BTEC HND in Business Module Booklet Unit 9 Entrepreneurship and Small Business Management Unit level 4 RQF Unit code T/508/0495 Unit type Optional Guided learning hours 60 Module Leader Jonathan Sandling Lecturer   Table of Contents 1.1 Introduction 3 1.2 Learning Outcome 3 1.3 Essential Content 3 1.4 Scheme of Work 7 1.5 Teaching Ethos 16 1.6 Methods of Delivery 16 1.7 Plagiarism 17   1.1 Introduction This unit provides students with an understanding of the definition and scope of entrepreneurship and an understanding of the enablers and barriers to business start-up. Students will learn about the influence of national culture and economy on entrepreneurship and will explore the personal characteristics of entrepreneurs and the impact of personal situational factors, including education and background. Students will also learn about the role and importance of small firms to the economy, and about social enterprise and the social economy. Students will also be expected to understand the balance of risk and reward in starting a new venture and they will investigate and reflect on their own entrepreneurial and enterprising characteristics. Examples of entrepreneurs and start-up organisations will be discussed and students will be expected to draw on local, personal and general knowledge together with their learning to be able to identify the characteristics of entrepreneurial ventures. 1.2 Learning Outcome By the end of this unit a student will be able to: 1. Explore and illustrate the range of venture types that might be considered entrepreneurial. 2. 2 Assess the impact of small businesses on the economy. 3. 3 Determine and assess the key aspects of an entrepreneurial mindset. 4. 4 Examine the different environments that foster or hinder entrepreneurship. 1.3 Essential Content LO1: Explore and illustrate the range of venture types that might be considered entrepreneurial. Scoping and defining entrepreneurship: What is entrepreneurship? Defining entrepreneurship, entrepreneurial activity and enterprise. The differences between serial entrepreneurs, intrapreneurs and owner managers. The typology of entrepreneurship: Lifestyle and growth firms. Entrepreneurship in a corporate or public sector context. Roles and characteristics of micro, small and medium-sized organisations. Social enterprise: Understanding social enterprise, social entrepreneurs and the growth of the social economy. LO2: Assess the impact of small businesses on the economy. Where entrepreneurial ideas come from: Definitions of creativity and innovation. The main sources of generating business and entrepreneurial ideas. How businesses protect intellectual property rights. The role and importance of small firms: The number and type of small firms and their contribution to the economy at national, regional and local level. Factors to consider: size, turnover, profit, rate of growth, innovation, sustainability and adaptability. International aspects of entrepreneurship: How international differences impact upon business start-up. LO3 Determine and assess the key aspects of an entrepreneurial mindset Entrepreneurial characteristics and mindset: Research on personal characteristics of entrepreneurs and small business owners. Different lines of argument relating to characteristics of entrepreneurs such as are entrepreneurs born or made? Or can characteristics be learnt and adopted by anyone? Skills set of the entrepreneur: The types of skills that typify entrepreneurs and how these skills differentiate from other organisation managers. Personal entrepreneurial tendency: Entrepreneurial characteristics and situational factors in a personal context, including family upbringing, lifestyle, cultural differences and personal motivation and drivers. LO4 Examine the different environments that foster or hinder entrepreneurship The factors that influence the decision to start a business: The range of factors that influence the choice to start-up a business, including personal background and education, national culture, economic circumstances and character traits. The risks and rewards of business start-up: The potential rewards of business start-up. The risks and uncertainties of business start-up and how they can be mitigated. Recommended Resources Books: BURNS, P (2011) Entrepreneurship and Small Business. 3rd Ed. Basingstoke: Palgrave MacMillan. DOWN, S. (2010) Enterprise, Entrepreneurship and Small Business. London: Sage. CARTER, S. and JONES-EVANS, D. (2012) Enterprise and Small Business: Principles, Practice and Policy. London: Pearson. GRIFFITHS, A. and WALL, S. (2011) Economics for Business and Management. 3rd Ed. Harlow: Pearson. Journals: Journal of Small Business Management. Oxford: Wiley-Blackwell. (http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1540-627X) Websites: The Institute for Small Business and Entrepreneurship (ISBE) website: www.isbe.org.uk   1.4 Scheme of Work Session Lecture Outcome Session Activities: The learner should be able to; 1 LO1 Topic: Introduction to entrepreneurship Introduction to the unit and assignments for the unit. • Definition of entrepreneur and entrepreneurship. What factors influence entrepreneurship? • Characteristics and behaviours of entrepreneurs. • Different types of entrepreneurship. Sample activities: • Brainstorm definitions of the terms entrepreneur and entrepreneurship. • Individual completion of worksheet defining the differences between entrepreneurs and managers. • Group activity – research and present a leading entrepreneur using video clips and websites to demonstrate their entrepreneurial background and accomplishments. 2 LO1 Topic: Typologies of entrepreneurship • Different types of entrepreneurship. • Lifestyle vs growth firms. • Social entrepreneurs and entrepreneurship. Sample activities: • Discuss typology of entrepreneurship and debate the differences between lifestyle and growth firms. • Investigate the support/incentives that are offered to promoting rapid and high growth as opposed to growth firms. • Research activity – examine the range of micro, small, medium and large sized firms within their localised destination. • Brainstorm the external factors that influence the growth of micro and small business development. • Compare and contrast three different types of businesses. 