Entrepreneurial Ventures: Characteristics, Traits, and Mindset

This report discusses the scope of entrepreneurial ventures, characteristics and traits related to entrepreneurship, and the entrepreneurial mindset. It also identifies abilities and skills relevant to entrepreneurial mindset and strategies to encourage it.

Entrepreneurial
Ventures

Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1............................................................................................................................................1
P1 By illustrating some examples define the scope of entrepreneurial ventures.........................1
P2 Addressing some characteristics and traits related to entrepreneurship.................................2
M1 Demonstrate the differences and similarities between entrepreneurial ventures and the
characteristics and traits of entrepreneurs in those ventures........................................................4
TASK 2 ...........................................................................................................................................5
P3 Explain the term 'entrepreneurial mindset'.............................................................................5
P4 Identify abilities and skills relevant to entrepreneurial mindset.............................................5
M2 Analyse strategies to encourage entrepreneurial mindset and determine its bringings to a
new venture..................................................................................................................................6
D1 Critically determine entrepreneurial ventures the characteristics, traits and associated
mindset.........................................................................................................................................6
CONCLUSION ...............................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneurship plays a characteristic role in business development and promoting
economical growth. It provides an opportunity of plotting and installing a business idea visualise
to gain expanded business in society. It is better to keep in mind that entrepreneurial ventures
and small enterprise both are definitely different concepts which are confused to be similar by
many people. Entrepreneur is an individual who identify the business opportunity and start a
business with proper planning, scarce resources and operate variable business operations with
risks, responsibilities, and rewards concerned with enterprise venture (Doern, Williams and
Vorley, 2019). Entrepreneurial ventures refers to when an organisation able to pursue a new and
innovative opportunities and intend to implement it for enhancing profitability. The business
development also depends on goods and services and not always on existing business model. In
this report, scope of entrepreneurial venture will be investigated and also focus on description on
traits relevant to entrepreneurship. Additionally, given report will cover a discussion on
characteristic, entrepreneurial mindset as well as associated skills.
MAIN BODY
TASK 1
P1 By illustrating some examples define the scope of entrepreneurial ventures
Entrepreneur is a person who takes a step towards establishment of a business with all the
risks and rewards associated with it. The concept of beginning a new business venture is known
as entrepreneurship. He/She generally is an innovator who comes with a new and fresh idea of
setting up a business selling a product, or service. Economical growth of a country reported to be
highly flourished by the contribution of entrepreneurs. Most of the ideas seems to be generated
by analysis of requirement to perform a task by the particular group of people or throughout the
population. An entrepreneur always tends to bring unique ideas in the market to fulfil the
requirement in a possible innovative way. Establishing a new business consist an equal chances
of getting success or failure (Baker and Welter, 2018). Those entrepreneurs who become
successful in making their path towards the direction of success; have generally gone through
many hurdles and even process of bearing risks. But once a business get flourished enough and
expanded the market at international level; gets rewarded with profits, growth, high income,
fame, and lots of opportunities.

Small enterprises are so effective in providing scope for development of such activities
that are related with entrepreneurship. An entrepreneur may have a superior possibilities within
selling service or a product with a broad scope. The personnel may be able to make effective
outcomes in case of having a small-scale business. Small-scale enterprises have higher
productivity, efficiency, performance along with less number of labour and minimum labour
turnover.
Discuss various scopes in industrial sector:
Small scale businesses are established within the industrial sector with the intention of
enhancing the scope of output capital that was invested at the time of commencing the business.
Another aim is to enhance the supply of manufactured products, and generate a large
opportunities for labour employment. For instance, Whitestone garage is measured as a small
business within UK.
Discuss scope in agricultural sector and related industrial sector:
Entrepreneurs seems to have a large no. of scope and ultimate opportunities in
agricultural context. As entrepreneurs can establish a link between agricultural and industrial
sector, and through this association, rural entrepreneur can enhance the business scope within the
area of production , processing and marketing of agricultural products. In this case, farmers can
be considered as a small scale business entrepreneur in the sector of agriculture.
Service sector: Service sectors has increased the special attention because of its
expansion (Bendickson, 2021). This section will involve all kinds of enterprises like transport,
hotels, home services, personal care, tourist services, repairing services, food services and many
more. For example, William Joseph Limited is a small scale restaurant in the UK.
P2 Addressing some characteristics and traits related to entrepreneurship
In this section, Steve Jobs and Bill Gates is considered as an example as they are popular
entrepreneurs and successful to make a recognition in the profession of entrepreneurship. These
organisations are intensely revitalized with their leadership characteristics and also distinct skills
as an entrepreneur. Successive sections makes a discussion on such recognised entrepreneurs.
Traits of Bill Gates:
 Extreme motivated: It is clearly observable that it is important to have a unique
characters to be successful and operate a business at global level and also bring and
support changes through their activity. Such skilful and dedicated entrepreneurs are lawys

