Developing Entrepreneurial Skills: Investigation of Scope, Personal Traits, and Mindsets

This report investigates the scope of entrepreneurial ventures, personal traits and characteristics, and entrepreneurial mindsets to create new ventures. It explores the similarities and differences between different entrepreneurial ventures and examines examples to identify whether personal traits and characteristics are genetic or learned.

Developing Entrepreneurial
skills
section 1

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Investigation of scope of entrepreneurial venture using variety of examples.............................3
Examining the range of examples to identify personal traits and characteristics are genetic or
learnt ...........................................................................................................................................4
Exploring the different entrepreneurial mindsets to create new venture.....................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................1

INTRODUCTION
Entrepreneurial skills are the skills that helps the entrepreneur to develop them in order to
grow in the market. The current report is based on the Federation of Small Business in UK that
used to provide advices and information related to small business and entrepreneurs. This report
is based on the scopes of entrepreneurial ventures and entrepreneurial role. In this report there
will be investigation on the scope of entrepreneurial venture such as serial entrepreneurs,
technology entrepreneurs, etc. by using the variety of examples. Further this report will indicate
on the personal traits and characteristics are the part of generic make-up or learnt. At last this
report will put focus on the different entrepreneurial mindsets driven by different skills and
characteristics to create new venture.
MAIN BODY
Investigation of scope of entrepreneurial venture using variety of examples
The scope of entrepreneurial venture is based on the size, geographical, location and
structure of the company. As there are different ventures that makes the wide scope of
entrepreneurs in the market. The entrepreneurship and management are the most related terms
that helps the business to grow in the market. Entrepreneurship has the wide scope as it used to
stimulate the societal changes and helps the entrepreneurs to generate the revenue in the market.
This helps to promote the new venture and used to provide the opportunities to the entrepreneurs
in order to grow in the market (Block, Fisch and Hirschmann, 2022).
The serial entrepreneurs are the entrepreneurs that used to start different types of business
by one another rather than having full focused on the one venture. For example, Elon Musk is the
most famous serial entrepreneurs who used to have different ventures in UK. These types of
entrepreneurs used to have more benefit by having the various business in the market.
Technology entrepreneurs are those entrepreneurs who used to style in order to manage
their business in order to identify the high potential, gathering the resources and working on the
new and innovative technology. For example, Tobi Ajala is the famous technological
entrepreneur who used to found the new and innovative technology. By using the new
technology in the market it helps the entrepreneurs to grow and gain profits.
The social entrepreneurs are the entrepreneurs who used to work for the welfare of the
society not to earn profit in the market (Lee and Huang, 2018). They used to explore the market
in order to get the best opportunities in order to have positive impact on the society and

community in the world. This shows that the scope of the entrepreneurial venture is so big which
helps the entrepreneurs to grow in the market. The best example of social entrepreneur is Nesta
who used to work for the welfare of the society.
Evaluating the similarities and differences between the different entrepreneurial
ventures investigated
Similarities Of the entrepreneurial ventures: The three types of entrepreneurial ventures
is discussed above that used to have more differences than similarities. The similarity between
the serial and technological entrepreneurs used to work for earning the good profit in the market.
Each venture is used to work for the welfare of the society in order to provide the best products
and services in the market. Serial and technological venture is different from social
entrepreneurial venture, but they all want to have growth in the market by providing the best
products and services to the customers (Haneberg, 2020). The main similarity of the entire
entrepreneur in order to create the venture is to bring something new in the market and work
independently and grow in the competitive market. The above three entrepreneurial venture used
to work independently which makes them to get successful in the market.
Differences: Different entrepreneurial venture has its own aim and objective that they
want to achieve in the market. As serial entrepreneurs used to have different venture, so they
have the big aim and for this they have to be very focused in order to earn revenue. On the other
hand the technological entrepreneurial ventures used to have focus on bringing the new and
innovative technology in the market that used to make the work easier for the people working
(Bertoni, Martí and Reverte, 2019). The social entrepreneur ventures are different as they are
non-profit ventures used to work for the welfare of the people in the market. This type of
ventures are continued by having the charity from the different groups or individuals in the
market. There are various other differences that used to differentiate the entrepreneurial ventures
in the market.
Examining the range of examples to identify personal traits and characteristics are genetic or
learnt
The entrepreneurs are the person who used to bring something new in the market and
their main object is to get successful in the market. There are some famous examples of the
entrepreneurs that helps them to get successful in the market. The examples of some of the
famous entrepreneurs are as described below:

