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LO1: Examine what it takes to be an entrepreneur and the scope of entrepreneurial ventures
P1: Investigate the scope of entrepreneurial ventures, using a variety of examples
The scope of entrepreneurial ventures mostly depends on a range of internal and external factors such as the size of the enterprise, the structure, and the geographical location. For instance, a small grocery shop can be considered a micro enterprise while a parlor or a beauty salon might have some more of a corporate structure and hence it can be a small enterprise. A chain of restaurants might be a medium to large enterprise. Hence, the structure of the corporate determines what the size of the store or enterprise is. The corporate hierarchy determines the size of the enterprise as well, it needs to contain a certain level of complexity to attain a medium or large enterprise standard. The geographical location is somewhat of an external attribute in the decision of the same. This means that the geographical location determines the type of goods that would be of more value to the particular location and hence determining the scope of success the enterprise has in a place. For example, an enterprise that sells woolen garments and accessories will be of great use in places like Siberia, Japan, Aomori, as these places remain cold during most times of the year. Wool industries in tropical regions of the world will not have much scope. Corporate complexity or hierarchy is not of much use in this case (De Oliviera 2015).
P2: Examine the traits and characteristics associated with entrepreneurship
Entrepreneurship requires a range of skills and traits that enhance the scope of the enterprise and its chances of success:
Vison and Passion: An entrepreneur is not a manager and hence they should possess a clear vison of what is success for them. This includes determination of goals, setting up milestones and so on. These goals should be driven by passion and zeal of the collective.
Innovation: One of the primary attributes of an entrepreneur is identifying the gaps in the market, this is where innovation is required. The gaps in the market open the path ways of innovating the fillers to serve the purpose of the customers. A vibrant example of this is when the founder and CEO of Sugar cosmetics Vineeta Singh identified a huge market gap of affordable luxury cosmetics within the Asian market.
Leadership: Steve Jobs is an iconic example of what an able leadership tactic can to do a firm, although his ways are debated, Job’s leadership made Apple what it is today and this is a primary point of different between leaders/entrepreneurs and managers.
Persistence: An entrepreneur wishes to disrupt the market with a set of new and innovative ideas that has not been explored before, this might take some time as the market needs to be used to this new trend and hence persistence is essential.
Ethical: An entrepreneurial firm is generally a small scale one when it starts, it is important for the leader to be ethical in their ways to attract other people to join this dream.
Resilience: An entrepreneur is one of the primary people to understand that the path to success is not a cakewalk and it will face some adversities and hence it is important for them to be resilient towards failure and not lack in persistence (Ker et al., 2018).
M1: Evaluate the similarities and differences between entrepreneurial ventures and the traits and characteristics of entrepreneurs in those ventures
The primary point of similarity between entrepreneurial ventures and traits and characteristics are that the evaluation of all three of these aspects is important in the determination process of the success of the firm. Entrepreneurial ventures can be evaluated using the aspects of scope, structure, and the geographical location of the firm. The evaluation of all these lead to an internal and external analysis of the firm that that helps in determining the scope of success that the firm has in the market that it has chosen to penetrate. Another vibrant point of similarity between these three aspects is that the criteria of evaluation in any of these modes do not change according to the shifting situation of the market.
The primary point of different between entrepreneurial ventures and the traits and characteristics of entrepreneurs are that while the evaluation of the ventures requires both an internal and external analysis of the same, the traits and characteristics of the entrepreneur in those ventures are more of an internal analysis of the entrepreneur only and not any of its surroundings. This makes the analysis more rigid and concentrated.
D1: Critically examine entrepreneurial ventures the traits, characteristics and mindset associated with entrepreneurship, using a range of examples
An entrepreneurial mindset is a range of skills and tactics that enable the entrepreneur to identify an opportunity, overcome the setbacks and remain persistent in any given situation. Many firms despite not being entrepreneurial ventures have been able to disrupt the market, however they needed to disrupt to market which is an entrepreneurial move. This is the primary difference between a business-like Tesco and entrepreneurial Ventures like Airbnb. Entrepreneurial ventures are when firms peruse opportunities and new practices to grow. A vibrant example of the same is when Mulberry inaugurated its online venture of e-commerce during the pandemic when the physical shops of closed. The firm was running out of business and hence to regain some of the profits, the firm inaugurated its online presence.
