Entrepreneurial Ventures and Traits: Exploring the Entrepreneurial Mindset

This report explores the scope of entrepreneurial ventures, traits and characteristics of entrepreneurship, and the concept of the entrepreneurial mindset and its contribution to entrepreneurial ventures. It also evaluates the similarities and differences between entrepreneurial ventures and traits and characteristics of entrepreneurship. The report covers a wide range of examples and links them to famous entrepreneurs. It discusses the different types/scopes of entrepreneurial ventures, such as small businesses, large companies, social enterprises, and scalable ventures. The report also examines the traits, skills, and characteristics associated with entrepreneurship, such as creativity, vision and passion, willingness for hard work and confidence, communication skills, leadership skills, and flexibility skills. Finally, the report explores the concept of the entrepreneurial mindset and its influence on entrepreneurial ventures.

Entrepreneurial
Ventures

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY ..................................................................................................................................1
P1 Explain what it takes to be an Entrepreneur. Investigate the scope of entrepreneurial
ventures, using a variety of examples.........................................................................................1
P2 Inspect the traits and characteristics associated with entrepreneur thoroughly to determine
its nature or conditions. You should examine a wide range of examples and link them to a
famous entrepreneur....................................................................................................................3
P3 Provide an evaluation of the similarities and differences between entrepreneurial ventures
and traits and characteristics of entrepreneurism. Use example where needed..........................4
P4 You should explore the concept of the entrepreneurial mindset and its contribution to
entrepreneurial ventures. ............................................................................................................5
P5)Using academic sources, you should determine the number of ways in which
entrepreneurial mindset can be encouraged and what it can bring to a new venture..................8
CONCLUSION................................................................................................................................9
References:.......................................................................................................................................9

INTRODUCTION
Entrepreneurship is considered as founding and developing a new venture and concept in order
to set up business activities in hope of profit. Entrepreneurial venture is known as the business
activity that places innovation as its core value to produce economic growth. Going on to this
type of venture needs entrepreneurial mindset which comes from a ability to find opportunities
even in the critical ways(Hattenberg, Belousova and Groen, 2021). In this report, the scope of
entrepreneurial ventures, using a variety of examples will be understood. Also, the traits and
characteristics associated with entrepreneurship will be covered. Then the meaning,
characteristics and skills of the entrepreneurial mindset will also be covered. The relevant data
and statistics to relate how micro and small business ventures impact the economy at different
levels will also be reported. In the end, the differences and similarities between public and
corporate intrapreneurship will also be understood.
MAIN BODY
P1 Explain what it takes to be an Entrepreneur. Investigate the scope of entrepreneurial ventures,
using a variety of examples.
What is Entrepreneurship?
Entrepreneurship is always something more bigger than a closed system of an enterprise. It is
viewed as a unique, generally consisting risk beyond what is normally encountered in starting a
venture, which may include other values than simply the ones that are the related to monetary
terms(Hwang and Shin, 2019).
Who is an Entrepreneur?
An entrepreneur is an individual who founds or invests in a new venture that could be business
activity at a small or large level. Other definitions of an entrepreneur could be the person
indulging in something that has the capacity to solve and innovate risk taking ventures in order to
make profit with it. An example of a famous entrepreneur could be Elon Musk.
It has a very wide scope in a way that the system of the entrepreneurial venture decides how the
businesses are influencing the economy and involving greater societal change. There are various
types of entrepreneurial ventures which decides the businesses and its functioning and also its
target market. It not only influences the economy of a place but also improves the employability
of that area. The scope of the entrepreneurial ventures changes with the size and the complexity
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it comes with(Johnson and Schaltegger, 2020). The following are the different types/scopes of
the entrepreneurial ventures:
 Small businesses
Small businesses are those ventures which constitutes very few employees and generates lesser
revenues than a medium enterprise. The criteria of a small business can vary from country to
country but the fact that they are a small business gives them a structure to be operate more
locally. Few of the best examples of successful small businesses could be retail stores, bakeries
and clinics. These businesses and the owners are likely to be a business by their choice. As many
retailers and grocery stores are just present locally and operate in a specific area. They use this as
an advantage as with time they become more aware of the specifics and the target market
present. These businesses usually don't go for funding as they profits are enough to be invested
back and operate the business successfully. Saab coffee is a small business present in the UK.
