Scope of Entrepreneurial Venture and Characteristics of Entrepreneurship

Unit-9

Table of Contents
INTRODUCTION ..........................................................................................................................1
MAIN BODY ..................................................................................................................................1
P1) Investigate the scope of entrepreneurial venture, elaboration with example...................1
P2 Evaluate the characteristics and traits associated with entrepreneurship.........................2
P3 Describe what is meant by an 'entrepreneurial mindset'...................................................3
P4 Evaluating characteristic and skills related to an entrepreneurial mindset.......................5
P5 Analyse appropriate statistics and data to relate how micro and small business ventures
affects the economy at different levels...................................................................................5
P6 Argue the similarities and differences between corporate and public entrepreneurship...6
CONCLUSION ...............................................................................................................................7
REFERENCES ...............................................................................................................................8

INTRODUCTION
Entrepreneurship which is usually refer as the process of the discovering the new ways of
combining resources. In addition, the market value which is being generally show the
combination which is showing the certain resources and is greater than the market value. In this,
the individual who usually create the new business bearing most of the risk and enjoying which
is showing the most of the rewards the business. The entrepreneur is able focus on the strategies
which is able that they can maximise the prospective aspect. In this, the entrepreneurs are usually
show the aspect which is generally categorised into the four factor which is based on the small,
scalable, large and social entrepreneurs. These model are usually cover the fundamental of
starting towards the new business that help to provide the scope which is well related with the
entrepreneurial venture which the variety of trait and characteristic which is well related with the
entrepreneurship (Allmendinger, and Berger, 2020). In this report, the major of discussion is well
related with the scope of entrepreneurial venture with the use of variety of example and also
evaluate the trait and characteristic which is related with the entrepreneurship. In addition, the it
helps to elaborate the entrepreneurial mind-set which help to examine the skills and show the
aspect of characteristic which is well related with the entrepreneurship. In addition, it also
discusses the aspect which is showing the meaning which is based on the entrepreneurial mind-
set and discuss the aspect which is based on the skills which is well related with the
entrepreneurial mind-set. Therefore, the report also covers the information which is related with
the topic of difference and similarities of public and corporate entrepreneurship (Bhawe, and
Zahra, 2019).
MAIN BODY
P1) Investigate the scope of entrepreneurial venture, elaboration with example
Entrepreneurial venture which is defined as the term of firm which is help to create the
innovation and the certain opportunities with the counter purpose of the aim which help to ensure
the economic and social values which is focus on the term of business. There is various type of
entrepreneurial venture which is well explained below with the help of appropriate example:
Small business: It is defined venture that is well related that generally run and well operated
which is showing the sole entrepreneurs so that they can used to ensure their better lives and
lifestyle. Basically, they have showing the factor which is well started with the small business
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(Colombo, and Piva, 2019). In this, the major aim of the individual which help to their family by
ensure the overall profit by the business. Therefore, the might get fail which is showing the
context which may provide the reliable aspect that make the organisation smoother and show the
context of reason which is occur due to the small process and less innovating factor which is
contributed to less complexities. Small business which is usually products start their functionality
which is taking the loans from family and friends which is showing the involves that is single
product or service and the single market. In addition, the owner of such type of entrepreneurship
do not emphasis on the expansion which may show the concern which is well related with the
small scale entrepreneurship business which is simple to own and operate by the individual.
Large company: The business organisation which is showing the exhaustible which is
basically include life cycle which show the usefulness with the large company entrepreneurship.
The large organisation which may show the context where the imaginative as compare with the
small commercial organisation or firm. The employee who usually work in such type of
organisation that they are usually skilled and well educated with the context to the knowledge
which help to grow the organisation and contributed in order to provide the support and care
which is showing the aspect of well operation in the business. They are usually showing their
presence in order to enhance the organisation growth and development (Dileo,and García
Pereiro, 2019).
P2 Evaluate the characteristics and traits associated with entrepreneurship
The traits associated with entrepreneurship:-
Creativity- If the entrepreneur present in the firm can generate new and effective
innovation regarding the service or product produced by them on regular basis with respect to
other competent then that business firm can became very successful. For creating a distinguish
brand identity in customer's mind, the entrepreneurs are desiring to manufacture the unique
product due to the presence of very high competition in market. Creativity can help the sole to
provide the different ideas and thoughts in the working of his firm. By the help of this,
entrepreneur can find out the problem easily and can solve those issue without disturbing the
another areas of the firm (Elly, 2018).
Vision and passion- A very successful entrepreneur is visionary and have a complete vision
and knowledge with respect to their firm where they are working. A successful entrepreneur have
complete knowledge about the firm's desire, product, market situation and market position of the
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