Entrepreneurial Ventures and Mindset - Unit 9 ESBM

This article discusses the scope of entrepreneurial ventures and the traits and characteristics associated with entrepreneurship. It also explains what is meant by an entrepreneurial mindset and examines the skills and characteristics associated with it. Ways to encourage an entrepreneurial mindset and its benefits to a new venture are also discussed. Course code and college/university not mentioned.

Unit 9 ESBM

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
P1. Investigate the scope of entrepreneurial ventures, using a variety of examples....................1
P2. Examining the traits and characteristics associated with entrepreneurship...........................2
M1. Evaluate the similarities and differences between entrepreneurial ventures and the traits
and characteristics of entrepreneurs in those ventures................................................................4
TASK 2............................................................................................................................................5
P3. Explain what is meant by an 'entrepreneurial mindset'.........................................................5
P4. Examine skills and characteristics associated with entrepreneurial mindset........................6
M2. Determine the ways in which the entrepreneurial mindset can be encouraged and what it
can bring to a new venture...........................................................................................................6
D1. Critically examined entrepreneurial ventures the traits, characteristics and mindset
associated with entrepreneurial mindset......................................................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
When a firm introduces activities to correspond to opportunities that are envisioned in
community, it plays a significant part in the expansion and advancement of the nation. Many
people mistakenly think that smaller businesses and enterprises have identical concepts, but in
fact, their qualities are completely different (Audretsch and Lehmann, 2016). Therefore, an
entrepreneurship endeavour occurs whenever a company adopts novel and creative procedures in
addition to takes possibilities with the intention of boosting and developing income. An
entrepreneurial is a person that manages and launches numerous company operations with less
preparation and funding. They are therefore accountable for all responsibilities, benefits, and
risks associated with company ventures. The innovative products and offerings, rather than the
corporations' showcasing methods, are what the entrepreneurship venturing company concept
ultimately relies on. In addition to exploring entrepreneurship enterprise, this research would go
into greater details regarding entrepreneurship characteristics. It would also include discussion of
the talents and traits which are coupled with the mentality of entrepreneurship, in addition to the
attitude itself.
PART 1
P1. Investigate the scope of entrepreneurial ventures, using a variety of examples
Entrepreneurs are considered to be sole proprietors that start new businesses, bear all
associated expenses and risks, and reap significant financial advantages. Entrepreneurship is the
practise of establishing a new company endeavour. It usually refers to a person that possesses the
finest and original concepts for organizations, goods, methods, procedures, and new, modern
techniques. An entrepreneur performs a crucial part in advancing the industry of any nation by
enhacing its skills and innovations, which are necessary to meet demands when introducing
certain initiatives and concepts to markets. Entrepreneurship that exhibit growth while taking the
risks necessary to create a new company are compensated with continuous advancement,
opportunities, notoriety, and earnings (Audretsch and Moog, 2022).
Smaller businesses offer a significant opportunity to promote entrepreneurship-related
operations. An entrepreneurial has a greater chance of success as well as a wide range of options
for acquiring the goods and activities before introducing them. If the scale of the company is
limited and constrained, the people could accomplish significant outcomes. Smaller businesses

are more productive, efficient, and effective, and their employee attrition is slower, which all
contribute to this.
Industrial area scope: Smaller businesses are essential to the economy, and one of their
main goals when entering a certain area is to raise the amount of money which is invested
therein. Enhancing the availability of the manufactured goods and creating a significant amount
of employment opportunities are two of the key goals. In the United Kingdom, Greenlight
Automobile Ltd. is an instance of a smaller company organization.
Agriculture and allied industries' scope: A regional entrepreneurs could boost their
possibilities in the fields of manufacturing and advertising in regard to agribusiness by forging a
connection among the farming and business sectors, which has an extremely significant
possibility for entrepreneurial activities. In this case, the citizens act similarly to small-business
owners in the agriculture sector (Baker and Welter, 2017).
Service industry: Owing to its rapid expansion, this industry has drawn more emphasis to
smaller business owners. This sector includes all corporate categories and offers possibilities to
the operator of businesses in industries including transportation, tourism, personalized
healthcare, lodging, catering activities, companies providing, maintenance assistance, and many
more. For instance, in the United Kingdom, Marshfield Bakery is regarded as a relatively modest
eatery.
P2. Examining the traits and characteristics associated with entrepreneurship
Steve Jobs and Bill Gates are used as examples in this section since they are well-known
businessmen who are also extremely outstanding in terms of their managerial qualities in
conjunction to their unique business abilities. Following is a debate based on several well-known
business owners:
Steve Job's characteristics:
 Organised Experimenting: It is among the characteristics for which understanding of
unorganized experimenting is necessary. These entrepreneurs should conduct
experiments with the aid of every new opportunity to ascertain whether or not it is
important to continue in the given situation.
 Decisiveness: In order to succeed by becoming well-known in business, one must be
extremely determined in order to make particular choices and follow through on these.
Such company owners are responsible for setting the direction of the company's

