Entrepreneurial Ventures: Scope, Characteristics, and Impact on Economy

This report covers the scope of entrepreneurial ventures with the use of variety of examples and also examines the traits and the characteristics which are associated with entrepreneurship. Furthermore, it describes the meaning of entrepreneurial mindset and also examines the skills and characteristics which are associated with an entrepreneurial mindset. This also analyzes the relevant data and the statistics and how the micro and small business ventures impact the entire economy at various levels. Lastly, it covers the differences and the similarities among the public and corporate entrepreneurship.

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.

Examine skills and characteristics associated with an entrepreneurial mindset
Creativity- The business organisation can became successful if the entrepreneur present
in their organisation regularly generates the effective and new innovation regarding the product
or services produce by them as compare to other rivals. Due to presence of high competition in
every sector, the entrepreneurs are willing to manufacture unique product which will able them
to distinguish their brand identity in the mind of their customers. Creativity can assist an
individual to suggest various new ideas and thoughts in the working of their organisation.
Through this an entrepreneur can identify the negative issue and can creatively solve that
particular problem without disturbing the other area of the business.
Vision and passion- Successful entrepreneur always have a complete knowledge, vision
and prescient regarding the commercial enterprises where they are working. They should have
the complete knowledge of the purpose related to the organisation such as what are the functions
of the business, market position of the organisation and the desires of the company. If the
entrepreneurs will work according to the set vision then they will make it easy for the
organisation to attain set goals with the help of their knowledge and skills. Hence, it will be very
difficult for an individual or leader to work effectively if they don't know the complete purpose
of the business.
Willingness to work hard and have confidence- The work of entrepreneurs are more
difficult in an organisation as compare to the other employees. For acquiring success, an
individual should have the calmness in their mind and should have the patience in the starting
point of business regarding the huge success. An individual should always identify the hazards
related to their business functionality and by solving this they can attain their set desires.
Successful entrepreneur always have the trust in themselves as well as on their business
organisation. If an entrepreneur want success in their business then they high trust on their cap-
potential and thoughts (Brattström, 20220.
The characteristics associated with entrepreneurship:-
Risk-taking – An individual should have risk taking ability in their mind. Without the
innovation of something unknown element, entrepreneur cannot find out something new and

unique in their field. Risk-taking forte possibly encourages people to invent something new and
variety of products in their company. entrepreneur should have complete and effective
knowledge of their unique idea and should have effective marketing skills through which they
can attract various financial institutions to make a invest in their business. The good entrepreneur
are always geared up to make the investment of money and time in their imaginative thought
process. But, the skilled and educated entrepreneur always have a backup plan for each risk
which they are trying to initiate. Without knowing the consequences, a superior entrepreneur
wouldn’t risk it all. Also, assessment of the risk to be undertaken is likewise important.
Knowledge- It is one of the most crucial key which helps an entrepreneur to get success
in their life. An individual should have complete knowledge of their respective market or
industry. Through the complete knowledge an entrepreneur is able to solve the problems and can
tackle the crises related to their organisation. This allows an individual to keep eyes on the
opportunities which arises in their market. An entrepreneur can find the ever-changing demand
and needs of their potential customers. The skilled entrepreneur have the quality to adopt the
emerging trends such as technological changes and many other factor which can help to enhance
their business productivity. Knowledge plays an important role in order to defeat the present
competition in the industry. An individual should have proper knowledge of their strength and
weaknesses due to this they can work on them to attain more achievement in their professional
career. A good entrepreneur will always try to increase their knowledge through various factors
such as with the help of mentors, books , blogs etc. Hence, if the entrepreneurs know their field
better then it will be easy for them to conduct their work (Ghorfi and Jurd de Girancour, 2022).
Empathy- Empathy is one the most under-valued characteristic which should be present
in an entrepreneur. The term empathy states that an individual should have the ability to read the
mind of their employees and colleagues. A successful entrepreneur always have the proper
knowledge of the strengths and weaknesses of each employees present in their organisation
under their dictatorship. If the employees are dissatisfied and demotivated then they cant give
their best performance in their respective working area. To ensure their well-being a leader
should always try to understand their worker's situations. The higher authorities should always
maintain a bright and cheerful infrastructure for their employees. Thus, without the empathy
characteristic an entrepreneur will not be able to understand the needs and wants of their
employee which in result effect their set goals and aims (Gimenez-Fernandez, and et. al., 2022).

