Entrepreneurship & Small Business MANAGMENT (Level 4) : Unit 9

ENTREPRENEURSHIP & SMALL BUSINESS UNIT
MANAGMENT (level 4) 9
ASSESSMENT SUBMISSION & DECLARATION
QUALIFICATION UNIT NUMBER AND TITLE
PEARSON BTEC HIGHER NATIONAL DIPLOMA IN BUSINESS (RQF) 09. ENTREPRENEURSHIP & SMALL BUSINESS MANAGEMENT (LEVEL 4)
STUDENT NAME ASSESSOR NAME
HASSAM UL HAQ RAJA
DATE ISSUED COMPLETION DATE SUBMITTED ON
ASSIGNMENT TITLE THE FIRST OF ITS KIND ENTREPRENEURIAL VENTURE
ASSESSMENT CRITERIA TASK NUMBER EVIDENCE PAGE NUMBER

PASS 1 TASK 1
PASS 2 TASK 1
PASS 3 TASK 3
PASS 4 TASK 3
PASS 5 TASK 2
PASS 6 TASK 2
PASS 7 TASK 2
MERIT 1 TASK 1
MERIT 2 TASK 3
MERIT 3 TASK 2
MERIT 4 TASK 2
DISTINCTION 1 TASK 1
PLAGIARISM
Plagiarism is a particular form of cheating. Plagiarism must be avoided at all costs and students who break the rules, however
innocently, may be penalised. It is your responsibility to ensure that you understand correct referencing practices. As a
university level student, you are expected to use appropriate references throughout and keep carefully detailed notes of all
your sources of materials for material you have used in your work, including any material downloaded from the Internet.
LEARNER DECLARATION
I CERTIFY THAT THE ASSIGNMENT SUBMISSION IS ENTIRELY MY OWN WORK AND I FULLY UNDERSTAND THE CONSEQUENCES OF PLAGIARISM. I UNDERSTAND
THAT MAKING A FALSE DECLARATION IS A FORM OF MALPRACTICE.
STUDENT SIGNATURE: HASSAM UL HAQ RAJA DATE:
1 HASSAM UL HAQ RAJA

FORTRESS MARQUEE


TASK: 1
(P1):
Small Business Entrepreneurship

Small businesses are grocery stores, hairdressers, consultants, travel agents, internet commerce
storefronts, carpenters, plumbers, electricians, etc. They are anyone who runs his/her own business.
They hire local employees or family. Most are barely profitable. Their definition of success is to feed the
family and make a profit, not to take over an industry or build a $100 million business. As they can’t
provide the scale to attract venture capital, they fund their businesses via friends/family or small
business loans.
2. Scalable Startup Entrepreneurship

Unlike small businesses, scalable startups are what Silicon Valley entrepreneurs and their venture
investors do. These entrepreneurs start a company knowing from day one that their vision could change
the world. They attract investment from equally crazy financial investors – venture capitalists. They hire
the best and the brightest. Their job is to search for a repeatable and scalable business model. When
they find it, their focus on scale requires even more venture capital to fuel rapid expansion.
3. Large Company Entrepreneurship

Large companies have finite life cycles. Most grow through sustaining innovation, offering new products
that are variants around their core products. Changes in customer tastes, new technologies, legislation,
new competitors, etc. can create pressure for more disruptive innovation – requiring large companies to
create entirely new products sold into new customers in new markets.
4. Social Entrepreneurship
Social entrepreneurs are innovators who focus on creating products and services that solve social needs
and problems. But unlike scalable startups their goal is to make the world a better place, not to take
market share or to create to wealth for the founders. They may be nonprofit, for-profit, or hybrid.
Characteristics of an Entrepreneur
Self-Motivated
Often, workers are motivated to go to work every day simply to earn a paycheck or even simply not to
get fired. An entrepreneur is intrinsically motivated as there is typically no financial reward in the
beginning stages of starting a business.
Leadership Skills
All companies experience ups and downs, and an entrepreneur must have the ability to motivate his
employees to work together toward their goals, which requires earning their trust and respect.
Entrepreneurs must also have excellent communication skills as they will work with a variety of types of
personalities in dealing with employees, clients and investors.

Risk-Takers
Risk is inherent when starting a business. According to Joe Hadzima in his article “Seven Characteristics
of Highly Effective Entrepreneurial Employees,” entrepreneurs must be able to “operate effectively in an
environment filled with risk.
Innovative
All businesses began with an idea, such as create fashionable apparel from recycled clothing or connect
travelers all over the world with a free online travel network. The ability to not only come up with new
ideas but develop and improve them as the business grows is an essential characteristic of a good
entrepreneur. These individuals are constantly scrutinizing their products, services and business model
in an effort to find ways to improve.
Ethical
Entrepreneurs often answer only to themselves and must therefore possess a “strong sense of basic
ethics and integrity,” Bowser states. Although some new business owners may experience immediate
success through cheating or lying, in the long run, clients and investors will lose interest in doing
business with an entrepreneur who lacks credibility.
Fortress Marquee Islamabad is Located in Main Islamabad Expressway, It’s a newly launched wedding
venues with ample space for all kind of wedding and corporate events. They have combined space for
1800 guest and have huge car parking.
Fortress Marquee Islamabad is providing quality food and hospitality services. Fortress Marquee
Islamabad situated on huge space where you can have all kind of functions easily. Location of this
banquet is Main Islamabad Expressway and every buddy knows this location in Islamabad.
Fortress Marquee through its customized services ensures that we are able to reflect your lifestyles and
personalities in to your wedding and other social events. We ensure that every element comes together
with innovation and expertise. Given our propensity to set up and maintain high standards of food,
service and quality, we have hired top quality professionals to cater the needs of upend clientage of
Islamabad/Rawalpindi.
Fortress Marquee specializes in weddings and other social events such as birthday parties, corporate
events, Corporate & Private Exhibitions and other social and cultural events such as:
1. Complete Wedding Services

