Reference no: EM132786176

Entrepreneurship and Small Business Management

Assignment - Entrepreneurial Ventures and Exploration of the Entrepreneurial Mindset

Learning Outcome:

LO1 -Explore and illustrate the range of venture types that might be considered entrepreneurial
LO2 - Assess the impact of small business on the economy
LO3 -Determine and assess the key aspects of an entrepreneurial mindset
LO4 -Examine the different environments that foster or hinder entrepreneurship

Scenario : From rags to riches - true entrepreneurship !

Who are Asda's new owners the Issa brothers?

Two UK billionaire brothers - who made their money in petrol stations - have succeeded in buying UK supermarket giant Asda from US owners Walmart.

Zuber and Mohsin Issa, 48 and 49, started their business with a single petrol forecourt in Bury, Greater Manchester, in 2001.
Now their business, EG Group, owns more than 5,200 petrol stations, mainly in Europe and the US, and employs more than 33,000 people.

The speed of growth marks out the brothers as "remarkable entrepreneurs", says Brian Madderson, chairman of the Petrol Retailers Association (PRA), of which EG Group is a member.
The expansion came as the major oil companies sold off or closed their High Street petrol outlets to concentrate on production and refining.
The supermarkets - including Asda - saw an opportunity to drum up customers by adding petrol stations to their stores. But the Issas saw an opportunity to add more retailing to their petrol stations.
It was a "huge opportunity," Mr Madderson said.
While motorists have been able to pick up a fizzy drink or a pack of gum with their fuel for decades, they are now being offered fast food, takeaway coffee and groceries.
Industry insiders describe the brothers as softly spoken and modest. At one industry awards ceremony several years ago, the brothers were present but were said to be too shy to claim their award on stage.
People who know them say that part of their success is in remaining curious about competitors and being willing to learn and pick-up new ideas.

You have been appointed as a Junior Consultant for a Business Solutions Company and you have been asked by your line manager to produce a report for a client intending to venture into Entrepreneurship. The aspects of your report will cover a range of topics such as the venture types that are entrepreneurial in nature, the impact of entrepreneurship on economy, the entrepreneurial mind set and the environments that foster or hinder entrepreneurships. You could also choose any entrepreneur or any entrepreneurial organisation of your choice.

TASK 1:

Critically examine the scope, development and growth of a diverse range of entrepreneurial ventures.

Guidance: While carrying out critical examination, you must include the different types of ventures, the explanation of how these ventures relate to the typology of entrepreneurship and the similarities and differences between entrepreneurial ventures.

TASK 2:

Critically evaluate how small businesses have an impact on different levels of the economy (local, regional, national) and in an international context.

Guidance: Your answer should include Interpretation, assessment and evaluation of relevant data and statistics to illustrate how micro and small businesses impact on the economy as well as an explanation of the importance of small businesses and business start-ups to the growth of the social economy.

TASK 3: Analyse the characteristic traits, skills and motivational drivers of successful entrepreneurs, supported by specific examples

Guidance: In your analysis, make sure you determine traits and characteristics of successful entrepreneurs that differentiate them from managers, assess how the personality of an individual affects entrepreneurial motivation and examining different lines of argument relating to entrepreneurial characteristics.

Note: The case study relating to Issa Brothers gives you good grounds to relate their entrepreneurial skills to answer Task 3.

TASK 4 Critically analyse how background and experience influences entrepreneurs, both positively and negatively, by comparing and contrasting examples

Guidance: In your critical analysis, include an examination of how background and experience can hinder or foster entrepreneurship. Also provide an analysis of the link between entrepreneurial characteristics and the influence of personal background and experience using examples of successful entrepreneurs. It is important to compare and contrast the background and experience both positively and negatively. You may use the case study as well as other examples to support your answer.

Attachment:- Entrepreneurship and Small Business Management.rar