Entrepreneurial traits of Steve Jobs include exceptional imagination, focus and passion. Jobs was banished from the firm he made with his own hands, but soon enough as the firm could not succeed without his vison, he was brought back. Jobs exercised an autocratic mode of leadership. This allowed him to overlook every aspect of the operations that were conducted within the firm. This allowed Jobs to disrupt the market which was already being dominated by Android at the given time. Furthermore, this impeccable vison allowed him to carefully articulate the future risks of the firm and helped him devise multiple ways outs of the same (Columbo et al 2019).
LO2: Explore the concept of the entrepreneurial mindset and its contribution to entrepreneurial ventures
P3: Explain what is meant by an ‘entrepreneurial mindset
An entrepreneurial mindset can be defined as the set of aptitudes which facilitates individual to recognize as well as create the most of the occasions, helps in overcoming as well as learning from the hindrance in addition to provide guidance to get success in a broad range of frameworks. The enterprising mentality incorporates different commendable characteristics comprising the capacity to step up to the plate, adjust to change, track down savvy fixes and be alright with risk. Individuals who have embraced this outlook consider difficulties to be open doors (Dinh, 2022). There are in general give different kinds of entrepreneurial mindset which are:
Self-effectiveness
Locus of command
Trusworthiness concerning own abilities
Movitaion
Degree of flexibility.
Also, the entrepreneurial mindset is identified as a perspective that empowers entrepreneurs to defeat difficulties, be unequivocal, and acknowledge liability regarding their results. It is a consistent requirement to work on your own abilities, gain from your own slip-ups, and make a persistent move on your thoughts. Anybody who put in the effort can foster a pioneering attitude (Nastor,Jonny , 2022).
Entrepreneurial mindset alludes to a particular perspective that positions humans direct to pioneering exercises and results. People with enterprising attitudes are frequently attracted to potentially open doors, development, as well as new worth creation. Attributes incorporate the capacity to proceed with well-balanced plans of action and acknowledge the real factors of progress and vulnerability. The constructive skills of an innovative outlook incorporate focusing as well as taking advantage of chances paying little heed to asset limitations, relieving monetary and mystic threats, and making a move, which are beneficial things.
P4: Examine skills and characteristics associated with an entrepreneurial mindset
The five notable skills and characteristics associated with an entrepreneurial mindset are discussed in detail below:
Having a constructive mental behaviour: An inspirational perspective and viewpoint are unquestionable requirements for fruitful business people. The mentality of the top of the organization establishes the vibe until the end of the organization and impacts business philosophy.
Having an innovative set of minds: Most business visionaries are intrinsically inventive thinkers; if not, they wouldn't be propelled to take the imaginative jump to make their own business. All things considered, we can all figure out how to be more inventive and to take advantage of our innate gifts.
Skill and aptitude for convincing communication: The best business visionaries are enticing people. The influential ability can assist people with arranging, closing a deal, or scoring a lower cost on your stock. Also, influential individuals will more often than not be motivating pioneers, consequently, they will quite often be heavenly supervisors.
Skills and aptitude of intrinsic motivation and drive: One of the top enterprising qualities is inborn inspiration, which means that entrepreneurs are self-roused instead of shifting focus over to others to push them to get things done or consider them responsible. As a general rule, who own their own organizations are extraordinarily spurred to succeed.
Skills of Stubbornness and an Aptitude to Learn from Failure: Disappointment is unavoidable, yet the business person's response to their disappointment is what you think about it. Disappointment offers people the chance to return, to gain from the errors, and assists the business people with valuing achievement (AOF, 2022).