ready to encounter risks and face challenges, work tirelessly and keep focused towards
the way to address the solution of different problems. Such personalities are highly
adaptable for the circumstances and very passionate about their achievements which help
them to meet their predetermined goals and attaining growth of the organisation.
 Willingness to fail: In order to become a successful entrepreneur like Bill Gates and
Steve Jobs, it is important to learn from them that how much it is important to think
productively and innovatively even in the bad situations. Such entrepreneurs always have
a tendency to keep calm and ready to face threats, circumstances without any fear of
getting failed. They always have a mindset of estimating and effectively framing
decisions that might be good or bad. It is important to develop acceptance for the fact that
it is not always compulsory that taken decision will always prove to be effective as
sometimes it may show unexpected results (Miao, and et. al., 2019). Hence, even such
experienced entrepreneurs make mistakes, learn from the and then work again
enthusiastically to rectify the mistakes and continue to be again involved in new,
innovative and better ideas for the organizational growth.
Traits of Steve Job:
 Serial Innovators: The main aspect of entrepreneurship deals with the unique and new
ideology and knowledge to implement the idea successfully which leads to provide
improvement to business functions. Successful leaders always orient their approach and
skills for the constant growth of its organisation that provides a success to the workplace.
 Harnessing Technology: Technology plays an amazing role in advancing business and
enterprises on an effective level. In order to provide best possible services to market
share. Successful entrepreneurs always consider to keep machines and technologies
upgraded with latest version to delver effective services for their customers.
 Understand and adapt according to customer's requirements: As through passing
times, advancement in technologies is enhancing with a faster rate. It brings wide range
of preferences and demands from the service users, so modifications in the market share
is also recorded. Successful entrepreneurs are the one who are able to recognise and
address the needs and wants of the customers and always intends to serve them
accordingly (Bagheri, Newman and Eva 2022).

Characteristics of Bill Gates:
 Confident: It is evident from many examples that a confidence within a person is the
main factor that drives any individual towards the success. As such personalities have
faith in themselves and their ideas that they are bringing their best and applying their
skills effectively in surviving competition within the market and will be successful to
make a recognition in marketplace.
 Passionate: Being an passionate person is a significant factor of a successful
entrepreneur. It is important to have a passion regarding the act, which increase the
market-base of the product or services. Passionate personalities contains a faith that their
idea will definitely bring a change in the marketplace.
Characteristics of Steve Job:
 Structured experimentation: Through this aspect, entrepreneurs develop an
understanding and frame a structure about their predetermined experiment. Through the
support of a new opportunity, successful entrepreneurs tends to conduct test constantly to
determine the worth of experiment (Bagheri and Harrison 2020).
 Decisiveness: For making a recognition in the market and being a successful
entrepreneur, decision-making is a skill that is most required to frame decisions at
difficult and challenging situations.
M1 Demonstrate the differences and similarities between entrepreneurial ventures and the
characteristics and traits of entrepreneurs in those ventures
From above discussion, it is demonstrated that scope of businesses and enterprises is
expanding with a large rate and contributing a remarkable figure in economical development.
Such enterprises are responsible in providing job opportunities for the people and some
organisations are assisted through governmental bodies with the motive of generating more
revenues. Some examples of such associations are hotel business, restaurant business, farming
business, etc. These organisations take support from local government of nation. Apart from this,
skills and abilities are required to achieve a successful business. So traits and characteristics like
motivation, passion, confidence, acceptance towards failure, etc. are main attributes of popular
entrepreneurs.

