Unit BIE304: Entrepreneurship and Entrepreneurial Business Planning

Unit code: M/615/4779

RQF level: 3

Aim

The aim of this unit is to introduce learners to the various theories of entrepreneurship and the role of innovation theories in the development of an entrepreneur. Learners will be introduced to the various steps required in building a business and how to write the plan for a new venture.

Learning Outcomes and Assessment Criteria

Learning Outcomes. To achieve this unit a learner must:	Assessment Criteria: Assessment of these outcomes demonstrates the learner can:
1 Be able to identify various theories of entrepreneurship.	1.1. Identify the role of society in the personal and professional development of an entrepreneur. 1.2. Explain the relationship between entrepreneurship and economic growth. 1.3. Identify the role of innovation, motivation and economic theories in the development of an entrepreneur.
2 Be able to understand the concept of entrepreneurship and its relation to small businesses	2.1. Define the terms ‘entrepreneurship’, ‘entrepreneur’ and entrepreneurial opportunity. 2.2. Access the role of an entrepreneur in society. 2.3. Analyse competitive advantages and disadvantages of entrepreneurial organisations.
3 Be able to analyse role, nature and characteristics of the entrepreneur in the economy.	3.1. Explain the economic role of the entrepreneur. 3.2. Describe the perceived personalities of entrepreneurs. 3.3. Explain the concept of ‘Entrepreneurial Vision.’ 3.4. Identify entrepreneurship benefits for employment, productivity and innovation in an economy.
4 Be able to understand the entrepreneurial steps to business planning.	4.1. Explore the potential of a business idea. 4.2. Identify the nature and the purpose of the business planning for new business idea. 4.3. Write a business plan for a new business idea. 4.4. Identify sources of funds availability to start a new business 4.5. Identify key challenges in the development of the business plan.