Entrepreneurial Ventures: Characteristics, Traits, and Mindset

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.