Entrepreneurship with Artificial Intelligence in Hong Kong: Opportunities and Challenges

Task 1: Explore and illustrate the range of venture types that might be considered entrepreneurial

The aim of this assignment is to determine learners an understanding of the definition and scope of entrepreneurship and also their understanding of the enablers and barriers to business start-up.

LO1: Explore and illustrate the range of venture types that might be considered entrepreneurial

LO2 : Assess the impact of small businesses on the economy

LO3: Determine and assess the key aspects of an entrepreneurial mindset.

LO4: Examine the different environments that foster or hinder entrepreneurship.

Hong Kong, Asia’s most vibrant city, is the ideal place to do business. Ranked the world’s freest economy for 23 years in a row, its excellent infrastructure, pro-business policies and strategic location make it the preferred destination for businesses large and small, and the best gateway to opportunities in mainland

China and the rest of Asia.

Besides its enduring commercial advantages, Hong Kong’s legendary spirit of enterprise and its boundless energy create the perfect environment for starting a business. This is supported by a strong network of incubators and accelerators, a pool of experienced angels and venture capitalists, a host of government backed programmesand a welcoming community of startups knit together by dozens of networking events, seminars and associations.

It should come as no surprise that Hong Kong is Asia’s most dynamic startup destination, and home to a rapidly growing number of startups in areas as diverse as fintech, retail tech, healthtech, IoT, smart city technologies and many more. Join them, and give your business the Hong Kong advantage. (StartmeupHK 2018)

In an era dominated by technovation and intelligence, the general trend of entrepreneurship in the coming year will not deviate from its course. When our lives are entering a smart era, entrepreneurship shall become the basis, with artificial intelligence and robots being indispensable. According to a study by Gartner, the top ten strategic technology development trends in the coming year will all be related to smart digital grids. Moreover, the Internet and big data will also be important platforms supporting entrepreneurship, while artificial intelligence will be a major direction for development. Entrepreneurs can choose to expand artificial intelligence or properly use artificial intelligence. (Artificial Intelligence & Entrepreneurship 2018, youth.gov.hk)

You are a consultant at StartmeupHK aimed at helping founders of innovative and scalable startups from overseas to set up or expand in Hong Kong. Its services include providing information about the startup ecosystem here in Hong Kong, connecting people to the startup community, hosting startup events and helping to foster a positive environment for startups to thrive.

Task 2: Assess the impact of small businesses on the economy

To understand the current development of the entrepreneurial landscape in Hong Kong, you are asked by the Management Board to present a report aimed at encouraging and supporting potential entrepreneurs to start a new business with innovation of artificial intelligence in Hong Kong. The study assesses the impact entrepreneurship on the economy and society as well as identify the start-up ecosystem in order to drive the ongoing development of Hong Kong’s New Economy. Also, you should review the various factors and traits that limits or drive entrepreneurship. Your report should also determine and assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set.

You need to address the learning outcomes and assessment criteria as specified below. It is advisable to use practical examples from where appropriate to support the various concepts and theories that will ensure effective entrepreneurship.

Task 1:

You need to start with an introduction to the concept and phenomenon (entrepreneurship) with practical examples of artificial intelligence in relations to small and medium enterprises. You are required to write this report, by using supportive materials like books, journals and other secondary sources of information on the findings for LO1. The answers you will give should reflect the scenario.

LO1 Explore and illustrate the range of venture types that might be considered entrepreneurial

You need to write the report to address the following issues

• Examine different types of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship ventures, including examples of each type. (AC: P1 )
• Explore the similarities and differences between entrepreneur and intrapreneur with an example of each. 

Task 2:

LO2 Assess the impact of small businesses on the economy

You need to write the report on the impact of small business on the economy in Hong Kong. Identify the main sources of generating business and entrepreneurial ideas (creativity and innovation) with the technology of artificial intelligence. Discuss the role and importance of small firms for the growth of Hong Kong economy with evidences as support.

• Interpret and assess relevant data and statistics to illustrate how micro and small businesses impact on the economy.
• Explain the importance of small businesses and business start-ups, notably those from Hong Kong, will contribute to the growth will of the social economy in Hong Kong. 

Task 3:

LO3 Determine and assess the key aspects of an entrepreneurial mindset.

You need to write the report on the ‘Mindset of the Entrepreneurship’ with  examples of one local entrepreneur and one global entrepreneur with technology of artificial intelligence to illustrate the scope of entrepreneurship.

• Determine the characteristic traits and skills of successful entrepreneurs that differentiate them from other business managers.
• Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset.

Task 4:

LO4 Examine the different environments that foster or hinder entrepreneurship.

You need to write the report on the factors that influence Hong Kong entrepreneurs' decision to a new business with technology of artificial intelligence in Hong Kong.

Examine, using relevant examples, how background and experience can hinder or foster entrepreneurship.