Entrepreneurial Ventures: Scope, Traits, Mindset and Influence on Economy

This report explores the scope of entrepreneurial ventures with different examples, traits and characteristics related with entrepreneurship, entrepreneurial mindset, skills and characteristics related with it, and the influence of small and micro businesses on the economy at multiple levels. It also discusses the differences and similarities between corporate and public intrapreneurship.

Entrepreneurial
Ventures

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Scope of entrepreneurial ventures, with different examples............................................3
P2. Traits and characteristics related with entrepreneurship..................................................4
TASK 2............................................................................................................................................6
P3. What is entrepreneurial mindset?.....................................................................................6
P4. Skills and characteristics related with an entrepreneurial mindset..................................7
TASK 3 and 4..................................................................................................................................8
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18
Books and Journals:..............................................................................................................18
Online:..................................................................................................................................18

INTRODUCTION
Entrepreneurship can be understood as the ability, competencies and willingness to make,
organize and operate a business enterprise, as well as any of its challenges and risks for the
purpose to make a profit. The most significant example of entrepreneurship is the starting of new
business enterprise. Entrepreneur is the person who has a desire and competency to set, handle
and succeed in a start-up venture, together with risk entitled to it, to create revenue and profits
for the business (Audretsch and Moog, 2022). They are often known as the source of new ideas
or creators or innovators and bring new ideas in the market by altering former with a fresh one.
In the following project, there will be investigation of the scope of entrepreneurial ventures,
using a range of examples. It will also analyse the traits and characteristics linked with
entrepreneurship. It will highlight the meaning of entrepreneurial mindset as well as skills and
characteristics related with it.
TASK 1
P1. Scope of entrepreneurial ventures, with different examples.
Entrepreneurial ventures are the businesses which creates with the own purpose in order
to offer products and services to the community in which they operate their enterprise,
additionally, an enterpriser is the one who owns responsibilities and obligations towards their
ventures for the purpose to manage and run it. Thence, there are multiple range of
entrepreneurial ventures which are evaluated and explained underneath:
 Small business entrepreneurship: These kind of businesses are own privately which
cover partnerships, corporations as well as sole tradership. Employees, capital and other
resources are restricted in these forms of enterprises. Most of the businesses are based
upon groceries, stationary shops and so forth who have limited range of employees in
comparison with other entrepreneurs (Drobyazko and et.al., 2019). Marshfield Bakery is
one of the best examples to understand small business enterprises. It is bakery shop in
United Kingdom and manages their business on small-scale.
 Serial entrepreneurship: These sorts of business entrepreneurs come in the marketplace
with an innovation insight and have a potential to modify the universe. It involves risks,
challenges and uncertainties while operating their business and have a great threat to face
failure due to the insufficient information and knowledge about the market. For this, they

necessitate to perform accurate research for the purpose of attaining market success. In
UK, Bulb is recognised as the serial enterprise which affects the market by facilitating
100% renewable electricity in the target market.
 Large scale entrepreneurship: This is the entrepreneurial venture which have many
employees and they involve complex business structure in comparison with other kind of
ventures. It involves high amount of operational activities and for this purpose, they need
to hire high number of employees in the business. It is operating on large scale in the
country so they need to invest high amount of capital into the business. Furthermore, they
can frequently adapt changes and make their services and goods as per the need and
expectations of customers (Karami and Read, 2021). British Airways is the great example
of large scale business and it indulges aviations services all over the world.
 Social entrepreneurship: These entrepreneurs are related with social services and
making of goods and services which covers all kinds of social requirements and issues of
people. These business ventures give services and goods to the needy and poor people in
the country. The key objective of these enterprises is to give beneficial services to the
community as a part of CSR. Gravity lights is the appropriate example of social
enterprise which intents to facilitate lights to masses who would be likely enough to
replace harmful kerosene lamps.
 Technology entrepreneurship: It defines as the style organisational leadership based on
the procedures of understanding high potential, collecting resources such as cash or
talent, technology intensive organisational opportunities as well as managing fats growth
using principled. They also tend to have real-time decision-making skills. In UK, HeyGo
is the great example of technology entrepreneurship which aims to give active stream
tours of tourist locations and enables guides to communicate their preferred places with
the world-wide masses.
P2. Traits and characteristics related with entrepreneurship.
Jeff Bezos and Bill Gates are taken as the examples of famous entrepreneurs. With the
help of certain skills and characteristics of entrepreneurship, they are leading the world. The
following is the explanation of those skills and characteristics of entrepreneurship:
Skills of Jeff Bezos:

