Entrepreneurial Ventures: Investigating Scope, Traits, Mindset and Skills

This report explores the scope, traits, mindset and skills associated with entrepreneurial ventures. It discusses the importance of entrepreneurship in the growth and development of the economy, and how entrepreneurs can encourage an entrepreneurial mindset. The report also evaluates the similarities and differences between entrepreneurial ventures and small businesses, and examines the impact of entrepreneurship on different sectors such as industrial, agricultural and service.

Entrepreneurial
venture

Table of Contents
INTRODUCTION...........................................................................................................................1
Part 1 ...............................................................................................................................................1
P1 Investigating scope of entrepreneurial venture using examples............................................1
P2 Examining traits and characteristics associated with entrepreneurship.................................2
M1 Evaluating similarities and differences between entrepreneurial venture and traits &
characteristics in those entrepreneurs venture.............................................................................2
P3 Explaining entrepreneurial mind set .....................................................................................2
P4 Examining skills and characteristics associated with an entrepreneurial mindset.................2
M2 Determining ways in which entrepreneurial mindset can be encourage. ............................2
CONCLUSION................................................................................................................................2
References:.......................................................................................................................................2

INTRODUCTION
The entrepreneurship is important for the company growth which allows to looks
opportunities everywhere. The performance of employee is improved through entrepreneurship
which leads to business success. The entrepreneurship is way to set up business by considering
different risk in relation to financial or managerial. The entrepreneurial venture is the creation of
business, organisation and projects of interest which involves risk level. For some entrepreneur it
can be profitable venture and for others it can be non-profit endeavour (Ayandibu, and Vezi-
Magigaba, 2022). The entrepreneur are backbone for economy which operates the business for
generating more re4venues and jobs. In the growth and development of economy enterprise play
an important role. In the entrepreneurial venture there is different ownership structures and
entrepreneurs requires to have certain skills and characteristics for developing and managing of
business. The report will discuss the scope on entrepreneurial venture with its characteristics and
traits. There will be also discussion on the entrepreneurial mindset with its skills and
characteristics.
Part 1
P1 Investigating scope of entrepreneurial venture using examples
The entrepreneurial business venture is created with the aim of creating money. The
procedure of running a new business venture is known as entrepreneurship. The entrepreneurial
venture is organisation that places innovation, opportunity for producing economic and social
value. In the nation economy entrepreneur has significant role which uses its competencies and
initiative for fulfilling requirements while bringing new ideas into market. The prime objective
of venture is to provide individual to work with passion and enthusiastic. It is a progression
which provides innovative solution to key problem where ideas are generated by entrepreneur to
make things better.
For the evolution of tercentennial activities, small scale-organisation provides better
scope as entrepreneur has high possibilities and wide scope in merchandising services instead of
producing product (Bacco, and Dalpiaz, 2022). The small business has greater performance, high
productivity and low labour turnover. The scope of entrepreneurship is been mentioned below-
Scope in industrial sector- The small scale business has prominent role in industrial
part. In the development of small scale the basic intentions underlies in increment in supply of
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produced goods, promotion of capital, developing domestic entrepreneurial capacities and skills
and creating of more employment opportunities. To the potential entrepreneur broad scope is
provided in order to expand the business. In the small scale enterprise there is excellent
opportunity and enormous potential to use technology-based products. For example, Greenlight
Automotive Ltd is small business firm in UK.
Scope for agricultural and associated industrial sector- For entrepreneurial
movements there is big scope in this sector. The rural entrepreneur can capitalize on
opportunities by creating link between agriculture and associated industries in area of agriculture
marketing (Bertello, and et.al., 2022). Through re-financing facilities this ensure of sufficient
flow of credit to small and marginal farmers. The farmers act as small business entrepreneurs in
agricultural sector.
Scope in service sector- The entrepreneur has gain the attention in service sector due to
its fast expansion. The service sector includes all sorts of business and offer opportunities to
entrepreneurs in business such as hotels, transport, food services, repairing services and many
others. The example of Marshfield bakery can be taken as small restaurant business in UK.
P2 Examining traits and characteristics associated with entrepreneurship
The entrepreneur of Bill gates and Steve Jobs is been taken which are famous
entrepreneurs and known as successful in entrepreneurship. With the leadership traits and
different characteristics as an entrepreneur they are highly inspired. Following traits and
characteristics of both entrepreneur is mentioned below-
Traits of Bill Gates
 Highly self motivated- It is ability of self motivation to drive oneself to take initiative
and actions in order to pursue goals and completing tasks. With their activity they bring
change. The leader enjoys challenges and risks while act tirelessly to solve any issues.
