BTEC Level 5 HND: Entrepreneurship and Small Business Management

This assignment delves into the realm of entrepreneurship and small business management, examining diverse entrepreneurial ventures and their classification. It explores the similarities and differences between these ventures, while also interpreting and assessing relevant data and statistics to illustrate the significant impact of micro and small businesses on the economy. The document further explains the crucial role of small businesses and start-ups in fostering the growth of the social economy. A key focus is placed on identifying the distinctive characteristics, traits, and skills that set successful entrepreneurs apart from other business managers, assessing how entrepreneurial personalities reflect motivation and mind-set. The assignment also uses examples to examine how background and experiences can both hinder and foster entrepreneurship, providing a comprehensive overview of the subject matter.

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).