2. Fund-raising & Charity Events
3. Birthday Parties
4. Anniversaries

5. Corporate & Private Exhibitions
6. Hi End Private Dinner & Social Events
7. Theme Parties
8. Cultural Events
9. Corporate Dinners & Events
10. Product & Designer Launch Events
11. Conferences ,Workshops and Seminars
12. Board Meetings etc
OTHER ENTREPRENEURSHIP VENTURE:
AVALON MARQUEE
The Avalon Marquee’ an innovative new event venue by Hanif Rajput Catering Services Islamabad, that
brings together stunning aesthetics, engineering brilliance and weather-proofing all in one great
package.

All that along-with a vast landscape, a capacity to accommodate up to 1000 guests, and plenty of
parking-space, it is the perfect solution for your private and corporate event needs. At its heart lies our
revolutionary new marquee that makes all the difference.
(P2):
Banquets and receptions have both similarities and differences. For the most part, a reception qualifies
as a type of banquet, although there are exceptions. Banquets involve some type of feast as do some
receptions. The structure of the event and the type of occasion that forms the basis of that event
account for some of the distinctions.
SIMILARITIES & DIFFERENCES:
CAPACITY:
Both marquees have a large arrangement of capacity up to 800-1000 people at a time.
EXPERTEE LEVEL:

Experience level between Fortress marquee and Avalon may vary as per experience in the particular
field of the workers and owners. As fortress marquee was launched much earlier than Avalon marquee
therefore experience levels are different.
RATES:
Rates are different for same and different services at both marquees as quality, standards, and many
other factors maybe different such as location, quality, standard etc.
SERVICES:
Number of services or customers maybe different as per quality, treatment, customer satisfaction,
products, equipment available and the experience and knowledge.
QUALITY:
Quality of work and overall quality which may vary in different things is different at both marquee as
many factors play in the role of quality.
MANAGING SKILLS:
Handling of customers is different at both marquees which mainly depends on the number of
customers. As Fortress marquee was started much before so their managing skills are much more
mature as compared to Avalon Marquee.
UP TO DATE:
Fortress marquee salon and Avalon marquee keep their services and setups up to date and modern to
compete with international criteria and standards so the can maintain their class and standard.
BUSINESS:
Both are business setups with more of us working hours and with a resulting earnings gap to close.
PRIVATE SETUPS:
Fortress marquee is a private setup, Whereas Avalon banquet hall is also an non-governmental
organization which is being run by public owners.

D 1:
INTRODUCTION:
Developing countries face poverty, unbalanced development and unemployment, among these
problems unemployment is the most blazing problem (Dev and Mahajan, 2003). To overcome these
issues in Pakistan entrepreneurship is the best solution (Haque, 2011). It is important to find out
whether people are devoted to enter into entrepreneurial world rather than employed in large-scale or
government organization and factors which frightens and seizes entrepreneurial graduates going for a
new venture launch (Audretsch and Thurik, 2001).
Small businesses are so important to economic development that public policymakers and other
stakeholders have put efforts to boost the creation of new small businesses and reduce the incidents of
failure and bankruptcy (Carter and Van Auken, 2006). Therefore, predicting the fate of small businesses
in terms of success and failure has become an important area of research (Davidsson and Klofsten,
2003; Pompe and Bilderbeek, 2005). Such research on the prediction of success versus failure (S/F)

would benefit current and would-be entrepreneurs, as well as a variety of other stakeholders including
parties that assist and advise them, investors and institutions who/that provide them with capital and
other resources and communities and society by and large (Dennis and Fernald, 2001). However,
assessment of the factors that lead to the success and failure of small businesses is still an ongoing and
unfulfilled effort that research continues to pursue (Rogoff et al., 2004).
Factors in favor for new business start-ups:
1. Affecting growth of entrepreneurs

2. economic stability of the country
3. employment and new jobs
4. Small Business Finance Corporation was established in Pakistan to provide loans to small businesses.
Commercial banks also provide small business loans.
5. lack of commercial land, resulting in congestion
6. lack of capital and credit availability
7. fear of market failure
8. the land acquisition for commercial purposes is difficult because of restrictive local government by laws
9. electricity shortages and deteriorating law
10. Government policies
TASK 2:
(P5):
A manager title in the workplace can cover a realm of duties, most of them supervisory in nature. In
larger corporations, you may find tiers of management levels, each with specific duties. But in a small
business, the manager is often a jack-of-all-trades. Though he may oversee aspects of the business, his
responsibilities may be hands-on as well.
Hire Great People
It all starts here — with great talent, the rest is easy. For some reason, managers often take short-cuts
when it comes to sourcing, screening, and selection, or they overly rely on HR or recruiters, instead of
seeing selection as a critical part of his/her job.
Performance Management
“Performance management” is a broad category, and covers the people-management aspect of a

manager’s job. It includes clarifying and setting expectations and goals, coaching, measuring, and
monitoring employees’ work, addressing performance problems, providing feedback and recognition,