 Large companies
A large business can be considered as a business with above average business size. Other than
that they are likely to have very large operations and infrastructure. They use the economies of
scale to lever up their profits and likely to be present in multiple places including different
countries. The companies that are large are not necessarily be focused towards just one business
as they have the tendency to look for opportunities that are present in the market. It is easier for
them to expand as they have the experiences and the resources that are needed to begin a new
venture. Astra Zeneca can be considered as a large business(Kuratko, Hornsby and McKelvie,
2021).
 Social enterprise
Social enterprises are those businesses that have their core values connected to social objectives
and is always focussed on completing those objectives. The social enterprise, unlike the myths,
do work on making sure that their profits are maximised but give huge importance towards the
benefits to the social factors and the benefits to the environment. Their primary role is to reinvest
what they are earning into the benefits of the society. Social enterprises can sometimes be also
called the social entrepreneurship when the owners try to find opportunities to seek innovative
ways to bring changes to the society and to fulfil a business purpose. The Big Issue is a famous
UK based social entreprise.
 Scalable ventures
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These are the ventures that are formed by the individual capacities or groups of people. The ideas
for a venture are unique and thoughtful which helps them in surviving in the high competition.
The have the ability to expand their ventures into a large business in quick amount of time. Some
businesses which have scaled high are the famous Google, Facebook etc(Kwapisz, and et.al.,
2022).
P2 Inspect the traits and characteristics associated with entrepreneur thoroughly to determine its
nature or conditions. You should examine a wide range of examples and link them to a
famous entrepreneur.
Traits of Entrepreneurs
There are many traits of an entrepreneur and they are discussed below:
 Creativity
An entrepreneur is a person who is very creative in what he does and implements the creativity
in the functions of the business. The creativity is what enables a person to becoming a successful
entrepreneur as this creativity. Elon Musk's creativity has brought him this far.
 Vision and Passion
To have a long term vision is very important to be a successful entrepreneur. That vision should
be unique and should be able to entirely correlate with the values that they have given the
thought about. The passion to accomplish the vision and the plans that they have is also very
important. The vision of Elon musk is still intact with his mission(Kwilinski, Lanivich and et.al.,
2021).
 Willingness for hard work and confidence
Hard work and confidence is another key factor for a person to be a good entrepreneur. The
willingness to work hard can be a very required feature for an entrepreneur as this can be
influencing for the people to believe in the entrepreneurship venture. Confidence is also needed
in any person to be able to complete the venture in a quick time with better productivity. The
willingness of working hard is a trait that Elon Musk also possess.
Skills of an entrepreneur
 Communication skills
An entrepreneur cannot become one if that person is not good at communicating. It is important
for them to be able to express their business ideas in such a way that the investors and the
customers are absolutely convinced by them.
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 Leadership skills
It is also very much required for the entrepreneurial venture to be able to lead by a good leader as
people working for the entrepreneur are influenced by their vision and skills. An entrepreneur
should be able to control and influence the people and should always be thinking about the whole
company and not the individual.
 Flexibility skills
An entrepreneur should be flexible with the decisions and the time management issues as they
deal with many critical situations involving the business and its activities. Elon Musk is also
known for his flexibility skills in the business.
Characteristics of an entrepreneur
 Risk taking
A very good characteristic of an entrepreneur is the risk taking ability that help the company in
reaching the destinations that they dreamed to achieve (Morozova, Popkova and Litvinova,
2019).