 Risk taking skills: Jeff Bezos is able to track and intelligent risks which is one of the
important skills of a good entrepreneur. He is never shy away from taking risks and
challenges as they know and comprehend how to calculate risks while getting tremendous
success for their business. They understand risk is a great opportunity to lean and develop
a business to the next extent (10 Personality Traits of Jeff Bezos- Richest Man, 2021).
 High competitive: Jeff Bezos is a competitive person. He not only craves for the
competition but, also he understand how to reduce it. By improving and advancing the
services of Amazon, it helps in gaining more customer base for their business.
Characteristics of Jeff Bezos:
 Innovation: Jeff Bezoz believes that innovation goes hand in hand with the successful
entrepreneurship (Zhang and Acs, 2018). He tend to take their current products and
services and dramatically advanced them to meet the changing requirements of market
needs. Thus, it helps Amazon to position itself for the success by giving innovative and
creative services such as Amazon Prime.
 Highly experimental: It is one of the greatest characteristics or traits of Jeff Bezos that
he always curious about things and tend to experiment on different things. He surprise
universe in many ways with exciting and amazing goods and services such as he
introduced Kindle which is online book store.
Skills of Bill Gates:
 Passion: Bill gates is highly ready to learn new things which makes him passionate to the
top of the PC as well as software industry. Many other organisations need money and
quality products, Bill has tackled to win over millions of clients due to his commitment
and passion towards his work.
 Decisiveness: In order to be successful, an entrepreneur has to make complicated
decisions as well as stand by them. Bill Gates as a leader, is accountable for directing the
trajectory of their business, covering every aspect from strategy and funding to respurce
allocation.
Characteristics of Bill Gates:
 Focus: Bill Gates has the trait of highly focused which makes him believed that he is the
best in entrepreneurship (Thompson and Byrne, 2020). Software that he created is best in

the world and he worked hard to influence the sector, stuck with the skills that he
ascertained to be his strength and made execution a top priority.
 Creativity: Bill Gates did not believe in staying only in comfort zone, rather he push
himself and his employees to chase creativity. His leadership styles helps in empowering
the individuals as single perspectives develop new opportunities to look into ideas.
TASK 2
P3. What is entrepreneurial mindset?
An entrepreneurial mindset can be understood as the set of skills that allows persons to
know and make most of opportunities, learn and combat from threats and setbacks while winning
in a range of settings. It is found that mindset of entrepreneurship is valued by employers,
advances educational performance and achievements and is important for making new
businesses. There are many factors affecting the entrepreneurial mindset and development, some
of them are as follows:
 Social and Cultural factors: Social and cultural factors have a pivotal influence on the
likelihood of the person to continue entrepreneurship or to complete it successfully, but
they are not secured to see an individual in one direction or other (Tkachenko, Kuzior and
Kwilinski, 2019). Social and cultural factors in terms of the background of the family or
encouragement from family towards the path of entrepreneurship can have a big role in
leading a next generation towards the future of the same.
 Family background: The background of family is the most and direct ways to penetrate
a child in the entrepreneurial mindset and to elaborate the advantages of opening and
running one's own enterprise. For those persons who have a positive influence from their
own family, tend to be more possibly to pursue their own business in the future or vice
versa.
 Education: Education can possesses a very huge rile in leading a person down an
entrepreneurial or more classical path of business. Unfortunately, the formal learning and
education system in UK trained the individuals to prepare for certain occupations and
thereafter those with goals of becoming business employees, instead enterprisers. In past
decades, this too has changed in a dramatic way.