coaching, developing, training, and doing performance reviews. Depending on the number of direct
reports a manager has, this can take up the majority of a manager’s week.
Team Development
In addition to individual employee management and development, a manager is responsible for the
development of a high performing team. An interdependent team is usually more productive than a
group of individuals working independently.
Setting Overall Direction
A manager sets the long and short term direction of the team or organization. This includes the vision,
mission, goals, and objectives — in other words, strategy. Strategic managers spend a lot of time
thinking about mission and direction; always on the look-out for the need to change priorities or
reinvent.
Being an Important and Supportive Team Member
Patrick Lencioini, author of the bestselling book “The Five Dysfunctions of a Team, says that “team
number one” should be your manager’s team, not your own. He says, “We all know that if there is any
daylight between executive team members, it ultimately results in unwinnable battles that those lower
in the organization are left to fight.”
Doing Unique
Just about every manager, no matter what level, has their own set of individual contributor
responsibilities. The higher the level, the fewer there are, but even CEOs have to do things that just
cannot be delegated. However, managers should be very careful to make sure that they are really doing
work that only they can do, not work that they like to do, are good at, or don’t trust their team to do.
Manage Resources
Managers have to make sure the team has the resources they need to do they work, while at the same
time making sure that a team does not overspend or waste resources.
Improve Processes and Quality
While individual should take responsibility for the quality of their own work, managers are usually in the
best position to see the overall workflow (the sum of the parts) and make adjustments and
improvements.
Self-Development
Managers are not just responsible for the development of their employees and teams — they are
responsible for their own development as a manager as well. That includes taking on stretch,

developmental assignments, participating in management training, seeking mentors, asking for
feedback, and reading about management and leadership. By doing so, they are role modeling
continuous improvement.
Communicate Information
They make sure information is flowing from above, sideways, and upwards. They are never the
bottleneck in the information highway. Finally, in case you are wondering where “leadership” fits into
the role of a manager, it’s woven throughout these ten essentials role, each requires leadership in order
to be truly effective. Leadership is not a separate “do” — it is a way of being!
ENTREPRENEUR:
Economists have never had a consistent definition of "entrepreneur" or "entrepreneurship" (the word
"entrepreneur" comes from the French verb entreprendre, meaning "to undertake"). Though the
concept of an entrepreneur existed and was known for centuries, the classical and neoclassical
economists left entrepreneurs out of their formal models: They assumed that perfect information would
be known to fully rational actors, leaving no room for risk-taking or discovery. It wasn't until the middle
of the 20th century that economists seriously attempted to incorporate entrepreneurship into their
models.
Roles of an entrepreneur:
1. Leader
It should be no surprise that entrepreneurs are often seen as leaders, but the actual role of leadership
takes experience to master. As the leader of your organization, you’ll be in charge of establishing the
internal tone, setting a good example for your team, resolving conflicts and keeping morale up in times
of distress or hardship. That's not always easy.
2. Figurehead
Acting as a figurehead for the company is a lot like being a leader, but it’s extrinsically focused. You’ll be
a figurehead for the company when you network with other professionals, attend speaking events and
develop your personal brand online. People will come to associate your company with your own
personality and behaviors, so be true to yourself and make a good impression.
3. Visionary
The role most people correlate with entrepreneurship is that of “visionary.” Entrepreneurs are idea
people, always searching for opportunities for innovation and finding new ways to tackle old challenges.
That role doesn’t go away once your business has launched. You’ll need to keep looking for new ways to
improve, and new directions for your company to grow.

4. Decider
You won’t have the time or the ability to experience everything happening in the company firsthand. As
an entrepreneur, you'll find your team members coming to you with information and dilemmas -- such
as the fact that your next shipment is going to miss the deadline. It’s your job to make the final decision
on these matters, which is often harder than it appears. There’s a lot riding on your shoulders, and you’ll
be taking accountability for how your decisions ultimately turn out.
5. Financial analyst
The financial health of your company is the biggest factor for its ultimate success or failure. While you
might have a CFO or similar position filled in your organization (it should be one of your top priorities),
you'll still be responsible for overseeing your financial records and taking action when necessary to
prevent disaster -- such as securing a new line of credit.
6. Marketer
As the primary visionary for your company, you have the job of establishing an image for your brand.
You can recruit an outside marketing professional to help you come up with the nuts and bolts, but
ultimately, it's your job to finalize your company’s marketing plans.
7. Receptionist
When your organization gets bigger, you might get a receptionist or secretary to help you out, but,
meantime, you’ll be the receptionist for the vast majority of your company’s incoming calls, emails,
visitors and inquiries. Checking email, calling people back and rescheduling appointments is going to eat
up a lot of your day -- like it or not.
8. Customer service rep
As an early-stage entrepreneur, you'll have the responsibility to make sure your customers are happy.
You’ll only have a few clients in the beginning, and they’re going to be vitally important for the health of
your business, so you’ll have to take it upon yourself to ensure their satisfaction (and make adjustments
to your products and services if necessary).
9. HR manager
As an entrepreneur, you’ll be in charge of building the team that carries your ideas and objectives
through to success. This means you’ll have full control over who comes into your organization, and you
can prioritize whatever blend of skills, talents, education, experience and personality you need to make
things work.
10. Grunt

