Entrepreneurial Ventures: Scope, Characteristics, and Impact on Economy

Unit-9 Entrepreneurial
Ventures

Table of Contents
INTRODUCTION...........................................................................................................................4
LO1..................................................................................................................................................4
Investigate the scope of entrepreneurial ventures, using a variety of examples....................4
Examine the traits and characteristics associated with entrepreneurship...............................6
LO2..................................................................................................................................................7
Explain what is meant by an ‘entrepreneurial mindset’.........................................................7
Examine skills and characteristics associated with an entrepreneurial mindset.....................8
Determine the ways in which the entrepreneurial mindset can be encouraged and what it can
bring to a new venture..........................................................................................................10
LO3................................................................................................................................................11
Interpret relevant data and statistics to relate how micro and small business ventures impact
the economy at different levels.............................................................................................11
Appraise impacts of different businesses on different levels (international, national, regional,
local) of the economy using appropriate data and statistics.................................................14
LO4................................................................................................................................................16
Discuss the differences and similarities between public and corporate intrapreneurship ...16
Explore the benefits of intrapreneurship and its contribution to competitive advantage in
organizations.........................................................................................................................20
Evaluate the use of intrapreneurship and the benefits it can bring to organizations............21
CONCLUSION..............................................................................................................................21
REFERENCES..............................................................................................................................23

INTRODUCTION
entrepreneurship is defined as the process of discovering the new ways of combining
resources. When market value is being generated by such combination of certain resources is
greater than the overall market value. When the individual who creates a new business bearing a
most of the risks and enjoying most of the rewards in the business. An entrepreneur is able to
assess the abilities so that they can maximise the prospective aspects. entrepreneurship is being
categorized into four main types that are small, scalable, large and social entrepreneurs. These
models cover the fundamentals of starting the new business and also focuses on the business
itself rather than the qualities of the entrepreneur (Ali and Jabeen, 2022). This respective report
will cover the scope of entrepreneurial ventures with the use of variety of examples and also
examine the traits and the characteristics which is associated with the entrepreneurship.
Furthermore, it will describe the meaning of entrepreneurial mindset and also examine the skills
and characteristics which is associated with an entrepreneurial mindset. This also analyse the
relevant data and the statics and how the micro and small business ventures impact the entire
economy at various levels. Lastly, it will cover the differences and the similarities among the
public and corporate entrepreneurship.
LO1
Investigate the scope of entrepreneurial ventures, using a variety of examples.
Entrepreneurial venture is defined as an organisation which basically create new innovation and
the certain opportunities with the aim of ensuring the economic and social values of the business.
There are certain types of entrepreneurial ventures which are explained as follows:
Small business: it is the type of venture that is generally run and operated by the sole
entrepreneur so that they can ensure their better lives. Basically, after starting small business, the
major aim of the individual is to help their family by ensuring the overall profits by the business.
They might get fail in order to run their business in an smooth manner and the reason is due to
the small working area and they are having less innovative factors. Small business are usually
starts their functionality by taking the loans from family and friends, which involves a single
products or services and the single market. As the owner of such entrepreneurship do not

