Entrepreneurial Ventures: Investigating Scope, Traits, Characteristics, and Mindset

This report investigates the scope of entrepreneurial ventures, traits and characteristics of entrepreneurs, and the entrepreneurial mindset. It explores examples of entrepreneurial ventures and the traits of successful entrepreneurs such as Elon Musk and Richard Branson. The report also discusses how to encourage and apply the entrepreneurial mindset to a new venture.

Entrepreneurial
Ventures

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK 1............................................................................................................................................3
P1 Investigate the scope of entrepreneurial ventures, using a variety of examples....................3
P2 Examining the traits and characteristics associated with entrepreneurship...........................4
M1 Evaluate the similarities and differences between entrepreneurial ventures and the traits
and characteristics of entrepreneurs in those ventures................................................................6
TASK 2............................................................................................................................................7
P3 Explain what is meant by an 'entrepreneurial mindset'..........................................................7
P4 Examine skills and characteristics associated with entrepreneurial mindset.........................8
M2 Determine the ways in which the entrepreneurial mindset can be encouraged and what it
can bring to a new venture..........................................................................................................8
D1 Critically examined entrepreneurial ventures the traits, characteristics and mindset
associated with entrepreneurial mindset.....................................................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Concept of entrepreneurship assumes a vital role in the development process in conjunction with
maturation of an economy therefore is connoted as an phenomenon of acquainting a business to
the possibilities in marketplace. A laymen may equate small enterprise with entrepreneurial
ventures however they are different aspects. An entrepreneurial venture is formed when an
enterprises prospects progressive practices in conjunction with intending to modify and intensify
profits.(White, and Gupta, 2020.)
Entrepreneur can be regarded as an individual who starts off and operates a variety of roles in an
enterprise with limited resources and design further that person is donned with the profits and
liabilities which may occur in the natural course of business. The cognitive content of the
entrepreneurial venture relies on fresh ideas for goods or services and doesn't conform to the pre-
existing ways of conducting the business. The following report shall explore entrepreneurial
venturer's scope in conjunction with attributes of an entrepreneur. By extension further
examination of outlook of and entrepreneur and individual character traits as well as ability
which can be attributed to and entrepreneur's mentality.(Gonzalez,and Winkler, 2018)
MAIN BODY
TASK 1
P1 Investigate the scope of entrepreneurial ventures, using a variety of examples
A person who carves out a niche in the marketplace and is liable for the associated risks and by
extension reaps the profits can be said to be an entrepreneur. Initiating a new business enterprise
is regarded as entrepreneurship. Scope of entrepreneurship is extremely wide entrepreneurship
goes past the horizon of looped scheme of an enterprise. An entrepreneur has vital part giving an
boost to the economy of a country by way of optimization of its abilities in addition with
initiating the pertinent filling of gaps in the market by setting out unparalleled ideas within the
sphere of business. Those entrepreneurs who turn out to be ornate in the procedure of absorbing
liabilities and initiating new businesses are rewarded with development of the business, earnings,
possibilities and a reputation.

Enterprises which are small in nature provide for and definitive scope for modification. The
prospects are very high for an entrepreneur in conduction with widened scope when product sale
or sale of service compared to to pioneering some product or service. The workers can give
effectual results wherein the nature of business is small. Because of this reason business which
are small perform and produce phenomenally and don't suffer from inefficient handling and
have high attrition rate among the workers.(Jena, 2020)
Industrial Sector scope:
businesses which are small perform phenomenally in sector of industries and intent to
establish small business within an individual space is to maximise the investments made on that
business. Other objectives include addition of supply of the factory made products, generating
huge possibility for workers take for an example red-light automotive is regarded as small
enterprise in the united kingdom. (McMullen, 2018).
.
Agriculture and ancillary industrial sector scope:
very wide scope exists for the entrepreneurs in the agricultural space by way of linking
the ancillary industrial sector products an entrepreneur who is rural based can amplify the
possibility that exists in the sector of agriculture, process related industries and sale of those
products through marketing in such a scenario farmers can also try to be an entrepreneur within
the sector of agriculture.
Sector related to services: this sector garners modified attention of business
entrepreneurs due to its readily available nature of being extendable. It encompasses varied kind
of enterprises and by extension provides a range of options to the proprietors of such business
which include transportation, services for homes repairmen services and various. As a example
lemon cafe is considered as a small cafe in the unites kingdom.