Entrepreneurship isn’t all about charisma and glory. Unfortunately, you’ll also be serving the role of a
grunt in the early stages of your business. Data entry, paperwork, coffee runs and other unglamorous
jobs will take up lots of your time -- but every second of that time will still be worth it.
Some of these roles don’t typically go away over time. You may hire more people who can take on these
responsibilities, but you’ll still be in charge of making the final decisions and establishing the direction
that your other organization leaders must follow.
That makes for a lot of pressure, and for some, the effort will be more hectic than it’s worth, but it will
also keep your job interesting and give you greater insight into the actual mechanics of a business.
FORTRESS MARQUEE, THE ENTREPRENEUR MARQUE
Fortress is an ideal choice for arranging events in Islamabad. The owners have 32 years of work
experience in the field of hospitality. Fortress has three halls with the capacity of 1200, 500 and 200
respectively. All kinds of events can be arranged in fortress from weddings, concerts, product launches,
conference & seminars, promotions, press conferences, farewells to television based events or fashion
shows etc
Fortress Marquee has a unique atmosphere. Can be set up, temporarily, for a single occasion, they are a
space apart from normal life, embodying the specialness of an event.
In addition, marquees are very flexible. In Fortress marquee, anything is possible: long, square, L-
shaped; romantic, classical, themed. Bride and groom can stamp their character on an event in any way
they choose. Hiring a marquee also gives you the opportunity to welcome guests to a wedding reception
at home at a time of your choosing. And to party until 6.00am if you desire and the neighbors are agree
able. County Marquees supplies frame marquees suitable for from 30 to 880 guests. We also offer
traditional style tents, stretch tents and Chinese Hat marquees.

(P6):
The entrepreneurial motivation is the process that activates and motivates the entrepreneur to exert
higher level of efforts for the achievement of his/her entrepreneurial goals. In other words, the
entrepreneurial motivation refers to the forces or drive within an entrepreneur that affect the direction,
intensity, and persistence of his / her voluntary behavior as entrepreneur. So to say, a motivational
entrepreneur will be willing to exert a particular level of effort (intensity), for a certain period of time
(persistence) toward a particular goal (direction).
Developing an entrepreneurial mindset:
Motivation activates innate strengths to achieve a particular goal, many questions arise during knowing
this concept such as why can’t all the human beings become leader or entrepreneurs even though they
face same motivation during his/her lifetime? Who can become effective motivators? What type of
motivation can influence one’s behavior? Is the extent of motivation decides the power of externalized
behavior? Etc, entrepreneurial motivation is a psychological process in which all the motives may not

influence with the same intensity, it varies with the perception levels of the individuals and factors
responsible for the motivation.
Definition
Motivation is regarded as “the inner state that energizes activities and directs or channels behavior
towards the goal”. Motivation is the process that arouses action, sustains the activity in progress and
that regulates the pattern of activity.
There are two types of motivation, Intrinsic and Extrinsic motivation. It's important to understand that
we are not all the same; thus effectively motivating your employees requires that you gain an
understanding of the different types of motivation.
Intrinsic Motivation
Intrinsic motivation means that the individual's motivational stimuli are coming from within. The
individual has the desire to perform a specific task, because its results are in accordance with his belief
system or fulfills a desire and therefore importance is attached to it.
Our deep-rooted desires have the highest motivational power. Below are some examples:
1. Acceptance: We all need to feel that we, as well as our decisions, are accepted by our co-workers.
2. Curiosity: We all have the desire to be in the know.
3. Honor: We all need to respect the rules and to be ethical.
4. Independence: We all need to feel we are unique.
5. Order: We all need to be organized.
6. Power: We all have the desire to be able to have influence.
7. Social contact: We all need to have some social interactions.
8. Social Status: We all have the desire to feel important.
Extrinsic Motivation
Extrinsic motivation means that the individual's motivational stimuli are coming from outside. In other
words, our desires to perform a task are controlled by an outside source. Note that even though the
stimuli are coming from outside, the result of performing the task will still be rewarding for the
individual performing the task.

Extrinsic motivation is external in nature. The most well-known and the most debated motivation is
money. Below are some other examples:
1. Employee of the month award
2. Benefit package
3. Bonuses
4. Organized activities
Fortress Marquee follows extrinsic motivation for its staff.
Nature of Motivation
The nature of motivation emerging out of above definitions can be expressed as follows:
1. Motivation is internal to man
Motivation cannot be seen because it is internal to man. It is externalized via behavior. It activates the
man to move toward his / her goal.
2. A Single motive can cause different behaviors
A person with a single desire or motive to earn prestige in the society may move towards to join politics,
attain additional education and training, join identical groups, and change his outward appearance.
3. Different motives may result in single behavior
It is also possible that the same or single behavior may be caused by many motives. For example, if a
person buys a car, his such behavior may be caused by different motives such as to look attractive, be
respectable, gain acceptance from similar group of persons, differentiate the status, and so on.
4. Motives come and go
Like tides, motives can emerge and then disappear. Motives emerged at a point of time may not remain
with the same intensity at other point of time. For instance, an entrepreneur overly concerned about
maximization of profit earning during his initial age as entrepreneur may turn his concern towards other
higher things like contributing towards philanthropic activities in social health and education once he
starts earning sufficient profits.
5. Motives interact with the environment

The environment in which we live at a point of time may either trigger or suppress our motives. You
probably have experienced environment or situation when the intensity of your hunger picked up just
you smelled the odor of palatable food.
You may desire an excellent performance bagging the first position in your examination but at the same
time may also be quite sensitive to being shunned and disliked by your class mates if you really perform
too well and get too much of praise and appreciation from your teachers. Thus, what all this indicates is
that human behavior is the result of several forces differing in both direction and intent.
Entrepreneurial Motivating Factors
Most of the researchers have classified all the factors motivating entrepreneurs into internal and
external factors as follows:
Internal Factors
These include the following factors:
1. Desire to do something new.

2. Become independent.
3. Achieve what one wants to have in life.
4. Be recognized for one’s contribution.
5. One’s educational background.
6. One’s occupational background and experience in the relevant field.
External Factors
These include:
1. Government assistance and support.

