Entrepreneurial Venture and Exploration of the Entrepreneurial Mindset

ENTREPRENEURIAL
VENTURE AND
EXPLORATION OF THE
ENTREPRENEURIAL
MINDSET

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
P1: The different types of entrepreneurial ventures and the relationship with the typology of
entrepreneurship. .........................................................................................................................1
P2: Exploring the similarities and differences between entrepreneurial ventures.......................2
P3. Impact of micro and small business in the economy.............................................................4
P4. Importance of small business and start ups for the growth of the social economy...............5
P5. Skills and traits of successful entrepreneur and differences from managers.........................6
P6: The entrepreneurial personality reflects entrepreneurial motivation and mind-set...............7
P7. Causes which hinders or fosters entrepreneurship ................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurial ventures are an organization that prioritizes innovation and opportunism
as its core objective in order to create value, both economically and socially. Entrepreneurial
venture also helps in increase profits and revenue by implementing various business ventures to
achieve their goals. Those people who form such organizations are called entrepreneurs.
Entrepreneurial mind-set is the process of thinking which allows a person to overpower the
challenges and prepares you to accept the outcomes of your actions. The constant urge to learn a
new skill, developing from mistakes and spontaneous actions for implementing a idea is known
as entrepreneurial mind-set. The person who develops this mind-set and start implementing this
in his or her life is called an entrepreneur. Entrepreneurs may not be born with this thought
process, these thoughts can be generated through various exercises and achieve positive and
creative thinking.
P1: The different types of entrepreneurial ventures and the relationship with the typology of
entrepreneurship.
Entrepreneurship is the capability to run, develop and organize a business enterprise to
make profits, Entrepreneurship is majorly related to problem solving in the best possible
outcome. The absolute use of specific resources such as land, labour, capital, technology to
generate profits in a business is the major function of entrepreneurship. Entrepreneurship
includes discovering and taking risks. Entrepreneurship of a country increases a country’s ability
to succeed in the global market (LAWAL and et.al.,2018).
Entrepreneurs are the persons who introduce new ideas and sets up a new business. On
the other hand, an Intrapreneur is an employee of a company who takes responsibilities of
innovations in the product, process etc. Entrepreneurs are innovative while Intrapreneurs are
more restorative in nature. Intrapreneur uses the resources of the company including capital
while the entrepreneur arranges his resources by himself. The enterprise in which an intrapreneur
works is an established one meanwhile an entrepreneur works to establish the newly born
organization.
The Entrepreneurs are occupied at all times performing activities such as
Planning the Product:
An entrepreneur keeps on brainstorming on how the product of the organization can be
improved. Whether a new product is to be launched.
1

Creating new Businesses:
Sticking to one business is not one of the major functions of an entrepreneur. Creating
new opportunities to develop a new business are one the major activities of an entrepreneur.
Marketing:
Every entrepreneur has to market the products in different innovative ideas.
The ASDA brother in their course of time undertook many ventures. Starting with the
George clothing, It was one of the venture of this company it was started by these brothers in
1989. This company provided clothes at affordable prices in many countries such as Argentina,
China, Japan and also in India. The speciality of this business was that it was the first in the
market to be stocking wedding dresses (Aghamohammadi and et.al., 2018).
The ASDA brothers also started a venture called medicine. This venture were pharmacy
which the stores of ASDA companies had. These pharmacies were formed by ASDA brothers
from the partnership with Health tech company called Medicspot. This ASDA pharmacy
accomplishments were that it delivered flue vaccine in Chelmsley Wood.
ASDA brothers were brothers started their businesses in 1920 as they had 7 different
shops in their area, in 1960 these brothers converted one old cinema into a large supermarket. In
1991, they were at the verge of bankruptcy. Then the ASDA Stores were bought by Walmart for
continuing the business.
P2. Exploring the similarities and differences between entrepreneurial ventures
The different types of entrepreneurial ventures are:-
Sole Trader :
A sole trader is a person who is self-employed who runs and owns the business
individually. An example of a sole trader is George Soros. A sole trader is fully responsible for
all the aspects of the business. No legal existence, unlimited liability, ability to take decisions
freely are some characteristics of Sole trader (Ghalwash, Tolba and Ismail, 2017).
Partnership:
Partnership is the involvement of two or more persons to operate a business and sharing
of the profits and liabilities in proportion. Every partner in a firm should provide honest
informations, working for a common goal. The characteristics of partnership firm are existence
of an agreement, sharing of profits, nature of liability. An example of a partnership is
NotOnThehighStreet.com.
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