Assignment : Entrepreneurship and Small Business Management

Assignment front sheet
Learner name Assessor name
Zun Thet Hmu San U Kyaw Kyaw Khine
Date issued Completion date Submitted on
28.10.2019 17.8.2020 17.8.2020
Qualification Unit number and title
Edexcel BTEC Level 5 HND Diploma in Business Unit 1
Assignment
title
Entrepreneurship and Small Business Management
In this assessment you will have opportunities to provide evidence against the following criteria.
Indicate the page numbers where the evidence can be found.
Criteria
referenc
e
To achieve the criteria the evidence must show that
the student is able to:
Task
no. Evidence
P1 Examine different types of entrepreneurial ventures and explain
how they relate to the typology of entrepreneurship. 1
P2 Explore the similarities and differences between entrepreneurial
ventures. 1
P3 Interpret and assess relevant data and statistics to illustrate how
micro and small businesses impact on the economy. 2
P4 Explain the importance of small business and business start-ups to
the growth of the social economy. 2

P5
Determine the characteristics traits and skills of successful
entrepreneurs that differentiate them from other business
managers.
3
P6 Assess how aspects of the entrepreneurial personality reflect
entrepreneurial motivation and mind-set. 3
P7 Examine using relevant examples, how background and
experiences can hinder or foster entrepreneurship 4
Learner declaration
I certify that the work submitted for this assignment is my own and research sources are fully
acknowledged.
Learner signature: Zun Date: 17.8.2020

P-1.1
Entrepreneur
Entrepreneur is associated with risk-taking activity, where someone seeks to innovate in a way
that is discontinuous with existing ways of doing things (Clegg, Kornberger and Pitsis, 2011).
An entrepreneur is someone who perceives an opportunity and creates an organization to
pursue it (Zacharakis, 2011).
An entrepreneur is a person who sets up a business with the aim to make a profit can be a bit
vague but for good reason. An entrepreneur can be a person who sets up their first online store
on the side or a freelancer just starting out.
Entrepreneurship
Entrepreneurship is skill in starting new businesses, especially when this involves seeing new
opportunities (Cambidge English dictionary, 2019).

Having a good entrepreneur affects the entrepreneur. Because the entrepreneur hinders the
new business with innovation and ideas, the use of the business has an economic impact.
P-1.2
Definition of World Changer
World Changer is something such as a product or event that affects a situation or area
of business very much (Collins English dictionary, 2019).
Global changers must not destroy the environment. For example, when developing a new
product that is not manufactured worldwide, manufacturers and entrepreneurs need to know
which chemicals are harmful to humans when they contain chemicals. If entrepreneurs and
manufacturers do not know about the toxicity of chemicals, people will be in danger and the
product will not disappear completely. Therefore, the business owner does not make a profit
Definition of Innovators
Innovators are also correctly labeled as troublemakers. They also create trouble for some of the
managers and colleagues (Tropman, 2006).
The innovator must come up with a new idea that suits the people and the environment. In a
restaurant, restaurant owners offer more food to customers at a lower cost to reduce the cost
of raw materials.
Definition of Opportunist
Opportunist is someone who tries to get power or an advantage in every situation (Cambidge
English dictionary, 2019).
Opportunist is also known as a self-seeker. A person who is always thinking about the most
important person and opportunity in the company or organization to see a lot of profit and
success should easily see the solid path.
Definition of Jack of All Trades

Jack of all trades is someone who can do many different jobs (Cambidge English dictionary,
2019).
Jack of all trades is a person who undertakes many different kinds of work, able to do a variety
of different jobs that is also the person who knows the changes and the abilities of the
individual person to become the entrepreneurs or stakeholders. Jack of all trades also knows
the disciplines to become a entrepreneur or stakeholders.
Definition of Serial Entrepreneur
Serial entrepreneur is an entrepreneur who continuously comes up with new ideas and starts
new businesses (Collins English dictionary, 2019).
By creating a new business with new and innovative ideas, people will be interested in new
businesses created with new ideas. No. Entrepreneur makes easy profits. First of all, the
number one business owner faces many challenges. The company or the number of
entrepreneurial organizations will not have the appropriate number of employees. As a result,
the company or organization may not be able to provide services to some people.
Definition of Wantrepreneur
Wantrepreneur is someone who believes they have good ideas for new businesses or
inventions but hasn't actually managed to get any of them off the ground (Collins English
dictionary, 2019).
We always start a new business with good business ideas to help a lot of entrepreneurs
succeed.
P1.2
Types of Entrepreneurship
Types of entrepreneur is according to the Ben Casnocha, there are also four types of
entrepreneurship in business.
Definition of small business entrepreneurship