 Knowledge
Another important characteristic of an entrepreneur is the knowledge factor especially in the
sector there business is in. The knowledge required comes with training and development factors
that are important for the business to succeed. Elon Musk is highly knowledgable and that has
helped him in coming this way.
 Empathy
An entrepreneur also needs to have the empathy factor in them to be able to control and manage
their employees and the investors feelings and demands.
P3 Provide an evaluation of the similarities and differences between entrepreneurial ventures and
traits and characteristics of entrepreneurism. Use example where needed.
Ventures Similarities Differences Examples
Small venture Scope-This venture
can be very helpful
for the prospects of
growing the firm.
Entrepreneurs role-
Objectives- Usually
their goal is to support
their family from their
business. Because it is
a small venture, the
Saab coffee is a small
venture.
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To operate their
businesses.
capital used is also
very low.
Size- This is small
sized venture.
Scalable Venture Scope-To be able to
grow the firm at a high
scale.
entrepreneurs role-
To be able to scale
their business.
Objectives-
Innovation and
uniqueness is what is
desired from the
products of this
venture (Morris and
Tucker, 2021).
Size- In between,
Medium and large
Sendmybag.com is a
good example.
Large venture Scope- The scope is to
make the firm big.
Entrepreneurs role-
they setup a business
and run it to a good
extent.
Objectives- The
objective of this
venture to make this
business very big in
scale.
Size- Large sized
Unilever private
limited could be good
example.
Social venture Scope- These are setup
to be grow the
business.
Entrepreneurial role-
To keep the business
with the social cause.
Objectives- The
objective of this
venture is to be able to
make the business
benefiting for the
social cause.
Reseiclo Rescued is a
good example.
P4 You should explore the concept of the entrepreneurial mindset and its contribution to
entrepreneurial ventures.
Concept of entrepreneurial mindset
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The mentality of an entrepreneur is stated as the method of processing that is used in by the
entrepreneur that can make co-relation between the assumptions and learnings. Also this mindset
is important in using the learnings for the enterprises. This impacts the business in a very
benefiting way to be able to influence the decision making of the company's operation. Their
mindset is also very important in taking the actions that are considered important for their
businesses. It is an necessary factor which is requisite to run the companies. Their mindset
displays how the employees will be evaluated for the better performance an the productivity of
the people. The good mindset is also required for the implementation of the knowledge in the
company and its activities. The activities are needed to be strategised with a proper mindset as
they are important to for the smooth and effective functioning of the organisation.
Difference between an entrepreneur and a business manager.
BASIS ENTREPRENEUR BUSINESS MANAGER
DEFINITION Entrepreneur is someone who
innovates an original idea into a
profitable business(Pidduck, Clark
and Lumpkin, 2021).
The business manager a person who
also strategises for a business but that
person is not the innovator but just an
employee.
RISK Entrepreneur is the owner of the
business and is responsible for all
the risks that come with the
business.
A business manager is someone who
works for the company and hence is
not involved with the risks.
FOCUS The focus of the entrepreneur is to
begin a new business venture that
would be able to be helpful in the
expansion of the business.
The main focal point of a commercial
enterprise manager is to make sure
that the venture is run well.
MOTIVATION Entrepreneur gets motivated through
the achievement they get after
accomplishing the achievement.
The business manager gets motivated
through their promotions and the post
that they gain through their
achievement.
NATURE An entrepreneur is considered as a A business manager is not a very
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risk taker. avert risk taker.
What is the mindset of a typical entrepreneur?
 The mission and vision of the business depends upon the innovative ideas through which
confidence of entrepreneur becomes more strong. Entrepreneur gives more focus on the
aspects that determine self help which also leads in self life. Confidence leads an
individual to increase their efficiency as well as self growth.
 Entrepreneur have set objectives and they follow proper guidelines for their career which
leads them to focus on future. The main aim of entrepreneur is to stay motivated that
leads them to give more focus on goals and objectives and they fully engage themselves
in business. Due to this employees of the organisation also feel motivated. In this way the
individual is more oriented towards their goals in their future as well as in career that
assists them to accomplish the target and give more emphasis on their knowledge.