3 LO1 Topic: The rise of social enterprise and the social entrepreneur • Definitions of the social enterprise and social entrepreneur. What do they do and what makes them different? • Different business models of social enterprise: leveraged non-profit, hybrid non-profit and social business venture. Sample activities: • Discussion activity – the meaning of social enterprise and entrepreneurship and the key differences vs entrepreneurship. • Research activity – examples of different business models of social enterprise. • Group activity – explore and present an example of a social entrepreneur. 4 LO2 Topic: The impact of small businesses on the economy • Definitions and characteristics of micro, small, medium and large businesses. • The differences between micro, small, medium and large businesses. Sample activities: • Research activity – use a range of resources and data to collate evidence to present data and statistics on the economic impact of business within UK (local equivalent). • Group activity – compare and contrast the size, turnover, growth and sustainability of case study organisations. • Discussion activity – the value and importance of encouraging small business growth within the economy. 5 LO2 Topic: International entrepreneurship • International vs domestic entrepreneurship. • The benefits of international entrepreneurship. • Entrepreneurial entry into new business and barriers. • Factors that support international entrepreneurship. Sample activities: • Brainstorm the benefits of international entrepreneurship. • Group activity – discuss and highlight different strategies used to enter into new business. • Students use various forums and conference sites (e.g. the Global Entrepreneurship Congress) to explore the networking opportunities for international entrepreneurs and the current trends. • Group activity – each group researches and presents key information from current topics highlighted. 6 LO3 Topic: The concept of creativity • Definition of creativity and importance of a creative business. • The principles of creativity – motivation, expertise and creative thinking skills. • Dimensions of creativity – discovery, invention and creation. • The creative process. Sample activities: • Group activity – each group examines the principles of creativity and their application. • Creative process exercise – students create an idea or concept noting down what their sources of creative inspiration are, the purpose of their idea/concept and the specific knowledge and expertise required to develop the idea/concept. • Present the steps that the idea/concept would need to go through to become an innovation. 7 LO3 Topic: The concept of innovation • Definition of innovation. • The principles of innovation. • The different types of innovation. • The innovation process and management of innovation. Sample activities: • Brainstorm and discuss the concept of innovation. • Discussion activity – creativity vs innovation and the differences between them. • Students use the idea/concept chosen the previous week to create a flowchart for taking the idea/concept through the innovation process. 8 LO3 Topic: Assignment workshop (part 1) • Review of student progress. Sample activities: • Brief tutor-led overview of assessment requirements, • Open question and answer activity to address general questions and concerns. • Review of academic requirements and submission format. • Individual student queries and questions. • Recap of topics as highlighted by students. 9 LO3 Topic: How do businesses develop a creative workplace? • How do businesses inspire creativity and innovation in the workplace? • Managing creativity and innovation – different strategies and case studies. Sample activities: • Research activity – explore different case studies and how they have fostered creativity and innovation. • Students use video clips, interviews and articles to collate different approaches. • Small group presentation feedback – how do businesses manage creativity and innovation? • Discussion activity after presentations to identify best practice. 10 LO3 Topic How to create a PDF brochure/build a webpage • Assignment support session to build in support for submission of Assignment 1. • Demonstration of how to build a webpage using sample templates e.g. weebly.com. • The use of Microsoft Word to access different types of templates for brochures. Sample activities: • Students take notes from demonstrations and ask questions to clarify the completion process. • Students download and build skeletal webpage/brochure using pictures/text boxes with facilitated support. 11 LO 1, 2 & 3 Topic: The personal characteristics of entrepreneurs • Common and shared traits of entrepreneurs. • Key defining characteristics of entrepreneurs. • Personalities of entrepreneurs. Sample activities: • Students explore different entrepreneurs and identify shared personal common traits. • Debate activity – split students into groups ‘for’ and ‘against’ and examine the research provided. Questions debated: are entrepreneurs born or made? (Nature vs nurture). Can entrepreneurship be taught? Groups to present findings and discuss. 12 LO3 Topic: Skill set of entrepreneurs • Skills required for successful entrepreneurship. • Types of entrepreneur e.g. freedom-seeker, passionate creator, legacy builder. Sample activities: • Brainstorm key skills for successful entrepreneurship. • Group activity – evaluate what makes an entrepreneur successful by exploring a range of examples and identifying the skills required in doing so. Each group presents feedback. • Group activity – devise a skill set checklist and build an entrepreneur profile for different types of entrepreneurs. • Reflective activity – students’ complete entrepreneurial skills audit to find out if they have the right personal characteristics/traits. Online quiz – what type of entrepreneur are you? 13 LO1, 2 & 3 Topic: Team activity for entrepreneurial thinking • Team activity Each team given a business start-up scenario and a budget figure. • Teams must allocate the budget and make business decisions on how to support the setting up of this new business. • Teams identify strategies and risks that may be involved. • Teams present their strategies and peer review each team. 14 LO4 Topic: Entrepreneurial background and situational factors • The situational factors that influence an entrepreneurial background e.g. gender, wealth, culture, lifestyle, family, education and employment history. • Research findings on common background and situational factors affecting entrepreneurship. Sample activities: • Brainstorm the factors that influence the background of the entrepreneur. • Group activity – examine the background of a chosen entrepreneur and feedback on findings. • Discussion activity – are their predominant links to background and motivation? Are there differences between male and female entrepreneurs? 