TASK 2
P3 Explain the term 'entrepreneurial mindset'
An entrepreneurial mindset deals with the thought process of an individual to overcome
the challenges, and threats and accepting outcomes along with being decisive at the same time.
Level of skills develop from combatting threats, learning from the failure, adopting actions to
rectify mistakes. With an amazing entrepreneurial mindset and passionate entrepreneurs, a nation
is able to develop its economical state; by providing job opportunities to people and introduce
services demanded by customers. An entrepreneurial mindset needs to unique and innovative in a
way that includes the skills of being communicative, creative and stimulative for achieving
success while accepting failures and mistakes and learn lessons from them simultaneously. Key
characteristics which contribute in developing an entrepreneurial mindset are:
 Creative mindset: Creativity is a crucial elements in the field of entrepreneurship (Amit
and Zott, 2020). An entrepreneur must have a mindset that always intends to seek
innovative methods and unique approaches to operate business-related functions.
 Positive mental attitude: Positive attitude and favourable outlook is important for a true
entrepreneur as positive mindset able to think productively and develop a good cultural
environment within the organisation. A negative and adverse thought always results in
creating unhealthy environment which demotivate manpower and negatively influence
business progress.
 Persuasive communication ability: Successful entrepreneurs are the individuals who
are persuasive and persuasion provide assistance in negotiation, closing a sale or scoring
a less price on products.
P4 Identify abilities and skills relevant to entrepreneurial mindset
Some associated characteristics with entrepreneurial mindset are:
 Focus: Businessmen does not allow distractions to take over their mind and it is an
ultimate quality in business-minded people which can be learnt from them. They have
developed the skills of balancing their professional and personal life effectively.
 Determination: They have a tendency to accept failures and mistakes and never deny
from them. It helps them to bring an effective idea to rectify the mistakes and identify
approaches to overcome the failure (Ramadani and et. al., 2020).

 Leadership: Good leadership involves the mentality of taking every individual together
in direction of growth. An effective entrepreneur always guide, direct, lead, and motivate
their employees and support them in every circumstances.
Skills associated with entrepreneurial mindset:
 Ability to learn: This skill refers to enhancement of knowledge by learning from
failures, mistakes, and unfavourable situations. An entrepreneur should always welcome
highs and lows and prefer to keep a positive mindset in any situation in order to think
productively.
 Business strategy: As per this strategy, businessmen must realise their objectives and
success within the enterprise and boost up their strength of willingness.
M2 Analyse strategies to encourage entrepreneurial mindset and determine its bringings to a new
venture
Discussion made in above report clearly determines that an entrepreneurial mindset
demonstrates thinking process and skills of accepting risks, threats and facing challenges for
achieving a successful business (Billingsley and et. al., 2021). It is important to have good and
positive attitude, innovative mindset, etc. to achieve predetermined goal of business. Positive
entrepreneurial mindset stimulate and encourage other employees towards completion of task
and achieving goal.
D1 Critically determine entrepreneurial ventures the characteristics, traits and associated mindset
Entrepreneurship scope critically examined to be broad in nature as various sectors are
available where an individual can run a business and operate the activities. An entrepreneurial
mindset addresses approaches which may take business to next level with support of specific
abilities and skills includes innovation, creativity and many more (Agyapong, Maaledidong and
Mensah, 2021). Several characteristics and traits of popular entrepreneurs are discussed above
that provide support to the individuals for running a business smoothly.
CONCLUSION
From above discussion made in report, it can be concluded that entrepreneurship is an
skilful activity which enables creative individuals for grabbing available opportunities. Within
this report, characteristics and traits along with scope of entrepreneurial ventures has been taken

into consideration. In contrast to it, a section of this report included discussion about
entrepreneurial mindset and associated characteristics and traits with the respective mindset.

REFERENCES
Books and Journals:
Agyapong, A., Maaledidong, P.D. and Mensah, H.K., 2021. Performance outcome of
entrepreneurial behavior of SMEs in a developing economy: the role of international
mindset. Journal of Strategy and Management.
Amit, R. and Zott, C., 2020. Business model innovation strategy: Transformational concepts and
tools for entrepreneurial leaders. John Wiley & Sons.
Bagheri, A. and Harrison, C., 2020. Entrepreneurial leadership measurement: a multi-
dimensional construct. Journal of Small Business and Enterprise Development.
Bagheri, A., Newman, A. and Eva, N., 2022. Entrepreneurial leadership of CEOs and
employees’ innovative behavior in high-technology new ventures. Journal of Small
Business Management, 60(4), pp.805-827.
Baker, T. and Welter, F., 2018. Contextual entrepreneurship: An interdisciplinary
perspective. Foundations and Trends® in Entrepreneurship, 14(4), pp.357-426.
Bendickson, J., 2021. Building entrepreneurship research for impact: Scope, phenomenon, and
translation. Journal of Small Business Management, 59(4), pp.535-543.
Billingsley, J., Lipsey, N.P., Burnette, J.L. and Pollack, J.M., 2021. Growth mindsets: defining,
assessing, and exploring effects on motivation for entrepreneurs and non-
entrepreneurs. Current Psychology, pp.1-19.
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.
Miao, Q., Eva, N., Newman, A. and Cooper, B., 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.
Ramadani, V., Palalić, R., Dana, L.P., Krueger, N. and Caputo, A., 2020. Organizational mindset
of entrepreneurship: an overview. Organizational Mindset of Entrepreneurship, pp.1-7.