture and environment. The internal processes & mechanisms followed for recruitment and their robust governance model at GCH ensures that only the best-fit candidates are presented to

our clients’ specific needs. What motivated/inspired you to start your business? I realized that in order for me to make it into the “real world” I had to create a platform for people to know who I am . My purpose for starting a human resources management consultancy was to create a path to success all while uplifting others. How much of capital did you raise?

What is the source of the capital?

o [ ] bank loans

o [ ] personal savings

o [ ] venture capitalist

o [yes] angel investor

o [ ] crowdfunding

How many employees work for you as of now? 6 Any obstacle or hurdle that you faced along the way, what was it and how did

you overcomes that obstacle? I've had to sacrifice so much, so for me, persistence

was always what got me through everything. Be persistent and open-minded. There's more than one way to achieve your dream. Do you plan on expanding you business? Yes. What is the future for your business? Let the time decide. Any recommendation for upcoming entrepreneurs Believe in yourself.

P4;

Importance of small businesses and business start-ups to the growth of the social

economy

For all the discussion of private companies and new companies driving the US economy,

exactly how vital would they say they are? Without the occupations they make, yearly business development would be negative. New companies represented three percent of aggregate work from 1980-2005, which appears a humble number. However, given that the normal yearly net work development over a similar period was 1.8 percent, the information recommends without the occupations from new firms, business development would be negative. Smaller scale firms with one to four representatives were particularly noteworthy,

representing a normal of 20 percent of new employments every year. New companies do tend to decrease somewhat amid downturns; they remained genuinely powerful in even the most

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extreme of the example time frame's retreat. In a retreat, you have a tendency to get significantly more individuals beginning organizations since they can't do whatever else, and the quantity of new businesses is entirely steady. On the off chance that this one holds up to the past example, it won't decay altogether. In any case, that is a major if examine and money

related issues official at the National Venture Capital Association, announced that funding firms are idealistic and they are seeing high quantities of promising new companies. Our field reports say there are great groups of individuals and marketable strategies, practically record levels of value coming to them now, yet while funding firms are as yet contributing, they are advising slower development and anticipate that capital will last more. This will mean less new occupations for the time being. You can anticipate that these organizations will begin on

less head tally than a few years back they may have. IMPROVEMENT M2;

Differences between small, medium and large businesses

There are several differences between these three businesses and the impact it has on the economy, such as the number of employees, the turnover, services provided, etc. For a small business, according to the laws of UAE

No of employees Trading Manufacturing es Servic

Small <=35 <=100 <=100

Turnover AED m, Trading Manufacturing Services Small <=50 <=100 <=100

For a medium business, according to the laws of UAE

No of employees Trading Manufacturing Services

Medium <=75 <=250 <=250

Turnover AED m, Trading Manufacturing Services

Medium <=250 <=250 <=250

The large businesses according to the law of UAE are the ones that exceed these two

mentioned above^ (Anon., n.d.)

The size of the business varies from country to country, it is different on an international context.

Below is a table of the number of employees working in businesses, internationally.

AUS USA CAN EU

Small <15 <250 1-99 <50

Medium <200 <500 100-499 <250 Large <500 <1000 >500 <1000

(Anon., n.d.)

The effect these figures have to the economy is that, the private venture produces less income which implies that the measure of assessment they will give back is generally less contrasted

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with a medium and an expansive endeavor, a medium association will pay more than a little association yet not as much as a vast one and a huge association will be the one paying the most, as per their income.

With regards to openings for work, the little and medium measured organizations will offer less occupations contrasted with an expansive business. Expansive organizations offer more occupations as per their requirements, though little and medium organizations offer less employments as indicated by the extent of their organization.

7. 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]

P5;

Characteristics traits of an entrepreneur;

Full of determination

When you set out to wind up plainly a business visionary it will expect you to set clear

objectives en route. Developing your business, expanding deals and procuring new workers require a few smaller scale objectives inside them to be executed effectively.(EntrepreneurMedia, 2017)

Not afraid to take risks

Some of the most successful entrepreneurs took major risks, and they paid off in a big way.

When most people hear the word “risk” they relate it to a financial risk, but in the case of Corcoran, the initial financial investment wasn’t very risky. The risk came into play when she went all in, devoting 100 percent to making her business work with such a small amount of seed capital. (EntrepreneurMedia, 2017)

High level of confidence

Entrepreneurs that have a high level of confidence are able to get the job done even under the most stressful conditions. They understand that big challenges breed big rewards. This is the same mentality that allows successful entrepreneurs to spot an opportunity when most just

see a possible challenge. When most focus on the challenge, a successful entrepreneur focuses on the finish line and the end reward. (EntrepreneurMedia, 2017)

Understands failure is part of the game

“Few first ventures work out. It is how a beginning entrepreneur deals with failure that sets

that person apart. In fact, failure is one of the secrets to success, since some of the best ideas arise from the ashes of a shuttered business.” If you understand that failure is part of being an entrepreneur, you will take those failures and use them as learning experiences. Real world