emphasis on the expansion but they are concerned with the profitability. Small scale
entrepreneurship businesses are simple to own and operate by the individual (Singh, 2022).
Large company: An business organisation that is having the exhaustible life cycles
which helps the large company entrepreneurship. The large organisation are more innovative and
imaginative as compare to small commercial enterprises. The employees who work in this kind
of large enterprises are more skilled and educated which in result help the organisation to run
their business operation for a long period of time and maintain a sustainable position in their
respective market area. The product and services which is offer by this kind organisation have
high quality value and various variant around their core product as compare to other competitors.
Large company manufacture those kind of products which has the modern technologies and
upgraded features in their nature. The management of large companies invest more money in the
various factors such as machinery, resources etc. in their operations of manufacturing the product
as compare to small scale industries. The small scale industries can grab various opportunities
which can help them to enhance and enlarge their business operations into large scale industries
by doing hard work and more efforts. The large companies has that much of capability and
various resources thorough which they can capture the small scale industries. The main motive
of large scale industries is to protect the environment and nature present in their working region.
(Bacco and Dalpiaz, 2022)
Social enterprises: This is a types of companies in which the main objective of the
entrepreneur is to identify the social issue present in their specific region and developing various
kind of solutions which can resolve those negative issues. The main focus of this entrepreneurs is
to develop multiple product, services and solutions for various harmful factor which are effecting
the nature in a bad way. They take multiple initiative and steps in order to bring a social change
in their specific nation or area. Social issues such as environmental conservation, animal right
protections, pollution control are some harmful social issues present in today's world. An
individual should always protect their environment in command to be safe in the upcoming days.
Working in an social enterprises have the main priority of modifying the the social issues by
ensuring the financial sustainability. These kind of organisation perform various kind of ethical
practices such as conscious consumerism and corporate social responsibilities in their business
functions. The main target after forming these kind of social enterprises is to make the world
better place to live for everyone.

Scalable ventures: An individual or group of people form this kind of scalable start-up
in order produce updated products as compare to other companies due to this they have the
ability to compete in their respective market. It is a business model which is started on the
support of new and unique idea which is completely different from current operations in their
particular field. For starting, this kind of business an entrepreneur should have a complete plan
of vision which can help them to attract the angel financiers to invest in their business. This kind
of business enterprises can experience excessive growth in their business operation in a very
short spam of time (Bertello and et. al., 2022).
It has been noted that there are different types of companies which have broader goals
and aims. The small business is the business that makes a significant contribution to the
development of the national economy of the country. These companies help create various
employment opportunities for people. Also, it has been supported by the government as these
small businesses help to generate income. A few examples are given in all industries, such as
small hotel businesses, restaurant businesses, agricultural businesses and many more. All these
small businesses are supported by the local government of the country. On the other hand,
starting a business requires acquiring certain skills and abilities that make an entrepreneur
successful. Some famous and successful entrepreneurs are analyzed various key traits such as
high self-motivation, serial innovations, self-confidence, passion and many more which can help
them to become successful in their respective market field. . This helps them inspire the world
with their entrepreneurial mindset.
Examine the traits and characteristics associated with entrepreneurship.
It was critically questioned that the scope of entrepreneurship is broad, as there are
different sectors in which a company can practice and operate its business. There are several
ways of small business that can help them to run smooth;y and effectively. An entrepreneurial
mindset dictates how to take the business to the next level using specific skills and abilities such
as creativity, innovation, positivity and more. The specific traits and characteristics for
entrepreneurs to attain success are mentioned in this report.

LO2
Explain what is meant by an ‘entrepreneurial mindset’
Mindset is a mental cognitive process system which is supported on various factor such
as interrelated belief, assumptions, knowledge and many more elements that are connected
internally with an individual. Through this an individual is able to utilize the proper knowledge
of the information regarding the organisation. This can help an entrepreneur to take appropriate
judgement and proper action regarding their business. The mindset of an entrepreneur can be
develop and modified with the time and experience gain by them in respective area. An
individual can develop this effective mindset by gaining and learning the knowledge from their
classrooms, organisation and communities. In context to entrepreneur, they should have these
kind of below mentioned positive mindset which will help them to became successful in
professional career:-
 An entrepreneur should have strong confidence in their abilities and imaginative
ideas. They should have the quality to succeed and influence their own result
which help them to lead their own life. The leader of an organisation should
always cheer and encourage their employees which will help them to give their
best working performance.
 An individual should have set target and aim regarding their professional career
which will help them to keep concentration about their future. Thus, this will help
them stay motivated to do more work by this they can generate various qualities
such as self-directed, action-oriented and completely engaged within themselves.
 entrepreneur should have the positive mindset of learning something new and
enthusiastically want to upgrade their skill according to the modern world. If an
individual has adopted this skill then it will be very easy for them doing work
according to the modern requirement made by the potential customers. Hence,
they can became more creative and can bring upgraded technological methods in
an organisation.