development while taking into consideration every aspect, including mindsets, finance,
and asset collection (Belitski and Heron, 2017).
Bill Gates' characteristics are as follows:
 Enthusiastic: Prospective business owners constantly exhibit an approach in regards of
how they act, expanding the marketplace or item company are selling, introducing fresh
improvements, and many other things. They believe that the company would benefit from
their offering, and they additionally take this into account. These kinds of people
have shared traits with other people that help them succeed in their individual ways.
 Believing: Feeling self-assured is among the key characteristics of a successful
entrepreneurial, and people with this mindset are confident in their ability to contribute
their ideas to the business. It makes the fact which developing fresh concept efforts in the
event that they are unsuccessful initially have features to lessen problems which would
unavoidably arise.
Steve Jobs’ traits include:
 Utilizing advanced technologies: In the past term, there have been rapid advancements
in the innovations used by businesses. Renowned companies usually maintain their
equipment and company technology improved and current in order to supply impacting
solutions for the customer base with an approach to provide the excellent features to
marketplace proportion (Christensen, Lægreid and Rovik, 2020).
 Ability to adapt to exhibiting services customer needs: As industry and surroundings
undergo a wide variety of things, so do the choices and needs of the consumer segment.
The most well-known companies are those that recognise the industry and, in
conjunction, the needs of the product customers. Based on this, they provide their
products in exchange for industry dominance.
 Sequential inventors: The quality of entrepreneurial is greatly generated from original,
distinctive, and creative information and concepts, which help the process of improving a
company's capabilities. Entrepreneurs who are effective are constantly on the lookout for
methods to expand and enhance their business because such notions all hinge on
developing better goods, procedures, or activities for a profitable company.
Traits of Bill Gates:

 Determination to struggle: Leadership that succeed in all of their endeavours are
constantly prepared to face danger and do not sense scared when it comes to failing.
Especially under adverse circumstances, these business managers have a significant
effect on choice formulation and estimation. They realise that decisions made would not
necessarily turn out as they had anticipated and might even be wrong. Such companies
then adapt to newer, innovative, and viable opportunities by learning from their past
mistakes (Cohen, Hsu and Shinnar, 2020).
 Extremely driven: It is obvious which well-known people are substantially more likely
to have this prospective trait since such businesses operate on a global scale and
contribute to change via their work. These business owners and managers relish the
chances and difficulties whilst working persistently to resolve numerous problems. Such
kinds of entrepreneurs are however overly engaged to concepts and initiatives which help
the company achieve its ultimate goals. They are generally accepting of overwhelming
conditions.
M1. Evaluate the similarities and differences between entrepreneurial ventures and the traits and
characteristics of entrepreneurs in those ventures
The study previously has revealed that there are numerous kinds of enterprises and
companies. Such companies have a broad scope and play a significant role in the process of the
nation's financial system's development. These businesses create many job opportunities for
people, and the administration supports them since they help smaller businesses generate greater
earnings. All industries, including smaller hotels, restaurants, farms, and so forth operate to
varying degrees. Such businesses receive support from the territorial administration of the
country. Contrarily, in order to start a company enterprise, one must acquire specific qualities
and expertise that help a company become well-known and profitable. Several profitable and
well-known companies have traits and characteristics that include tremendous self-inspiration,
confidence, enthusiasm, rapid inventions, determination to succeed, and numerous others. These
entrepreneurs' talents and expertise inspire others all around the world with their
entrepreneurship approach and methods (Cunningham and O’Kane, 2017).

TASK 2
P3. Explain what is meant by an 'entrepreneurial mindset'
Entrepreneurial mentality refers to the way of thought that enables one to lessen risks and
obstacles while also taking accountability for the outcomes and also being vital. There is a
constant must to develop new expertise and talents, including such learning more from failed
endeavours, making deliberate decisions about future acts, and numerous others. The
entrepreneurial attitude is linked to abilities and characteristics which encourage employees to
seize opportunities. Additionally, it is claimed to be an entrepreneurial mentality that invests in
business endeavours and their results. By introducing new goods and activities, creating
employment possibilities, and doing other things that constitute the globe a viable marketplace,
entrepreneurship contribute to the evolution of the ecosystem. The attitude of an entrepreneurial
ought to be distinct and particular in that it has to be conversational and highly motivated to
achieve achievement whilst embracing setbacks and faults along with the lessons that can be
drawn from those. Several of the key traits which encourage developing an entrepreneurial
mentality include:
 A good viewpoint: Relaxed attitudes and outlooks are vital for real managers, whose
mindsets establish the pace for the company and have an impact on the workplace
atmosphere. If a boss possesses undesirable views, this would affect the outcome and
development of disenchanted workers badly. This eventually spreads to have a similarly
positive effect on additional people (Ko, Wiklund and Pollack, 2020).
 An innovative mind frame: In theory, innovation is one of the most important aspects of
entrepreneurial and business performance. The entrepreneur should constantly be looking
for new, creative methodologies for carrying out business operations. The typical
development process of a business starts with the creation of an idea and continues
throughout the process of turning that idea into a realisable good or function.
Entrepreneurs that are innovative and dynamic show these traits on a regular basis, and
they produce innovative ideas to grow their business effectively.
 Capability to persuade others: Effective and authentic entrepreneurs have compelling
personalities, and their capacity for persuading could help them close deals, get points,
and negotiate lower stock prices. These people change personas, move into management
positions, and start their own businesses.