 The positive mentality of an entrepreneur is based on the knowledge and power that
depend on the ability in this modern world. This mentions creativity and the updated
version exist to the department of an organisation. To grow the business and firm, an
individual is required to be creative and unique which follows the trends of world
affiliated to the techniques, technologies and many more.
How does this mindset influence or contribute to entrepreneurial venture?
The entrepreneur mindset can assist the business to succeed. As the outlook of an entrepreneur is
positive helps to boost up the confidence of the people who are working for the business. The
positive mindset of the person also helps the business in being more productive than their normal
condition. The innovation of the entrepreneur helps in attracting the customers. The focus of an
entrepreneur is to achieve their objective will also leads to get the success in firm. If a person is
highly influenced and passionate then it is likely to be successful in that venture and will be
profitable in the long term.
Evaluate the skills and characteristics related with the entrepreneurial mind-set.
The entrepreneurial mindset is something that determine the characteristics and the skills that
they posses and that helps them in coordinating with the minds and behaviour of the employees
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and their partners(Ratten and Usmanij, 2021). These skills and the characteristics that are related
with the mindset are:
 Ownership:
An entrepreneur is someone who has very much focus on leading the pack and taking them to a
level of growth and success. To control the people and the resources they need the ownership
skills and that helps them to be perfectly get aligned with the business activities. They also are
needed to be the owners of their own decisions and the decisions of the company. The ownership
trait is something that is needed by an entrepreneur to be able to match up with the problems that
they will face while dealing with business and its prospectives. The ownership approach is what
is used to construct confidence in the company's behaviours and make them a support for the
individual to attain the goals.
 Optimism:
Being optimistic is another trait that is needed by an entrepreneurial mindset to be able to
successfully take their businesses to another level. Even while starting a new entrepreneurial
venture it is needed for the owners to be optimistic and be open with the challenges that will
come along the way and make sure they are faced well with utmost optimism. The optimistic
trait in an entrepreneur is likely to make the person learn even in the most biggest of failures in
the career. An optimistic entrepreneur would be able to stand back and try again after
learning from the failures.
 Commitment:
Commitment towards their vision and mission is also a criteria that is needed in an entrepreneur
for the better productivity of the business. If the owner is most committed then the people
working for that person will also be able to commit and get much involved to the objectives of
the business. Failures and rejection won't be able to make an entrepreneurial mindset go down as
these will end up becoming a learning point for them in their business as they are committed to
improve from their mistakes.
 Connection:
The connection factor should also be a required trait in an entrepreneur and its business. The
connection needs to to a strong one with the employees, the society and the people who are
involved directly or indirectly with the business. Networking is what is needed to be a successful
entrepreneur, especially in the beginning phase of the business where it is yet to reach places and
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positions. The entrepreneurial mindset that is that believes in good communication and the
connection factor makes the business grow faster.
 Self respect:
An entrepreneurial mindset cannot fulfil its potential if it does not the factor of self respect in it.
While dealing with the failures and even the successes the entrepreneur needs to have the self
respect and should be able to own all the responsibilities that comes with the business and its
functions. Only a person with enough self respect will be able to give respect to the people who
are working for them and the customers in the future.
P5)Using academic sources, you should determine the number of ways in which
entrepreneurial mindset can be encouraged and what it can bring to a new venture.
How can entrepreneurship be developed?
The entrepreneurship can be developed through the contribution of the people in the
business world through innovation and ideas which should come with the help of the
governments, individual self and the entrepreneurs themselves.
 Government Efforts- For a new business, the government make the schemes and
provides the finances to the entrepreneur in order to setup its operations. The government
has initiated some schemes which help the new business ventures to get finances without
the problems of the interest and payback (Sahut, Iandoli and Teulon, 2021). The
government also initiates workshops and classes in order to provide the guidelines for the
businessperson.
