Q1. Examine different types of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship. (P1)

ESBM

Introduction

(Briefly state the purpose of this unit and the knowledge expected to gain in completing the unit.)

Task 1

Q1+Q3 (P1+M1)

Q1. Examine different types of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship.   (P1)

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Q3. Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of entrepreneurship in both the public and corporate sector. – (M1)

Entrepreneur ???

Different entrepreneur ventures:

Note for students:  (Examine/ inspect thoroughly, entrepreneur ventures that fall in the     categories below in order to determine their nature or condition. The examination would require inspection and examples from the categories below)

  • “Creation and development of New Ventures of all types” (Meyer 2009) (Setting up any new business)
    • “Based on the Performance of business” (improving the performance of the business)
    • “Emerging enterprises that May or may not grow, do or do not innovate” (Mitzberg 1989, Gartner 1990)
    • “Firms that are innovative- High Tech firms” (Langlois  2007)
    • “Any Established company, small size social venture , High growth firms” (Shane 2012; Ucbasran et.al 2001; Zahra 2014)
  • Any Established company (e.g. Tesco)
  • Small size social venture (e.g. Funeral care)
  • Large size social venture (e.g. NHS)
  • High growth firms (e.g. Google , Facebook)

Typology of entrepreneurships:

Note for students:  (Briefly explain the typologies below)

  • Survival Firms:
  • Lifestyle Firms :
  • Managed growth firms:
  • Aggressive growth firms:
  • Public sector entrepreneurships:
  • Social enterprise:

How they relate to the Typology of entrepreneurships:

Note for students: You need to create their own table, this is a sample below

Venture type as defined by a variety of AuthorsExamples in those categoriesSectorHow they relate to the typology of entrepreneurships
An Established company, High Growth Firms- the OECD-Eurostat Manual on Business Demography Statistics (2007) defines high-growth enterprise as ―All enterprises with average annualized growth greater than twenty percent per annum, over a three-year period, and with ten or more employees at the beginning of the observation period. Growth is thus measured by the number of employees and by turnover.FacebookCorporate and privateThe typology is “Aggressive growth firm”. -The social networking company Facebook held its initial public offering (IPO) on Friday, May 18, 2012. The IPO was the biggest in technology and one of the biggest in Internet history, with a peak market capitalization of over $104 billion. (Investopedia) -Facebook (FB) exceeded $500 billion in market value in July 2017. (CNN Money, 2017) -In 2012 when Facebook paid an astounding $1 billion to acquire Instagram. -In 2014, Facebook bought WhatsApp for $19 billion. (Investopedia)
Public sector entrepreneurships Can be define as an organization which is owned by the public authorities including the local authorities and central state. Is stablished with a purpose of achievement but just in a set of public purpose which does not prioritise profitTfL (Transport for London)Public sectorThe typology is “Manage-growth firm” London underground’s history dates back to 1863 where the world’s first underground railway (The Metropolitan Railway) opened between Paddington and Farringdon with just 6 intermediate stations. (tfl.gov.uk) This has grown to 270 stations and 11 lines between Capital’s suburbs and beyond. From 1968 is were more lines across central London with a total of 10 lines. (tfl.gov.uk).
Mitzberg definition, which suggest that  any firm whether growing or not  is an entrepreneur ventureCorner shops  
Innovative firmsAppleCorporate and private 
Established companiesTescoCorporate and private 
Social venturesNHSPublicThe typology is “Managed growth”

Note for students:

Please make sure you cover different type of ventures (minimum 3 to maximum 5 ventures) from both public and corporate sector. Additionally make sure you coverorganisations that has profit motive (such as: Tesco, Apple, Facebook, Corner shop etc.) also organisations that has social motives (such as: NHS, funeral care etc).

Q2. Explore the similarities and differences between entrepreneurial ventures.

The similarities of the different ventures:

Note for students: Students need to cover 5- 6 similarities

You may take into consideration: (make sure explain in your own words)

  • Strong-willed entrepreneur:
  • Funding from some venture capitalist or investor
  • Creative idea:
  • Creating a Brand name 
  • Sustain against large businesses:
  • Constant Innovation:
  • Driving forces

The differences between the entrepreneurial ventures:

Note for students:  Students should cover 5 – 8 differences

You may take into consideration: (make sure explain in your own words)

 SurvivalLife StyleManaged growthAggressive growth
Annual growth Rate    
Time Horizon    
Managerial focus      
Managerial style    
Entrepreneur orientation    
Managerial skills    
Technology Investment    
Exit approach    
Source of finance    
Organisation Structure    
Economic motives    
Reward    

Q4. Interpret and assess relevant data and statistics to illustrate how micro and small businesses impact on the economy. – (P3)

Micro Business:

(Explain briefly)

Small Business:

(Explain briefly)

How micro and small businesses impact on the economy:

Note for students: (Collect data (on employment, turnover, assets, growth etc.) on micro and small    businesses and demonstrate how they are impacting on the growth of the UK       economy. For example, Students may collect relevant data about UK Small Business Statistics from the website below: https://www.fsb.org.uk/media-centre/small-business-statistics )

Q5. Explain the importance of small businesses and business start-ups to the growth of the social economy. – (P4)

Social economy:

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

Note for students:  (Consider the role of small business organisations to the growth of the social economy.  Briefly explain the topics below)

  • Creation of employment
    • Innovation
    • Engage significant number of people including the from disadvantaged groups
    • leading the way on diversity
    • meeting social purpose
    • Local improvement

Q6.

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

  • Distinguish between small, medium and large size businesses.
  • Evaluate the contribution of each of them (small, medium, large) and support your argument with relevant data and statistics. (The contribution of small businesses towards the development of the economy may be greater than medium and large.)

(b) Provide a critical examination of the impact of small business on different levels of the economy including local, regional, national and international. (D2)

  • Examine critically, the role small businesses play in the development of the
  • Local economy
  • Regional economy
  • National economy
  • International economy

e.g. local needs, jobs, innovation, competition, national income.

Q7.

Critically examine the scope, development and growth of entrepreneurial ventures. (D1)

Assess in-depth how, micro and other small businesses have contributed towards

  • the growth and development of GDP,
  • number of small businesses created,
  • new products and brands,
  • technology and R&D investment,
  • innovations, social initiatives,
  • Capital attractions and investments etc.

Address how some of these factors mentioned above have made these entrepreneur ventures to increase and grown in size.

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