Btec Level 5Hnd Diploma In Business Unit 9 Entrepreneurial Venture (5047).Pdf

ASSIGNMENT 2 FRONT SHEET Qualification BTEC Level 5HND Diploma in Business

Unit number and title Unit 9 Entrepreneurial Venture (5047) :

Submission date 24 October, 2023 th Date Receiv 1sted submissionRe-submission Date Date Recei edv 2nd submission

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Table of Contents

Introduction 5

Part 1: Business size and impacts on the economy 5

Data and statistics, micro and small business 5

1 Micro business 5

2 Small enterprise 6

3 Medium enterprises 6

4 The importance of micro and SMEs in the local and regional level 7

5 Recommendations to the chosen firms 8

5.1 Ha My coffee 8

5.2 New Phuong Dong Club 9

6 The differences between micro-, small-, medium and large business and their impact 10

7 Impacts of different businesses on different levels 12

6.1 Impacts of different businesses at national level 12

6.2 Impacts of different businesses at international level 12

6.3 Present and enhance the above recommendations 13

Part 2: Enhancing intrapreneurship in both public and corporate organizations 14

The differences and similarities between public and corporate intrapreneurship 15

1 Public and corporate enterprise 15

1.1 Public enterprise 15

1.2 Corporate enterprise 16

2 The definition and the importance of intrapreneurship 17

2.1 Definition 17

2.2 The importance of intrapreneurship 17

3 The differences & similarities between public and corporate intrapreneurship 18

3.1 Similarities 18

3.2 Differences 18

4 The benefits of intrapreneurship and its contribution 19

4.1 Benefits of intrapreneurship 19

4.2 Competitive advantages brought by intrapreneurship 20

4.3 The issues facing intrapreneurs in public sector organizations and in corporate organizations 22

5 Recommendations 23

Conclusion 25References 25

Introduction

Entrepreneurs have a significant role in the economy They facilitate the promotion of economic expansioby the assumption of risks associated with pioneering and inventive concepts While the likelihood oachieving success may not be inherently favorable, entrepreneurial endeavors have the potential to prosectors ahead if they do succeed significantly (Duermyer, 2022) This study talks about the size obusinesses, their effects on the economy, and how public and private corporations may do a better job fostering an entrepreneurial culture In the next part, we will discuss any of the themes described above elicit more in-depth comments from those who are contemplating starting their own business

Part 1: Business size and impacts on the economy Data and statistics, micro and small business

1 Micro business

A micro company, sometimes called a microenterprise, is characterized by its small scale, employing fewethan 10 individuals and generating an annual revenue of less than $250,000 Microbusinesses are a wobserved company model due to their minimal initial investment requirements and relatively low ongoingexpenses Frequently, a microenterprise is started as a recreational pursuit or supplementary endeavor yields additional earnings for the proprietor or solopreneur (Nelson, 2023)

According to Nelson (2023), The below points outline the characteristics of a microenterprise:

Typically, a small-scale or micro enterprise is managed by one individual Nevertheless, it is worth notingthat even within the most minute subdivisions overseen by a partnership enterprise or corporation, moroutine activities are often executed by a single partner or director inside the firm

The duration of the gestation period, which refers to the interval preceding an investor's attainment of return on investment, has been reduced

Micro enterprises often have a limited scope, which allows them to effectively address the needs of thelocal surroundings and the surrounding area

Micro units can use local resources, allowing for their potential establishment in many locations, contingenupon the availability and accessibility of essential resources such as raw materials and labor

Micro enterprises need a notably reduced allocation of time and financial resources towards labor acompared to larger entities

Micro enterprises are characterized by their decentralized nature and distribution throughout rural areamaking use of locally available resources Hence, the expansion of micro-businesses in rural areacontributes to the advancement of regional development via enhanced diversification

Small-scale enterprises possess a notable capacity for adaptability to change, displaying heightenreactivity and sensitivity to social and economic circumstances

