Entrepreneurial Ventures and Mindset: Investigating Scope, Traits, Characteristics, and Impacts on Economy

Unit 9

Table of Content.
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
LO 1.................................................................................................................................................3
P1 Investigate the scope of entrepreneurial ventures, using various examples...........................3
P2 Examine the traits and characteristics linked with entrepreneurship......................................4
M1 Evaluate the differences and similarities among the entrepreneurial ventures and the traits
and characteristics of entrepreneurs in those ventures.................................................................5
D1 Critically examine entrepreneurial ventures the traits, characteristics and mind set
associated with entrepreneurship, using a range of examples.....................................................5
LO 2.................................................................................................................................................6
P3 Explain what is meant by an ‘entrepreneurial mind set’........................................................6
P4 Examine skills and characteristics associated with an entrepreneurial mind set....................6
M2 Determine the ways in which the entrepreneurial mind set can be encouraged and what it
can bring to a new venture...........................................................................................................7
LO 3.................................................................................................................................................7
P5 Interpret relevant data and statistics to relate how micro and small business ventures impact
the economy at different levels....................................................................................................7
M3 Using relevant data and statistics, compare the differences between micro-, small-,
medium and large business and their impact on the economy.....................................................8
D2 Appraise impacts of different businesses on different levels (international, national,
regional, local) of the economy using appropriate data and statistics.........................................8
LO 4.................................................................................................................................................9
P6 Discuss the differences and similarities between public and corporate intrapreneurship......9
M4 Explore the benefits of intrapreneurship and its contribution to competitive advantage in
organisations................................................................................................................................9
D3 Evaluate the use of intrapreneurship and the benefits it can bring to organisations............10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
The concept of entrepreneurship can play a specific role within the procedure of
improvement and growth of an economy. It is mainly referred to as an activity of introducing a
business for responding the effective opportunities that are visualized within community. In this,
many of the people can consider a small business as well as an entrepreneurial ventures as a
similar concept but in reality these both factors are quite unique. However, an entrepreneurial
venture can occurs when an industry can pursues an effective innovation as well as the new
practices and the chances generally involving intention to improve as well as increase the
profitability. In this, entrepreneur is generally a person can operate as well as commence the
various different functions of a business with scarce resources as well as planning and are also
accountable for every responsibilities, the specific risks as well as rewards that are mainly
relevant to an enterprise venture as well (Malecki, 2018). In addition to this, the business notion
of an entrepreneurial ventures can also depends over the new goods and services as well as are
not. In the report, it will cover the concept as well as the scope of entrepreneurial ventures. There
is a discussion about the entrepreneurial mindset along with its effective skills and characteristics
that are linked with the mindsets. In addition to this, there is also a discussion about the data and
statistics which are linked with how small and large business ventures can affect the economy at
various different levels. Furthermore, the report will cover the use and benefits of
intrapreneurship as well as its contribution towards the competitive advantage within
organisations.
MAIN BODY
LO 1
P1 Investigate the scope of entrepreneurial ventures, using various examples.
The concept of entrepreneur is generally considered as a person who can produce a new
business as well as can bears every possible risks and the drawbacks and can enjoy various
effective rewards. In this, the concept of commencing a new procedure venture is described as an
entrepreneurship. It is also known as an innovator who can comes with a good origin of the
services, products as well as the processes, the effective and fresh notions. In this, an
entrepreneur can play an essential part in encouraging the economy of a country via effectively
optimising its specific competencies with its effective initiatives that are generally important for

completing the needs at the time of bringing the specific different notions within the market
place. In addition to this, those entrepreneur who can prove to be flourished within the procedure
of bearing the specific risks of producing a new establishment can get the benefits with the
ongoing enhancements, benefits, fame and opportunities as well. In this, the small enterprises
can provide an efficient scope for improving the specific activities which are mainly concerned
with the entrepreneurship. There are various high possibilities with an entrepreneur having a
wide scope among selling the effective products or a service instead of introducing it. An
individual can get an effective results in case if the size of the business is restricted as well as
small. In context with scope within the industrial settings, there are the small business which can
play an essential role between the industrial settings and the primary objective of producing the
small enterprise among the respective settings is generally to improve the aspects of the capital
which is mainly invested among the business. In addition to this, another primary aim of creating
the small enterprise is to enhance the supply of the created products, the generation of the large
number of opportunities of the labour as well. In context with scope within the agricultural as
well as its linked industrial settings, there are generally the huge scope for a entrepreneurial
movements in contrast with the agriculture and via founding a association among the industrial
settings as well as the agricultural settings, a rural entrepreneur can significantly improve the
opportunities among the regions of agriculture, processing and the marketing. In addition to this,
the farmers can also act as a small enterprise entrepreneur among the agricultural settings.
Within the service sectors, these such sectors generally improved the special attention for the
small enterprise entrepreneurs because of its prompts extension. The sections can involve every
kind of business and can give the opportunities towards the manager of the workplace like
transport, personal care, tourist services, the food services, repairing services as well (Lynch and
Corbett, 2021).
P2 Examine the traits and characteristics linked with entrepreneurship.
For the part, Steve Jobs and Bill Gates are taken as an effective example which are
popular entrepreneurs as well as are quite successful within their entrepreneurship. These such
workplaces are quite stimulated with their leaderships traits and generally involving a different
characteristic as an entrepreneur. In addition to this, there are some of studies which are based on
over the popular entrepreneurs. In context with traits of Bill Gates, it can involve extreme
motivated that can involve popular personalities which are necessary involving an effective