P2 Examining the traits and characteristics associated with entrepreneurship
In the following section Elon musk and Richard Branson are taken as example who are wildly
successful in their advent of entrepreneurship. their respective organisations have reaped the
benefit of their charismatic leadership as well as their powerful resolve. Given Below is an
account their distinct qualities that make them a trendsetter.(Ismail, 2022)
Traits of Elon musk:
 Highly motivated: Elon musk stands out to be very motivated in terms of accomplishing
organisational goals and it reflects on a global level that their resolve is unaltered in
modifying the landscape of modern business. he has enjoyed the challenges and liabilities
while taking them head on to turn them into opportunities. Adaptation to ever-changing
circumstances and a passion for innovative solution in the business landscape has made
them truly unique in accomplishing the tasks of his organisations.(Srivastava, Singh, and
Dhir, 2020.)
 Willingness to fail: Musk has indeed faced failure at many ventures but it does not deter
his unfailing passion to introduce innovative solutions and he is always ready to risk it all
in his quest for success such type of entrepreneur are always good at anticipating failure
and mitigating the fallout even in extreme circumstance. They take failure as being part
of success and realize that they not fully comprehend the gravity of their decisions and
plan of action so they learn from their failures for rectification in future to turn bad
situation into an opportunity.
Traits of Richard Branson:
 Consecutive Groundbreaker: entrepreneurship embeds itself the aspect of coming up
with fresh perspectives to tackle situations in conjunction with groundbreaking
revelations as patterns which were previously unrecognised in the business landscape.
leadership success always depends upon improving and growing which is achieved
through contentious analysis of the market and knowing when to expand their range of
products and services .

 Technological aspect: in contemporary times with leaps made by the technological
sector in speeding up the production process intending on delivering excellent services to
the available market Richard Branson has been at the forefront of technological use by
way of infusing capital in research and development and the up-gradation of existing
technology and machinery.
 Recognising and adapting to the need of consumer: the needs and preferences of
consumers are continuously evolving in this new landscape so those entrepreneur who
successfully and within time recognise these evolving preferences and take steps to
ensure that they gain a market share of this new landscape tend to be extremely
successful in their ventures.
Characteristics of Elon Musk:
 Confidence:
Confidence breeds success as it is important to be sure of his ventures to gain capital from the
market successful entrepreneurs believe in their ventures by believing in their own capacity and
skills to dig out of a bad situation if one arises. They believe that they can deliver to the market
their ideas in a profitable manner. It is indicative of confidence in themselves when the keep
bringing unique products and carving a niche in the market. (Thompson, and Byrne, , 2020.)
 Passionate execution: Musk never undertakes anything that he is not passionate about
whether it being how he executes his plans or brings a new product into the market . he
believes that his undertakings will be groundbreaking in their respective spheres and
they do everything in their power to reap their benefits themselves and for the investors
investing in their business. Such businesspersons also hire the best people who are just as
passionate about the venture as themselves if not more.
Characteristics of Richard Branson:
 Controlled Experimenting: this is regarded as one of the qualities of successful
entrepreneurs who continually test out the market experiment with what works and what
doesn't and act accordingly. Each new opportunity demands experimenting with on an
initial stage and they are masters of running experiments to fruition.
 Resoluteness: to be successful is to be sure of your resolve and to believe in your venture
even when no one else does not back tracking a decision just because there is some

opposition to the idea therefore these people set the direction of venture and it's only their
resolve which can bring investors to believe in their ideas as fervently as they do. (Patel,
2019.)
M1 Evaluate the similarities and differences between entrepreneurial
ventures and the traits and characteristics of entrepreneurs in those
ventures
Discussion above indicate that there exists various types businesses and enterprises and scope of
operation is very wide in nature for them they contribute vitally to the economical development,
modification and evolution in addition to facilitating in generation of numerous job prospects for
citizenry. They receive assistance from governmental authorities as they assists in generation of
increased revenue. There exists numerous instances within different sectors such as catering
industry, leisure industry and farming industry Receive these kinds of assistance from the
governmental authorities. In contradiction inducting a business enterprise requires set of
specificities of skills in conjunction with specific ability and outlook to create a successful
business. Popular and successful entrepreneurs have specific attributes and personalities which
encompass being highly motivated, realizing that they may have to contend with failure a high
level of confidence ,innovating and carving out niche in the market and various other attributes
which excite people around the globe .(Maritz, Nguyen,and Ivanov, 2022.)
TASK 2
P3 Explain what is meant by an 'entrepreneurial mindset'
Entrepreneurial mindset connotes overcoming and pushing through the obstacles and
realizing failure as being part of success it represents among other things the consistency with
which up-gradation of skills and competency takes shape in the mind of an entrepreneur his
ability to get over failure by rectifying them and crating outcomes which in future do not have to
contend with such such failures. The mindset also concerns itself with attributes and high order
of thinking which assists in making most of the opportunities in any given circumstances.
It can be regarded to be a way of thinking that an individual has which is driven by achieving
nothing short of excellence in the ensuing result. The assistance provided by an entrepreneur

