Vocational Context

In 2016, it was reported that small business survival rates are as high as 91% after one year of trading, but after five years just 40% of small businesses will still be trading. For you to be successful in setting up and running an enterprise you need to understand the factors that contribute to:

• why some enterprises are successful
• why some enterprises fail
• why some enterprises are not as successful as they could be.

To enable you to complete this task you first need to carry out research into two real small to medium enterprises (SMEs) and the entrepreneurs that run them. To enable you to complete this task you first need to carry out research into two real small to medium local enterprises (SMEs and the entrepreneurs that run them. Your research will need to focus on:

1. What are the purpose, activities and aims of two contrasting local enterprises?
2. What are the characteristics and skills of the entrepreneurs who run these enterprises?
3. How have the characteristics and skills of the enterprise and entrepreneur influenced it achieving its main purpose?
4. What marker research activity does each enterprise conduct?
5. How the market research helps each enterprise to meet customers needs and understand competitor behaviour?
6. The impact of internal and external factors on the level of success of each of the enterprises.