A typical example of a micro-enterprise is a small coffee shop called Ha My Coffee that is run by family members and sells milk tea and coffee, and breakfast foods to mainly students The owner can operate business out of his or her kitchen and can sell products on-site or through online channels This business 3 employees and may not generate a high level of revenue; however, the owner does generate incometaking advantage of the resources he has and working in a low-pressure environment energetic, active, afun

2 Small enterprise

A small business refers to an enterprise that is privately owned and controlled, often characterized by smaller workforce and lower revenue compared to other enterprises operating within the same industry a broad sense, a small company might be characterized as an enterprise that employs from 9 to 49 peoDue to the comparatively lower profitability of small firms in relation to their larger counterparts, small enterprises are afforded more access to government assistance resources Local small companies oprovide unique goods or services tailored to meet the specific requirements of their communityAdditionally, they may engage in collaborative partnerships or sponsorships to support communityinitiatives or events (Indeed, 2023)

According to Byjus (2023), The characteristics of small-scale industries refer to the distinguishing featureand attributes that are often associated with these types of economic entities:

Ownership: The entity in question has a single proprietor This business structure is often referred to assole proprietorship

Management: The owner has control over all managerial activities

Limited Reach: Their operational scope is constrained The entity in question might potentially be either small-scale retail establishment or a larger-scale industrial enterprise situated inside a certain geograpregion

Labor-Intensive: Their reliance on technology is minimal since they heavily rely on manual labor and humaresources

Flexibility: Small companies exhibit a greater degree of openness and adaptability to unforeseedevelopments, in contrast to their larger counterparts

Resources: The individuals make use of resources that are accessible within their immediate vicinity Theexhibit enhanced exploitation of natural resources and minimize waste

3 Medium enterprises

Medium firms are classified as businesses that operate with revenue, assets, or personnel numbers belocertain threshold Each country has its own interpretation of the concept of a medium-sized firm Thconsideration of the industry of operation and specific size needs may be sometimes taken into accouAccording to the Organization for Economic Co-operation and Development (OECD, 2021), medium-sizedbusinesses in Vietnam typically employ a workforce ranging from 50 to 249 individuals

Example for this business is New Phuong Dong Club This club provides dance floors, stages, sound alighting for dance activities and art performances at establishments qualified to operate dance hall servicaccording to the law Here, we provide a variety of drinks, most of which are alcoholic drinks, for customersto freely choose and enjoy at prices suitable for the experience that the services here bring Phuong DoClub has a total area of up to 2,000 square meters (SontraTravel, 2023) Known as the largest dance halVietnam The bar has an outstanding, majestic appearance The inside is extremely luxurious and splendlike a palace The stage is in the middle of 3 floors, decorated with a modern, extremely attractive lightinsystem Here, customers can also meet guests who are famous artists on a regular basis

4 The importance of micro and SMEs in the local and regional level

Small and medium companies (SMEs) have significant significance within most economies, particularlythose in emerging nations Small and medium-sized firms (SMEs) constitute a significant proportion obusinesses on a global scale and play a crucial role in fostering employment opportunities and facilitatinthe development of the global economy Small and medium-sized enterprises (SMEs) constitute over 90of the global business landscape and account for over 50% of the total employment opportunities availabglobally In developing countries, small and medium-sized firms (SMEs) provide a formal contribution of up to 40% to the national revenue, as measured by the gross domestic product (GDP) The inclusion informal small and medium-sized enterprises (SMEs) results in a notable increase in these figures Bason projections provided by The World Bank, it is anticipated that the worldwide workforce would need around 600 million employment opportunities by the year 2030 Consequently, several governmentthroughout the globe have identified the promotion and advancement of small and medium-sized firms asparamount objective In developing economies, most formal employment opportunities are generated bsmall and medium-sized firms (SMEs), accounting for 70% of job creation Nevertheless, the lack ofinancial resources is a significant impediment to the expansion of small and medium-sized enterprise(SMEs), ranking as the second most often cited challenge encountered by SMEs when attempting establish a foothold in new markets According to The World Bank (2023), there is a group of nations knowas emerging and developing countries

