Entrepreneurship In Business Btec Higher Nationals

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In this brief information define entrepreneurship in business btec higher nationals.

UNIT BR6: ENTREPRENEURSHIP IN BUSINESS
PD031360 – Edexcel BTEC Level 6 Diploma in Engineering (QCF) units –
Issue 1 – May 2012 © Pearson Education Limited 2012
1
Unit BR6: Entrepreneurship in
Business
Unit code: K/503/7272
QCF level: 6
Credit value: 15
Aim
The aim of this unit is to provide an understanding of successful
entrepreneurship and the need for it in today's economy. The unit also
provides the skills to plan a viable entrepreneurial business idea and
strategies for its growth.
Unit abstract
Across the world, entrepreneurial ventures are creating and bringing to market
new products and services, and this has an important impact on the pace of
social and economic change.
The unit introduces learners to the nature of entrepreneurship and then
considers how the entrepreneurial process is used to exploit business
opportunities in established organisations, and the potential and challenges
this entrepreneurship brings.
Developing a strategy to provide vision and direction for the venture is essential
for success and learners will examine ways that entrepreneurs develop a
business idea, and through using market research methods, learners will
have the opportunity to develop a business plan, taking account of any legal,
financial and ethical issues.
Growth of the business venture needs to be approached from a number of
perspectives and in this unit learners will examine the issues affecting growth
in the key areas such as finance, marketing, resources and personal skills
development.
On completion of the unit learners will have an understanding of the
characteristics of successful entrepreneurship and how strategies can be
planned to develop business ventures.

UNIT BR6: ENTREPRENEURSHIP IN BUSINESS
PD031360 – Edexcel BTEC Level 6 Diploma specification in Engineering –
Issue 1 – May 2012 © Pearson Education Limited 2012
2
Learning outcomes
On successful completion of this unit a learner will:
1 understand the scope for entrepreneurship in established organisations in
today’s economy
2 understand how to develop successful entrepreneurial business ideas
3 be able to plan a strategy for a viable entrepreneurial business idea
4 be able to plan the future growth of a viable entrepreneurial business idea.
UNIT BR6: ENTREPRENEURSHIP IN BUSINESS
PD031360 – Edexcel BTEC Level 6 Diploma in Engineering (QCF) units –
Issue 1 – May 2012 © Pearson Education Limited 2012
3
Unit content
1 Understand the scope for entrepreneurship in established
organisations in today’s economy
Encouraging entrepreneurship: definition of entrepreneur and entrepreneurship;
reasons for becoming entrepreneurs; definition of corporate entrepreneurship or
intrapreneurship; benefits for intrapreneurial companies; culture of corporate
innovation; levels of intrapreneurial activity; how organisations can encourage;
advantages for self and others
Limitations for entrepreneurship in established organisations: resistance;
questioning change; existing managers’ comfort zone; decision-making control;
sufficient rewards for the effective intrapreneur
Entrepreneurial process contribution to the economy: stages of process; impact
on both the economy and society
2 Understand how to develop successful entrepreneurial business ideas
Generating and developing ideas and opportunities: methods; difference
between an opportunity and an idea; approaches used; environmental trends;
creative process; unique selling points; protecting ideas
Feasibility analysis: definition; importance; analysis of industry/market;
analysis of product/service; organisational analysis; primary and secondary
research; concept test; industry attractiveness; obstacles to overcome
3 Be able to plan a strategy for a viable entrepreneurial business idea
Developing a strategy: articulating the vision; achieving aims; focus; taking
calculated risks
Market research: purpose; primary research methods; secondary research
Business plan: purpose; full analysis of the situation; medium for
communication with stakeholders; objectives of the business; summary of
the proposition; physical and financial resources; marketing and promotion
Risk management: assessing implications; legal requirements and constraints;
ethical considerations; financial risks
4 Be able to plan the future growth of a viable entrepreneurial
business idea
Assessing own entrepreneurial skills: skills audit; development planning;
setting goals; producing development plan
Barriers to growth: expansion strategy consistent with the capabilities of
the venture; resources; risk; overcoming barriers to growth; procurement:
availability of essential supplies; availability of skilled workforce
Strategies for growth: internal growth; external growth; franchising;
advantages and disadvantages of internal and external growth strategies
UNIT BR6: ENTREPRENEURSHIP IN BUSINESS
PD031360 – Edexcel BTEC Level 6 Diploma specification in Engineering –
Issue 1 – May 2012 © Pearson Education Limited 2012
4
Learning outcomes and assessment criteria
Learning outcomes
On successful completion of
this unit a learner will:
Assessment criteria for pass
The learner can:
