495 Entrepreneurship and Small Business ASSIGNMENT 1

This article would examine many facets of entrepreneurship, including its concept, forms of enterprises, features, benefits, and drawbacks. Furthermore, this article would examine how backgrounds and social contexts can influence current and potential entrepreneurs. Finally, the significance and effect of small enterprises on the new social system can be illustrated.

ASSIGNMENT 1 FRONT SHEET

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Contents

I Introduction .

5

II Explore and illustrate the range of venture types that might be considered entrepreneurial 5

2.1 Bussiness Model Canvas

7 2.2 Defining entrepreneurship, entrepreneurial activity and enterprise : 12

2.2.1 The differences between serial entrepreneurs, intrapreneurs and owner-managers 12

2.2.2 The typology of entrepreneurship .

13 2.2.3 Entrepreneurship in a corporate or public sector context: 14

2.3 Explore the similarities and differences between entrepreneurial ventures 14

2.3.1 Different types of organizations : 14

2.3.2 Roles: .

16 2.3.3 Characteristics: .

17 2.3.4 Levels of business activity: .

17 2.3.5 Understanding social enterprise , social entrepreneurs and the growth of the social economy 18

III Assess the impact of small businesses on the economy

19 3.1 Interpret and assess relevant data and statistics to illustrate how micro and small businesses impact on the economy .

19 3.1.1 Definitions of creativity and innovation

19 3.1.2 The main sources of generating business and entrepreneurial ideas

19 3.1.3 How businesses protect intellectual property rights

20 3.1.4 The number and type of small firms and their contribution to the economy at national, regional, and local level .

22

3.2 The impacts of small businesses to the growth of the social economy 23 3.2.1 Explain and evaluate impact of your own business on local or global economy 28

II Explore and illustrate the range of venture types that might be considered entrepreneurial

=> After the survey, it can be seen that taking care of one's own health is increasingly important, so the project

to open up a fitness center for everyone is essential and can be successful in the future

iKPIs

Aim to develop a gym project in the future to achieve the following KPIs: Reducing mortality from cardiovascular disease, cancer, diabetes, or chronic respiratory disease Gyms are a place for people of all ages

to exercise health and cultivate healthy living habits to strengthen themselves against illnesses

The second KPI setting is to reduce the consumption of alcohol per capita, and exercise to improve personal health, so alcohol is strictly forbidden during exercise This also helps you to stay away from harmful drinks and help you achieve a high level of health

2 Business Model Canvas

Gym Sport Bussiness Plan : KEY

PARTNERS

• Equipment vendors

• Healthy lifestyle influencers

• Healthy lifestyle promoters

• Motivator and Coach

• Space and the gym floor become a freestyle zone

VALUE PROPOSITIONS

• Fitness innovation

• Freestyle Group Training a program based on the body's natural movement

• Expertise and service

• Premium and platinum club

• Group classes such as BODYPUMP or Yoga 1-on-1 personal training sessions

• Modern Facilities

• Access To All Clubs

• The Lose Big Program is a 13 week weight management program designed for those withsubstantial weight loss needed

• A purpose built digital platform to follow insightful tips and download customized workout plans

• Online application

• BioScore assessment -a holistic analysis of your health

• Expertise Feedback and digital tracking

CUSTOMER SEGMENTS

• Athletes

• People interested in fitness

• People with healthy Iifestyle

• Start Up fee

• Contract (3, 12 and 18 month options for diferent subscrialion levels)

• PRE PAID (fomerly Pay As You Go)membership options are available for 10 or 25 visits franchiseesincome

2.1 Defining entrepreneurship, entrepreneurial activity and enterprise :

Entrepreneurship:

Entrepreneurship is the ability to start a business from scratch along with the readiness to take numerousrisks attached to the venture to gain profit In short, entrepreneurship is the determination of developing

and running new businesses (Oberlo.com, 2020) Entrepreneurial activity:

Entrepreneurial activity is described as human action aimed at increasing the value of a generation bydeveloping or expanding economic activity It entails finding and using new products, processes, or

markets (Ahmad and Seymour, 2008) Enterprise:

An enterprise is a legal entity with the authority to do business on its own Sole proprietorship, Limited Liability, Partnerships, Joint-Stock, Public, Private, and other classifications of businesses exist

(marketbusinessnews, 2021)

2.1.1 The differences between serial entrepreneurs, intrapreneurs and

ownermanagers

constantlycome up with new ideas andrun new businesses

Employees whose responsible isproducing innovative ideas andprojects within their business

Customers and entrepreneursthemselves

Core objective To create something new

outof socio economic value Tobring about innovation to thegeneration

To enhance the competitivestrength and marketsustainabilityof the organization

To accomplish personalgoals

Risk High risk-taker Moderate risk-taker Moderate risk-taker

Customers and entrepreneursthemselves

Consumers and self

2.1.2 The typology of entrepreneurship Lifestyle enterprises:

The majority of lifestyle businesses are founded around the owner's personal hobby or passion Lifestylecompanies embody the owner's personal values while still providing a sufficient income and a work-lifebalance for employees One of the most noticeable characteristics of lifestyle companies is that they aredriven by quality of life rather than expansion As a result, this category of firm typically has a narrow

growth emphasis (thebalancesmb, 2021) Growth enterprises:

