Entrepreneurial Ventures: Exploring the Concept of Entrepreneurial Mindset and Its Contribution to Ventures

This report discusses entrepreneurship ventures, traits of successful entrepreneurs, and the importance of entrepreneurial mindset. It explores the scope of entrepreneurship ventures and evaluates similarities and differences between different enterprise ventures. The report also determines ways to encourage entrepreneurial mindset and its contribution to new ventures.

Entrepreneurial ventures

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Explaining what it takes to an entrepreneur and discussing the scope of entrepreneurship
ventures........................................................................................................................................3
Traits and characteristics associated with entrepreneurship........................................................4
Evaluating similarities and the differences between different enterprise ventures .....................6
Exploring the concept of the entrepreneurial mindset and its contribution to entrepreneurial
ventures........................................................................................................................................7
Determining the number of ways in which entrepreneurial mindset can be encouraged and
what it can bring to a new venture...............................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

EXECUTIVE SUMMARY-
The report highlights concept of entrepreneurship ventures. Entrepreneurs are the individuals that
starts entrepreneurship ventures and has ability to take risk in the market. The report also include
the need as well the scope of entrepreneurial ventures. Along with this the report addresses the
entrepreneurship mindset with traits and the characteristics that are associated with
entrepreneurship.
INTRODUCTION
Entrepreneurship ventures are defined as the process of starting any new business or tendency to
do something creative in business ventures. Entrepreneurship includes innovations and the
creativity, risk taking characteristic of entrepreneur and the organization management. The
famous enterprises include companies like Tesco Plc, Walmart, Amazon. Microsoft etc. In
today's growing business environment every country needs good range of enterprise ventures. In
these report we are going to see the need and scope of entrepreneurial ventures, and we will
explore the concept of entrepreneurship mindset further in this report, we will see the traits and
the characteristics associated with the entrepreneurship.
MAIN BODY
Explaining what it takes to an entrepreneur and discussing the scope of entrepreneurship
ventures
An entrepreneur is the one who launches business venture and generally in the form of the
company that takes the production of the goods or provides services to its consumers. The
successful entrepreneur needs following things to become a successful entrepreneur.1. Entrepreneurship is associated with risk and this is the reason every entrepreneur must
have risk taking abilities (Demidova, 2022). It has been said that entrepreneurs who are
active in managing the risk and reward relationship will always be on positive side. For
example the co-founder of Tesla motors Elon musk took risk of launching electric
vehicles in the market when no company was thinking about it, but today Tesla motors
has revenue of dollar 53.82 billion.2. A great entrepreneur is always creative and innovative as innovation and
entrepreneurship go hand in hand (Bradley, and et.al., 2021). Being creative and
innovative and changing products is demand of the entrepreneurship. It is also often

related with the strategic mindset and spotting opportunities. For example- Apple was the
first that launched i-pod with its computer in 2001.3. Team building is the another characteristic that any entrepreneur possess for getting
success in the entrepreneur venture as entrepreneur is aware about the strengths and the
weakness of his own (Bendickson, 2021). For example Apple company was founded by
Steve jobs, but he divided different roles in different teams like machines and AI
learning, design, marketing for continuously improving its products.4. Adaptability to change business with changing external environment is another thing that
is important to become a successful entrepreneur. Remaining flexible just to ensuring that
enterprise keep earning profit (Askar, Bragança, and Gervásio, 2021). For example
Netflix the prime example in today's digital world that keep adapting to the changes in
the industry.5. Long term focus is entrepreneurship necessity. As starting business is easy, but it's hard
to survive in the market with other competitors. Entrepreneurs must focus on whole
process starting from beginning to the end. For example company like Tesla was founded
in 2003 but its vision has always been long term that is shift of conventional cars to fast
moving electric cars.
Scope of entrepreneurship venture is as follows-
An entrepreneur has excellent scope of starting any entrepreneurship ventures in UK as
government laws are in the favour of it as entrepreneurship ventures not only support the
entrepreneur but helps in overall growth of the economy. The scope of entrepreneurship is as
follows:
 Enterprise is much more than creation and innovation, it helps in improving business
sector and its increase revenue in long term.
 Entrepreneurship helps in stimulating economy which changed society not only in terms
of what they need but also generate revenues.
Traits and characteristics associated with entrepreneurship.
Entrepreneurship ventures are leaded by entrepreneurs, and they posses some characteristics
which are as follows-
Discipline-