Figure 1: Share of SMEs in business firms

New Phuong Dong Club might be used as an illustrative case study, representing a specialized establishmoffering entertainment services, to substantiate these assertions New Phuong Dong Club demonstrates

commitment to bolstering the local economy and fostering job creation by engaging in the procurement ogoods from area vendors Furthermore, this establishment actively fosters local tourism via the expansioof its operations, enhancement of service standards, and strategic brand promotion These efforts aimstimulate tourist interest and attract visitors seeking to immerse themselves in the unique ambiance asophistication offered by this destination The club is recognized as the biggest in Southeast Asia NePhuong Dong Club has the potential to contribute to regional growth and integration by sourcing rawmaterials from both local and foreign sources inside the area For instance, this enterprise has the capabito engage in the importation of beverages and ingredients from other nations, alongside the procurementdomestic fruits, among other items New Phuong Dong has the potential to facilitate commercial andinvestment movements throughout the area Given the magnitude of this enterprise, it is essential to ensan adequate workforce is in place to cater to client demands and address the local employment requiremeIn the broader context of economic development and regional growth, small and medium firms, such aNew Phuong Dong Club, assume a significant role The implementation of these measures has the potento facilitate social inclusion, mitigate poverty, provide employment opportunities, stimulate consumer demand, and foster innovation Hence, within the context of wider endeavors aimed at fostering sustainaband equitable economic growth, it is imperative for policymakers and relevant stakeholders to persist iendorsing and facilitating the growth of small and medium-sized enterprises (SMEs) This profession

5 Recommendations to the chosen firms

5.1 Ha My coffee

One potential strategy to enhance distinct tastes and competence in mixology is to introduce specialty beverages These beverages have the potential to captivate customers and distinguish a coffee establishmfrom its rivals

Establishing collaborations with local suppliers and using regionally procured products not only guarantees the attainment of high standards but also actively contributes to sustainable practices and foseconomic support for the local community

Seasonal Specials: Implementing seasonal ingredients and tastes into the creation of special menu itemAs an example, one may consider the consumption of crocodile water during the heat season, the use

artichoke tea, or the preparation of an avocado smoothie This has the potential to generate enthusiaamong consumers and motivate them to frequent the establishment to sample novel and distinctive culinaofferings

To cater to the primary demographic of university students, it is advisable for Ha My to diversify its menuofferings beyond drinks and include a wider range of culinary options The demand for breakfast and snacamong students is substantial, therefore suggesting the possibility for integration between coffee shops aeateries

Establish a loyalty program: Introduce a loyalty program with the aim of incentivizing and acknowledging frequent patrons Various incentives such as discounts, complimentary items, or exclusive promotions mabe used to foster client loyalty and stimulate their transformation into brand supporters

The provision of online ordering and delivery services in the contemporary era of technology may greatly enhance the client base and convenience of a restaurant Collaborating with well-established food deliveplatforms or establishing an internal delivery system might provide advantageous outcomes

Gather and use consumer feedback: Proactively solicit feedback from customers via surveys, commentcards, or internet reviews Conduct an analysis of the comments obtained and implement enhancementsaccordance with consumer preferences and ideas

5.2 New Phuong Dong Club

Diverse music and entertainment: Provides a variety of music genres and entertainment options to satisdiverse individual interests and inclinations One potential strategy to create a vibrant and captivatinatmosphere is to include live music performances, DJs, themed events, and guests in the repertoire Catrends and hot characters such as champions, potential contestants of music competitions: Double 2T, Choat, Rhyder Trend challenges how many beers you can drink in 1 minute, Trend Random dance, Engage in collaborative efforts with local artists and performers: Establish partnerships with artistsperformers, and entertainers from the local community to create a platform to showcase their abilities theartistic potential within the club premises This not only supports the local arts community but also facilitatesthe introduction of new and diverse acts, thereby attracting a wider audience

Establishments can enhance the customer experience by implementing dedicated VIP areas and servofferings, thereby serving these people more appropriately: regular customers or past customers Invoicare among the top of the business This has the potential to attract consumers with higher spending abiland more interest in experiencing the services here, thereby leading to a significant increase in income fan entertainment-oriented business like this