Small business Entrepreneurship is a small company, or small companies as a group that is
often privately owned, does not employ many people, and has a low volume of sales, the state
of being an entrepreneur, or the activities associated with being an entrepreneur (Collins
English dictionary, 2019).
These type of startup businesses can only be run by the owners and the number of employees
is very low. Along with this, the revenue generation are not much and these organizations
continuously focusing on getting more clients and development of its products or services. This
type of business can be run with family members and with friends as partner. However, several
small businesses are there that provides innovative products or services and grow exponentially
(Drucker, 2014).
The person who uses the small business entrepreneurship can get the all of the profits. Also the
person who do the big group of companies invent the small business entrepreneurship with
new and strange ideas.
Definition of Scalable Started Entrepreneurship
Scalable Started entrepreneur is capable of being scaled or climbed that is the state of being
an entrepreneur, or the activities associated with being an entrepreneur (Collins English
dictionary, 2019).
These types of businesses start business with innovative ideas and focus on providing
innovative products or services from the starting. These types of entrepreneurs believe that
their ideas can change the world and they search for investment from venture capitalists. These
organizations look for brightest mind for the business and they tend to set up a scalable
business model.
Scalable started entrepreneurship is the best entrepreneurship is business. Because this
entrepreneurship always gets the profits.
Definition of Large Company Entrepreneurship

Large Company entrepreneur is thing or person that is greater in size than usual or average of a
business organization that makes money by selling goods or services, a group of opera singers,
dancers, or actors who work together (Collins English dictionary, 2019).
The large organizations have finite life cycle and they focus on providing new products or
services to the customers for sustainability and longevity of the business. The demand of the
customers and trends are changing eventually along with competition, legislation that forced
the large organization in disruptive innovation and create new products for entirely new
market. However, the large size of the organization makes the disruptive innovation difficult.
Large company entrepreneur is relating to a company that has shares with a high total value of
a person who attempts to make a profit by starting a company or by operating alone in
the business world, when it involves taking risks.
Definition of Social Entrepreneurship
Social Entrepreneur is someone who starts or runs a social enterprise and it is equal to
an organization that aims to make money in order to serve a useful social purpose (Cambidge
English dictionary, 2019).
This type of entrepreneurship focusses on solving different social problems by delivering their
products or services. This organizations focus on creating a better world for the people and can
be for-profit, non-profit or hybrid (Scarborough, 2016).
Most of these works do not get profits.
Factors Small business
entrepreneurship
Scalable startup
entrepreneurship
Large company
entrepreneurship
Social
entrepreneurship
Goals and
objectives
These
organizations
might not have
structured goals
and objects and
works on
These business
aims to provide
innovative
products
constantly and
achieve high
These
organizations
aim to sustain in
the market by
developing new
products or
These
organizations
aim to provide
quality products
or services to
make the world a

achieving lesser
profitability and
growth.
profitability for
investors
(Kirzner, 2015).
services and
marketing
strategies.
better place.
Risks The risks might
be lower but
competition is
high with same
sized
organizations.
The risks are high
due to high
amount of
financial
investment and
pressure to
return high
amount to the
investors by
achieving high
sales volume.
The risks are
medium because
large businesses
often manage to
sell high volume
due to their
brand value.
The risks are not
much high
because, these
businesses often
get support from
government and
public due to
their vision.
Employee
number
Employees are
not more than
50.
Depends on
structure and
size.
Employees can
be more than
1000. Employees
can be more
than 1000.
Depends on the
size of the
business.
Structure No proper
organizational
structure and
often run with
sole
proprietorship in
partnership
Mainly
corporations or
limited
partnerships.
The
organizational
structure is often
complex and can
be public limited
or private limited
company (Dees,
2017).
Mainly trustee
based
organizations