LO1 Understand the scope
for entrepreneurship in
established organisations in
today’s economy
1.1 Discuss how entrepreneurship can be
encouraged within organisations
1.2 Analyse what may limit entrepreneurship
within organisations
1.3 Evaluate how the entrepreneurial process
contributes to the economy
LO2 Understand how to
develop successful
entrepreneurial business
ideas
2.1 Explain how successful business entrepreneurs
develop business ideas
2.2 Explain the purpose of a feasibility analysis when
developing business ideas
2.3 Critically evaluate methods for exploring
opportunities and generating business ideas
LO3 Be able to plan a
strategy for a viable
entrepreneurial business
idea
3.1 Develop a strategy for a viable entrepreneurial
business idea
3.2 Conduct market research to inform a business
plan for a viable business idea
3.3 Prepare a detailed business plan for a viable
business idea, taking account of any current
legal, ethical and financial implications
LO4 Be able to plan the
future growth of a viable
entrepreneurial business
idea
4.1 Assess own entrepreneurial skills and
characteristics to meet future requirements of a
viable business idea
4.2 Analyse potential barriers to growth of a viable
entrepreneurial business idea
4.3 Recommend alternative strategies for the growth
of a viable business idea
UNIT BR6: ENTREPRENEURSHIP IN BUSINESS
PD031360 – Edexcel BTEC Level 6 Diploma in Engineering (QCF) units –
Issue 1 – May 2012 © Pearson Education Limited 2012
5
Guidance
Links to National Occupational Standards
This unit has links to the following National Occupational Standards in
Management:
A3: Develop, maintain and review personal networks
B2: Inform strategic decision making
B3: Develop a strategic business plan
C3: Lead innovation within an organisation
F4: Develop and implement marketing plans
F16: Manage product development and marketing
The content of this unit has been mapped against the Engineering Council’s
current Learning Outcomes for IEng Accreditation. The completion of the
learning outcomes for this unit will contribute knowledge, understanding
and skills towards the evidence requirements for IEng Registration.
See Annex B for summary of mapping information for IEng Accreditation.
Essential requirements
There are no special requirements for this unit.
Delivery
This unit will help learners to develop an understanding of the characteristics
of successful entrepreneurship and the need for it in today's economy, together
with the skills to create a business plan for an entrepreneurial business idea
and develop strategies for its growth. It is recommended that centres use a
wide range of teaching and learning methods in order for learners to meet all
the learning outcomes in the unit. These could include lectures, seminars,
workshops, project work, individual and group assessments.
The teaching/learning methods used should draw on material from industry
wherever possible, also learners’ own experiences. This will help learners
to develop the transferable skills necessary in a changing and dynamic
environment. Learners will develop skills to plan a strategy for future
growth of a viable business idea.
To introduce the unit, tutors could show an extract from Dragons’ Den –
this can be viewed through a DVD of previous series or on BBC iPlayer if the
programme is currently being aired. Learners could discuss the entrepreneurial
qualities of the dragons and the creativity and innovation of the potential
entrepreneurs, identifying the most common characteristics and qualities.
Learners should be encouraged to talk to local entrepreneurs about their
experiences, so that they can understand the steps of the entrepreneurial
process, and appreciate the contribution of entrepreneurial firms to the
economy’s strength and stability. There are many misconceptions concerning
UNIT BR6: ENTREPRENEURSHIP IN BUSINESS
PD031360 – Edexcel BTEC Level 6 Diploma specification in Engineering –
Issue 1 – May 2012 © Pearson Education Limited 2012
6
who entrepreneurs are and what motivates them to launch firms and develop
their ideas, so learners should explore some of the common myths and the
realities.
For learning outcome 1, the potential and role of entrepreneurship as change
master in established organisations – intrapreneurship – can be investigated
through examining the factors of successful ventures of intrapreneurial
companies. For example – how 3M encourages internal competition and
duplication of resources whilst most efficient companies try to eliminate them.
Learners need to understand that, although intrapreneurism exploits new
opportunities and innovations whilst reducing risk, it does present some
challenges for the intrapreneur and the organisation, and case studies should
be used to illustrate this.
For learning outcome 2, a guest speaker from a decisionmaker in business,
preferably an entrepreneur or someone involved in developing new business
ideas at a large company, could talk about how they assess ideas and the
chances of their success. Learners should have the opportunity to practise
application of different techniques for generating ideas through examining
as many business ideas as possible. They could then apply the four areas
of feasibility analysis to these ideas to determine the most viable.