Determine the ways in which the entrepreneurial mindset can be encouraged and what it can
bring to a new venture
An entrepreneurial mindset is valued by the employees present in their organisation
which boosts their educational attainment and performance which is very crucial for running the
new commercial enterprise. An entrepreneurial mindset refers to the specific set of impression,
knowledge , thought process that drives through entrepreneurial behaviour which is very
important for an organisation in running of their business operation smoothly and efficiently.
Ownership- Successful entrepreneurs have high internal focus on their plan of action
and they have complete trust on their abilities which will determine to enhance their future
growth and success. entrepreneurs should have the power to control their own fate. A good
entrepreneur knows that their own decision, actions and response will make and break them. The
entrepreneurs execute their given responsibilities in a very serious way which can help them to
attain the success in their work. Thus, it studies that an individual is in complete control of their
responses to the experiences life throws at them. Build confidence that can help an individual to
conquer and carry out their dream (Jafari-Sadeghi and et. al., 2022) .
Leadership- As an effective entrepreneur, an individual must have the ability to guide
guide and motivate their team, empower them and lean on them for support. By developing focus
and involvement for the team, entrepreneurs have a greater chance of realizing their visions of
greatness. Clear, compelling communication is a key which plays an important role in order to
convey the message and information in an organisation. It is critical to share the vision in a way
that encourages their employees to give their best work.
Optimism- Despite various negative challenges, a successful and effective entrepreneur
maintain a positive attitude toward their work in an specific organisation. Being optimistic about
a situation means approaching it as a possibility to be explore. When any problem arises a
successful entrepreneur sees this issues as a learning opportunity for themselves. An individual

should build more confidence in their personality. They they should try to find solution regarding
every situations.
Commitment-. Passion of doing something new leads an individual to start a new
business, whereas commitment will allow them to keep going to accomplish set goals and allow
them to persevere through every dilemma. An individual should have the ability to positively
deal with the repeated rejection and disappointment because it is very essential for them to
became successful in their professional career. All the successful entrepreneur grab important
lessons from rejection as well as it will prevent them from damaging their self esteem. Deflect
the rejection and use it is an fix flaws in the business idea (Kirby and et. al., 2022).
LO3
Interpret relevant data and statistics to relate how micro and small business ventures impact the
economy at different levels.
Notes
It is been identified that both types of organisation such as small and medium and large
scale business has a very vast effect on the economy at the different levels which need to be

taken into consideration. It is examining that the all type of commercial enterprises has a impact
over the various factors which are need to be controlled.
SME'S impact on the UK economy.
Notes
o As it is identified that they help in the various factors in order to increase the
economic development and growth An organisation is classified as a micro
business if it employs less than six people.
o As per UK Small Business Statistics, at the start of 2021 there were 5.5 million
small businesses (with 0 to 49 employees), 99.2% of the total business. SMEs
account for 99.9% of the business population (5.5 million businesses).

o SMEs account for three fifths of the employment and around half of turnover in
the UK private sector (UK Small Business Statistics).
o Total employment in SMEs was 16.3 million (61% of the total), whilst turnover
was estimated at £2.3 trillion (52%).
o Employment in small businesses (with 0 to 49 employees) was 12.9 million (48%
of the total), with a turnover of £1.6 trillion (36%).
The impact of SME'S on various economic levels are mentioned below: -
Notes
 Local level- It is identified that the micro and small scale business can help in generating
the employment opportunities as the establishment of the ventures can produce the
employment for the local people living in the particular country. It has been studies that
the impact of the small and medium enterprise is that there is a large number of
opportunities for the people to get enter in these kind of large business organisation. This
make the people of that specific region to identify various opportunities such as job,