P1.3
Related between typology of entrepreneurship
Entrepreneur typology is similar to other typologies, and is a classification system (Redlich &
Belmont, 2007). Examples include small and large enterprises. The entrepreneurial spirit of a
small business is small but not large. This section can include traditional and family businesses,
exclusive traders and partnerships. It may include a company to start a large business. All
entrepreneurs must bear the risks of their investments and may lose all their investments. But
there are many other advantages over other conventional businesses. If you can take
advantage of the strategies or ideas that entrepreneurs have, they will have a hard time
penetrating the market and facing competitors.
Success history of two global ESBM
Innovative entrepreneur Mark Zuckerberg took his first step at an early age. Zuckerberg's
father, Edward, taught Atari BASIC computer programmer the importance of passwords. His
technology soon became known. When he was 11, his parents hired software developer David
Newman to guide him. Today Newman calls Zuckerberg "Breeding". Zuckerberg has created a
very useful ZuckNet over the years. Her father wanted to pick up the dentist at home. ZuckNet
works like an internal messaging system. Innovation at boarding school at Philips Exeter
College. It caught the attention of AOL and Microsoft. He wants to buy software to help the user
understand the taste of music and the listening habits of him and his friends. He eventually
abandoned his Harvard factory and built it. It was a decision he did not regret (Brandwatch,
2019). Do Won Chang is a Korean businessman with fashion stores such as Forever 21. Due to
his unsuccessful efforts, he currently has 450 branches in 15 regions. In all the inhabited earth.
But about 30 years ago, Zhang Yuanchang faced a strange life. But his parents are poor. He
washes the dishes. He did strange things, including the station staff. He goes from washing
dishes to gas stations. After landing in the United States, he said, he tried to find everything
from small restaurants. But he became interested in fashion and decided to enter the retail
industry.

He was born in South Korea in 1981 and moved to California at the age of 18. It opened in 1984
at Fashion Center 21 Los Angeles Heights Park. $ 700,000 revenue opportunity on a $ 35,000
basis. He changed his store name to Forever 21 so that his future could not be extended to
other countries and regions without having to worry about challenges. In 2012, he followed his
own store. The richest person in the world is $ 4 billion. He arrived in the United States with big
dreams. Your empire is based on your abilities. By building strength and endurance, your
dreams can come true. According to him, his Forever 21 sale is an interesting resource for
anyone coming to the United States. Not only does he need creativity and dreams, but he also
needs ideas to understand the companies he wants to work (Chung, 2016).

Initially, the researcher must research the data using the research data of the entrepreneur
trying to set up a new business and build a new business. Then work from the bottom of the list
eliminating issues that aren't worth the fight. If the entrepreneur and the successful
entrepreneur have the money or experience, the entrepreneur will try to be a great
organization. But there are also business owners who copy information from businesses.
Research entrepreneurs and successful entrepreneurs try to start with their own ideas, but
these entrepreneurs copy data and information from other businesses.
Jack Ma is a owner of Alibaba is a research entrepreneur. We are all social creatures always
looking for fantasy in real life to trigger our thought process and seek inspiration from them. On
a daily basis we come across a lot of strangers but we seek inspiration from only a few of them,
and what sets them apart is the stories that they have to tell. Even as a child, we grow up
listening to stories of how a hero comes to the rescue of his people and his family, we find
solace in such stories. Studies have also found that such inspirational stories have a positive
effect on our brains and helps us become more emphatic, generous and improve our overall
outlook on life.
Mark Zuckerberg is a owner of Facebook is a accomplish entrepreneur. Facebook CEO and
founder Mark Zuckerberg testifies for the first time on Capitol Hill Tuesday. Lawmakers want
answers on how Facebook allowed Cambridge Analytica to misuse data from some 87 million
users, as well as how Russia-linked content was spread to some 146 million people during the
election cycle.
P2.1
Similarities and differences between Entrepreneurial Ventures and Small Business
Small Business Entrepreneurial Ventures
Thought of more in terms of a lifestyle
business or “mom and pop” business
(Hart, 2018) .
A startup and early stage company. As a business
matures, it can remain small on purpose or it may
choose to shrink to the right size for its bison at
some point (Mangrum, 1991).