 Lifestyle: It is another great factor that influences the development of entrepreneurial
mindset (Fichter and Tiemann, 2018). The entrepreneurs who is having traits of immense
imaginations, foresightedness, efficiency, ability to bear risks, leadership ability,
freedom, honesty, dynamic thinking and many more ensures the attainment of
entrepreneurial success.
P4. Skills and characteristics related with an entrepreneurial mindset.
Successful entrepreneurs possesses the mentioned traits and characteristics:
 Determination: The refusal to fear failure maintain successful entrepreneurs moving
ahead. As setbacks occurs, entrepreneurs look for the methods, ideas, solutions rather
than paying focus only on negative things.
 Drive: Entrepreneurs are motivated to make their perspectives work, so much so that
they make regular habits for the aim to remain on track.
 A thirst of knowledge: Successful entrepreneurs have a natural willingness to learn and
this is what that helps in getting motivated to earn their degrees (Pathak and
Muralidharan, 2018). They have knowledge, but they identify that much more cognition
is required to bring those thoughts into life.
 They see the big picture: It is another trait that every entrepreneur must possesses in
order to be successful. They are concentrated on achieving the task at hand, but take the
time ascertain all areas that may affect their success. In context to knowing the best and
suitable solutions for a certain issue, they may ask how much it will take to complete,
how much this cost and many more.
 Creative thinkers: Challenging conventional thinking is the chief trait to individuals
with the mindset of entrepreneurship (Entrialgo and Iglesias, 2018). They see the
universe full of issues and are frequently assessing to know a more simpler, creative and
more effective solution to go about doing something.

TASK 3 and 4

Speaker Notes:
However, some of the nations set the restriction at 200 employees, whereas, in many other
nations it may cover fewer than 500 employees. This presentation will cover the accurate and
suitable information and statistics to relate how micro and macro small business enterprises
influence the economy at multiple levels. It will also discuss the differences and similarities
between corporate and public intrapreneurship (Correia and et.al., 2021).

Speaker Notes:
 Small business: They are restricted with revenues than any regular enterprise. This
mainly defines the start-up or self-employed businesses. Number of employees are less
than 500.

 Micro business: It mainly involves computer services, salon, catering and so forth
(Noonpakdee, Phothichai and Khunkornsiri, 2018).
 Medium business: The fiscal assets of the business are mainly investors as well as
lenders and also they have right to take decisions in the favour of company.
 Large business: These enterprises runs world-wide to boost their market share and
productivity for the organisation. It supports in gaining better place in the making of
goods and services as it supports in attaining sustainable profitable ratio in the proper
way.
Speaker Notes:
The small and micro businesses are important for the growth and development of any economy.
They aim to use creative, innovative ideas, together with modern technology that help in overall
development of an economy. As the elements influence operational functions of the business, it
also provides support in gaining sustainability as well as high profits in the dynamic environment
of corporate (Esubalew and Raghurama, 2020).
The value of small and micro enterprises is that it makes employment opportunities while
contributing in the evolution of the nation. It affects the nation's economy which brings accurate
and suitable data with facts and figures. It supports in exhibiting the corporate to grow the
private sector and rises the jobs for the citizen.

Speaker Notes:
In United Kingdom, the small and medium enterprises possess various influences on the
economy at multiple levels. In regional level, the small enterprises can vie with related
businesses by indulging quality products and services that can fit into customers' expectations in
a more effective way. Also, these are creating jobs with limited salary and pays due to restriction
of fiscal assets. In national level, SMEs can spread their business into many places of the nation
and increases the profitability while giving taxes to the government. At international level, many
SMEs sell their commodities and manifesting branches in many sectors. It supports in earning
foreign money that further supports in the growth of the economy (Massoud, Daily and Willi,
2020).

Speaker Notes:
It will have rousing environment that will be seen as an extraordinary place to work. Most of the
organisations have fear of change and does not adapt changes frequently to meet new demands
as well as environmental threats. Intrapreneurship creates evolution and development possible by
making change adaptable. Hence, intrapreneur is the one who takes direct obligation for turning
an idea into a new services or good and they bring entrepreneurial mindset and thinking to
develop within the structure of a running organisation (Bakos and et.al., 2020). Fostering
intrapreneurship can result in increased agility, innovative changes, reduce costs, enhanced
efficiency, boost profitability.