which can help them to generate more revenue. It is identified that the impact over the
local level is that there is the opportunities for the people to enter within the business
organisation. This can create more job opportunities foe the people of the nation.
 National level- The small and medium scale industry helps in developing of the society
by setting up the various venture which in result generate more revenue at the national
level. The growth in small scale business will enhance the various sector present in the
region where the company is conducting their business operations. The small scale
business help the economy in generating the revenue at the national level the various
ventures helps in bring the development to the society. The new innovation done by these
kind of companies will help in the overall development of the nation.
Regional level- Their will be economic development due to the rise of employment
opportunities which impacts the business organisation at regional level and increases its further
growth (Prashantham and Birkinshaw, 2022). The impact of the business organisation over the
regional level is that there will increase in the rise of the employment opportunities which will
lead to rise in the economy development.
Internationally- On the business venture there is a vast impact as there is a rise of
international market opportunities which puts the impact on over the international economy by
small and medium size business. The international growth is possible because the innovation and
modifications made by the small and macro industries. They are one of the major part in
developing the economic growth of the whole world.
Appraise impacts of different businesses on different levels (international, national, regional,
local) of the economy using appropriate data and statistics.

Notes
Local level- It is identified that the impact over the local level is that there is the
opportunities for the people to enter within the business organisation. This can create more job
opportunities foe the people of the nation.
National level- The small scale business help the economy in generating the revenue at the
national level the various ventures helps in bring the development to the society. The new
innovation done by these kind of companies will help in the overall development of the nation.
Regional level- The impact of the business organisation over the regional level is that there
will increase in the rise of the employment opportunities which will lead to rise in the economy
development

LO4
Discuss the differences and similarities between public and corporate intrapreneurship
Notes
Public intrapreneurship-
Public intrapreneurship entrepreneur is kind of an individual which provides the product and
services that accomplish the basic human necessities. They work for non-profit gaining
organisation and their main purpose is to enhance the living of the society. They are the one try
to make the change in an existing organisation.
Corporate intrapreneurship-
This are the kind of intrapreneurship which forms an organisation with the purpose of utilizing
the present raw materials, natural resources and technologies. The main purpose of corporate
entrepreneur is to enhance the individual’s productivity which leads in enlarging the economic
development.

Nature of intrapreneur-

Importance of Intrapreneurship-
Notes-
In fact, there is a growing agreement that established companies need to nurture
entrepreneurship throughout their operations in order to compete successfully in changing
environments. Many authors have considered corporate entrepreneurship as a method to offer an
organization a strategic option to refine its business concept, to meet changing customer needs
and expectations, and to enhance its competitive position.
Intrapreneurship provides an environment to support and sustain innovation over time.
Intrapreneurship is one of the best ways to attract and retain entrepreneurial leaders.

Notes
Similarities
Vision and Mission
The both types of entrepreneur have the power and ability to encourage and motivate their
employees to work hard which will assist them in acquiring the set goals of their organization.
The entrepreneur gives their 100% successfully implement their imagination and mental
thoughts. Both of the entrepreneur try to get maximum benefit from that idea. All entrepreneurs
have the ability and skill of grabbing the best advantage from the opportunity which occurs in
their specific working field. Most of the time entrepreneur identifies the problem and give
appropriate idea to solve those issues (Ratten, 2022) .
Differences
The Approaches-
They are the one who take initiative to do work for their personal belief rather then
earning the money. Social entrepreneur growth can be measure by the effective changes made by
them in the society. Whereas, commercial entrepreneur growth and success can be measure by
the revenue gain by them in their professional career. The main focus of this kind of entrepreneur
is to create a wealth in the respective industry. Some factors which can be measured in order to

see the growth of commercial entrepreneur are net profit, market share, brand position and etc.
(Simón-Moya and et. al., 2022).
Explore the benefits of intrapreneurship and its contribution to competitive advantage in
organizations
Notes
If the leader has a positive attitude, then it will automatically generate a healthy and familiar
working environment for the employees. It can assist an organization to run smoothly and
fluently by which they can enhance their business productivity.