15 LO4 Topic: The start-up business Field research activity. Sample activity: Small group activity – identify a local start-up business and carry out primary and secondary research including: visiting the business, researching the business website, interview with the entrepreneur(s), review of the market place and market conditions for growth for the local area, photographic documentation of the site and the products. 16 LO4 Topic: What makes a successful start-up business? • Schedule presentations and feedback session. Sample activities: • Students present findings from field research and explore the setting up of a small business and the different types of entrepreneurial business. • Discussion activity – entrepreneurial similarities or diversity, the sources of financial support, the diversity of products and services, and the decisions taken to start a business. 17 LO4 Topic: The risks of a start-up business • What are the risks facing a start-up business? (Market risk, financial risk, management risk, product risk etc.) • Mitigating risks. • Advice and support available to minimise risk. Sample activities: • Case study activity – research successful and non-successful businesses. Students identify key factors that contributed to making a business either successful or a failure. • Discussion - match different types of risk to those case studies that failed to be successful. • Students review sources of advice and support provided for small business start-ups in the UK (or local destination). • Pair work - strategies to mitigate risk when setting up a business. 18 LO3 & 4 Topic: Research for Assignment 2 • Introducing a range of global entrepreneurs and social enterprises. Sample activity: • Students randomly select examples of entrepreneurs and choose one global and a one social enterprise to research for a presentation. 19 LO3 & 4 Topic: Assignment workshop (part 2) Review student progress and allocate presentation slots for the following week. Sample activities: • Brief tutor-led overview of assessment requirements. • Open question and answer activity to address general questions and concerns. • Review of academic requirements and submission format. • Individual student queries and questions. • Recap of topics as highlighted by students. 20 LO1, 2, 3 & 4 • Assignment submission • Scheduled presentations 1.5 Teaching Ethos The college’s approach towards teaching and learning is simple and effective. The main aim of UKCBC is to assist learners in maximising their potential by ensuring that they are taught clearly and effectively. This will enable students to engage in the learning environment and promote success in both their academic studies and subsequent career. The module tutor(s) will aim to combine lectures, workshops and tutorial activities. This environment will provide opportunities for the student to understand the course material through case study and text and to apply it in a practical way. The intent is to facilitate interactive class activities, and discussion about the significant role of research in a global and local business environment. 1.6 Methods of Delivery LECTURES: These will be developed around the key concepts as mentioned in the indicative course content and will use a range of live examples and cases from business practice to demonstrate the application of theoretical concepts. This method is primarily used to identify and explain key aspects of the subject so that learners can utilise their private study time more effectively. SEMINARS: These are in addition to the lectures. The seminars are designed to give learners the opportunity to test their understanding of the material covered in the lectures and private study with the help of reference books. This methodology usually carries a set of questions identified in advance. Seminars are interactive sessions led by the learners. This method of study gives the learner an excellent opportunity to clarify any points of difficulty with the tutor and simultaneously develop their oral communication skills. CASE STUDIES: An important learning methodology is the extensive use of case studies. They enable learners to apply the concepts that they learn in their subjects. The learners have to study the case, analyse the facts presented and arrive at conclusions and recommendations. This assists in the assessment of the learner’s ability to apply to the real world the tools and techniques of analysis which they have learnt. The case study serves as a supplement to the theoretical knowledge imparted through the course work. 1.7 Plagiarism Any act of plagiarism will be seriously dealt with according to the colleges and awarding bodies’ regulations. In this context the definition and scope of plagiarism are presented below: Plagiarism is presenting someone’s work as your own. It includes copying information directly from the web or books without referencing the material; submitting joint coursework as an individual effort; copying another student’s coursework; stealing coursework from another student and submitting it as your own work. Suspected plagiarism will be investigated and if found to have occurred will be dealt with according to the college procedure. (For further details please refer to the plagiarism policy and the student code of conduct.)