Entrepreneur must be self-discipline to be able to manage its enterprise and take action when
needed for the organization. The discipline entrepreneur have the ability to solve the problem in
one way or the another. Not only this, the discipline also helps entrepreneur sticking to the
decisions. For example the founder of Microsoft Bill Gates has said many times in his quotes
that being discipline is the key to be successful in any entrepreneurship venture.
Self- awareness.-
Self- awareness for any business entrepreneur helps them in finding their strength and the
weakness in the running business. They are able to apply them in their favours for the positive
success in the running business. Another advantage of self awareness is to increase ability to
give, receive and apply feedback. For example by applying Diversification strategy and finding
strengths Tesco was able to launch large number of store in the retail market. Today tesla has
almost 4673 retail store all around the world and has 27.9% market share in UK.
Illustration 1: https://www.valuespectrum.com/news/409286-analysts-expect-over-
2020-rising-revenue-tesco-quite-high-dividend

Creativity-
The most important thing associated with enterprise is to be creative and innovative. The
entrepreneurs who are able to solve real life problems and create large impact on the consumer
get helped in branding and promoting their products that can lead them in increase business
growth (Juliana, and et.al., 2021). For example- Elon musk creative projects like space X, Star
link Internet and tesla motors are in news for years because these projects are innovative and
creative.
Process-oriented-
Process-oriented mindset is another important thing for any entrepreneur. Implementing different
process in various areas of the venture helps them to work smart than working hard. The clear
mindset also allows them to grow business on larger scale. For example Steve jobs founder of
Apple believed in the process-oriented mindset and launched various products in the market like
iPhone, iPod and the iPads before other enterprise.
Confident-
Only a confident employer can run a successful entrepreneurship ventures. Clear and confident
conversions helps them to gain consumers for their products. Successful entrepreneurs always
Illustration 2: https://cleantechnica.com/2022/04/20/tesla-quarterly-sales-
growth-in-7-charts/

stand with their ideas without letting concerned about what others think and that was make them
different from other entrepreneurs like Jeff Bezos owner of Amazon is no.1 entrepreneur in the
world today is only because of the confidence that he possessed while starting company.
Flexible-
No entrepreneur can be rigid in today's world as taste and preference of consumer keep changing.
Enterprises must have entrepreneur that are flexible in their approach for grabbing opportunities
that come in their way and making profits out of them (Luu, 2021). Like the company Apple
keep changing its products according to the need and the requirements of its consumer in
different countries. Apple has recently launched iPhone SE, Mac studio, iPad etc.
Evaluating similarities and the differences between different enterprise ventures
The business venture is the enterprise that has been created to earn money by selling its products
and services in the market. There are various types of business ventures that are leading in the
Illustration 3: https://www.statista.com/chart/4298/amazons-long-term-
growth/