2. Availability of labor and raw material.
3. Encouragement from big business houses.
4. Promising demand for the product
(P7):
There is some evidence pointing to the importance of these skills for innovative entrepreneurship. The
issue of business and entrepreneurship skills and competencies is closely related to broader questions
related to skilled labor, migration and attitudes toward entrepreneurship). Suitable education program
to help develop entrepreneurial mindsets and company training in entrepreneurship skills are
considered critical.
The current study strives to bridge this gap by examining the impacts of prior experiences from serial
entrepreneurs’ perspective. Drawing on organizational learning theory, we theorize about the

differential effects from several experience dimensions: direct vs. indirect experiences, successful vs.
failed experiences, the relatedness, richness and diversity of prior experiences. Employing a panel-level
analysis approach, we document positive effects of both direct and indirect learning. However, the
successful, related, rich and diverse experience do not always seem to facilitate learning and
consequently lead to enhanced performance.
The importance of family background and neighborhood effects as determinants of entrepreneurship
Entrepreneurship has been hailed as an avenue for upward social mobility and a driver of innovation,
job creation, and growth. As a result, policies aimed at encouraging successful entrepreneurship have
been adopted in many countries. For example, vast amounts of money are spent in attempts to facilitate
access to finance for entrepreneurs with great ideas but limited personal capital. Entrepreneurial
education programs are now popular – they have permeated academic and training curricula, from
primary school, through tertiary education, and to active labor market programs.
Not only to what extent youth environment affects the decision to become an entrepreneur, but also to
what extent it affects the ability to survive and thrive as an entrepreneur. Our main results show that:
1. 25% of the variance in individuals’ decisions to become self-employed is explained by family

background and community influences;
2. For incorporation, this is close to 35%;
3. These percentages are slightly higher when we consider measures of successful entrepreneurship
such as above median years of self-employment and incorporation;
4. Brother correlations are always larger than sister correlations;
FORTRESS MARQUEE:
‘The Fortress Marquee’ is innovative Fortress Islamabad is Located in Main Islamabad Expressway, event
venue that brings together stunning aesthetics, engineering brilliance and weather-proofing all in one
great package. All that along-with a vast landscape, a capacity to accommodate up to 800 guests, an
ideal location in Islamabad, and plenty of parking-space with valet parking facility, it is the perfect
solution for your private and corporate event needs. At its heart lies our revolutionary new marquee
that makes all the difference.

So what is so special about this marquee? Well let us just say it is something rather different. It is as
much a hall as it is a tent, as much fixed as it is removable, as much flexible as it is durable and as much
brilliant a design as it is beautiful. In short it is a complete solution to your event needs with all the
flexibility that you want from tents plus all the facilities that you require of halls. It is what we call a
‘Structure Tent’, a pillar-less structure that is specially designed to withstand extreme weather
conditions while maintaining the aesthetic sophistication that is expected of a top class event venue.
Brilliant
It is a hundred percent ‘weather proof’ structure. Made out of a carefully engineered solid aluminum
frame firmly fixed into the ground, it is specifically conceived to resist high winds. It is then covered with
water-resistant and fire-repellant PVC fabric which is designed to slide into the frame, creating leak-
proof ceiling and walls. The marquee does not absorb any water and instead directs it neatly down the
firm slopes of its ceiling.
Beautiful
While from outside The Fortress Marquee is a show of engineering brilliance, its interior is an archetype
of decorative finesse. They have carefully designed Fortress interior appearance to out-do that of any
other venue that you have seen in the Twin Cities. The inner ceiling is fitted with beautiful Satin lining
falling gracefully off of the top, laying the basis for a grand interior makeup. Diffused lighting has artfully
been arranged in order to attain a well balanced and refined ambiance. The interior is also absolutely
pillar-less, thus giving you an un-obstructed view of the entire 85 x 200 ft. space.

Flexible
All of this is done keeping in view your diverse tastes. Unlike the rigidly constructed halls and other
venues, Fortress has been designed recognizing your requirement to customize and personalize your
event to your own liking. Therefore, despite all the strength and firmness of its structure, we have
preserved the flexibility to mold Avalon’s interior into anything that you may want. There is ample
opportunity for designers and decorators to express their creative freedom and conveniently transform
the interior according to the wishes of our clients.
M3
Trait theory (also called dispositional theory) is an approach to the study of human personality. Trait
theorists are primarily interested in the measurement of traits, which can be defined as habitual
patterns of behavior, thought, and emotion. According to this perspective, traits are aspects of
personality that are relatively stable over time, differ across individuals (e.g. some people are outgoing
whereas others are not), relatively consistent over situations, and influence behavior. Traits are in
contrast to states which are more transitory dispositions.
Trait theory allows for an interpretation and importance of the self when studying personality as well as
an acknowledgement and consideration of the suggestibility of the self. In some theories and systems,
traits are something a person either has or does not have, but in many others traits are dimensions such
as extraversion vs. introversion, with each person rating somewhere along this spectrum.

