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
3

managers.
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 [ CITATION Zac11 \l 2057 ].
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 [CITATION Cam193 \l 1033 ].
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 [ CITATION Col192 \l 1033 ].
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 [ CITATION Joh06 \l 1033 ].

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[CITATION
Cam193 \l 1033 ].
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 [CITATION Cam193 \l 1033 ].
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 [ CITATION Col192 \l 1033 ].
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 [ CITATION Col192 \l
1033 ].
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 [ CITATION
Col192 \l 1033 ].
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 [ CITATION Col192 \l
1033 ].
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 [ CITATION Col192 \l 1033 ].
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 [CITATION
Cam193 \l 1033 ].