market today like small business venture, large business venture, innovative business venture etc.
the two most important type of business venture are social venture and the international ventures.
Social venture are those ventures that prioritize social value along with the business
revenues (Lall, and Park, 2022). These ventures focused on solving the societal problems by any
entrepreneurial methods. The one example of social ventures is the microfinance institutions that
helps in providing banking services to the low- income group who have no other access of the
financial services, the other is companies like Ethos water helps to address the global water
crisis. The international ventures are referred to those ventures that tries to enter global market
for generating revenue in more than one country (Blesa, and Ripollés, 2021). They provide their
goods and services in the multiple countries, tries to gain advantage over other firms by using its
resources available in the home country. For Example company Amazon provides its services
into 200+ countries and is not limited to the US where it started in 1994. The only reason
Amazon expands its market is to gain more profits. Both social and international ventures cater
different needs of the market. One focuses to cater social needs and solve real life problems
while other aim to set global presence by continuously updating its products. Social ventures
tries to promote their product in name of their mission. However, the international ventures do
not have such mission their only focus is to generate more revenue by opening its production
centres or by providing its services in different countries.
There are certain similarities between the social and the international ventures as both are
leaded by some great entrepreneurs that have strategic and creative thinking and an ability to run
a successful enterprise. The management and employee in both these ventures are contributing
their time, money and efforts for the organization goals and objectives. Every organization works
for the profit in the end social venture promotes their product with certain social meaning but the
end goal is to earn profits same goes for enterprises that works on international market to earn
good amount of profit.
Exploring the concept of the entrepreneurial mindset and its contribution to entrepreneurial
ventures.
The entrepreneurial mindset means the skills and the abilities that a person possess which help
him in identifying and making the most of the business opportunities. At the same time it also
enhances the ability to overcome with the difficulties that an enterprise face. The entrepreneurial

mindset includes the five dimensions self efficacy, growth mindset, resiliency, intrinsic
motivation and the internal locus of control.
High beliefs-
Self efficacy associates with how one feel, think or behave in order to achieve organizations
goals (Ariyono, and Wiwid, 2022). The high efficacy means is simple that an entrepreneur
believes in his ability to achieve goals For an entrepreneur it is very necessary to believe in his
goals and achieve what he thought to achieve irrespective of who believes in his goal.
A growth mindset-
The growth mindset is another necessity that an entrepreneur that he should inherent in him
because without growth no business can survived (Brieger, De Clercq, and Meynhardt, 2021).
When anyone has growth mindset, entrepreneur thinks of learning at every level by giving some
extra time and efforts. With practice this growth mindset can be achieved, and can be applied in
the organization where it should be.
Motivation-
The entrepreneur own motivation is more important rather than any external factor to achieve
any kind of organization goal. Being focused and working towards it with same motivation and
enthusiasm every time is important factor to have that entrepreneurial mindset (Amorós, Cristi,
and Naudé, 2021). The people that are motivated has higher level of phycological well-being that
helps them to grow their business and attain higher success.
Resilience-
An entrepreneur must have high level of resilience under all the circumstances. The resilience
mindset help entrepreneur to be positive all the time and be optimistic about its goal to achieve in
the organization. It involves the ability of an entrepreneur to adapt the changes that occurs in the
external business environment. On the other hand low level of resilience impact business in
negative way.
Locus of control-
An entrepreneur with internal locus of control is someone that believes in the fact that luck and
circumstances can be changed with the positive attitude and better events in the life. The
entrepreneur with high self- efficacy automatically have internal locus of control as these both
factors helps in controlling any situation that has arisen because of the external factors.

These were some characteristic that an entrepreneur should have for the entrepreneurial
mindset, making sense of the opportunities that occurs in the business environment and start
working in them is very important. No venture in the world has started without the
entrepreneurial mindset. We have many examples like Jeff Bezos, Elon Musk, Henry Ford, Bill
Gates etc. that had business mindset and because of which today their products or trending in the
world. The importance of entrepreneurial mindset is more than entrepreneurship. The skill to
learn from the failure, think positively and creatively, identifying the opportunities that come in
their way foster them to get success in all parts of the life.
Determining the number of ways in which entrepreneurial mindset can be encouraged and what
it can bring to a new venture
An entrepreneurial mindset must be encouraged by the organization in his employees to make
them feel part of the organization in following ways that are as follows-
Empower and Encourage employees-
Empowering and Encouraging employees that have any vision of start an enterprise or have any
idea to increase productivity and the efficiency of the organization helps them in taking good
Illustration 4: https://www.investopedia.com/ford-s-outlook-is-bleak-for-
2019-and-beyond-4586923

