Unit 9- Entrepreneurship and Small Business Management Assignment
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Added on 2021-04-05
Unit 9- Entrepreneurship and Small Business Management Assignment
Added on 2021-04-05
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1 ASSIGNMENT 1 FRONT SHEET Qualification BTEC Level 4 HND Diploma in Business Unit number and title Unit 9: Entrepreneurship and Small Business Management Submission date 2/6/2019 Date received (1stsubmission)2/6/2019 Re-submission dateDate received (2ndsubmission)Student name Nguyen Minh Ngoc Student ID GBD17285 Class GBD0821 Assessor name Nguyen Minh Hai Student declaration I certify that the assignment submission is entirely my own work and I fully understand the consequences of plagiarism. I understand that making a false declaration is a form of malpractice. Student’s signature: Grading grid P1 P2 P3 P4 M1 M2 D1
2 Summative Feedbacks: Resubmission Feedbacks:Grade:Assessor Signature:Date:Internal Verifier’s Comments:Signature & Date:
3 Table of Contents I. Introduction. ................................................................................................................................................... 4 II. Methodology. .................................................................................................................................................. 4 III. Analysis. ...................................................................................................................................................... 4 1. Explore and illustrate the range of different entrepreneurship ventures. ......................................................... 4 a. Types of entrepreneurial ventures and their relation to the typology of entrepreneurship. ............................. 4 b. The similarities and differences between entrepreneurial ventures. ................................................................ 7 c. Entrepreneurship in the public and corporate sector. ...................................................................................... 9 2. Evaluate the impact and importance of small businesses on the economy..................................................... 10 a. The impact of small businesses on the economy. ........................................................................................... 10 b. The importance of small businesses and business start-ups to the growth of the social economy. ................. 11 c. The differences small, medium and large enterprises make to the economy. ................................................ 14 VI. Conclusion. ................................................................................................................................................ 15 V. References .................................................................................................................................................... 16
4 I.Introduction. In a country, the economy is a combination of large, small and medium businesses. Most large businesses grow from small and medium businesses. It is divided into different categories such as small business, scalable start-ups, high growth firm and social enterprise. Businesses have different sizes and types of businesses with the common purpose of making profits and meeting social needs. This contributes to the development of the national economy in general and each region in particular. II.Methodology. In this report uses information from websites, journals articles to give the information about 4 types of entrepreneurial from private to public. As some examples in this report for small business is Danang Souvenirs & Cafe, scalable startup is Tiki, high growth firms is PG Tanker, and social enterprises is ME to WE. III.Analysis. 1.Explore and illustrate the range of different entrepreneurship ventures. a.Types of entrepreneurial ventures and their relation to the typology of entrepreneurship. Four types of entrepreneurial ventures. •Small business. There are different definitions of small businesses depends on the kind of industry. In 2006, the UK Companies Act states that small businesses as one that has fewer than 50 employees with an annual turnover of less than £ 6.5 million, a balance sheet total cost of above £3.26 million and the scale of operations is limited. It is run by owners who are family members or partners who are friends and offers innovative products or services (towergateinsurance.co.uk, n.d.). Example: Danang Souvenirs & Cafe are businesses which specialize in gift & souvenirs about Da Nang city in Da Nang. The company was established by founder Bui Duc Tuan since 2012 at 34 Bach Dang Street. It is a rest-stop place for both foreign and domestic tourists to relax while staying at Da Nang. The goal is to introduce local characteristics by the souvenir collections
5 exclusively designed, promote entrepreneurship young generations inspirations. This company is a small business because it has less than 50 employees and the operation is limited in size. •Scalable startup. A scalable startup refers to businesses that search for a repeatable and scalable business model with the intent to make a profit and become a large, disruptive company base on an innovative idea (steveblank, 2010). Example: Tiki is a company which was established since 2010. In the beginning, Tran Ngoc Thai Son, the company’s founder followed the E-commerce trend at that time and sold only English books. Tiki has built software-based and internet-based business systems with data mining. Based on the theory above, until now, the company has developed and expanded worldwide up to 26 sectors of products. Base on customers’ demands, nowadays, Tiki is the most popular, trusted website with high reputation and various products. Tiki has proven that Tiki is one of the scalable start-up entrepreneurships. •High growth firms. A high-growth firm which is a company has a faster turnover than its peers or the large economy. In the company, there are more than ten employees and the average annual growth rate of more than 20% per year for three consecutive years (OECD, 2016). For a long time, these companies often increase annual revenue more than the industry average without hard-and-fast rules of defining growth (CHEN, 2018). Example: Petrolimex Waterway Transport Corporation (PG Tanker) which is a state-owned enterprise under the Ministry of Transport, has established since 2013 (Hai, 2016). PG Tanker operates in petroleum transport industry by the river, sea and ocean; maritime service; repair and build a new waterway transport. It which owns the largest fleet of the petroleum tankers in Vietnam achieved international standards. In 2019, TRACODI entered the top 10 fastest growing enterprises in Vietnam in the FAST500 ranking - built on the results of independent research and evaluation of Vietnam Report (fast500.vn, 2019). The company growth rate since early 2016 increased rapidly by 32,8% about revenue and profit with net revenue reached VND
6 3,167 billion and profit before tax reached about VND 320 billion (Thao, 2019). This proves that PG Tanker is one of the high grow firm in Viet Nam. •Social enterprise. A social enterprise is a commercial organization which trade in order to solve social problems. It has specific social goals for promoting, encouraging and bringing a positive change in society. The profits are mainly used to fund social programs and create the values of public services (BARONE, 2019). Example: ME to WE is a social organization which is established by Craig Kielburger & Marc Kielburger. The organization has been running for more than 10 years. ME to WE provide two levels of benefits that create jobs for more than 2,000 people in the WE Village community worldwide and donate a minimum of 50 per cent of its profits annually to WE Charity. From 2009 until now, ME to WE has donated $ 20 million in cash and compensation for in-kind donations to WE Charity (metowe, 2019). This organization operates based on market research and analysis of social enterprises to have the best activities of social enterprises. This point proves that ME TO WE is the most successful social company in worldwide. The relation to the typology of entrepreneurship: Lifestyle and growth firms. •Lifestyle firm. Lifestyle firm is a kind of enough income company which has established a base on the owner's passion, experience a certain lifestyle and not the sole purpose of making a profit (Putranto, 2013).Example: ME TO WE was established with the purpose to change the world in a positive way and helping the community grow together. The business has promoted the economic power of each community by creating jobs for more than 1500 women in Kenya and Ecuador, providing the value of products to customers, contributing to sustainable development projects. Through charity trips that bring a lot of experience as well as contribute to the personal development of volunteers. ME TO WE is a sustainable social enterprise, has a great influence on customers, based on the owner's passion, as well as not the sole purpose of making a
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