Entrepreneurs are not born. Entrepreneurs are not like athletes, they don't need natural inherent body
and muscles. An athlete's child may grow up an athlete, but it would not happen in an entrepreneur's
family. Many businesses bankrupted every day, including some entrepreneur's family. However,
entrepreneurs are neutrally made, and they own some special qualities and also need some trainings
and experiences as athletes.
The main quality of entrepreneurship is innovation, which is not obtained naturally. Innovation is a new
product, a new technology, a new source, and a new market (Mariotti and Glakin, 2010). There are
many examples of entrepreneurs bankrupted due to lack of innovation. We all have noticed that every
year we will update our system to the new window. The popularity of the system proves the success of
Microsoft, and makes Bill Gates the famous entrepreneur.After all, the sense of innovation is not grown
natural, it comes from opportunities. When there is problem, there is opportunities (Mariotti and
Glakin, 2010).
Many people become entrepreneurs. Famous entrepreneurs like Jobs Steve, Bill Gates, and Warren
Buffet made their business enormous. These famous successful entrepreneurs are not athletes who
were born with inherent body and muscles, but they are nurturally made and trained through the
practice of their business. Entrepreneurs shared the same posterior qualities. A good sense of
innovation will survive a business from a crisis and make it the leader of its field, and the entrepreneurs
find opportunities from problems and make the innovations. Rich experience, ranking number one of
the factor of entrepreneurship, will make the entrepreneurs easily overcome some business crisis and
forecast its development. Well-rounded knowledge in the field, like the application of financial
statements, knowing the government regulations is essential for the entrepreneurs to operate their
business. Good communication skills, gained from experience of dealing with people, will get the
business leader potential customers and gained a huge profit from it.
TASK 3:
(P3):
A larger percentage of the populations within Pakistan are employed or in other words working in small-
businesses and these small-enterprises acts as a core generator of employment in the industry. Many of
the small businesses, which became successful and also emerging, are opening up significant
opportunities for the local and regional population of Pakistan. With these facts, information and data
discussed, it becomes clear that small-businesses are without a doubt one of main component and spine
for the economic growth and sustainability in Pakistan.

Based on everything that has been discussed above it is apparent that the positive impacts of
entrepreneurs on an economy, far outweigh the negative impacts. Job creation, reduction in
unemployment levels, increased competition, opening new markets, increasing productivity, foreign
income generation and poverty alleviation are some of the positive impacts that entrepreneurs have on
an economy. However, this is not to say that there are no negative impacts such as the wastage and
plundering of resources, yet taken as a whole it is apparent that the entrepreneurs positively impact an
economy.
Why are Entrepreneurs Important for the Economy:
In economist-speak, an entrepreneur acts as a coordinating agent in a capitalist economy. This

coordination takes the form of resources being diverted towards new potential profit opportunities. The
entrepreneur moves various resources, both tangible and intangible, promoting capital formation.
In a market full of uncertainty, it is the entrepreneur who can actually help clear up uncertainty, as he
makes judgments or assumes risk. To the extent that capitalism is a dynamic profit-and-loss system,
entrepreneurs drive efficient discovery and consistently reveal knowledge. Established firms face
increased competition and challenges from entrepreneurs, which often spurs them towards research
and development efforts as well. In technical economic terms, the entrepreneur disrupts course towards
steady-state equilibrium.
How Entrepreneurs Help Economies and Countries:
Nurturing entrepreneurship can have a positive impact on an economy and a society in several ways. For
starters, entrepreneurs create new business. They invent goods and services, resulting in employment,
and often create a ripple effect, resulting in more and more development. For example, after a few
information technology companies began in India in the 1990s, businesses in associated industries, like
call center operations and hardware providers, began to develop too, offering support services and
products.
Entrepreneurs add to the gross national income. Existing businesses may remain confined to their
markets and eventually hit an income ceiling. But new products or technologies create new markets,
and new wealth. And increased employment and higher earnings contribute to a nation’s tax base,
enabling greater government spending on public projects.
Entrepreneurs create social change. They break tradition with unique inventions that reduce
dependence on existing methods and systems, sometimes rendering them obsolete. Smart phones and
their apps, for example, have revolutionized work and play across the globe.
Entrepreneurs invest in community projects and help charities and other non-profit organizations,
supporting causes beyond their own. Bill Gates, for example, has used his considerable wealth for
education and public health initiatives.

Entrepreneurship in Pakistan:
Entrepreneurship is viewed by economists to be a combination of innovation and risk taking. When such
activity thrives, high growth rates are achieved as well as opportunities offered to all segments of
society, including the poor. The latter benefit from growth and employment as well as through
opportunities for entrepreneurship. In Pakistan innovation and risk taking is severely inhibited by the
intrusive role of government in the marketplace. From the early days of planning when protection and
subsidy policies determined winners in the market place, entrepreneurship has been diverted to seeking
government favors. Government economic policy also seeks to promote growth through a basically
‘mercantilist’ approach where domestic commerce through seriously neglect is heavily regulated. This
sector either employs most of the poor or offers them entrepreneurial opportunities. Hence
deregulating this sector could be a priority in and anti-poor strategy. The paper also argues that land
distribution and city zoning and management have also evolved to further reinforce the prevalent rent
seeking path to success. The result is that cities are by design not allowed to become clusters of
commerce that will be entrepreneur friendly. These clusters of dense urban commerce are magnets of
employment and opportunity for the poor. To develop an entrepreneurship culture in the country, the
system of incentives (laws and policies) that promote rent seeking will have to be dismantled. This paper
presents an analysis of the state of entrepreneurship/rent seeking prevailing in Pakistan. This analysis
allows us to obtain and understanding of the kinds of reforms (including legislative changes) that are
required to develop entrepreneurship. Entrepreneurship plays a significant role in the country's
development. According to Harbison, entrepreneurs are prime movers of innovation. Saying describes
entrepreneurship as a dynamic force. Indeed, an entrepreneur is the person who perceives a business
opportunity and converts it into a viable business plan culminating into a business venture ultimately.
Entrepreneurship development as a conscious mechanism in Pakistan is a recent post-colonial
phenomenon. This has been an exciting period in which international aid was sought with the purpose
of achieving economic development. The international networking of research with fledgling local
counterparts dedicated themselves to developing policy instruments for delivering this noble purpose.
Sadly, even after 60 years poverty persists and other countries, like Pakistan, are caught in poverty.
(P4):
The social economy is generally taken to be a third sector of mixed capitalist economies distinct from
the private and public sectors. The social economy is based on cooperative, not-for-profit, and voluntary
rather than paid activities carried out within communities, across national economies, and
internationally. It is variously referred to as the nonprofit sector, the economy social, and the
Gemeinwirtschaft, and has a long history coincident with the rise of market economies (Nitsch 1990).