Keeping a flexible attitude: All day working isn't exactly a possibility for business people. They're contemplating their thoughts every minute of every day, and have no hesitations about getting down to work whenever of the day or night.
M2: Determine the ways in which the entrepreneurial mindset can be encouraged and what it can bring to a new venture
To be a skilful entrepreneur is not an easy task and it takes a lot of hardship to think like an entrepreneur who brings goodwill and new open doors to a new business. Initiating a fresh venture or project isn't for the weak-willed. It needs confidence, tirelessness, and a ton of difficult work. So, which isolates effective Chiefs from the remainder of the pack? Almost certainly, they have an enterprising mentality There are in general various ways through which the business attitude might be fortified and it can bring success to a new project. Below discussed are some of the ways. Firstly, an entrepreneur needs to be an independent thinker which helps them in taking decision out of the box. Individual thinking also helps in developing the confidence to deal with the failures through which a lot of things can be learnt to develop own skills. Thinking independently also gives new vision to the new venture which will help in competing with the competitors too. Secondly, planning won business long term objectives along with building a tactics towards it is another way in which the entrepreneurial mindset can be encouraged. While fostering a pioneering attitude, understanding self-drawn-out expectations will assist entrepreneurs with defeating deterrents in the transforming business sector as well as financial sectors. Last but not the least networking with other business person also helps in developing entrepreneurial mindset. It helps in getting new ideas and new vision that directly impacts the growth of the new venture too ( Brook,Charlotte, 2022).
LO3: Assess the impact of SME's (Small Medium Enterprises) on the economy
P5: Interpret relevant data and statistics to relate how micro and small business ventures impact the economy at different levels.
In the context of the UK, SMEs are defined based on the size of the company. However, it is evident that the size of the categorisation of SMEs basically depends on the country. Herein in order to define the traits that can be considered. As such, areas such as the number of employees, annual sales, the number of assets owned by the company, capitalisation of the market, and the related combination of such features define SMEs in a different manner from one industry to another (Saidi, Uchenna and Ayodele, 2019). As for example, SMEs make up the business majority that needs to operate across the world. Basically, independent firms having less than fifty employees are considered as SMEs. as per the scenario of the case in the local library, the number of the range of employees could sit approx 250. As an advisor herein for the local library, the favours of innovation and flexibility will be considered. As SMEs tend to focus on the improvement of the old products, therefore it can produce high quantities along with obtaining the fundamental benefits of the dimensional economy (Maulina and Fordian, 2018). It is worth to mention that SMEs play a significant role in shaping the economy of the country. Herein these can be considered as innovative as well as attractive systems. Due to the economic and social impact of the local library, it can be considered as a strategic interest for the respective economy.
In relation to the economy, both the micro and the small business appeared as the source of economic development and growth. In terms of impact here, it can be stated that both micro and small businesses help to create employment. By contributing to the scenario of employment, it focuses on a certain point of job creation. According to recent research, it is estimated that by the end of the year 2023, there will be a requirement of six hundred million jobs across the globe (Bai, Quayson and Sarkis, 2021). Herein the local library can create formal jobs that could be available to develop the markers as well as being created by the SMEs.
Figure 1: Impact of micro and small business ventures impact on the economy at different levels
According to the above statistics, it can be stated that SMEs can also increase the competition among their peers and bring supremacy by bringing out the best in the concerned business (Stevenson, Kuratko, and Eutsler, 2019). This can trigger a 'WIn-WIn' situation for both the consumers and the providers. Also, it can increase aggregate of productivity, including the efficient side of the economy.
M3: Differences between micro-, small-, medium-and large business and their impact on the economy
Figure: Impact of recession
There are some differences among the micro, small, medium and large business firms. It can be stated from the small outlets or the store of the grocery chain. As per the given scenario, the library can employ various people depending on their manpower as per the requirements. In order to start the business venture in this regard, there could be a minimum requirement of capital (Howard et al. 2022). On the other hand, for the large firm, the micro and small enterprises of the business can be ranged in their neighbour market.
