Entrepreneurship in Business: Tasks and Preparation

You are keen to become an entrepreneur as you have a lot of ideas for new business ventures and want to work for yourself. You have a joined a local Enterprise Support Group which helps entrepreneurs to set up and run new enterprises.

Paul, the Enterprise Support Group leader, contacted you and has asked you to undertake some preparation before joining the group. He wants you to find out about enterprise in business and write a paper which you will discuss with Paul before the first meeting. Your paper about enterprise in business which must include:

• An analysis of the entrepreneurial lifecycle (AC1.1)
• An evaluation of how entrepreneurship is encouraged and supported in different countries (AC1.2).

Merit task

To achieve a Merit, you must additionally include in the paper:

• An analysis of the impact of entrepreneurship on the economy (AC1M1).

You have discussed your paper with Paul and are ready to attend your first group meeting. The agenda for the meeting includes ‘Entrepreneurs and their skills and qualities’ and each member of the group will give a presentation on this topic. Prepare a presentation with a handout containing supporting notes for the group on the skills and qualities of an entrepreneur. You must include:

• An analysis of different types of entrepreneur (AC2.1)
• An analysis of the combination of personal skills and qualities in entrepreneurs which distinguish them from managers in other organisations (AC2.2).

The group enjoyed your presentation and after some discussion with its members, you have decided that you definitely have the personal skills and abilities to be an entrepreneur. You are now going to think of your own new enterprise ideas to take to the group for discussion at the next meeting. You must write a proposal in which you explain a range of new entrepreneurial ideas and give reasons for why you believe they will succeed. Your proposal must include:

• An explanation of a range of new entrepreneurial ideas which could be developed into a business venture, with a justification of why you believe each idea is viable (AC3.1)
• An assessment of the application of a model/theory of innovation for new business opportunities. (AC3.2).

Distinction task

To achieve a Distinction, you must add to the proposal by further developing the most workable business idea into a workable business venture, justifying your choice (AC3D1).

You have discussed your range of ideas with Paul and the group and have confirmed the business idea that you have chosen to set up as a new business venture. Paul has now asked you to prepare a briefing paper about your preparations for a new business venture, which you will discuss with the group.

The briefing paper must include an analysis of the component parts of an effective business start-up plan (AC4.1).

Merit task

To achieve a Merit, you must additionally include in the briefing paper an analysis of the brand development and promotion aspects of launching an effective new business venture (AC4M1).

Distinction task

To achieve a Distinction, you must additionally develop a start-up plan for your chosen new business venture. (AC4D1).