Organize evenings or events with special themes that match contemporary trends or popular cultural themHalloween, Masquerade, Anime Organizing with a concept like this will Helping the Club gain an additional customer base from those who love and admire these cultures

Improve lighting and visual effects: Allocate resources to purchase superior lighting and visual effectsequipment to create an aesthetically appealing and captivating atmosphere This has the potential to enha

q p y pp g p g p pthe overall atmosphere of the club and enhance the experience for its clientele

Social media advertising entails using a variety of social media channels to spread the word about upcomievents, unique experiences, and special offers To enhance brand visibility and attract new consumers, itrecommended to actively engage with followers, disseminate visually appealing information, and promotthe creation of user-generated material Regularly create minigames to increase interaction for the businessocial platforms

Carefully considered bar offerings and menu selection include a variety of cocktails, high-quality spirits andspecialty drink alternatives Consider hiring qualified mixologists to produce specialty cocktails andenhance the overall quality of the drinking experience

Ensuring fire prevention and fighting procedures and legal compliance: With a particularly sensitiveenvironment, many businesses have encountered unfortunate incidents This is an issue that is still burnand should be given attention Although this is a must, it is also a bright spot that can help businesscompete with competitors Proving to customers that New Phuong Dong Club is a place that ensures fiprevention and security systems, does not trade in prohibited goods, and complies with the law will helcustomers feel secure and have absolute trust when experiencing entertainment services here

6 The differences between micro-, small-, medium and large business and their impact

Table 1 The differences between micro-, small-, medium and large business and their impact on economy : Micro business Small business Medium business Large business Concept As per the updated

MSME definitions issued by the financeministry of India, effective from 01.07.2020, MicroEnterprises arecharacterized assmall-scale businesses thapossess investmenof up to 1 crore andrevenues below 5crores (IIFL, 2023) Micro businessesinclude a diverse

establishments, including small-scaleeateries, local grocershops, and ice creamparlors Typically, small enterprises othis kind start

threshold for smallfirms ranges from oneto ten crores, whilethe turnover thresholdis capped at 50 croresThe size of the staff israther tiny, and thesales volume iscomparatively modest (IIFL, 2023) Small businesseinclude a diverse

enterprises, includingsuccessful

restaurants, manufacturing factories, andbakeries The meanumber of workersfor small firms surpasses that omicro-enterprises

On average, mediumbusinesses tend thave a workforceranging from 50 to250 employeesMedium companiesare often classified afirms that have hadgradual growth andfall between themicro and small-sizedcompany category(IIFL, 2023) As a small firm undergoes growthand expansion, iallocates its generateincome towardsinvestments inequipment, buildingsand personneretention, thereforetransitioning into amedium-sized

A large business isdefined as acommercial entitythat falls under acategory characterized by itsabove-average size, extensiveoperational capacity, andsignificant economies of scaleThe organization

substantial numbeof workers andgenerates asignificant amountof income Companies havethe potential tofocus their effortson either domesticor global markets

operations with littlefinancial resourcesand maintain aworkforce size offewer than 10individuals

business (Nasrudin, 2021)

number of workers insuch entities ismodest, often lessthan ten individuals

Small businessesoften consisting of 10to 50 workers

The size of thecompany is generallymoderate, rangingfrom 50 to 250personnel

In the context oforganizational sizelarge refers toentities that generally employmore than 250individuals

Revenue In general, there is asignificant decreasein income andturnover

The revenue is quitemodest to moderate

The money generatemay be classified aranging from moderate to high

The generated

substantial Market Reach Usually local or

regional

Local, regional, ornational

Regional or national National or international

Operations

The scope of thesbusinesses is ofterestricted, with a

concentrate onspecialized marketsor certain goods andservices

A broader scoperefers to the ability ofa business to cater tnumerous markets oprovide a diversevariety of goods orservices

The scope of theorganization isbroadened, maybincluding many business units odivisions

The organizationhas a broad rangof activities, maybeincluding worldwide operations orseveral subsidiaryentities

Organizational

Structure In most cases, thoperation of abusiness is carried ouby the proprietor or alimited group of individuals

A more defined organizational structure may beimplemented via theestablishment offunctional

departments or teams

The implementationof a formal organizational structure is characterized by theestablishment ofdistinct hierarchiesand departments

organization

A complicated organizational system with manylevels and specialtyteams

Resources

Restricted availability of financial capital, advanced

technologies, andessential resources

The implementationof measures toregulate and controthe availability of financial capital andresources at amoderate level

Enhanced accessibility tofinancial resourcesadvanced

technological toolsand essentiaresources

Robust access tofinancial capital, advanced technology, andenough resources.

Decision-making Often made by theowner or a smallgroup of individuals

The decision-makingprocess exhibits a

centralization

Decisions renderedby the managementeam or upper-leveexecutives

The

implementation ofdecentralized decision-making processes, accompanied by

p ythe appointment ofspecialist managers Regulatory

Compliance

less onerousregulations in comparison to biggecompanies

moderate standardfor regulatory compliance

Growing duties underegulations

extensive reportingand compliancewith regulations Competitive

Position

Potential difficulties competing with bigger companies

confronts

competition from both bigger andsmaller companies

able to successfullycompete within itsmarket niche

competes withother major companies in thesector

Impact on theeconomy

create local jobs andpromote local economic activity

create jobs, reducunemployment, andpromote creativityand progress

create jobs,contribute to economic growth,

competition

create jobs,investment, economic growthand have nationaor global influence.

7 Impacts of different businesses on different levels

6.1 Impacts of different businesses at national level

The national Gross Domestic Product (GDP) is influenced by the contributions of various enterprises Onexample of an industry that has the potential to make a substantial contribution to the Gross DomestProduct (GDP) is the manufacturing sector In order to evaluate this, scholars have used input-output mode(Leontief, 1936) to comprehend the interconnectedness of sectors within the economy (Chenery et a1953)

Employment: Enterprises provide employment opportunities, and their influence on the labor market issubstantial The evaluation of employment effects may be accomplished by using labor market analystechniques (Hamermesh, 1993) and utilizing econometric modeling approaches (Boeri, 2011)

Community engagement is a practice whereby businesses actively participate in local communities bimplementing corporate social responsibility (CSR) programs The evaluation of these effects often entaiconducting surveys and social impact evaluations (Owen et al., 2018)

The influence of businesses on social diversity may be significant The assessment of diversity and inclusiomay include the examination of workforce demographics and the implementation of social audits (Klarsfeldet al., 2010)

Businesses have the potential to contribute to carbon emissions The evaluation of their ecological influenoften depends on studies of carbon footprint and life cycle analysis (Rebitzer et al., 2004)

The evaluation of resource consumption may be conducted via the use of methodologies such as mateflow analysis and ecological footprint assessments (Wiedmann et al., 2015)

6.2 Impacts of different businesses at international level

The Economic Impact:

a Contribution to Global GDP: The presence of multinational corporations may have a substantial influencon the overall global gross domestic product (GDP) The World Bank and the multinational Monetary Fund(IMF) consistently provide assessments of worldwide economic data in order to evaluate the economconsequences of multinational enterprises (World Bank, IMF)

b Foreign Direct Investment (FDI): Host nations have the potential to attract foreign direct investment frominternational enterprises UNCTAD, the United Nations Conference on Trade and Development, offerscomprehensive statistics and analysis pertaining to foreign direct investment (FDI) flows and theircorresponding effects (UNCTAD)

The social ramifications:

a Labor Practices: The operations of multinational corporations have the potential to influence labopractices across national boundaries Non-governmental organizations (NGOs) and labor rights grouengage in research and advocacy endeavors to assess the aforementioned implications As an exampleInternational Labor Organization (ILO) is responsible for the monitoring and reporting of labor standards(ILO)

b Cultural Influence: Global enterprises has the capacity to exert influence and exert an effect on mancultures around the globe Cultural impact evaluations often include sociological research, ethnographanalysis, and cultural studies as integral components (Hofstede, 1980)

The environmental consequences:

a The Impact of International firms on worldwide Carbon Emissions: International firms have the potentiato contribute to the overall levels of carbon emissions on a worldwide scale The evaluation of these effecnecessitates the use of global climate accords and emissions statistics provided by reputable organizatiosuch as the Intergovernmental Panel on Climate Change (IPCC)

b Global Resource Depletion: The use of worldwide supply chains by enterprises has the potential tcontribute to the depletion of global resources Insights into the implications may be derived from the studieon global resource utilization and the United Nations Environment Programme (UNEP) (UNEP, n.d.)

6.3 Present and enhance the above recommendations

To augment the suggestions pertaining to the evaluation of the ramifications of diverse enterprises on global scale, this study aims to provide more precise directives and approaches for the proficient executioof such evaluations

The Economic Impact:

a Contribution of multinational firms to Global GDP: - Utilize input-output models and computable general equilibrium models to assess the impact of multinational firms on the global gross domestic product (GDP

(Miller & Blair, 2009)

- Establish partnerships with renowned international financial organizations such as the World Bank anthe International Monetary Fund (IMF) in order to get access to their comprehensive databases ansophisticated economic models, therefore ensuring the acquisition of precise and reliable data (World BanIMF)

b Foreign Direct Investment (FDI): - It is recommended to consult the World Investment Report, which isissued by the United Nations Conference on Trade and Development (UNCTAD), in order to get insightsinto the prevailing worldwide trends in FDI This report provides valuable information, including sector-specific statistics, pertaining to FDI on a global scale

The suggestion is to establish a collaborative effort with national investment promotion agencies in order tgather comprehensive data on foreign direct investment (FDI) inflows and the specific sectors that attrainternational enterprises This proposal is in line with the recommendation put out by the United NationConference on Trade and Development (UNCTAD)

Social Impact: a Labor Practices: - Collaborate with non-governmental organizations (NGOs) and laborights groups to carry out comprehensive evaluations of labor practices inside the supply chains omultinational corporations

- Employ labor rights indexes and databases, such as the Global Rights Index provided by the InternationTrade Union Confederation (ITUC), to evaluate labor practices (ITUC)

b Cultural Influence: - Collaborate with experts in the fields of cultural anthropology and sociology to docomprehensive research on the ways in which transnational corporations exert influence on local culturesOne may use cross-cultural management frameworks, such as Hofstede's cultural dimensions, to evaluthe cultural implications of multinational enterprises across various geographical areas (Hofstede, 1980).Environmental Impact: a Global Carbon Emissions: - Utilize emissions data from reputable internationaclimate groups such as the IPCC to evaluate the carbon footprint of multinational corporations (IPCC) One potential strategy is to establish partnerships with reputable groups like the Carbon Disclosure Proje(CDP) in order to get access to comprehensive carbon emissions data and climate-related disclosuprovided by corporations (CDP)

b Global Resource Depletion: - Utilize a comprehensive global material flow analysis (MFA) methodologyto evaluate the worldwide resource consumption and depletion linked to multinational enterprises(Krausmann et al., 2009)

Collaborate with international environmental organizations, such as the United Nations EnvironmenProgramme (UNEP), in order to get access to comprehensive data pertaining to worldwide resource use athe deterioration of the environment (UNEP)

Stakeholder Engagement: The process of actively involving a wide range of stakeholders, such agovernment agencies, enterprises, civil society groups, and academic specialists, in order to fostercomprehensive understanding of the implications of international commerce

To foster more accountability and disclosure of social and environmental repercussions among multinationenterprises, it is imperative to advocate for the adoption of transparency and reporting standards, such the criteria set out by the Global Reporting Initiative (GRI)

Part 2: Enhancing intrapreneurship in both public and corporate organizations Public and corporate businesses are distinct organizational entities that exhibit variations in ownershstructure, aims, and operational characteristics