Figure 2: Distribution of MSMEs in the economy
As such, for the library, it can opt for the defined MSMEs by the government by raising the limit cap of the investment, the criterion regarding the additional turnover along with moving the Sistine difference between the service enterprises and the manufacturing areas. In addition to offsets, the investment of the small business could be mentioned here is INR ten crore; however, for the medium and SMEs, it can be fifty crores or more than that (Howard et al. 2022). It is worth to mention that if the concerned library mentioned in the scenario can invest one crore to ten crores, then it can have a turnover under fifty crore as a SMEs.
D2 Impacts of different businesses on different levels (international, national, regional, local) of the economy using appropriate data and statistics
In terms of the economy, both small and micro businesses were seen as the driving force behind growth and development. In terms of impact, it can be said that both small and micro businesses contribute to job creation. By adding to the employment scenario in the international context, it focuses on a specific aspect of job generation. There will reportedly be a need for a huge number of jobs worldwide by the end of 2023, according to a recent study (Nagy et al. 2018). In the national context, here, the neighbourhood library might construct official positions that might be open to develop markers as well as produce by SMEs for the local economy
LO4: Explain the importance of intrapreneurship in both public and corporate organisations
P6: Discuss the differences and similarities between public and corporate intrapreneurship
The public intrapreneurship firms differ in some ways. It might be expressed from small businesses or a chain grocery store. According to the situation, depending on their personnel and their needs, the library may hire a variety of employees. There can be a minimal amount of funds needed to start the business endeavour in this regard. In terms of similarities, corporate business firms of the business can, nonetheless, be found in the market near the huge company (Kraus et al. 2019). The library can choose to be one of the government's designated MSMEs by increasing the investment cap, adding a condition for increased turnover, and shifting the distinction between service enterprises and manufacturing sectors. For the local economy, SMEs are classified according to the size of the business. But it is clear that the size of the SMEs' classification mostly depends on the nation. Here, the attributes can be taken into account in order to define them (Aina and Solikin, 2020). As a result, SMEs are defined differently depending on the industry by factors such as the number of employees, annual sales, assets owned by the company, market capitalization, and associated combinations of these features.
M4: Explore the benefits of intrapreneurship and its contribution to competitive advantage in organisations
In terms of competitive advantage in organisations, it can be stated that it depends on the differentiator of the risks. For intrapreneurship, it is evident that its contribution tends to work within the establishment of the business. Intrapreneurs can arguably take fewer risks in the tasks rather than leading the ventures on their own. Also, the flip side can be offered with more unrestricted, feeding through operating the inside of the existing organisation along with enhancing the probable limitations that can come up with the standing for gaining the most successful venture. Taking into account the case of the local library, it can be stated that it can provide opportunities related to the process of the qualities related to 'Intrinsic motivation' as well as the 'responsibility' (Neessen et al. 2019). in this regard. Also, the fostering facts of intrapreneurship could result in innovative changes. Following the approach of 'Agility', herein, as a part of the advantages of effective improvement, it can reduce the costs or increase the profitability in this regard.
D3: Evaluate the use of intrapreneurship and the benefits it can bring to organisations
It can be concluded that in the UK, SMEs are classified according to the size of the business. But it is clear that the size of the SMEs' classification mostly depends on the nation. Here, the attributes can be taken into account in order to define them. As a result, SMEs are defined differently depending on the industry by factors such as the number of employees, annual sales, assets owned by the company, market capitalisation, and associated combinations of these features. For instance, the majority of businesses that must be operated globally are SMEs. SMEs are generally defined as independent businesses with fewer than fifty employees. The report concludes that it might be said that a company's ability to differentiate its risks determines its competitive advantage. It is evident from the intrapreneurship's contribution that the business's foundation benefits from it. Instead of taking the initiative in their own companies, intrapreneurs may be able to handle duties with lower risk. Additionally, more freedom may be provided on the other side by managing the internal operations of the current organisation and strengthening the potential restrictions that can result in the position of winning the most lucrative endeavour.
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