Unit 9 Entrepreneurial Ventures, Higher National Diploma in Business

Assignment - Entrepreneurship and Small Business Management

Learning Outcome 1: Examine what it takes to be an entrepreneur and the scope of entrepreneurial ventures

Learning Outcome 2: Explore the concept of the entrepreneurial mindset and its contribution to entrepreneurial ventures

Learning Outcome 3: Assess the impact of SMEs (small medium enterprises) on the economy

Learning Outcome 4: Explain the importance of intrapreneurship in both public and corporate organisations

Assignment brief - A scenario:

A small medium trading company, being registered as sole proprietorship, is planning to approach your consultancy firm to develop its' business. You, as a business consultant, are required to give advice to the trading company in various aspects of business development (e.g. different range of venture type).

Since the trading company is such a small company and does not have professional experts. Therefore, it has only a flat structure and a manager to deal with the business issues himself. As the workload of daily operation is being complicated and is to further streamline the business, the manager plans to outsource the business development planning.

You have agreed to offer your consultancy services under a half yearly contract which seems to be the most appropriate arrangement due to shortage of funds. After having signed up the contract, you are being asked to provide a report to the manager of this potential organization.

Guidance:
You are required to prepare a report monitoring the importance of developing business skills needed in reviewing and managing the performance of a small sole proprietorship. In addition, it should state how useful it is to focus on the processes involved, through change management, of reviewing and improving the performance of a small medium trading company. The report must also feature the revision of business objectives and plan to incorporate proposed changes. It should also highlight the monitoring of improvements in the performance of the business over a given timescale.

In your report, you will address the following (make suitable assumptions about the organisation if needed, for your analysis):

Question 1. Produce a profile of a selected small business, including the introduction of the business nature & characteristics of a SME.

Question 2. Investigate the scope of entrepreneurial ventures; evaluate the similarities and differences between entrepreneurial ventures.

Question 3. Explain the meaning of entrepreneurship; examine the traits and characteristics associated with entrepreneurship.

Question 4. Explain what is meant by an ‘entrepreneurial mindset'; examine skills and characteristics associated with the entrepreneurial mindset.

Question 5. Carry out an analysis of the business using comparative measures of performance, e.g. size, turnover, profit, and rate of growth.

Question 6. Explain how the SME can nurture, grow and protect creativity as well as innovation.

Question 7. Identify potential risks that the SME may face, and how it may mitigate these risks.

Question 8. Gather relevant data and analyze how SMEs contribute or impact the economy.

Question 9. Discuss the differences and similarities between public and corporate intrapreneurship.

The assignment must follow the follow outline:

A. Front Page

Program Name
Unit name
Assignment Title
Student Name
Student No.
Date:

B. Table of Content

Introduction

• Your rationale for writing this report
• Organization profile (History) / Company mission / objective(s)
• Introduction of the education /industry experience of the sole proprietor of the said organization

2. Content

• Introduction of Franchise, Merger & Acquisition
• Differentiate the sole proprietorship, partnership & limited companies (private / public)
• Meaning of Entrepreneurship
• Defining the term: serial entrepreneur, intra-preneur (also differences between public & corporate intra-preneurship) and owner-manager
• Comprehensive view for SME (including definition/characteristics, role(s) contribution
• The required skill sets by establishing a SME relative from entrepreneur mindset.
• Financial analysis of the organization analysis (3 years financial statements together with illustration of facts + 1 year forecast/ rationale behind the figures)
• How to maintain the creativity and innovation of the management of a SME
• Demographic analysis of the target customers (related industry)
• What are the rewards / risks in establishing a SME?
• What are the mitigation methods in avoiding risks?

3. Conclusion / Recommendation (periodical review)

4. Bibliography / references

5. Appendix