The large initial investment is what distinguishes growth-oriented companies Entrepreneurs that work inthis style of firm would reinvest because their primary goal is development The aim is to increase theamount of money available to investors As a result, being attracted to the concept of extending

operations is one of the primary characteristics of growth-oriented businesses (thebalancesmb, 2021)

2.1.3 Entrepreneurship in a corporate or public sector context:

Corporate entrepreneurship

Corporate entrepreneurship is the practice of empowering workers to think and behave likeentrepreneurs in order to create value and stimulate new revenue growth Employees with exceptionalvisions and abilities will be given assistance in developing their innovations, which are likely to result ingroundbreaking goods, technologies, or even new lines of operation in the future.( Das, 2018)

 3M is an example of creativity in the private sector The American enterprise is well-known for itsdeep tradition of corporate creativity and invention Products made under the company'sbranding include surgical devices, dog food, stationery, and even iPhones About 55,000 3M itemsare currently available on the market Clearly, the company has never stopped innovating itscurrent brands and bringing new ones to market

Public entrepreneurship

Public entrepreneurship is a novel and alternative approach to driving progress in the public sphere Thispractice is designed for future private developers and policy figures who choose to start new businessesthat operate or sell in conventional public spheres (Centre for Public Impact (CPI), 2016)

2.2 Explore the similarities and differences between entrepreneurial ventures 2.2.1

Different types of organizations : Non-Government Organizations:

A non-governmental organization (English: non-governmental organization – NGO; French: organizationnon governmental – ONG) is an organization that does not belong to any government

Although technically, the definition may also include nonprofit organizations, the term is often limited tosocial and cultural organizations whose primary purpose is not trade The most striking feature of non

governmental organizations are their creation of coherent systems and networks connecting

transnational individuals (Investopedia 2020) Non-profit Organizations:

A non-profit or non-profit organization is an organization that does not distribute its surplus funds toindividuals or shareholders but uses these funds to fund the organization's goals target towards the

whole society (Investopedia 2020) Profit Organizations:

A for-profit organization is an organization that exists primarily for profit The most important element inthese organizations is how much profit is generated from investments and how the interests of theowners are satisfied These are businesses, cooperatives, individual business households, etc

(Managementhelp.org 2020) Sold Trader:

A one-member limited liability company is an enterprise owned by an individual or an organization(hereinafter called the company owner) ; The company owner is limitedly responsible for the debts andproperty obligations of the company within the company's charter capital (Inform Direct 2020)

Partnership:

An organization formed by two or more people or groups working together for a certain purposerelationship between two or more people or organizations participating or sharing the same activity

(Investopedia 2020) Limited Company:

Limited liability companies often abbreviated as Limited Liability Companies This is one of the populartypes of businesses in our country

Limited liability companies include single-member limited liability companies and limited liabilitycompanies with two or more members Capital contributors (individuals or organizations) owning part or

all the Company's charter capital are called capital contributors (Wikipedia.org.2020) SME (Small and Medium Enterprise):

The abbreviation "SME" is commonly used by the European Union, the United Nations, and the WorldTrade Organization (WTO) SME stands for Small and Mid-size Enterprise, meaning small and mediumenterprises

Small and medium enterprises are human resources; competition brings dynamism and innovation in theeconomy This type of business stimulates entrepreneurship and brings more geographical presence thanlarge companies This type of business also contributes to a better income distribution

2.2.2 Roles:

Small and medium-sized enterprises (SMEs) play a critical role in solving the impediments of poverty,injustice, and job growth in rural areas around the world According to the findings of this report, SMEsplay an important role in local economic growth in South Africa SMEs contribute to the growth of jobs,the creation of prosperity, the alleviation of poverty, and the production of profits

However, SMEs in developed countries face various impediments, including a shortage of capital,entrepreneurial expertise, and operational space To increase the contribution of SMEs to local economicgrowth, local government, the private sector, and civil society should strengthen their support for SMEs The participation of all industries is also needed in the establishment and maintenance of funding forSMEs.( BJ Biddle, 1986)

2.2.3 Characteristics:

A variety of main features differentiate SMEs from larger corporations The following are some of thecharacteristics that are often discussed as being representative of SMEs:

Few resources: A small to medium-sized business typically has little capital This is especially true for

young start-ups due to a lack of a track record to entice prospective buyers and bankers As a result, it isheavily reliant on the owner's capacity to extract resources (Welsh and White, 1981)

Casual administration: For little and medium undertakings, the administration is more often than not

casual The proprietor must do nearly everything and representatives are ordinarily anticipated to be able

to obligation as generalists as there's no clear division of errands (Kotey, 1999 and Slade, 2005)

Flexibility: The enterprise has more adaptability to adjust to changes within the environment due to its

measure and casual structure It is additionally powerless to develop within the venture environment Forcase, any changes in government approach or innovation might have a solid impact on the firms sinceinstant changes require extra assets or capital This might ended up a limitation to the firms to competeand support itself within the showcase (Aragon-Sanchez and Sanchez-Marin, 2005)

