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).
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)
Ananalysis 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:
Anexplanation 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).
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).
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).
To achieve a Distinction, you must additionally develop a start-up plan for your chosen new business venture. (AC4D1).
Guidelines For Assessors
The assignments submitted by learners must achieve the learning outcomes and meet the standards specified by the assessment criteria for the unit. To achieve a merit or distinction grade, the learners must demonstrate that they have achieved all the criteria set for these grades. Where work for the pass standard is marginal, assessors can take account of any extension work completed by the learners. The suggested evidence listed below is how learners can demonstrate that they have met the required standards.
LOs and AC
Suggested evidence PASS
Suggested evidence MERIT
Suggested evidence DISTINCTION
LO1: 1.1, 1.2, 1M1
The paper must be written at a suitable level and in a suitable professional format.
AC1.1: Students will break down the entrepreneurial cycle into components and examine each component in detail. Components may be: new idea conception; creation of organisation to harvest opportunity; harvesting of opportunity.
AC1.2: Students will judge and make a valid conclusion on the ways a range of selected countries provide encouragement and support when setting up and running a new enterprise. Depending on the country, this may include helpful laws, tax breaks and individuals and organisations which provide practical assistance as well as mentoring,
advice and guidance.
AC1M1: For Merit, students will break down into separate parts and examine ways in which entrepreneurship affects the economy. This is likely to include the creation of wealth, and employment as well as creating new needs for new products and services. Students will need to use examples to illustrate the points which are made.
LO2: 2.1, 2.2
The presentation must be written at a suitable level and in a suitable format
Students do not need to actually deliver the presentation. As information on a presentation may not completely deliver the analysis required for this standard, it must be supported by a handout containing supporting notes which needs to be clearly linked to the presentation.
Students should use examples to support the analysis.
AC2.1: Students will break down the range of entrepreneurs into types of entrepreneur and examine each type in detail.
AC2.2: Students will break down the combination of skills and qualities frequently seen in entrepreneurs, focusing on those skills and qualities which are unique to entrepreneurs compared to managers employed by organisations which they have not set
LO3: 3.1, 3.2, 3D1
The proposal must be written at a suitable level and in a suitable format for entrepreneurs.
AC3.1: The proposal must include a number of potential new business venture ideas, with reasons for a belief in the viability of those ideas. Students are likely to consider the
financial and operational viability as
AC3D1: For a Distinction, students must consider their range of business ideas to decide which single idea is the most likely to be successful. There must be clear reasoning and explanation of the judgement and the work produced should take the initial idea into a practical business venture.
well as issues/benefits of the creation of the product or service and the market potential. Students will use their own reasoned judgements on estimates and creative information for this, particularly for the financial viability. These judgements need to be realistic and based on research.
Students may require support with these decisions.
AC3.2: Students will select a suitable model/theory of innovation and use information about it to make a judgement about how it can be, or has been applied to ideas for new business. Students may choose to
refer to Drucker’s 7 sources of innovation.
LO4: 4.1, 4M1, 4D1
The briefing paper must be written at a suitable level and in a suitable format for entrepreneurs.
AC4.1: The student must break an existing effective business plan into parts and examine each part in detail so there is clarity. These parts may include the executive summary, business description, market analysis, organisation management, sales strategies, funding requirements and financial
AC4M1: For Merit, students will break down brand development and promotion into different aspects and examine each aspect in detail. They may use current research or theory to support the analysis.
AC3D1: For Distinction, students must develop their own business plan using the components identified in AC4.1. The plan is likely to include estimates and creative information, but may be based on actual research undertaken or sourced by the student.