They are generally self-funded through
use of personal savings or direct loans
and started as a way for the proprietor
to earn a living and grow personal
wealth (Hart, 2018).
However, all businesses can benefit from an
entrepreneurial mindset to remain nimble and
innovative, whatever its size or maturity level
(Mangrum, 2018).
Many times, these businesses become
more entrepreneurial in nature as they
grow (Hart, 2018).
Designed from inception with growth in mind and
often employs the collection of resources not
controlled by the founder (Hart, 2018).
Could be a store, a restaurant, lots of
things that are routine. You might start
one, buy one, buy a franchise, etc
(Tapan, 2001 ).
They can take any form from fully digital in nature
to brick & mortar and product to service as long
as the focus is all about growth (Hart, 2018).
Located in small industries, located for
small industries
There is little control and impact on the
business and its environment.
It is usually involved in delivering a
specific product or service to a specific
location and sometimes an innovation to
the market.
It is located in a small industry made up
of small businesses and has little control
over its environment. It is usually
involved in delivering a solid product or
service to a location and sometimes an
innovation to the market.
It is located in a small industry made up
of small businesses and has little control
over its environment (Tapan, 2001 ).
An someone who starts and runs a business with
limited resources and planning, and is responsible
for all the risks and rewards of his or her
business venture (Dorval, 2018).

It usually involves delivering a solid
product or service to a location and
sometimes an innovation to the market
(Tapan, 2001 ).
Establish one with exaggerated entrepreneurial
function that organizes the management of a new
joint venture project or existing partner.
Entrepreneurship when you need to leap forward
for economic growth.
Learn entrepreneurial mode in planning and
getting started.
Depends on the behavior of the existing business
venture as a new entity.
Jump forward in the path of progress, especially
in their behavior.
It can start a new phase of growth and prosper
beyond economic stability
Stage
Business ideas surround a new product or service
rather than the current one (Dorval, 2018).
P-2.2
The Role and Characteristics of Micro, Small and Medium Size Organizations.
Their legal forms are called businesses. No more than 250 employees and no more than 50
million annual income. They can be divided into small and medium enterprises. These
businesses are an integral part of the modern economy. In small and medium enterprises, the
economy is the main driver and is essential for business growth, with customer focus and
market focus. Small and medium enterprises do not play a formal role, such as a single
business. Because some are employees, these businesses limit their products and services.
These businesses allow them to adapt easily to the organizational changes that are taking place
in their changing environment (Salifu & Abu & Rahman & Sualihu, 2018).

P 2.3
Different between small business and entrepreneur
Small business Entrepreneur
The owner calculates and makes decisions
because he is not happy with any changes
(Spring, 2014).
Independently owned and operate
(Mafemba, 2013).
Stable growth (Quon-Lee, 2014).
Entrepreneurs like to step out of the
traditions and love to invent, take risk and
changes (DifferenceBetween, 2018).
Entrepreneurs plan and launch new business
with dynamic force and possess an unusual
vision (Hill, 2018).
Growth is difficult very important (Landau,
2018).
Difference Between entrepreneurs and intrapreneur
Entrepreneur Intrapreneur
Entrepreneur owns the business and enters
into the business with his own money and
has more risks (Hussung, 2017).
They are independent and they take full
responsibility (Afceadmin, 2016).
Follow his dream through the obstacles and
failures (differencebtw, 2017).
Manage the business with capital funding
and fewer risks (Surbhi, 2016).
He is the company employee who looks for
the areas for the growth in the company
(Birol, 2018).
Help others to achieve their dreams (Frost,
2018).
Difference Between entrepreneurs and owner-manager
Entrepreneurs Owner manager