1. Philip Green: Philip Green is the CEO of the Arcadia Group that is the retail
company that used to include different brands. At the age of 21 he used to set his
own business by selling the jeans. But after some time he got bankrupt in his own
retail business. But gradually he work hard for many years and used to by many
clothing and retail stores and this makes him successful today.
Personal traits and characteristics of Philip Green:
 He was hard worker as he used to work hard in order to have great come back.
 He was also the innovator who used to start the selling of jeans in the market.
2. David and Simon Reuben: These both brothers are in the list of Britain's
wealthiest entrepreneurs. They both were born in Mumbai and then moved to
Islington, London with their mother in the late 1950's. They have invested their
whole earnings in the property and aluminium and copper. This shows that they
were very confident about their entrepreneurial venture. By this they have done
different innovations that make them one of the successful entrepreneurs in the
market.
Personal traits and characteristics of David and Simon Reuben:
 They both were very confident as the entrepreneurs required this trait in order to
get successful in the market.
 Both brothers used to do innovation that make them one of the wealthiest
entrepreneur in Britain.
From the above example of famous entrepreneurs that are Philip Green and David and
Simon Reuben it is seen that the entrepreneurs must have the personal traits and characteristics
that makes them successful. Some characteristics and traits are learned and some are generic that
are learned by the family in childhood (Miao and et.al., 2019). The confidence is the generic trait
that must be present in order to become the successful entrepreneur in the market. This is the
most important trait that the person must have that helps them to survive in the market. His
openness in the market to make the people know about that he was bankrupted was the big
things. So this generic trait is also important to get successful in the market.
There are some skills that are to be learnt is innovative skills that are gained by having
the good knowledge of the market. By having the proper research in the market helps the
entrepreneurs to grow and helps them to become successful in their life. The entrepreneurs must

have the good learning of communication skills that makes them to have better communication
in the market. By having the skills it makes the entrepreneurs to do more innovation in the
market and helps them to get success in the future (Amankwah-Amoah and Adomako, 2021).
They must learn the skills by focusing on the successful entrepreneurs in the market that helps
them to know where they need to work more to grow in the market.
Exploring the different entrepreneurial mindsets to create new venture
The entrepreneurial mindsets refers to the set of sills that helps the entrepreneurs to
identify and have the opportunities and learn from the setbacks in order to get successful in the
market. The mind-set of the entrepreneur must be goal- oriented that makes them to have good
focus on their made objectives (What is Entrepreneurial Mindset, 2022). It is very important to
have the entrepreneurial mindset as this helps them to take initiative and make the creative
solutions of the problems. By having this, it helps them to create the new venture in the market.
There are some factors that will explore the entrepreneurial mindsets that is driven by different
skills and characteristics to set up new venture is as described below:
1. Family Upbringing: This is one of the best mindsets that helps the entrepreneurs
to set up their new business in the market. As some family used to have their own
successful business which makes their children to set up the new venture in order
to get successful. The people used to see the problems of their families that makes
them to do something innovative and their passion makes them to get successful
in their life (Thies and et.al., 2019). The family members involved in the ventures
used to have positive impact on the working of the people. This makes the person
to have the good decision-making that helps them to grow in the market. It is one
of the important factor that helps the entrepreneurs to create the new venture in
the market.
2. Cultural background: The cultural background refers to the different factors such
as religion, languages, class, education, skill, attitudes, etc. This is the most
influencing factor that used to have the great impact on the mind-sets of the
entrepreneurs. The person must focus on his goals and objectives in order to get
successful in the market. These factors used to have great contribution in order to
identify the background of the culture. As the cultural background makes the
entrepreneurs to set up or create the new venture according to their religion, skills,