They are highly adaptable in changing situation and passionate about ideas towards final
objective (Brattström, A., 2022).
 Willingness to fail- The risk and challenges is always taken by successful entrepreneurs
as they do not have fear of failure. In the worse situations business owners can make
effective decisions and best at calculating. Therefore, they know decisions taken are not
according to plan and goes wrong, Hence, business owners learn form mistakes and
rectifies them for better and new opportunities.
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Characteristics of Bill Gates
 Confidence- For the successful entrepreneur it is main characteristics as they believe that
they have skills and competencies in order to bring ideas into the market, Being an
entrepreneur it requires to be confident in both own self and services. While performing
any activity several obstacle are faced in which a leader should not lose its confidence
and face situation of courage.
 Passionate- The true entrepreneurs are always have passion for what they act whether it
is new brand innovation or enhancing of current product and services. The entrepreneurs
should always be passionate about their objectives and ready to sacrifice everything for
dreams to achieve (Ghorfi, and et.al., 2022).
Traits of Steve Job
 Serial innovator- The new and innovative ideas and knowledge drives entrepreneurship
which helps in improving business processes. The successful leaders always look for the
new ways to improve and grow their business that eventually leads to more success of
organisation. To win enterprise organisation concept depends on enhancing products,
processes or services.
 Adaptable to current needs of customer- There is change in demand and preferences of
customers with the changing modifications in society and conditions. The successful
entrepreneur is one who determines and identifies needs of market and customer and
serving accordingly. To run the business effectively they identify and adopt new methods
and approaches.
Characteristics of Steve Job
 Structured experimentation- In the entrepreneurship it is wide function which ensures
creation, selection and scaling up of new technologies and innovations. For the
entrepreneur experimentation is important in business which promises concrete results
and eliminates guesswork. With the new opportunity the entrepreneur run test to know if
it is worthy pursue or not (Gimenez-Fernandez, and et. al., 2022).
 Decisiveness- The entrepreneur must have good decision making capabilities to make
correct decision in immediate situations. The successful entrepreneur are accountable to
lead by covering every fact from strategy and funding to asset allocation. The business
person must have confidence to make challenging business decisions.
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M1 Evaluating similarities and differences between entrepreneurial venture and traits &
characteristics in those entrepreneurs venture.
It is been evaluated that entrepreneurial venture has difference and similarities. The small
business usually deals with known and established product or services whereas entrepreneurial
venture focus on new and innovative offerings. The small business owners tends to deal with
known risk and entrepreneurs face unknown risks. The similarities is that there is creation of
several employment opportunities and significant contribution is made by entrepreneurial
venture in development of nation economy (Hameed, K., and et. al., 2022). The entrepreneurship
venture is concerned with growth. They are decision maker which is made by both. To start the
new enterprise an entrepreneur is required to have certain skills and abilities such as
decisiveness, highly self motivated, confidence, passionate etc. that helps in making entrepreneur
successful along with helps them in inspiring world with their entrepreneurial mindset.
P3 Explaining entrepreneurial mind set
An entrepreneurial mindset is a method of thinking that enables a person to deal with
difficulties and threats, assume responsibility for the outcome, and make decisions. There is a
continuing need to improve one's skills and abilities, learn from one's mistakes, and act on one's
ideas. An entrepreneurial mindset is also linked to the abilities and characteristics that enable
people to seize opportunities. Furthermore, this is defined as a person's mindset when it comes to
entrepreneurial activities and outcomes (Jafari-Sadeghi, V., and et. al., 2022). Entrepreneurs
contribute to economic progress by inventing new products and services, creating new
employment possibilities, and much more. Entrepreneurs that want to be successful must plan
their business ideas. Anyone may come up with new ideas, but running a successful global
corporation is really challenging. Entrepreneurs should have a distinct attitude in which they are
communicative, innovative, and extremely motivated to succeed while accepting mistakes and
setbacks and learning from them. The following are some important characteristics that aid in the
development of an entrepreneurial attitude.
 A positive mental attitude: A positive outlook and attitude is essential for true
entrepreneurs. The mindset of entrepreneur establishes the tone for the rest of the
organisation and affects organisational culture as well. If the entrepreneur is having
negative thoughts will negatively affect the progress of the business, and lead to
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demotivated employees as well. Also, the positive attitude tends to influence others in a
same positive way.
