Learning outcome 1

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

Scoping and defining entrepreneurship: 

• What is entrepreneurship? Defining entrepreneurship, entrepreneurial activity and enterprise. 

• The differences between serial entrepreneurs, intrapreneurs and owner managers. 

The typology of entrepreneurship: 

• Lifestyle and growth firms. Entrepreneurship in a corporate or public sector context. 

• Roles and characteristics of micro, small and medium-sized organisations. 

Social enterprise: 

• Understanding social enterprise, social entrepreneurs and the growth of the social economy.

Learning outcome 2

Assess the impact of small businesses on the economy 

Where entrepreneurial ideas come from: 

• Definitions of creativity and innovation. 

• The main sources of generating business and entrepreneurial ideas. 

• How businesses protect intellectual property rights. 

The role and importance of small firms: 

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

Factors to consider: 

• Size, turnover, profit, rate of growth, innovation, sustainability and adaptability. 

International aspects of entrepreneurship: 

• How international differences impact upon business start-up.

Learning outcome 3

Determine and assess the key aspects of an entrepreneurial mindset 

Entrepreneurial characteristics and mindset: 

• Research on personal characteristics of entrepreneurs and small business owners. Different lines of argument relating to characteristics of entrepreneurs such as are entrepreneurs born or made? Or can characteristics be learnt and adopted by anyone? 

Skills set of the entrepreneur: 

• The types of skills that typify entrepreneurs and how these skills differentiate from other organisation managers. 

Personal entrepreneurial tendency: 

• Entrepreneurial characteristics and situational factors in a personal context, including family upbringing, lifestyle, cultural differences and personal motivation and drivers.

Learning outcome 4

Examine the different environments that foster or hinder entrepreneurship 

The factors that influence the decision to start a business: 

• The range of factors that influence the choice to start-up a business, including personal background and education, national culture, economic circumstances and character traits. 

The risks and rewards of business start-up: 

• The potential rewards of business start-up. 

• The risks and uncertainties of business start-up and how they can be mitigated.