 Individual Efforts- An individual also does many things in order to make sure that they
venture is successful.. The individuals find the sources to raise the funds, and find people
who can be helpful in their business activities.. The individual finds the people who
would the able to provide them with the materials fro their business at a very less rate.
Also the traits involving the entrepreneur themselves are going to take the business to a
new level.
 Entrepreneurs Contribution To Entrepreneurial Growth- To make sure that there are
more entrepreneurs in the world that are bringing change to the society, the people who
are entrepreneurs themselves can be very helpful in supporting. The entrepreneur follows
up the techniques or strategies with their past experiences that helps in enhancing the
company's functioning. The entrepreneur can bring the products and services which are
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unique to the business and the market to be able to expand their business which helps to
grow the company.
CONCLUSION
Form this report it can be concluded that an entrepreneurial mindset is needed to be able to
become a good and successful entrepreneur. Also the scope of the entrepreneurial ventures and
the traits and characteristics that are of the entrepreneurship were made known. The similarities
and the differences of an entrepreneur and a business manager was also understood. The
Entrepreneurial mind-set was also understood. The number of ways in which entrepreneurial
mindset can be encouraged and be helpful in the new business's formation and functioning are
many and they were also covered in this report.
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References:
Books and Journals
Hattenberg, D.Y., Belousova, O. and Groen, A.J., 2021. Defining the entrepreneurial mindset
and discussing its distinctiveness in entrepreneurship research. International Journal of
Entrepreneurship and Small Business, 44(1), pp.30-52.
Hwang, S. and Shin, J., 2019. Using Lean Startup to Power Organizational Transformation:
Creating an internal division that implemented concepts from Lean Startup helped a
consumer electronics firm foster an entrepreneurial mindset among employees. Research-
Technology Management, 62(5), pp.40-49.
Johnson, M.P. and Schaltegger, S., 2020. Entrepreneurship for sustainable development: A
review and multilevel causal mechanism framework. Entrepreneurship Theory and
Practice, 44(6), pp.1141-1173.
Kuratko, D.F., Hornsby, J.S. and McKelvie, A., 2021. Entrepreneurial mindset in corporate
entrepreneurship: Forms, impediments, and actions for research. Journal of Small
Business Management, pp.1-23.
Kwapisz, and et.al., 2022. Entrepreneurial Action and Intention: The Role of Entrepreneurial
Mindset, Emotional Intelligence, and Grit. Entrepreneurship Education and
Pedagogy, 5(3), pp.375-405.
Kwilinski, A., Dalevska, N., Kravchenko, S., Hroznyi, I. and Kovalenko, O., 2019. Formation of
the entrepreneurship model of e-business in the context of the introduction of information
and communication technologies. Journal of Entrepreneurship Education, 22, pp.1-7.
Lanivich, and et.al., 2021. RICH with well-being: An entrepreneurial mindset for thriving in
early-stage entrepreneurship. Journal of Business Research, 124, pp.571-580.
Morozova, I.A., Popkova, E.G. and Litvinova, T.N., 2019. Sustainable development of global
entrepreneurship: infrastructure and perspectives. International Entrepreneurship and
Management Journal, 15(2), pp.589-597.
Morris, M.H. and Tucker, R., 2021. The entrepreneurial mindset and poverty. Journal of Small
Business Management, pp.1-30.
Pidduck, R.J., Clark, D.R. and Lumpkin, G.T., 2021. Entrepreneurial mindset: Dispositional
beliefs, opportunity beliefs, and entrepreneurial behavior. Journal of Small Business
Management, pp.1-35.
Ratten, V. and Usmanij, P., 2021. Entrepreneurship education: Time for a change in research
direction?. The International Journal of Management Education, 19(1), p.100367.
Sahut, J.M., Iandoli, L. and Teulon, F., 2021. The age of digital entrepreneurship. Small Business
Economics, 56(3), pp.1159-1169.
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