Scope and Characteristics of Entrepreneurial Ventures and Mindset

Unit 9 ESBM

Table of Contents
INTRODUCTION...........................................................................................................................4
TASK...............................................................................................................................................4
P1 Investigate the scope of entrepreneurial ventures, using a variety of examples...............4
P2 Examine the traits and characteristics associated with entrepreneurship..........................5
M1 Evaluate the similarities and differences between entrepreneurial ventures and the traits
and characteristics of entrepreneurs in those ventures...........................................................7
P3 Explain what is meant by an ‘entrepreneurial mind-set’..................................................7
P4 Examine skills and characteristics associated with entrepreneurial mind-set...................8
M2 Determine the ways in which the entrepreneurial mind-set can be encouraged and what it
can bring to a new venture....................................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurial ventures are on a rising pace in today world because it holds an
importance in driving economic development. There are lot of opportunities that are available in
the marketplace. Entrepreneur is an individual that starts and runs a business with limited
resources and are responsible for all the risks and rewards. Entrepreneurial ventures are the
place of opportunities and innovations that aims to develop social and economic values in terms
of products and services. There are basically four components of an entrepreneurial ventures
which includes people, Opportunity, context and Deal. It is a business whose main aim is to
acquire profitability, growth and success in the long term by innovative strategic practices

(Nsereko, 2020). This report is based on the scope, traits and characteristics associated with
entrepreneurial ventures. It also includes skills and characteristics associated with entrepreneurial
mind-sets. It includes data and statistics of micro and small ventures impact economy at different
levels and how it helps a business to attain a competitive edge in the marketplace.
TASK
P1 Investigate the scope of entrepreneurial ventures, using a variety of examples.
The process of entrepreneur begins when an individual that come up with the idea to start
a new venture, bearing all the risks and rewards associated with it. Entrepreneur is a person who
brings innovations, source of new idea, goods, services and business procedures. They play a key
role in uplifting an economy by taking initiatives to fulfil the demand with the help of unique
ideas in the market. The entrepreneurs who takes risks in creating new they get rewards in the
business like profits opportunities fame and growth in the business.
The scope of entrepreneurial ventures generally depends on structure and geographical
location of the business, for example a retail outlet is an example of micro enterprise, whereas a
health clinic with corporate structure is a small business a chain of food outlets within the one
city be considered as a medium company or a large company it would depend on the structure
complexity or the size of the stores. And a company doing business overseas to the people in
different countries it is called a large company (Basole, Park and Chao, 2018). The small
companies provide an effectual scope of developing activities that concerns with
entrepreneurship. The entrepreneur gets bigger possibilities and bigger scope in selling a service
or product in comparison of introducing it. The small business size provides effective outcomes
to the entrepreneur. The small and medium businesses have high productivity, high efficiency as
well as higher performance and lower cost of labour. The scope of entrepreneurial activities can
be divided into; agricultural, industrial and service sector.
 Industrial Sector: small business plays a crucial role in the industrial sector and
contribute more in this sector (Weiss, Anisimova and Shirokova, 2019). The small scale
enterprise in industrial sector helps in raising the national income. The main aim of the
small enterprises in this sector is to increase the supply of goods, this also develops skills
and talents in entrepreneurs and it provides more employment opportunities.