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

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: