Answer To: Summer 2018 Portfolio (Resit) Effectiveness in the Business World (EBWO3001) Resit Student Name:...
M answered on Jul 16 2020
Summer 2018 Portfolio (Resit)
Effectiveness in the Business World
(EBWO3001)
Resit
Student Name:
Student Number:
Lecturer Name:
Assessed Learning Outcomes:
1. Demonstrate an understanding of the concept of the organisation and the environment in which it operates, including determining the competitive advantage for an organisation.
2. Identify and analyse organisational operations, responsibilities
3. Discuss the needs of the consumer and people who work in a business.
4. Recognise a range of issues related to business and how they interlink.
As a requirement for the completion of this portfolio, you should first decide on a type of business you have or would potentially like to start up in the future (e.g. restaurant, shop, service etc.). Your answers to the tasks below will relate to this business. This MUST be a different business from any previous submissions
Tasks
Contents (350-400 words per task)
Page
Learning outcomes
Task 1
a. Who is an Entrepreneur
b. What are the advantages and disadvantages of being an Entrepreneur?
c. Define PESTEL, List ways in which it can be useful to an Entrepreneur?
3
LO1/4
Task 2
a. Define Globalisation, List ways in which Globalisation can impact a business? Discuss 1 positive and 1 negative impact.
b. Mention a new technological innovation and how this can be implemented in an organization.
4
LO1/2
Task 3
a. Who is a customer; briefly identify 3 types of customers. Why is it important for a business to understand its customers?
b. Describe TWO ways in which you might attract more customers to your business.
5
LO1/3
Task 4
a. What is the role of ethics in business?
b. With examples from other businesses, describe how your business can treat its staff ethically.
6
LO3/4
References
7
Total word limit: 1500 words (+/- 10%)
This portfolio is a working document that MUST be completed in full and submitted before the deadline. You will be given guidance on how to do this through GSMlearn, resit drop in sessions and booked one-to-one meetings with the Module Leader
ASSESSMENT – PORTFOLIO
Task 1
Learning Outcomes
a. Who is an Entrepreneur
b. What are the advantages and disadvantages of being an Entrepreneur?
c. Define PESTEL, List ways in which it can be useful to an Entrepreneur?
LO1/4
Your answer should go in the box below.
Etymologically, the word entrepreneur derives from French word ‘entreprendre’, translated as ‘to do’ or ‘to undertake’. The first half of the word ‘entre’ stands for ‘between’ and ‘preneur’ meaning ‘taker’. Therefore, an entrepreneur literally means ‘between-taker’, or ‘go-between’ (Filion, L. 2009). The term is also defined by Dr. Anuja Pahuja as a person who is always on the lookout for change, who responds to the same and also exploits its opportunity (Pahuja, A. 2015). It is basically to create or start something new that which has a value, given the opportunity available.
There is an amount of effort, hard work and energy to start a business or company. While there are lots of downsides in starting a company, with much effort, it can also be quite rewarding. Let us discuss in brief the advantages and disadvantages of an entrepreneur.
· In regards to working hours, as an entrepreneur has the right to decide when to work and when to take a vacation, this may be considered an advantage as he or she is his or her own boss.
While to counter this, a start-up company needs to put in a lot of hardwork, hence the person himself or herself who owns the business may tend to work beyond the amount of work a full-time employee works.
· In decision making, an entrepreneur makes the call and can implement his or her plan as the person wishes.
On the other hand, the disadvantage to taking decision falls at times when stress gets overwhelmed as taking a decision could affect the entire company.
· For a company that has already been successful, there is no stress of being underpaid. This is an advantage of an entrepreneur.
However, a start up company may face times when they do not make any money. This can be stressful for entrepreneurs as there is no guarantee as to whether payments will be met the following week or even months.
These advantages and disadvantages of an entrepreneur has been mentioned by Integrated Advertising. Inc (2014).
· In addition to the aforementioned pointers, an upside may be the new ventures and opportunities open for exploration. With it, the work of an entrepreneur can be exciting. However, the business cannot be guaranteed a 100% success as the business world is competitive. It will take an extra mile to bring success (Future of working, 2016).
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