Entrepreneurial Ventures: Traits, Characteristics, and Impact on Economy

Entrepreneurial
Ventures

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
P1: Investigate the scope of entrepreneurial ventures............................................................3
P2: Traits and characteristics associated with entrepreneurship............................................5
P3: Entrepreneurial mindset...................................................................................................6
P4: Skills and characteristics associated with an entrepreneurial mindset.............................6
P5: Micro and small business ventures impact the economy at different levels....................8
P6: Differences and similarities between public and corporate intrapreneurship..................9
CONCLUSION .............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneur and their Entrepreneurship venture can be thought of as National Asset to
be refined, motivated and provided access to resources as they play a crucial role and provide a
contributory growth in expansion of economy. A general understanding considers a small
enterprise and entrepreneurial venture as same concept, however, an entrepreneurial venture is a
wide concept having more complex and strategical decision making. Entrepreneurial venture
occurs when business adopts innovation and creativity in process and product/service
development. These practices are undertaken with an intent to create a successful business model
having high net-worth. Entrepreneur change the way people live and work, and if successful it
improves the standard of living by wealth and job creation (Brush, Edelman, Manolova, 2019). A
region with higher number of entrepreneurs experiences greater productivity than regions with
less number of entrepreneurs. Additionally, the cascading effect as a result of more
entrepreneurship's created better National Income in form of higher tax revenues and higher
spendings by government. This report will deep venture in traits and characteristics of
entrepreneurship and what entrepreneur mindset is required to create a successful business
venture.
MAIN BODY
P1: Investigate the scope of entrepreneurial ventures
An Entrepreneur is an individual that initiates a business and keep himself associated
with the business. In another words, entrepreneur is anyone who launches and continues to run
their own company. Exploring such entrepreneurial mindset is impossible without understanding
the different venture types and their characteristics. The scope of ventures depends on factors
such as size, geographical location, product type, area of operation, etc. Such small-scale
businesses have vast scope for growth. Further on analysis of success factors an entrepreneur
engaged in selling services have an excellent growth opportunities rather than one selling
products (Frieyandi, 2021).
The most comprehensive classification based on distinguishing factors recognises four types of
ventures:

1. Industrial Sector: Being a small-scale business puts such business in a prominent place
in an industry due to the reason that development of small-scale are increment in support
to National GDP, creation of employment opportunities and development of
entrepreneurial capabilities and skills (Ghura and Erkut, 2022). The entrepreneur gets
better result if the size of the business is small and limited. For example: a successful
drone startup company known as Hummingbird Technologies develops drones for use in
specific industries.
2. Agriculture and Associated Industrial sector: There lies a huge scope for
entrepreneurial movement in agriculture sector. This can be achieved in two ways: first
by the individual engaged in cultivation and harvesting of the crop moves up in vertical
linkage of the supply chain and process the agriculture produce, and second is by creating
the link between agriculture and associated industries where the rural entrepreneurs can
capitalize on opportunities in areas of agriculture and processing. For example: an
community start-up known as GrowUp Urban Farms founded by Kate Hofman produces
Fish, Salads and Herbs for a local London market.
3. Service Sector: The greatest attention area of emerging entrepreneurs is the service
sector. This resulted in faster expansion in this field with entrepreneurs having a focused
strategy to serve a particular set of customers and catering to their specific needs. The
service sector has numerous opportunities, the examples of which are: a chatbot creating
agency, copywriting and editing services, business and life coach, etc.
4. Rural Economy: In the current times the rural economy has an excellent opportunity for
an entrepreneur to start a small-scale business. The opportunities range from investment
on some shop or providing local population access to service currently not available in
the nearest vicinity. This fairly does well as the operating cost are lower and small
business have tremendous opportunities in manufacturing and non-manufacturing
activities. These entrepreneur take small risk but good efforts to create a positive change
in society (Hernández, Yañez-Araque, and Moreno-García, 2020). The exampple of
above would be retail stores, fertilizers and seeds storage units, jute bag making, etc.
P2: Traits and characteristics associated with entrepreneurship
The entrepreneur helps bolster economic development, create jobs, and fosters to need of
individuals by providing them with products and services that can ease their life and make world