Entrepreneurial Ventures and Mindset - Unit 9 ESBM

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