etc. In order to achieve success in the market the entrepreneurs must focus on
their goals rather than getting affected by the cultural background (Doern,
Williams and Vorley, 2019). This is also the important factor that must change
the mindset and skills of the entrepreneurs in order to set up the new venture in
the competitive market.
3. Education and lifestyle - This is the most influencing factor that used to have the great
impact on the mind-sets of the entrepreneurs. It plays a vital role in the success of people,
due to development of education learners who were taught about developing intelligence
went to increase their performance in a better way. With the help of education, the
learners can exhibit more motivation among people. Factors such as education influence
the mind-set development as it helped people gain success in the competitive world. By
development of mind-set, new ventures can improve their lifestyle as they are able to
improve their skills and roles to be successful. The mindset of the entrepreneur must be
goal- oriented that makes them to have good focus on their made objectives related to the
improve of lifestyle (Doern, Williams and Vorley, 2019). The lifestyle of the people is
depended on the support of family which means if the family is well educated, earning
good income, family background of the person is stable then they can easily achieve
success and become entrepreneur in this competitive world. in this way all the factors
which we have discussed above is inter linked with each other. By having these factors
into consideration while understanding about entrepreneurship, it helps them to create the
new venture in the market.
CONCLUSION
From the above it is concluded about the investigation on the scope of entrepreneurial
ventures. The entrepreneurial ventures include such as serial entrepreneurs, technology
entrepreneurs, etc. along with their similarities and differences by using the variety of examples
in the context of UK. The above report has makes to know about the personal traits and
characteristics are the part of generic make-up. This used to show about the traits and
characteristics of the entrepreneurs that help them to get success in the market. The family
members involved in the ventures used to have positive impact on the working of the people.
Also, education and lifestyle of people is also having an impact on the working of the people and

this helps them to become the successful entrepreneurs. At the end this report has described the
different entrepreneurial mind-sets that are driven by different skills.

REFERENCES
Books and journals
Block, J. H., Fisch, C. and Hirschmann, M., 2022. The determinants of bootstrap financing in
crises: evidence from entrepreneurial ventures in the COVID-19 pandemic. Small
Business Economics. 58(2). pp.867-885.
Lee, M. and Huang, L., 2018. Gender bias, social impact framing, and evaluation of
entrepreneurial ventures. Organization Science. 29(1). pp.1-16.
Haneberg, D. H., 2020. Interorganizational learning between knowledge-based entrepreneurial
ventures responding to COVID-19. The Learning Organization.
Bertoni, F., Martí, J. and Reverte, C., 2019. The impact of government-supported participative
loans on the growth of entrepreneurial ventures. Research Policy. 48(1). pp.371-384.
Miao, Q. and et.al., 2019. CEO entrepreneurial leadership and performance outcomes of top
management teams in entrepreneurial ventures: The mediating effects of psychological
safety. Journal of Small Business Management. 57(3). pp.1119-1135.
Amankwah-Amoah, J. and Adomako, S., 2021. The effects of knowledge integration and
contextual ambidexterity on innovation in entrepreneurial ventures. Journal of Business
Research. 127. pp.312-321.
Thies, F. and et.al., 2019. Following the crowd—does crowdfunding affect venture capitalists’
selection of entrepreneurial ventures?. Journal of Small Business Management. 57(4).
pp.1378-1398.
Doern, R., Williams, N. and Vorley, T., 2019. Special issue on entrepreneurship and crises:
business as usual? An introduction and review of the literature. Entrepreneurship &
Regional Development. 31(5-6). pp.400-412.
Online
What is Entrepreneurial Mindset. 2022. [Online]. Available through:<https://www.igi-
global.com/dictionary/entrepreneurial-mindset/69879>

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