Skills and Traits for Entrepreneurs to Navigate the Post-Covid UK Macroeconomic Environment

Conducting a PEST analysis on the UK Macro environment

Assessment Component 1 – Essay (50%)

The business landscape is rapidly changing due to the rise of technology, a reality that has been reiterated by the effects of Covid-19. Entrepreneurs have been thrown into more competitive environments against large corporations with huge financial and intellectual resources. To remain resilient and thrive in the post Covid-19 world, entrepreneurs must possess certain traits and skills that distinguish them from the rest of the work force.

Write an essay in which you conduct a PEST analysis on the UK macro environment and identify relevant skills and traits which could help entrepreneurs navigate their way through. Listen to the recording of our guest entrepreneur on Moodle – Faiza J; where she identified skills and traits that enabled her to successfully launch a business in the UK. Examples should be drawn from our guest and other entrepreneurs for the purposes of this assessment.

TASKS

NOTE: The guidance offered below is linked to the five generic assessment criteria overleaf.

1. Engagement with Literature Skills

Your work must be informed and supported by scholarly material that is relevant to and focused on the task(s) set. You should provide evidence that you have accessed an appropriate range of sources, which may be academic, governmental, and industrial; these sources may include academic journal articles, textbooks, current news articles, organisational documents, and websites. You should consider the credibility of your sources; academic journals are normally highly credible sources while websites require careful consideration/selection and should be used sparingly. Any sources you use should be current and up-todate, mostly published within the last five years or so, though seminal/important works in the field may be older. You must provide evidence of your research/own reading throughout your work, using a suitable referencing system, including in-text citations in the main body of your work and a reference list at the end of your work.

Guidance specific to this assessment: At least 10 references need to be cited.

2. Knowledge and Understanding Skills

At level 5, you should be able to demonstrate: sound knowledge and critical understanding of the wellestablished concepts and principles of the subject area and the way in which those principles have developed; knowledge of the main methods of enquiry in the discipline. Knowledge relates to the facts, information, and skills you have acquired through your learning. You demonstrate your understanding by interpreting the meaning of the facts and information (knowledge). This means that you need to select and include in your work the concepts, techniques, models, theories, etc. appropriate to the task(s) set. You should be able to explain the theories, concepts, etc. meaningfully to show your understanding. Your mark/grade will also depend upon the extent to which you demonstrate your knowledge and understanding. Guidance specific to this assessment: An understanding of the difference between traits and skills and their role in establishing a successful entrepreneurial venture.

3. Cognitive and Intellectual Skills

Entrepreneurial Traits and Skills for Success in the Post-Covid World

You should be able to critically analyse information, and propose solutions to problems arising from that analysis, including the critical evaluation of the appropriateness of different approaches to solving problems. Your work must contain evidence of logical, analytical thinking, evaluation, and synthesis. For example, to examine and break information down into parts, make inferences, compile, compare information. This means not just describing what! But also justifying: Why? How? When? Who? Where? At what cost? At all times, you must provide justification/evidence for your arguments and judgements. Evidence that you have reflected upon the ideas of others within the subject area is crucial to you providing a reasoned and informed debate within your work. Furthermore, you should provide evidence that you are able to make sound judgements and convincing arguments using data and concepts, with an understanding of the limits of knowledge, and how this influences analyses and interpretations. Sound, valid conclusions are necessary and must be derived from the content of your work. Where relevant, alternative solutions and recommendations may be proposed.

Guidance specific to this assessment: A critical analysis of entrepreneurial traits and skills with regards to how they help in navigating the macro environment.

4. Practical Skills

At level 5, you should be able to use/deploy a range of established techniques within the discipline and apply underlying concepts and principles outside the context in which they were first studied, including, where appropriate, the application of those principles in an employment context. You should be able to demonstrate how the subject-related concepts and ideas relate to real world situations and/or a particular context. How do they work in practice? You will deploy models, methods, techniques, and/or theories, in that context, to  assess current situations, perhaps to formulate plans or solutions to solve problems, or to create artefacts, some of which may be creative. This is likely to involve, for instance, the use of real-world artefacts, examples and cases, the application of a model within an organisation and/or benchmarking one theory or organisation against others based on stated criteria. You should show awareness of the limitations of concepts and theories when applied contexts.

Guidance specific to this assessment: The practical application of the guest-entrepreneur presentation to the assessment, thereby establishing a link between theory and practice. Some illustration of real-life entrepreneurs who have used their personal traits and skills in navigating the macro environment would also be an added advantage

5. Transferable Skills for Life and Professional Practice

Your work must provide evidence of the qualities and transferable skills necessary for employment requiring the exercise of personal responsibility and decision-making. This includes demonstrating: professional development to advance existing skills and acquire new competences that will enable you to assume significant responsibility within organisations; that you can initiate and complete tasks and procedures, whether individually and/or collaboratively; that you can use appropriate media to effectively communicate information, arguments and analysis in a variety of forms to specialist and non-specialist audiences; fluency of expression; clarity and effectiveness in presentation and organisation. Work should be coherent and wellstructured in presentation and organisation.