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

This report investigates the scope of entrepreneurial ventures, traits and characteristics linked with entrepreneurship, entrepreneurial mindset, and their impacts on the economy at different levels. It also examines the differences and similarities among entrepreneurial ventures and the traits and characteristics of entrepreneurs in those ventures.

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

characteristics as these such enterprise can operate their operations at the universal level
throughout the nation as well as can also improves the alterations via their activities. In contrast
with willing to fail, those entrepreneurs who can get success in their every activities are generally
always ready to face the threats as well as they do not carry the fear of rejections as well. These
such types of trading entrepreneurs are quite effective at framing and estimating the effective
decisions even between the bad conditions as well. While talking about Steve Job, it can include
the Serial Innovators, adaptable towards the existing customers requirement and the harnessing
technologies. In contrast with serial innovators, the key components of entrepreneurship are
generally derived by the fresh along with the different notions as well as the knowledges and
such thoughts can give assistance within the procedure of enhancing the functions of an
enterprise. In context with adaptable of existing customers requirement, as the conditions as well
as the community can go via broad range of the alterations, the demands and preferences of the
market share also go (Clark and Harrison, 2019).
M1 Evaluate the differences and similarities among the entrepreneurial ventures and the traits
and characteristics of entrepreneurs in those ventures.
It is concluded from the above, there are multiple kinds of enterprises and businesses. In
this, the scope of the enterprise is wide in nature as well as that of business can produce an
essential contribution among the procedure of improving the economy of the country. These such
enterprise can effectively ease in creating a broad job opportunities for the people and also, it has
been assisted via the administration, it is because the small businesses can help in producing the
more revenues. There are some of the unique instances within every settings like the businesses
of restaurant, small hotels and many more.
D1 Critically examine entrepreneurial ventures the traits, characteristics and mind set associated
with entrepreneurship, using a range of examples.
It is critically evaluated that the scope of entrepreneurship is quite wide in nature, it is
because there are more sectors where the business can run effectively and can operate its
activities as well. The mindset of an entrepreneurial can determines the methods of taking the
trading to their next levels with involving encouragement of the significant skills as well as the
abilities such as innovation, creativity and various others (Ferreira et. al., 2021).

LO 2
P3 Explain what is meant by an ‘entrepreneurial mind set’.
An entrepreneurial mindset is basically a set of skills that enables the individuals to make
the best use of the opportunities and enabling the individuals to identify and get knowledge from
the setbacks and also succeeding different manners. In reference to individuals, the mindset of
the entrepreneur is generally considered to be the state of mind that a person basically has. In
context to entrepreneurial mindset, it basically comprises of different elements such as learning
in a quick manner, motivation factor, responding to changes, conclusion, working smart, being
happy about making mistakes and risk. In reference to the mindset of the Entrepreneur, it is the
skill set and basically involves the different ways which helps in overcoming the challenges,
accepting the responsibility and being decisive. In other words, it can be defined as the set of
though process, knowledge and behaviour which generally drives the behaviour of an
entrepreneur.
P4 Examine skills and characteristics associated with an entrepreneurial mind set.
In reference to the entrepreneurial mindset, it is basically comprises of the various
characteristics and skills that are mentioned below:
Creativity: In context to entrepreneurial mindset, it is very essential to improvise and also having
the ability to think outside the box. A good entrepreneur can clearly imagine things and different
ways to make it better.
A thirst for learning: When it comes to Entrepreneurs, they basically have a desire for learning
new things and also they look for more information for the purpose to bring the ideas into the
life.
Independence: In context to entrepreneurs, the element of networking plays a very important part
in gaining the perspective and also sharing the ideas. In reference to Entrepreneurs, they are very
comfortable in taking responsibilities in their own hands (Eddleston, Kellermanns and Collier,
2019).
Focus: Another element is being focused. When it comes to Entrepreneurs, they rarely allow the
distractions to take their mind off. When it comes to being highly focused results in achieving
aims and objectives.

Determination: When it comes to successful entrepreneur, they majorly focuses on being highly
determined as having a determination element helps the individuals to deal with the failure and
keep the entrepreneurs going.
M2 Determine the ways in which the entrepreneurial mind set can be encouraged and what it can
bring to a new venture.
In context to entrepreneurial mindset, there are different methods and ways which can be
encouraged and which will contribute in starting up a new venture. It is very important for the
Entrepreneurs to focus on the growth factors and also prioritizing the learning. In addition to
that, for every successful entrepreneur, it is very important to set objectives in advance and
working towards goals to achieve them. Risk element is present in every new venture and it is
very important for the entrepreneurs to prepare them for the hurdles and challenges and
developing methods to overcome such challenges. Being an entrepreneur and starting up a new
venture is not an easy task but it could be achieved with the help of using right type of methods
(Bazan et. al., 2019).
LO 3
P5 Interpret relevant data and statistics to relate how micro and small business ventures impact
the economy at different levels.
Small enterprise are those that have restricted numbers of personnels, cash and material.
A increased number of small and micro business has been observed in UK. Increased number of
small and micro enterprises produce greater income and offer wide rages of services and
products to customers. In UK, small enterprises are great in number among different industries.
Small enterprises generate more than 48% opportunities of employment when compared to larger
enterprises. Additionally small, micro and medium size enterprises are responsible for generating
37% of total revenue. Small organisations compete with similar enterprises at regional level by
offering products and services of good quality that satisfy the need of market share. Financial
issue leading enterprises to hire workers on low income and with restricted skills, that helps in
reducing unemployment. Small and medium enterprises contribute significantly in economy of
the country. Whereas, larger enterprises make money only by offering superior quality products
and services along with their brand values. Larger enterprises are responsible for generating
employment up to an extent.

