You are a senior member of the Federation of Small Businesses (FSB) and you have been asked by your peers to consider ways in which the FSB could positively promote entrepreneurship in the local area. As a result you have been asked to create a report aimed at encouraging and supporting potential entrepreneurs to start a new business. The overall aim of the report is to explore the range of business ventures available to entrepreneurs, assess the impact small business enterprises have on the economy, assess the ‘entrepreneurial mindset’ and examine different environments that foster and hinder entrepreneurship.
Your report should include the following
P1: Provide an introduction to the report by examining different types of entrepreneurial ventures and explaining how they relate to the typology (different types) of entrepreneurship. Your introduction should aim to define entrepreneurship and explore entrepreneurship scope and typology.
P2: Building on the different types of entrepreneurial ventures explored in P1, you are now required to explore the similarities and differences between each. You could consider the roles, characteristics and objectives of different types of ventures: private; public; social enterprises – as well as different sized ventures: micro; small; medium.
P3: Present, interpret and assess relevant data and statistic to illustrate the impact micro and small business have on the economy. You should consider local, regional, national and international economic impacts.
P4: Building on the information you provided for P3, you must explain the importance that small businesses and business start-ups on the growth of the social economy.
For this part of the assignment you are encouraged to attend The Business Show 2017 which will be held at London Excel Centre on the 17th and 18th May. You will have the opportunity to meet, listen and speak to many high profile entrepreneurs and business speakers. This give you an insight into different ‘entrepreneurial mindset’, personalities, traits, understanding of what makes them successful and why others fail and also knowledge of their background and how it fosters entrepreneurship.
Your report should include the following:
P5: Determine what makes a successful entrepreneur. You could consider examples of successful entrepreneurs and determine the characteristic traits and skills they possess. Similarly, you could explore whether entrepreneurs are born or made and whether entrepreneurship skills can be learned over time.
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset. You may wish to consider how personality is shaped by family upbringing, lifestyle, cultural differences and personal motivation and drivers amongst other factors.
P7: Examine, using relevant examples, how a person’s background and past experiences can hinder or foster entrepreneurship. Factors to consider may include level and type of education, national culture, economic circumstances and character traits. The risks and rewards of starting a business should also be considered.