M2 Evaluate the differences small, medium and large businesses make to the economy, applying relevant data and statistics

Unit 9: Entrepreneurship and Small Business Management 

Assignment Brief

Unit Aim
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 and the impact of personal situational factors, including 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 also be expected to understand the balance of risk and reward in starting a new venture and they will investigate and react on their own entrepreneurial and enterprising characteristics. Examples of entrepreneurs and start-up organizations 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

Scenario: TASK LO 1 and LO 2
UAE Federation of Small Businesses have been asked to consider ways in which they could positively promote entrepreneurship in the local area. You are a senior member of the UAE Federation of Small Businesses (FSB) and have been requested to create a report encouraging and supporting potential entrepreneurs to start a new business.

The overall aim of the report is to explore the range of business ventures available to entrepreneurs, assess the impact small business enterprises have on the UAE economy, assess the ‘entrepreneurial mindset’ and examine different environments that foster and hinder entrepreneurship.

LO 1: Explore and illustrate the range of venture types that might be considered entrepreneurial.
Introduce the report by examining different types of entrepreneurial ventures and explaining how they relate to the typology (different types) of entrepreneurship. Your introduction should aim to define entrepreneurship and explore entrepreneurship scope and typology.
Building on the different types of entrepreneurial ventures explored in initial question, you are now required to explore the similarities and differences between each. You could consider the roles, characteristics and objectives of different types of ventures: private; public; social enterprises - as well as different sized ventures: micro; small; medium; large.

Scenario: TASK LO 2
Continuing from Task 1, in your role at the UAE Federation of Small Businesses (FSB) you have been appointed as a key note speaker at the SME World Summit 2019 in Dubai. You are required to present impact of small businesses on the UAE economy.

LO 2: Assess the impact of small businesses on the economy.
Interpret and assess relevant data and statistic to illustrate the impact micro and small business have on the UAE economy. For higher grades You should consider evaluating small, medium, large business and examining local, regional, national and international economic impacts.

Building on the information you provided for P3, you must explain the importance that small businesses and business start-ups have on the growth of the UAE social economy.
(Give data from various research and studies, newspaper articles, surveys etc. for this purpose)

Scenario: TASK LO 3 and 4
Continuing from Task 2, you had the opportunity to meet, listen and speak to many high-profile entrepreneurs and business speakers. This gave you an insight into different ‘entrepreneurial mindset’, personalities, traits, understanding of what made them successful and why others failed and knowledge of their background and how it fostered entrepreneurship.
You are required to share the gained knowledge with your peers and moderate a discussion on different lines of argument relating to entrepreneurial characteristics.

LO 3: Determine and assess the key aspects of an entrepreneurial mindset.
Determine what makes a successful entrepreneur. You can consider 2 examples of successful entrepreneurs and determine the characteristic traits and skills they possess. Similarly, for higher grades you can explore whether entrepreneurs are born or made and whether entrepreneurship skills can be learned over time.

Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset. You may wish to consider how personality is shaped by family upbringing, lifestyle, cultural differences and personal motivation and drivers amongst other factors and discuss 2 famous entrepreneurs of your choice same as taken in previous answer.

LO4: Examine the different environments that foster or hinder entrepreneurship.
Examine, using relevant examples, how a person’s background and past experiences can hinder or foster entrepreneurship. Factors to consider may include level and type of education, national culture, economic circumstances and character traits. The risks and rewards of starting a business should also be considered. Carry the same 2 entrepreneurs’ example as taken in LO3.

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