M3 Using relevant data and statistics, compare the differences between micro-, small-, medium
and large business and their impact on the economy.
Micro, small and medium size enterprises contribute significantly to a larger amount of
economy of the country. Small enterprises includes into 99.30% of businesses in UK. They
contribute to 37% of turnover in UK and have 48% of employment. Medium size enterprises
provide 12% of employment in UK, contributes to 15% of turnover and comes into 0.6% of
business in UK. Large enterprises consist of 0.1% of businesses in UK. They contribute to 40%
of employment and provide 49% of turnover. The statistics concludes that small enterprises are
maximum among businesses and whereas large enterprises are in least. The higher employment
is due to small enterprises where as it is lease by medium enterprises. Large enterprises
contributes to higher turnovers, whereas least are contributed by medium enterprises. Large
enterprises share a part in a country's economy by providing the products and services of
excellent qualities with additionally by their brand values.
D2 Appraise impacts of different businesses on different levels (international, national, regional,
local) of the economy using appropriate data and statistics.
Small as well as medium sized businesses shows multiple impacts over economy of
country at multiple different levels. Small enterprises are able to compete with similar enterprises
at regional level via offering them the services and products of good quality that are able to fulfil
the needs and requirement of market share. Financial issue lead small and medium sized
businesses to adapt changes such as employing low skilled employees on less income. It is
beneficial for reducing unemployment. Public intrapreneurship are representatives of foreign
organizations who controls social innovation authorities and social entrepreneurship for good
public creation via regulation of policies. It is the process of innovation introduction,
implementation and generation of new ideas in public sectors. Corporate intrapreneurship
includes organisation that focus on utilisation of existing raw material and managing business
activities within a workplace. The process of corporate entrepreneurship includes strategic
renewal, innovation and corporate venturing. Corporate entrepreneurship defines behaviours that
should be established into mid size and large organisation for the purpose of developing new
business, products, and services into an existing enterprises. It is responsible for growth of an
enterprise (Pidduck et. al., 2020).

LO 4
P6 Discuss the differences and similarities between public and corporate intrapreneurship.
The public intrapreneurship are generally those managers or leaders between the public
settings in the form of both local as well as national governments or the specific representatives
of the foreign workplaces which can harness the authority of the social innovation and the social
entrepreneurship for the aim of producing the specific public goods via the effective policies,
regulations as well as the public initiatives. While talking about the corporate intrapreneurship, it
is that kind of industry which can focus over the procedure of using the existing raw materials,
the natural and the technological resources as well. In addition to this, its concept is mainly
focused with an industry who can proposes as well as manages the activities of business within
the organization. The major similarities can involve the both public and corporate
intrapreneurship. They both can involve the capacity as well as power for enhancing and
motivating the human resources for working hard for a aim of accomplishing the pre-identified
aims. In addition to this, these both can lead to a implementation of the effective strategies and
the goals as well as can make positive efforts to get the advantage from such perspectives as
well. Furthermore, the differences here involve such as the main objectives of the public
entrepreneur is generally to bring out the plausible alterations among the society for an
enhancements of the living standards of the people via making the use of such effective skills. In
addition to this, the revenue which is earned among the businesses can be specifically used to
assess the performance and the enhancement of the corporate intrapreneurs. In addition to this,
the basic aim of this is to increase the benefits of an enterprise for the business via satisfying the
needs as well as wants of the consumers. Furthermore, the net benefit, positions of brand, market
base and the various other indicators which can be evaluated for discovering the procedures of
involvement of the corporate entrepreneurs (Ruba et. al., 2021).
M4 Explore the benefits of intrapreneurship and its contribution to competitive advantage in
organisations.
The possible benefits of an intrapreneurship can involve are in charge of the innovation
procedure among the workplace at the time when an entrepreneurs can commence as well as run
their own trading. In this, a successful intrapreneurship can use an existing or the old resources
as well as the models for leading an implementation that can give the advantage to the business.

Those people who can work inside the workplace are generally arguably getting some of the
possible threats as compared to those who can run their own enterprise.
D3 Evaluate the use of intrapreneurship and the benefits it can bring to organisations.
It has effectively been concluded that the intrapreneurs generally tend to get the specific
assistance from among organization. An intrapreneurs can aid in improving the innovations of
the notion as well as an entrepreneur can specifically brings a thought to the workplace. These
such are presented on the inner drives and an internal trading deals as well as can also do not
take the specific risks as well as can chase the opportunities as the entrepreneurs can do (Turro,
Noguera and Urbano, 2020).
CONCLUSION
From the above discussion, it has been concluded that the entrepreneurship is mainly
considered as an activity that can allow a person for grabbing the effective opportunities which
are generally available within the enterprise environment. In this, the scope of an entrepreneurial
ventures has generally been studied along with this the specific characteristics linked are also
discussed above. In addition to this, the small as well as the moderate businesses are also
operated with having a limited number of the human technologies, financial as well as various
other key resources. These such small businesses are essential for having an economic
improvements at various levels.

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