Speaker Notes:
Intrapreneurs in both forms of enterprises gains maximum profits from the idea. Also, both
intrapreneurs have the control and skills of seizing the best goodness from the prospects which
arise in their respective work (Dzulfiqar and Ariyanti, 2020). Addition to this, they understand
the problems in the business while giving their best solutions to resolve it.

Speaker Notes:
Also, they utilise available resources in the productive way. Some crucial factors could be
tracked by the corporate intrapreneurs are brand value, annual profits, shares of markets and so
forth (Pandey, Gupta and Hassan, 2020).

Massoud, J.A., Daily, B.F. and Willi, A., 2020. A qualitative study of Argentine small and
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Bakos, J. and et.al., 2020. An analysis of environmental sustainability in small & medium‐sized
enterprises: Patterns and trends. Business Strategy and the Environment, 29(3), pp.1285-1296.
Dzulfiqar, R. and Ariyanti, M., 2020, June. Tools for analyzing factors affecting marketplace
usage by micro, small, and medium enterprises: Using a modified unified theory of acceptance
and a technology 2 model in Bandung. In International Seminar and Conference on Learning
Organization (p. 27).
Pandey, J., Gupta, M. and Hassan, Y., 2020. Intrapreneurship to engage employees: role of
psychological capital. Management Decision.
Stagni, V., 2021. Dreamers Who Do: Intrapreneurship and Innovation in the Media World.
EGEA spa.
CONCLUSION
From this project, it has been concluded that entrepreneurship refers as the ability to
make and operate business with full of opportunities and challenges or uncertainties relating to it.
Entrepreneur enjoys most of the profits while bearing losses from their business. There are many
kind of businesses found in this report such as small scale business, social enterprise, large scale
entrepreneurship, technology entrepreneurship and many more. With the help of certain
examples, many skills and characteristics have been found that should possesses by a successful
entrepreneur. The entrepreneurial mindset development can be affected by many factors such as
cultural and social factors, family background, education and so on.

REFERENCES
Books and Journals:
Audretsch, D.B. and Moog, P., 2022. Democracy and entrepreneurship. Entrepreneurship
Theory and Practice, 46(2), pp.368-392.
Drobyazko, S. and et.al., 2019. Innovative entrepreneurship models in the management system
of enterprise competitiveness. Journal of Entrepreneurship Education, 22(4), pp.1-6.
Karami, M. and Read, S., 2021. Co-creative entrepreneurship. Journal of Business
Venturing, 36(4), p.106125.
Zhang, T. and Acs, Z., 2018. Age and entrepreneurship: nuances from entrepreneur types and
generation effects. Small Business Economics, 51(4), pp.773-809.
Thompson, N.A. and Byrne, O., 2020. Advancing entrepreneurship as practice: Previous
developments and future possibilities. In Research handbook on entrepreneurial
behavior, practice and process. Edward Elgar Publishing.
Tkachenko, V., Kuzior, A. and Kwilinski, A., 2019. Introduction of artificial intelligence tools
into the training methods of entrepreneurship activities. Journal of Entrepreneurship
Education, 22(6), pp.1-10.
Fichter, K. and Tiemann, I., 2018. Factors influencing university support for sustainable
entrepreneurship: Insights from explorative case studies. Journal of Cleaner
Production, 175, pp.512-524.
Pathak, S. and Muralidharan, E., 2018. Economic inequality and social
entrepreneurship. Business & Society, 57(6), pp.1150-1190.
Entrialgo, M. and Iglesias, V., 2018. Are the intentions to entrepreneurship of men and women
shaped differently? The impact of entrepreneurial role-model exposure and
entrepreneurship education. Entrepreneurship Research Journal, 8(1).
Online:
10 Personality Traits of Jeff Bezos- Richest Man, 2021. [Online] Available through:
<https://www.businessalligators.com/jeff-bezos-personality-traits/>