P4. Examine skills and characteristics associated with entrepreneurial mindset
The following seem to be some characteristics of an entrepreneurial frame of mentality:
 Persistence: It helps entrepreneurs make an effect by reducing misunderstandings and
setbacks. They acknowledge methods and strategies rather than ignoring mistakes.
 Concentration: It was listed as being one of the skills that an entrepreneurial in their
institution may help students acquire. To succeed, it is necessary.
 Leaderships: It inspires, leads, advises, and motivates the workforce to identify
influential entrepreneurs. It is essential for an effective entrepreneurship since this should
manage, advise, motivate, and manage the company's personnel assets as well as support
the professional development of its employees.
Competencies related to an entrepreneurial frame of mentality:
 Capacity to acquire: This capacity states that in order to succeed in starting a business,
one must have the quality to gain knowledge. Since the elevations and lows of
entrepreneurship might be disregarded, this talent helps one adapt from circumstances,
errors, and shortcomings in order to develop into a remarkable and effective entrepreneur.
It improves recognition of and familiarity with the company.
 Company approach: In accordance with this strategic approach, company owners
should personally experience their company's objectives and accomplishments.
M2. Determine the ways in which the entrepreneurial mindset can be encouraged and what it can
bring to a new venture
Through this analysis, it has become clear that an entrepreneurial mentality refers to an
approach to thought which embraces dangers, challenges, and opportunities to an extremely big
extent in order to ensure the survival of the businesses. The qualities of a successful leadership
include a cheerful outlook, an inventive thinking, and others. to discuss the company's mission,
among other things. It demonstrates that a successful entrepreneurial needs to possess those
qualities that enable their company well-known. Entrepreneurship mentality must likewise be
goal-oriented and upbeat in order to encourage and motivate another person to achieve the
objectives of the company (Kostakis and Tsagarakis, 2022).

D1. Critically examined entrepreneurial ventures the traits, characteristics and mindset associated
with entrepreneurial mindset
It is considered significantly that the conduct of entrepreneurship has a broad range because
there are numerous different industries in which a corporation could operate and carry out its
operations. An entrepreneurial mentality identifies behaviours that help progress a company by
utilising unique talents and capabilities such as invention, originality, and numerous others. The
aforementioned characteristics and attributes of these kind of entrepreneurship are unique and
help people operate businesses successfully.
CONCLUSION
From the foregoing explanation, it can be inferred that entrepreneurial is regarded as an
action that equips an individual to seize opportunities offered by corporate structure. In this
research, the extent of the entrepreneurial endeavour has indeed been explained, and along with
it, entrepreneurship-related characteristics and qualities have likewise been addressed.
Additionally, traits and features associated with the right mentality have been added to this
study's discussion of entrepreneurship mentality.

REFERENCES
Books and journals
Audretsch, D.B. and Lehmann, E.E. eds., 2016. The Routledge companion to the makers of
modern entrepreneurship. Taylor & Francis.
Audretsch, D.B. and Moog, P., 2022. Democracy and entrepreneurship. Entrepreneurship Theory
and Practice, 46(2), pp.368-392.
Baker, T. and Welter, F., 2017. Come on out of the ghetto, please!–Building the future of
entrepreneurship research. International Journal of Entrepreneurial Behavior &
Research.
Belitski, M. and Heron, K., 2017. Expanding entrepreneurship education ecosystems. Journal of
Management Development.
Christensen, T., Lægreid, P. and Rovik, K. A., 2020. Organization theory and the public sector:
Instrument, culture and myth. Routledge.
Cohen, D., Hsu, D.K. and Shinnar, R.S., 2020. Identifying innovative opportunities in the
entrepreneurship classroom: a new approach and empirical test. Small Business
Economics, pp.1-25.
Cunningham, J. and O’Kane, C., 2017. Technology based nascent entrepreneurship. London:
Palgrave Macmillan.
Ko, E. J., Wiklund, J. and Pollack, J. M., 2020. Entrepreneurial Team Diversity and Productivity:
The Role of Family Relationships in Nascent Ventures. Entrepreneurship Theory and
Practice, p.1042258720902058.
Kostakis, I. and Tsagarakis, K.P., 2022. The role of entrepreneurship, innovation and
socioeconomic development on circularity rate: Empirical evidence from selected
European countries. Journal of Cleaner Production, 348, p.131267.