decisions and use properly the business opportunity that they have with them (Sievers, and et.a.,
2021). Encouraging creativity and the initiatives of the employees makes them to feel the part of
the organization and helps them in creating the business mindset that they can use in later part of
their life.
Creating start-up culture-
If any organization need employees with the entrepreneurial mindset, the organization should
foster the atmosphere of entrepreneurship where everyone has right to take initiatives. This can
be only done through regular team work, regular meetings and frequent feedbacks (CHUN, and
LEE, 2021). These helps them in creating and promoting the culture of entrepreneurial spirit and
their employees feel empowered and safe in the organization. Not only this these sharing of ideas
also helps them while starting their own ventures.
Creating a safe space of the ideas-
Creating space where an entrepreneur feels safe and secure to share ideas with the employer and
his subordinates makes an entrepreneurial mindset in employees working in the organization. It
is not enough to just create the space where ideas and initiatives can be shared, rather the most
important thing is to work on ideas that are being shared and promoting the culture of divergent
and strategic thinking in the organization. Thus, safe space promotes ideas and initiatives in the
organization.
Embracing failures-
Failures should be embraced just as the success in the organization. The ideas and the hard work
should be celebrated and should be focused upon so that the employees does not hesitate to share
his ideas in the fear of failing. Failures are important part of everyone's life as they are point of
learning and moving. Embracing failure is great idea to build entrepreneurial mindset and will
help them not only in organization but also in later stages of the life.
Safety net for future entrepreneurs-
Government are also responsible to create start up culture in any country by providing them the
safety and secure place to start any enterprise in the country. To accelerate growth in creating the
culture of entrepreneurial mindset there should be low corporation tax and other subsidies to be
provided to new start-ups, so that an entrepreneur starts thinking about creating the start-up
culture. Thus, it can also be said that government play important role in creating business
mindset.

Recommendations-
 It is recommended that the before starting any start-up, the entrepreneur must have an
entrepreneur mindset in order to gain profit and attract consumer from all over the world.
 Embracing failure is also an important skill that entrepreneur must have as it helps an
entrepreneur to grow rather than thinking about failures.
CONCLUSION
From the above given report, it can be concluded that the entrepreneurial mindset is not only
important for the individual that is focusing on starting an enterprise, but also important for the
people that are working in the enterprises. Further, it can also be concluded that entrepreneurship
ventures are created by the entrepreneur that has ability and skill of thinking differently from
other individuals. There are different type of entrepreneurship ventures that can be started by any
entrepreneur who has capability to start that venture. At last, in these report this also has been
concluded that every organization and country should think of starting an entrepreneurial
mindset for starting different types of enterprises in the country.

REFERENCES
Books and journals
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interventions, and societal challenges. Strategic Entrepreneurship Journal.15(2).
pp.167-184.
Demidova, E. G., 2022. The regulation methods of fiscal risk in the framework of the
implementation of entrepreneurship support. arXiv preprint arXiv:2202.00108.
Juliana, N.O., and et.al., 2021. The impact of creativity and innovation on entrepreneurship
development: evidence from Nigeria. Open Journal of Business and Management.9(4).
pp.1743-1770.
Bendickson, J., 2021. Building entrepreneurship research for impact: Scope, phenomenon, and
translation. Journal of Small Business Management.59(4). pp.535-543.
Amorós, J. E., Cristi, O. and Naudé, W., 2021. Entrepreneurship and subjective well-being:
Does the motivation to start-up a firm matter?. Journal of Business Research.127.
pp.389-398.
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competitive business environment.The Journal of Industrial Distribution &
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Brieger, S. A., De Clercq, D. and Meynhardt, T., 2021. Doing good, feeling good?
Entrepreneurs’ social value creation beliefs and work-related well-being. Journal of
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Lall, S. A. and Park, J., 2022. How social ventures grow: Understanding the role of
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Askar, R., Bragança, L. and Gervásio, H., 2021. Adaptability of buildings: A critical review on
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