The social economy is defined by the collection of different social objectives of the various organizations
that make it up. According to the European Commission, social economy organizations are classified as
cooperatives, mutual societies, voluntary organizations, foundations, and social enterprises.
1. The Role of entrepreneurship in economic development of a country
An entrepreneur can be regarded as a person, who has the initiative skill and motivation to set up a
business or enterprise of his own and who always looks for high achievements. He is the catalyst for
social change and works for the common good. They look for opportunities, identify them and seize
them mainly for economic gains. An action oriented entrepreneur is a highly calculative individual who is
always willing to undertake risks in order to achieve their goals.
Entrepreneurship is one of the most important inputs in the economic development of a country.
2. Promotes Country's Export Trade:

Entrepreneurs help in promoting a country's export-trade, which is an important ingredient of economic
development. They produce goods and services in large scale for the purpose earning huge amount of
foreign exchange from export in order to combat the import dues requirement. Hence import
substitution and export promotion ensure economic independence and development.
3. Induces Backward and Forward Linkages:
Entrepreneurs like to work in an environment of change and try to maximize profits by innovation.
When an enterprise is established in accordance with the changing technology, it induces backward and
forward linkages which stimulate the process of economic development in the country.
4. Facilitates Overall Development:
Entrepreneurs act as catalytic agent for change which results in chain reaction. Once an enterprise is
established, the process of industrialization is set in motion. This unit will generate demand for various
types of units required by it and there will be so many other units which require the output of this unit.
This leads to overall development of an area due to increase in demand and setting up of more and more
units. In this way, the entrepreneurs multiply their entrepreneurial activities.
5. Creates Large-Scale Employment Opportunities:
Entrepreneurs provide immediate large-scale employment to the unemployed which is a chronic

problem of underdeveloped nations. With the setting up of more and more units by entrepreneurs, both
on small and large-scale numerous job opportunities are created for others. As time passes, these
enterprises grow, providing direct and indirect employment opportunities to many more. In this way,
entrepreneurs play an effective role in reducing the problem of unemployment in the country which in
turn clears the path towards economic development of the nation.

6. Promotes Balanced Regional Development:
Entrepreneurs help to remove regional disparities through setting up of industries in less developed and
backward areas. The growth of industries and business in these areas lead to a large number of public
benefits like road transport, health, education, entertainment, etc. Setting up of more industries leads
to more development of backward regions and thereby promotes balanced regional development.
7. Reduces Concentration of Economic Power:

Economic power is the natural outcome of industrial and business activity. Industrial development
normally leads to concentration of economic power in the hands of a few individuals which results in the
growth of monopolies. In order to redress this problem a large number of entrepreneurs need to be
developed, which will help reduce the concentration of economic power amongst the population.
8. Wealth Creation and Distribution:
It stimulates equitable redistribution of wealth and income in the interest of the country to more people
and geographic areas, thus giving benefit to larger sections of the society. Entrepreneurial activities also
generate more activities and give a multiplier effect in the economy.
9. Increasing Gross National Product and Per Capita Income:
Entrepreneurs is always on the lookout for opportunities. They explore and exploit opportunities,,
encourage effective resource mobilization of capital and skill, bring in new products and services and
develops markets for growth of the economy. In this way, they help increasing gross national product as
well as per capita income of the people in a country. Increase in gross national product and per capita
income of the people in a country, is a sign of economic growth.
10. Improvement in the Standard of Living:
Increase in the standard of living of the people is a characteristic feature of economic development of
the country. Entrepreneurs play a key role in increasing the standard of living of the people by adopting
latest innovations in the production of wide variety of goods and services in large scale that too at a
lower cost. This enables the people to avail better quality goods at lower prices which results in the
improvement of their standard of living.
11. Promotes Country's Export Trade:
Entrepreneurs helps in promoting a country's export-trade, which is an important ingredient

of economic development. They produce goods and services in large scale for the purpose earning huge
amount of foreign exchange from export in order to combat the import dues requirement. Hence import
substitution and export promotion ensure economic independence and development.
12. Induces Backward and Forward Linkages:

Entrepreneurs likes to work in an environment of change and try to maximize profits by innovation.
When an enterprise is established in accordance with the changing technology, it induces backward and
forward linkages which stimulate the process of economic developmental country.
13. Facilitates Overall Development:
Entrepreneurs act as catalytic agent for change which results in chain reaction. Once an enterprise is
established, the process of industrialization is set in motion. This unit will generate demand for various
types of units required by it and there will be so many other units which require the output of this unit.
This leads to overall development of an area due to increase in demand and setting up of more and
more units. In this way, the entrepreneurs multiply their entrepreneurial activities, thus creating an
environment of enthusiasm and conveying an impetus for overall development of the area.
D2
Local economy
The economic system and range of economic activity in a local area that serves a local population.
Our local economy is being developed and is expanding and creating more employment which is what
the local area needs.
Community Involvement
Small business owners are an integral part of the communities in which they live and work. Thus, they
tend to be cognizant of how their decisions may impact their neighbors. In addition, local small business
entrepreneurs tend to be involved in the community.
Environmental Benefits
Pedestrian-friendly town centers have their own unique vibe — and demonstrable environmental
benefits.
Local Jobs
Small businesses are job creators, and most of those jobs are local jobs. Rather than having to commute
to another city, employees work closer to home. Supporting local businesses also helps your fellow
community members who work at them.
Innovation and Competition
Small businesses, like any business, need to stand out from the crowd in order to survive. They must
serve a legitimate need in the community and do it better than their competitors. Having multiple small