Evaluate the use of intrapreneurship and the benefits it can bring to organizations
Notes
An individual can develop various kind of skills such as high resilient, proper use of
resources and and solution oriented if they have positive mindset regarding their working area.
If an entrepreneur have an effective mindset then they can easily run their business organisation
whereas if the leader have negative mindset then it will became very difficult for them to control
the business operations. The positive working environment will assist the employees to give their
best working performance in their current working area. (Hameed and et. al., 2022).
CONCLUSION
From the above report it has been concluded that, entrepreneurs are the one who take
initiative to starting something new in order to make the better lifestyles of the people living in
their nation. Furthermore, the scope of entrepreneurial venture regarding the different types of
business organisation such as small, large and scalable start-up is been included in this report.

Later on, the various traits and characteristics regarding the successful entrepreneur is being a
part of this report. The positive entrepreneurial mind-set is being discussed in this report. At last,
how small and macro industries can impact the local, national, and international economy is
being included in this project.

REFERENCES
Books and Journals
Ali, J. and Jabeen, Z., 2022. Understanding entrepreneurial behavior for predicting start‐up
intention in India: Evidence from global entrepreneurship monitor (GEM) data. Journal
of Public Affairs, 22(1), p.e2399.
Ayandibu, A.O. and Vezi-Magigaba, M.F., 2022. entrepreneurship Innovation. In Achieving
Sustainability Using Creativity, Innovation, and Education: A Multidisciplinary
Approach (pp. 97-111). IGI Global.
Bacco, F. and Dalpiaz, E., 2022. The perfume of traditions: Cultural entrepreneurship and the
resurrection of extinct societal traditions. In Advances in Cultural entrepreneurship.
Emerald Publishing Limited.
Bertello, A., Battisti, E., De Bernardi, P. and Bresciani, S., 2022. An integrative framework of
knowledge-intensive and sustainable entrepreneurship in entrepreneurial ecosystems.
Journal of Business Research, 142, pp.683-693.
Brattström, A., 2022. Cultural ideals in the entrepreneurship industry. In Questioning the
entrepreneurial State (pp. 133-155). Springer, Cham.
Ghorfi, T. and Jurd de Girancourt, D., 2022. Women in entrepreneurship and Social
entrepreneurship in the Arab World. In entrepreneurship and Social entrepreneurship in
the MENA Region (pp. 115-154). Palgrave Macmillan, Cham.
Gimenez-Fernandez, and et. al., 2022. Openness strategies and the success of international
entrepreneurship. International Journal of entrepreneurial Behavior & Research.
Hameed, K., and et. al., 2022. Forces of Dynamic Capability and Incidence of entrepreneurship:
A Macroeconomic Policy Intervention Approach. Journal of the Knowledge Economy,
pp.1-25.
Jafari-Sadeghi, V., and et. al., 2022. Guest editorial: International entrepreneurship from
behavioural perspectives. International Journal of entrepreneurial Behavior & Research.
Kirby, D.A., El‐Kaffass, I. and Healey‐Benson, F., 2022. Integrating Harmonious
entrepreneurship into the Curriculum: Addressing the Sustainability Grand Challenge.

The Wiley Handbook of Sustainability in Higher Education Learning and Teaching,
pp.205-220.
Prashantham, S. and Birkinshaw, J., 2022. The local roots of global entrepreneurship: Insights
from Stephen Young. Journal of International Business Studies, pp.1-12.
Ratten, V., 2022. Artisan entrepreneurship: An Overview. Artisan entrepreneurship.
Simón-Moya, V., and et. al., 2022. Technology-Based entrepreneurship: Venture Inception,
entrepreneurial Aspirations, and Background. In Strategic entrepreneurship (pp. 231-
253). Springer, Cham.
Singh, R.P., 2022. The need for new public policies to increase entrepreneurship and spur
economic growth. Journal of entrepreneurship and Public Policy.