Reliance on person choice creators: The firms are overseen and worked by the proprietor The business

people of the trade lead the company and play a part as both worker and manager The development ofthe firms is decided by the proprietor Choice making is commonly done by the owner.(Feltham andBarnett, 2005)

2.2.4 Levels of business activity:

There are millions of businesses around us Commerce can be categorized in three wide categories orstages:

Primary Segment : All companies involved in mining, fishing, cultivation, and log ising of raw material

from Mother Nature are known as the Essential Division companies.(dineshbakshi, 2021)

Secondary Segment : Both companies that produce and process the raw materials which end users may

use are known as secondary sector companies These include construction, construction, manufacturing

of computers, shoes factories, garment factories, etc (dineshbakshi, 2021)

Tertiary Segment : In contrast, all companies offering commodities and supporting both main and

secondary sectors may be listed as third-party companies This include travel, insurance, hospitals,schools, showrooms etc British Shale, for example, has its own oil well and extracts crude oil, which is

the industry's primary operation and is refined into petroleum and other goods This is a sideline sector.Following the refining of the oil into a functional commodity, BP sells it to end users through a network ofgasoline pumps This appears in the college sector (dineshbakshi, 2021)

2.2.5 Understanding social enterprise , social entrepreneurs and the growth of the

social economy

Social enterprise was developed in England in the late 1970s to counter traditional commercialenterprise Social enterprise exists at the junction between the private sector and the volunteer sector.They seek to balance activities for financial gain with social goals, such as housing for low-income families

or job training

While most entrepreneurs are motivated by the potential to make a profit, profit motives do not preventordinary entrepreneurs from having a positive impact on society A social entrepreneur should have asocial entrepreneurial spirit that includes microfinance institutions, educational programs, bankingproviders in underserved areas, and helping out children orphan due to disease Their efforts related tothe concept of addressing unmet needs in communities that have been neglected or denied access toservices, products, or underlying elements available in more developed communities

The socio-economic growth of a country depends on both social entrepreneurs and social enterprises.Both focus on individuals developing solutions to social and environmental problems using existingbusiness techniques and strategies But, social enterprise seeks creative and operational ways to drivechange, while social enterprise forms to fulfill business purpose and address social needs throughactivities their commercials.(thenewsminute, 2020)

 The future GYM SPORT social impact statement provides employment opportunities for morepeople, improves quality of life, promotes well-being for participants, and enhances educationBodybuilding has many benefits

III Assess the impact of small businesses on the economy

3.1 Interpret and assess relevant data and statistics to illustrate how micro and small

businesses impact on the economy 3.1.1 Definitions of creativity and innovation

Creativity is a way of thinking that generates or recognizes ideas, solutions, or skills that may be helpful inproblem solving or communicating with others Creativity is defined as the ability to view the world innew ways, find secret patterns, make associations between seemingly different phenomena, and devisesolutions Creativity entails two processes: dreaming and then producing

The application of new innovations at the human, corporate, or organizational level is referred to asinnovation A method of deliberate alternative created to build price by using assembly possibility andsearching for advantage

3.1.2 The main sources of generating business and entrepreneurial ideas

A business idea is the concept of an organization or business However, since there are so many concepts,not every business philosophy leads to the company's success To be successful, beginners need a goodbusiness philosophy Entrepreneurial ideas are viable business concepts that can lead to success

Interests and hobbies:

Hobby is an activity that you enjoy doing in your spare time and is one of the main sources of business ideas In fact, most people have established great successful businesses while pursuing their hobbies or interests

Customer survey:

The starting point for any business should be a customer because their need sand desires justify theservice or product you can offer them Therefore, customer desires and needs are the source of businessideas and you can identify them by conducting a thorough survey You can conduct such a survey,

whether formal or informal, through questionnaires, interviews, or observations as you list the sources ofbusiness ideas that best suit you

Brainstorm and dream:

Brain storming is a problem-solving method and qualifies as one of the seven business ideas sourcesbecause every company is focused on providing solutions to the problems that customers encounter The secret behind brain storming is to come up with as many ideas and options as possible

Franchise:

Franchise is a situation in which a single brand distributor orproduct manufacturer grants exclusive rights

to in dependent retailers for local distribution

Mass media Read:

Media including newspapers, the Internet, and magazines are a great source of information, ideas, andopportunities One way to be come a successful entrepreneuris to carefully review the ads and ads inthese media

Personal experience and talents:

Most of the ideas and opportunities for successful businesses are a result of the experiences in the place

of work

Trade fairs and exhibitions:

Fairs and trade shows are one of the leading sources for developing business ideas They are oftenadvertised on the internet, radio, and newspapers, and by attending such events regularly, you willdiscover new services and products

3.1.3 How businesses protect intellectual property rights

Protective measures taken by competent state agencies, including administrative measures, civilremedies, criminal measures, and measures to control intellectual property-related imports and exports