developing the economy by antiquating the market with commodities and services and
generating new jobs are immeasurable in the short run as they make the world an easier place to
live in.
Mindset of an entrepreneur should be progressive and unparalleled with regards to achieving
success and overcoming the challenges presented to them .
Several of the cardinal characteristics which assist in processing an entrepreneurial mentality
reckon:
 An ingenious mindset: Ingenuity is a epochal constituent in the construct of
entrepreneurship and ensuing prosperity. The mentality of an entrepreneur should be
looking out for ingenious and creative formulation for running day to day operation of an
enterprise. When a product is conceived in the mind till its fruition the feasibility of such
service or commodity should always be kept in mind. An ingenious entrepreneur always
seeks a different and better approach to a problem and or an opportunity to conduct the
business operation in an effective and efficient manner.(Hadley, 2022.)
 Positivity in outlook: Appropriative outlook and positivity in cognition is important for
genuine enterpriser. attitude of an entrepreneur should always reflect the belief in idea
which has a tendency to manifest itself in the progression of business and culture of work
if an entrepreneur is struck with adversity that should not reflect in negative attitude as it may
impact progression of business and may reflect upon the driving force of the workers associated
with the business (Balachandra, 2019)
 power of persuasion through communication: entrepreneurs must positively be able to
impact their listeners and should be able to persuade them while getting people to invest
or making a deal, negotiating or while conveying the feasibility of their ideas to the
board. They should be able to inspire confidence and motivate other people to become
entrepreneurs. (Kuratko, and Morris, 2018)
P4 Examine skills and characteristics associated with entrepreneurial mindset
Here are few of the distinctive practices that are coupled with entrepreneurial outlook
which are given below :

 Concentration: entrepreneurs don't allow distractions to persists in their head and the
concentrating power of an individual is to be continuously developed they start out early
in schools by appropriation of their responsibilities at home and at work by way of
adapting and overcoming the challenges.
 Resoluteness: not throwing out their resolve just because some difficulty arises assists in
entrepreneurs being effectual in their approach and aids in identifying mistakes to not
commit them again in future.
 Leadership: It is momentous to an effectual entrepreneur that he or she is steers and
directs the motivation and work ethic of its employees the most basic way to do that is to
lead by example. They must be engaging team members to the vision that they have for
an venture and what is needed to achieve that vision.
Skills connected with entrepreneurial mindset:
 Learning ability: a person must continually learn and unlearn to be able to be successful
he must unlearn all the things that are not in use and learn what he has use for in the
future. Learning from past situation or from others wherever applicable should not be
negated as they can tremendously affect his future ability to take decisions.
 Strategy for bushiness: the entrepreneur must be willing to form an effective stategy
for achieving success and must form strategy in case of failure which should be
anticipated for in the strategy.(Ratten, and Usmanij, 2021)
M2 Determine the ways in which the entrepreneurial mindset can be encouraged and what it can
bring to a new venture
From the discussion above it can be concluded that outlook of an entrepreneur is the way of
thinking in case of challenges being presented to them in conjunction with acceptance of risk
opportunity identification associated with that risk. They must do away with negativity of
thoughts and concentrate on the positive aspects and posses a ingenious mind and new approach
to deal with problems at hand it is reflected that and efficient and successful entrepreneur must
posses traits that make the enterprise a success . They must lead by example and motivate their
workforce.(Hwang, and Shin, 2019)

D1 Critically examined entrepreneurial ventures the traits, characteristics and mindset associated
with entrepreneurial mindset
By way of being critical in examination of the wide scope of entrepreneurship as a business may
operate in different spheres an entrepreneur must value those traits which are positive in nature
and have a tendency to extend the influence of business these are creativity, ingenuity and many
more like it which are mentioned above.
CONCLUSION
This report explains various qualities which can be attributed to a successful entrepreneur it can
be deducted that entrepreneurship is an undertaking which enables a person to snatch an
opportunity which presents itself in the market.(Jiang, Ananthram and Li, 2018) This report
contains scope of entrepreneur's undertakings and contains discussions regarding the outlook and
qualities of an entrepreneur.

REFERENCES
Books and Journals
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Hwang, S. and Shin, J., 2019. Using Lean Startup to Power Organizational Transformation:
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