Learners need to understand that not all good ideas are viable business
opportunities, and case study examples can be used to illustrate the importance
of feasibility analysis in developing successful business ideas. To analyse the
industry/market, learners could select an industry, eg the soft drink beverage
industry, and work through Porter’s five forces model in class, discussing how
these five factors assess the attractiveness of the industry.
For learning outcome 3, the importance of producing a well-defined strategy
can be illustrated through the tutor providing examples of completed and
effective business plans for learners to examine. A powerful, motivating
personal vision is one of the defining characteristics of entrepreneurial
management. Guest speakers could be used to explain how they articulate
this vision to give the venture a sense of direction and purpose.
Learners need to understand the difference between primary and secondary
research and questionnaires can be devised, tested and evaluated in the
learner group. Case study material can be used to illustrate the differences
between qualitative and quantitative data, and learners should appreciate the
difficulties for an entrepreneur in collecting relevant information in order to
inform the business plan.
Finally, in order to plan the future growth of a viable business idea for learning
outcome 4, learners need to assess their own entrepreneurial skills and
attributes against the needs of the business idea. A guest speaker, preferably
a human resources professional, could provide guidance and advice on the
usefulness of psychometric tests and how they appraise the results. Learners
can access psychometric tests on the internet – some are free of charge, some
require a fee.
By the time learners study learning outcome 4 they should have examined
a range of different strategies for growth from a wide range of case studies.
This will help them to consolidate their learning in order to recommend the
suitability of alternative strategies for growth of a viable business idea.
UNIT BR6: ENTREPRENEURSHIP IN BUSINESS
PD031360 – Edexcel BTEC Level 6 Diploma in Engineering (QCF) units –
Issue 1 – May 2012 © Pearson Education Limited 2012
7
Assessment
Assessment for this unit should be evidenced through research carried out
on entrepreneurial organisations and individual entrepreneurs, using either a
selected organisation or a case study approach. Where possible, learners should
be encouraged to use examples from their own organisations. If case studies
are used they must be sufficiently detailed to enable learners to apply their
evaluative skills.
A range of assessment methods can be used, for example presentations,
management reports, essays, or professional discussion. All evidence presented
must support achievement of the assessment criteria.
One assignment could cover the evidence requirements for this unit, broken
down into four separate tasks, although centres should write their own
assignments to meet local needs. The learner could act as a business
consultant advising on entrepreneurship, the need for it in today's economy
and the skills necessary in order to plan an entrepreneurial business idea and
strategies for its growth.
Learners could analyse the characteristics of successful entrepreneurs and how
this dynamism is exploited in an established business, and create a plan for a
viable business idea, ensuring that strategies for growth are considered. For
example, learning outcomes 1 and 2 could be addressed by one assignment
task on the nature of entrepreneurship and intrapreneurship. The research
on the process for generating business ideas for learning outcome 2 could be
developed into the plan for learning outcome 3. The planning for growth for
learning outcome 4 could be evidenced through a separate task whereby
learners assess the skills and strategies needed to achieve growth.
Resources
Books
Barringer B and Ireland R D – Entrepreneurship – Successfully Launching New
Ventures (Pearson 3rd Edition, 2010) ISBN 978-0138158088
Robson C – Confessions of an Entrepreneur – The Highs and Lows of Starting
Up (Pearson Education, 2010) ISBN 978-0273721482
Wickham P A – Strategic Entrepreneurship (FT Prentice Hall 4th Edition, 2006)
ISBN 978-0273706427
Journals
International Journal of Gender and Entrepreneurship (Emerald EarlyCite)
International and Entrepreneurship Management Journal (Springer)
The Economist
Newspapers
The Financial Times
UNIT BR6: ENTREPRENEURSHIP IN BUSINESS
PD031360 – Edexcel BTEC Level 6 Diploma specification in Engineering –
Issue 1 – May 2012 © Pearson Education Limited 2012
8
Websites
www.bbc.co.uk/learning/subjects/
business_studies.shtml
a changing bank of learning resources and up
to date case studies. This site also has links to
other useful sites
www.bookbutler.co.uk database and book price comparison site
www.businessballs.com business resources including a template
business plan
www.businesslink.gov.uk Business link site for guidance on skills,
planning and legislation for entrpreneurs
www.fsb.org.uk Federation of Small Businesses
www.peterjones.tv Peter Jones’ website and resources
www.sfedi.co.uk UK Sector Skills Body for Enterprise

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