 A creative mindset: Entrepreneurial success requires a high level of creativity. An
entrepreneur's thinking is continually looking for new approaches, ideas, and creativity.
The typical entrepreneurial product life cycle begins with the conception of an idea and
continues with the transformation of that idea into a viable product or service. Every day,
the creative entrepreneur expresses originality and innovation. These people experiment
with new concepts in order to improve their business (Kirby and et.al., 2022).
 Persuasive communication ability: True entrepreneurs and successful business people
are persuasive. Persuasion skills can help a person close a sale, negotiate a better deal, or
get a better deal on goods. These individuals are leaders who inspire others. It is possible
to learn and practise persuasive communication abilities.
 Upgrading skills- Entrepreneurs should have a positive attitude toward learning new
things and a strong desire to improve their skills in order to keep up with the current
world. If a person has learned this skill, it will be quite simple for them to complete jobs
in accordance with modern consumer requirements. As a result, they can become more
innovative and introduce more advanced technology into an organisation.
P4 Examining skills and characteristics associated with an entrepreneurial mindset.
Characteristics connected with the entrepreneurial mindset:
 Leadership: An effective entrepreneur must be able to lead and motivate their team, as
well as empower and rely on them for assistance. Entrepreneurs have a better chance of
realising their dreams of greatness if they build teams' attention and involvement. In
order to communicate the message and information in an organisation, clear, compelling
communication is essential. It's crucial to communicate the goal in a way that motivates
employees to do their best work.
 Optimism: A successful and productive entrepreneur has a positive attitude regarding
their work in a given organisation despite many negative circumstances. Being optimistic
about a situation means viewing it as potentially worth investigating. When a challenge
develops, a successful entrepreneur views it as an opportunity to learn something new.
An individual's personality should get more confidence. They should make every effort to
find a solution to any circumstance (Prashantham, S. and Birkinshaw, J., 2022).
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 Commitment- A person's desire to try something new motivates them to start a new
business, whereas commitment motivates them to keep going until they achieve their
objectives and endure any difficulties. It is critical for an individual to be able to deal
constructively with recurrent rejection and disappointment if they are to be successful in
their professional career. All successful entrepreneurs learn valuable lessons from
rejection, which helps them avoid harming their self-esteem. Refuse the rejection and use
it to improve the company's idea.
Skills connected with the entrepreneurial mindset:
 Ability to learn: One of the important abilities connected with an entrepreneurial attitude
is the ability to learn. When it comes to beginning a business, though, the ability to learn
is essential. Entrepreneurial highs and lows are unavoidable. So, in order to become a
successful and outstanding entrepreneur, it is necessary to have the ability to learn from
any situation, including mistakes and failures. Learning from mistakes and failures might
help you expand your business knowledge and recognition.
 Business strategy: A successful businessperson has the ability to create a successful
business strategy for their company. Entrepreneurs achieve their objectives and achieve
success in their businesses through their own unwavering determination.
M2 Determining ways in which entrepreneurial mindset can be encourage.
According to the description above, an entrepreneurial mentality is a way of thinking that
defines the willingness to accept risks and obstacles while seizing new chances to grow a
business. A mindset is a mental cognitive process system that is based on a number of factors,
including interconnected beliefs, assumptions, knowledge, and a variety of other factors that are
all linked internally to an individual. This can assist a business owner in making informed
decisions and taking appropriate action. Employees in an organisation value an entrepreneurial
attitude, which improves their educational attainment and performance, both of which are critical
for establishing a new commercial enterprise (Ratten, V., 2022). A great entrepreneur must have
a positive attitude, creative thinking, be effective at communicating the business idea, and much
more. This implies that a good entrepreneur should possess the characteristics necessary for a
successful firm. Entrepreneurs should have a positive mindset to motivate and encourage people
to achieve their aspirations or goals.
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CONCLUSION
In conclusion, entrepreneurship is the action that allows a person to take advantage of
opportunities in the economic world. Entrepreneurial endeavours have a unique role in the
development and expansion of a country's economy. Entrepreneurial endeavours cover a wide
range of industries, and any type of small business can be established. An entrepreneur is
someone who intends to operate a company with meticulous preparation and resources. This
paper included the attributes and characteristics of well-known entrepreneurs. Steve Jobs and
Bill Gates' businesses are successful because of such traits and characteristics. An
entrepreneurial attitude also determines how to take advantage of available chances while
accepting risks and obstacles that can lead to multiple opportunities. Positive thinking and
creativity are required to create something unique for clients.
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References:
Books and Journals
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, and et.al., 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, and et.al., 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.
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