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experience, even failing, will teach you more than you would ever learn in a classroom. (EntrepreneurMedia, 2017)

Skills of an entrepreneur;

 Motivation

Entrepreneurs are enthusiastic, optimistic and future-oriented. They believe they’ll be

successful and are willing to risk their resources in pursuit of profit. They have high

energy levels and are sometimes impatient. They are always thinking about their

business and how to increase their market share. Are you self-motivated enough to do

this, and can you stay motivated for extended periods of time? Can you bounce back

in the face of challenges? (MonsterWorldwide, 2017)

 Creativity and Persuasiveness

Successful entrepreneurs have the creative capacity to recognize and pursue

opportunities. They possess strong selling skills and are both persuasive and

persistent. Are you willing to promote your business tirelessly and look for new ways

to get the word out about your product or service? (MonsterWorldwide, 2017)

 Superb Business Skills

Entrepreneurs are naturally capable of setting up the internal systems, procedures and

processes necessary to operate a business. They are focused on cash flow, sales and

revenue at all times. Successful entrepreneurs rely on their business skills, know-how

and contacts. Evaluate your current talents and professional network. Will your skills,

contacts and experience readily transfer to the business idea you want to pursue?

(MonsterWorldwide, 2017)

 Risk Tolerance

Launching any entrepreneurial venture is risky. Are you willing to assume that risk?

You can reduce your risk by thoroughly researching your business concept, industry

and market. You can also test your concept on a small scale. Can you get a letter of

intent from prospective customers to purchase? If so, do you think customers would

actually go through with their transaction? (MonsterWorldwide, 2017)

 Vision

One of your responsibilities as founder and head of your company is deciding where

your business should go. That requires vision. Without it, your boat will be lost at sea.

Are you the type of person who looks ahead and can see the big picture?

(MonsterWorldwide, 2017)

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Differentiation between entrepreneur and manager;

Comparison Entrepreneur Manager

Meaning Entrepreneur refers to a person who creates an enterprise, by taking financial risk in order to get profit.

Manager is an individual who takes the responsibility of controlling and administering the organization.

Primary motivation Achievement Power

Focus Business start-ups Ongoing operations

Status Owner Employee

Reward Profit Salary

Approach to task Informal Formal

Decision making Intuitive Calculative Risk orientation Risk taker Risk averse

Driving force Creativity and innovation Preserving status quo

(Keydifferences, 2017)

 A person, who creates an enterprise, by taking a financial risk in order to get profit, is

called an entrepreneur. And an individual who takes the responsibility of controlling and administering the organisation is known as a manager. (Keydifferences, 2017)

 An entrepreneur focuses on business a start-up whereas the main focus of a manager

is to manage ongoing operations. (Keydifferences, 2017)

 Achievements work as a motivation for entrepreneurs, the primary motivation is the power for a manager. (Keydifferences, 2017)

 The manager’s approach to the task is formal and an entrepreneur is informal.

(Keydifferences, 2017)

 An entrepreneur is the owner of the enterprise while a manager is just an employee of

the company. (Keydifferences, 2017)

 A manager gets salary for the work performed. And profit is the reward for the

entrepreneur. (Keydifferences, 2017)

 An entrepreneur’s decisions are driven by inductive logic, courage, and

determination; that is why the decision making is intuitive. On the contrary, the

decision making of a manager is calculative, as they are driven by deductive logic, the

collection of information and advice. (Keydifferences, 2017)

 The major driving force of an entrepreneur is creativity and innovation. As against

this, a manager maintains the existing state of affairs. (Keydifferences, 2017)

 While entrepreneur is a risk taker, the manager is risk averse (Keydifferences, 2017)

P6;

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Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind

set.

Passion

For those uninitiated, business people are not in it for the cash. While there have been a few symbols who have influenced more money than the majority of us we'll to dream of, think Bill Gates or Steve Jobs, actually most business visionaries work a crazy measure of hours for little or nothing. Why might they put themselves through this? Since they are headed to either take care of an issue or make less demanding. (Forbes, 2017)

Versatility

"Achievement is the capacity to travel between various failures with no loss of excitement." As a business person, you will fizzle. That is only a heartbreaking truth. While something that extreme would be excessively for a great many people to deal with, a business visionary has the uncanny capacity to get up and tidy themselves off. Rather than surrendering, a business person will gain from their disappointments. What turned out badly? How might I long from

my oversights? How might I prevail next time? These are the kind of inquiries a business visionary will ask themselves. A business visionary doesn't remain down when times get harsh. They're flexible and flourish off of the antagonism. (Forbes, 2017) Flexibility

Having the capacity to adjust to changes and difficulties is pivotal for any business. Truth be

told, most business people will advise you that their thought or marketable strategy is radically unique in relation to when it started. A thought might be splendid, yet in all actuality it isn't powerful. Business visionaries are sufficiently adaptable to make the changes in accordance with make that thought possible. Moreover, business visionaries are arranged and willing to alter their arrangement when new data arrives and when there are changes in conditions. (Forbes, 2017)

IMPROVEMENT M3;

Relating to entrepreneurial characteristics;

Sole proprietorship- Sheena Nair owner of Global career heights her characteristics as an

entrepreneur is she’s full of determination and when she set out to wind up plainly a business

visionary it will expect her to set clear objectives en route to her vision. Developing her

business, expanding deals and procuring new workers require a few smaller scale objectives

inside them to be executed effectively.

(Anon, n.d)

Limited liability company- Petland megastore is a group of companies the

characteristics of the owners are they’re not afraid to take risks. Some of the most

successful entrepreneurs took major risks, and they paid off in a big way. When most

people hear the word “risk” they relate it to a financial risk, but in the case of

Corcoran, the initial financial investment wasn’t very risky. The risk came into play

when she went all in, devoting 100 percent to making her business work with such a

small amount of seed capital. (Anon, n.d)

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Non- profit organization- As a non-profitable organization the characteristics that they have

could be their High level of confidence. They that have a high level of confidence are able to

get the job done even under the most stressful conditions. They understand that big

challenges breed big rewards. This is the same mentality that allows successful entrepreneurs

to spot an opportunity when most just see a possible challenge. When most focus on the

challenge, a successful entrepreneur focuses on the finish line and the end reward. (anon, n.d)

Franchisee- The local franchisee is Al Tazaj (Taza), the entrepreneur is Sheikh Abdul

Rehman Fakieh. One of the characteristics that Understands failure is part of the game “Few

first ventures work out. It is how a beginning entrepreneur deals with failure that se ts that

person apart. In fact, failure is one of the secrets to success, since some of the best ideas arise

from the ashes of a shuttered business.”

If you understand that failure is part of being an entrepreneur, you will take those

failures and use them as learning experiences. Real world experience, even failing,

will teach you more than you would ever learn in a classroom.(anon, n.d)

8. Cite relevant examples and examine how background and experience hinder or

foster entrepreneurship. [P7, M4, D4]

REDO P7;

Background and experience can hinder or foster entrepreneurship

Sheena Nair the owner of global career heights. The background and experience of how she fostered the entrepreneurship. She had mentioned at the interview above that what inspired and motivated her to start her business was that she realized that in order for me to make it

into the “real world” she had to create a platform for people to know who she is. Her purpose for starting a human resources management consultancy was to create a path to success all while uplifting others. That’s what motivated her to reach her goals and along the way she had to face some challenges and hurdles in doing so she had to sacrifice so much, so for her. Persistence was always what got her through everything. ‘Be persistent and open- minded. There's more than one way to achieve your dream’. Her determination was what

helped her in hindering her entrepreneurship her vision and goals were what has her here today. (anon, n.d) Maggie Doyne is the founder of BlinkNow, Her journey started on a dry riverbed in the foothills of the Himalayas, where Maggie decided to help one young girl who was breaking stones in a dry riverbed and selling them to earn a few dollars to feed her family. She was

barely surviving, yet a glimmer of light shined deep within. So Maggie helped Hima hoping to make one small difference. In the blink of an eye – and with a lot of hard work from a lot of people – that hope turned into a home, a school and so much more. Kopila Valley was born and soon blossomed into BlinkNow, a nonprofit foundation serving an ever-growing, ever-inspiring community in Surkhet, Nepal. Their History is an unlikely tale. Their mission is all about the children and women of Kopila Valley. Their team is built from within and

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getting stronger. It was her hard work, confidence and kindness that has helped her hinder and foster the entrepreneurship and made her such a successful inspiration as an entrepreneur. (anon, n.d)

M4;

Looking at the background of Sheena Nair as an entrepreneur she is a person who is full of determination and courage. She is ready to take risks and move forward to achieve her goals. She also mentioned that one has to be persistent. Persistence was always what got her through everything. ‘Be persistent and open-minded. There's more than one way to achieve your dream’. Her determination was what helped her in hindering her entrepreneurship her vision and goals were what has her here today. Developing her business, expanding deals and

procuring new workers require a few smaller scale objectives inside them to be executed effectively were a part of her determination.(anon, n.d)

The background of Maggie Doyne shows that as an entrepreneur she is very confident

in what she does. Her confidence has got her so far and has helped so many people and

children through what she does. She’s also a very kind and courageous which is a key to

being a successful entrepreneur that too in a non-profitable organization. Her level of

confidence is able to get the job done even under the most stressful conditions. She

understands that big challenges breed big rewards. So she makes sure to keep moving

forward and not give up on what she does. And the entrepreneur of BlinkNow she

knows that there are many children who are looking up at her. Shows how confident and

strong one can be. (anon, n.d)

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