businesses all striving to be unique, innovative, and better can result in a healthy marketplace and well-
served consumers.
Less Infrastructure and Low Maintenance
Compared to shopping malls and chain stores, local shops tend to require fewer public services and less
infrastructure.
National economy
The economy of a nation; specifically: the economy of a nation as a whole that is an economic unit and
is usually held to have a unique existence greater than the sum of the individual units within it.
The role of small and in economic development
Increasingly, economic development experts are abandoning traditional approaches to economic

development that rely on recruiting large enterprises with tax breaks, financial incentives, and other
inducements. Instead, they are relying on building businesses from the ground up and supporting the
growth of existing enterprises. This approach has two complementary features. The first is to develop
and support entrepreneurs and small businesses. The second is to expand and improve infrastructure
and to develop or recruit a highly skilled and educated workforce. Both efforts depend in large part on
improving the quality of life in the community and creating an attractive business climate. ; Edmiston
explores whether promoting entrepreneurship and small businesses makes sense as an economic
development strategy. He concludes that it probably does, but with some caveats. Small businesses are
potent job creators, but so are large businesses.
BIBLOGRAPHY:
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https://www.entrepreneur.com/article/253447 [Accessed 26 Apr. 2018].
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https://www.investopedia.com/terms/e/entrepreneur.asp [Accessed 26 Apr. 2018].
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http://weddinghallislamabad.pk/Halls/fortress-marquee-islamabad/ [Accessed 26 Apr. 2018].

Anon, (2018). [online] Available at: https://www.quora.com/What-can-be-an-average-cost-latest-
figures-per-person-in-Marquees-Halls-for-a-wedding-event-for-roughly-150-200-people-in-Rawalpindi-
Islamabad [Accessed 26 Apr. 2018].
H. and Khan, H. (2018). Fortress Marquee Islamabad – Asian Decorators Islamabad. [online]
Asiandecoratorsislamabad.pk. Available at: http://asiandecoratorsislamabad.pk/fortress-marquee-
islamabad/ [Accessed 26 Apr. 2018].
She n He Official. (2018). The Best and Beautiful Marriage Halls in Islamabad. [online] Available at:
https://shenheofficial.wordpress.com/2017/04/15/the-best-and-beautiful-marriage-halls-in-islamabad/
[Accessed 26 Apr. 2018].
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BusinessDictionary.com. (2018). Read the full definition.. [online] Available at:

http://www.businessdictionary.com/definition/entrepreneurship.html [Accessed 26 APR. 2018].
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Available at: http://hrmagazine.co.uk/article-details/developing-an-entrepreneurial-mindset [Accessed
26 APR. 2018].
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Available at: https://www.innovationpolicyplatform.org/content/business-and-entrepreneurship-skills-
and-experience [Accessed 26 APR. 2018].
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activities on venture growth*
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https://www.investopedia.com/articles/personal-finance/101414/why-entrepreneurs-are-important-
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Entrepreneurship & Small Business MANAGMENT (Level 4) : Unit 9

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ENTREPRENEURSHIP & SMALL BUSINESS UNIT

ASSESSMENT SUBMISSION & DECLARATION

QUALIFICATION UNIT NUMBER AND TITLE

STUDENT NAME ASSESSOR NAME

HASSAM UL HAQ RAJA

DATE ISSUED COMPLETION DATE SUBMITTED ON

ASSIGNMENT TITLE THE FIRST OF ITS KIND ENTREPRENEURIAL VENTURE

ASSESSMENT CRITERIA TASK NUMBER EVIDENCE PAGE NUMBER

STUDENT SIGNATURE: HASSAM UL HAQ RAJA DATE:

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Small Business Entrepreneurship

2. Scalable Startup Entrepreneurship

3. Large Company Entrepreneurship

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1. Complete Wedding Services

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OTHER ENTREPRENEURSHIP VENTURE:

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SIMILARITIES & DIFFERENCES:

Both marquees have a large arrangement of capacity up to 800-1000 people at a time.

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Factors in favor for new business start-ups:

1. Affecting growth of entrepreneurs

Hire Great People

“Performance management” is a broad category, and covers the people-management aspect of a

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Setting Overall Direction

Being an Important and Supportive Team Member

Improve Processes and Quality

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8. Customer service rep

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FORTRESS MARQUEE, THE ENTREPRENEUR MARQUE

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Developing an entrepreneurial mindset:

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2. Curiosity: We all have the desire to be in the know.

3. Honor: We all need to respect the rules and to be ethical.

4. Independence: We all need to feel we are unique.

5. Order: We all need to be organized.

6. Power: We all have the desire to be able to have influence.

7. Social contact: We all need to have some social interactions.

8. Social Status: We all have the desire to feel important.

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1. Employee of the month award

Fortress Marquee follows extrinsic motivation for its staff.

1. Motivation is internal to man

2. A Single motive can cause different behaviors

3. Different motives may result in single behavior

4. Motives come and go

5. Motives interact with the environment

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Entrepreneurial Motivating Factors