Entrepreneur is bounded to his company and
he want to achieve the better goals for the
long term (Surbhi, 2016).
Look forward to cooperate improving (Reddy,
2016).
The profits and the cost are uncertain
(Natter, 2018).
The manager wants to grow the company
and want to influence on others (Spring,
2014).
Want to create the traditional market to
persuade the existing customers with
additional services (Marks, 2012).
They focus on competition and always plan
to survive and win (Moran, 2016).
P 3
Data Ffor SME (Small and Medium Enterprises)
Information for small and medium enterprises (SMEs) is also considered as a useful business in
Myanmar by small and medium enterprises (Basin, 2012).
State or Micro Small Medium
Region
Sample Population Sample Population Sample Population
Kachin 96 1991 21 194 5 69
Kayah 66 773 9 93 0 0
Kayin 74 739 3 27 0 0

Chin 12 714 0 0 1 0
Sagaing 201 5743 47 1769 4 111
Tanintharyi 92 1704 21 406 5 79
Bago 158 5970 30 954 4 96
Magway 162 3406 12 249 1 21
Mandalay 238 7468 94 3536 7 275
Mon 138 2788 21 471 4 90
Rakhine 100 2590 16 295 0 0
Yangon 127 4732 139 5337 81 3560
Shan 146 4067 30 675 4 90
Ayeyarwaddy 167 4527 52 3077 7 640

Nay Pyi Taw 74 1193 15 203 0 0
Total 1851 48405 510 17286 123 5031
(Aung, 2017)
Looking at these small and medium business data, Chin, Kayah is one of the least populated and
developed countries. These states are responsible for transportation. Because communication
and other issues are very difficult. These areas are used for transportation. Due to
telecommunications constraints and other issues, there will be fewer small and medium
enterprises than other regions and states. The government is working to develop these states,
but the regions lack access to transportation and infrastructure. Communication and other
factors remain weak. But Yangon and Mandalay, on the other hand, are the most populous
areas in Myanmar. Yangon is the economic capital of Myanmar. Telecommunications education
and other factors must be better than other regions and states. In addition, as Mandalay is the
second largest business capital of Myanmar, small and medium enterprises are also located in
Mandalay. There are also small and medium enterprises in Bago Region. Transportation and
other factors outperform other regions and states.
Impact of SMEs data on Myanmar Economy
There are also many effects by doing the SME. According to (Peth, 2018), Small and medium-
sized businesses can greet many problems and difficulties. Small and medium enterprises are
also the most sought-after businesses. As a result, Myanmar accounts for 99% of small and
medium enterprises. When there are many businesses, people with little money do business
with the unemployed. You could make a lot of money working for these small and medium
businesses. This could reduce unemployment in Myanmar. If there is unemployment in

Myanmar, people can pay most of their taxes to the government. The Burmese government will
be rich by collecting taxes from the people. 2014 In January, the Myanmar government
received a development bill based on small and medium-sized businesses of between 30 and
300 kyats. Medium-sized businesses received between 5 million and 1 billion kyats. 60 to 600
people are working. Private schools; By opening clinics and other facilities, Myanmar will have
access to education and training. It is developing in all areas as well as health and other factors.
Importance of SMEs
The country's economy depends on small and medium enterprises. It is a network of developing
countries. It is important because it is the key to productivity and growth. It can create jobs for
people and reduce unemployment. This is especially true in rich and poor countries. Small and
medium enterprises are the backbone of the country and they are flexible in the global market.
The small and medium enterprises behind the fast-growing economy have always been a great
power (Maarg, 2016).
Research the Data Impact on Myanmar’s Economy
Myanmar has seen a slight decline since 2015 due to internal conflicts and delays. Performance
improved in 2017 and 2018. The exchange rate has risen since May, affecting citizens. The
economy is projected to grow by 7.6% in 2018-2019. On May 25, 2018, the Ministry of
Commerce allowed foreign investment as a retail company. Many countries are looking forward
to the prospects, not just in Rangoon. Governments must work with foreign countries to reduce
unemployment and boost economic growth (Zun, 2019).
Role of Small Firms
Most entrepreneurs revive their innovative ideas by starting small companies. Small companies
are the backbone of a community (Klein, 2010). Compared to small and large companies, these
smaller companies are more successful than larger ones, but some corporations sometimes rely
on others (Deakins, 2010).
P4.1

Importance of Small Firms
In every country, small companies can provide job opportunities. In some cities and villages, it
may contribute to their survival. It helps big companies as their retailers. Small companies are
not always small; Gradually they became big companies and later became global markets. For
example, Nike, Microsoft and Amazon. Although the company is small, the economic impact is
huge and it can change market conditions more quickly than large companies. They are
separate companies. And they often have creative and independent employees to attract
customers (Audretsch, 1999).
Characteristics of successful entrepreneur
(Kerr, et al., 2017) mentioned that a successful entrepreneur must be creative; He should be
enthusiastic about what he chooses; He needs to get people to buy his product or service. He
also needs to be attractive because he encourages people to use his or her products. As an
entrepreneur, you have to persevere because you face a lot of risks and risks. The biggest thing
is that she must be eager to face her failures and challenges.
Skills of successful entrepreneur
(Robinson, 2018) mentioned that the entrepreneur needs the skill of communicating, personal
branding, relationship building, design thinking, managing stress, financial, failure, empathy and
the strategy formulation. Communication is needed for the entrepreneur to communicate with
the others to make his business wider. The skill of relationship building is important as the
entrepreneur has to make communication with many people to introduce the newly produced
product of his. The entrepreneur will surely face with the failures and stress in their life so that
they have to make management upon that to become successful. Financial management is also
needed as the entrepreneur has to use the limited budget for further objectives.

Importance of SMEs And Business Start-ups in Myanmar Economy
There are many implications for doing business with small and medium enterprises.
Entrepreneurs can greet small and medium enterprises with difficulty. Small and medium
enterprises are the most common type of business. According to (Seth, 2018), Myanmar
accounts for 99% of small and medium enterprises. As small and medium enterprises grow, the
less fortunate can start small and medium-sized businesses and the unemployed can earn
money by working in small and medium-sized enterprises. This could reduce unemployment in
Myanmar. If there is unemployment in Myanmar, people can pay most of their taxes to the
government. The Burmese government will be rich by collecting taxes from the people.
Innovation means lack of innovation is bad news for any business. A thriving small and medium
business ecosystem ensures that companies and products stand out in the marketplace without
compromising on products and services.
P4.2
Roles and Importance of Small Business
Today, there are many small and medium enterprises in Myanmar and other countries. Small
and medium enterprises are defined as small and medium enterprises. Myanmar accounts for
99% of small and medium enterprises (Seth, 2018). This is the most important time of the
business. This year, the two existing businesses are called family businesses or large
corporations. Small and medium-sized businesses have never heard of this just by winning.
With the opening up of the economy and the emergence and development of a new
government, Myanmar has access to growth opportunities and assistance and advice (Seth,
2018). And you can build people with less money to invest in most big companies. In addition,
small businesses can help large companies or associations by meeting the needs of an
organization that is not yet used in the organization (Friedl, 2018).
99% of Myanmar's economy is covered by small businesses. Therefore, small business is the
most important for Myanmar's economy. In addition, small businesses can help large
organizations by meeting the needs of the organization. The small business includes any type of
business or industry. Small businesses are also a key component of Myanmar's economy. As

small businesses are created by entrepreneurs, the ideas are unique and they can grow into
large businesses or organizations. Every product or service that people use in their daily lives is
made up of small businesses (Bissinger, 2018).
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QUALIFICATION Edexcel BTEC Level 5 HND Diploma in Business
UNIT Unit 1- Entrepreneurship and Small Business Management
BATCH CODE UB-05-19
ASSESSOR NAME Dr. Kyaw Kyaw Khine
LEARNER NAME Zun Thet Hmu San
LEARNER FEEDBACK FORM