Entrepreneurial Ventures: Scope, Traits, Characteristics and Mindset

This report explores the scope of entrepreneurial ventures, traits and characteristics associated with entrepreneurship, meaning of entrepreneurial mindset, and ways to encourage it. It also examines different types of entrepreneurial ventures and their impact on the economy.

Entrepreneurial
ventures

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
P1- Investigate the scope of entrepreneurial ventures, using a variety of examples...................3
P2- Examine the traits and characteristics associated with entrepreneurship.............................4
M1- Evaluate the similarities and differences between entrepreneurial ventures and the traits
and characteristics of entrepreneurs in those ventures................................................................5
P3- Meaning of entrepreneurial mindset ....................................................................................6
P4- Analysis of the skills and characteristics associated with the entrepreneurial mindset. ......6
M2- Ways in which the entrepreneurial mindset can be encouraged and what it can bring to
new ventures. ..............................................................................................................................7
D1- Examine entrepreneurial ventures, traits, characteristics and mindset involved in
entrepreneurship. ........................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurial ventures can be defined as the enterprises which offers its customers with
innovative products and services. Entrepreneurial is referred to the qualities which have to be
pertained by the individuals to be able to succeed as an entrepreneur. Entrepreneurial venture is a
process which helps in creating new organization to offer innovation. There are five stages of
entrepreneurial ventures which are introducing a new product or services, then developing a new
production method. Third the product have to be sold in new markets, then new sources of
supply have to be discussed and lastly the business have to be reorganized. This report gives the
description about different types of entrepreneurial ventures and analysis of the traits and
characteristics which are associated with the entrepreneurship. Further the report examines the
meaning of the entrepreneurial mindset and the skills and the characteristics which have been
related with entrepreneurial mindset.
MAIN BODY
P1- Investigate the scope of entrepreneurial ventures, using a variety of examples.
Entrepreneurship- It can be defined as the ability which helps in developing and organizing a
business. Starting a new business can be said as the best example of entrepreneurship where the
entrepreneurs bring new ideas and techniques in the market which helps in satisfying the needs
of the customers.
Entrepreneurial ventures- They are referred to the enterprises which are focusing on providing
innovative products and services to the customers which helps in creating a social value among
the customers.
In small scale businesses the entrepreneurs have a vast opportunity, where they can sell services
rather than setting up manufacturing plants. If size of the business is small then the entrepreneurs
have a greater chances of getting succeeded. Scope of entrepreneurial ventures in small
businesses is discussed below-
 Industrial Sector- This sector provides the entrepreneurs a variety of chances to develop
their own industry. The main aim of the small businesses is to increase the supply of the
manufactured goods and increase employment opportunities for the general public. The
entrepreneurs can use new technological products which will help in enhancing the

business operations. Also the small scale industries are engaged in increasing the national
income and meeting the shortage of the demand by the customers.
 Agricultural and associated industrial sector- Entrepreneurial activities are having vast
scope in the agricultural activities, as the entrepreneurs can use the opportunities which
are available in the farming and agricultural activities. The government is also supporting
the entrepreneurs which are indulging in agricultural sector by financing them through
establishing rural banks. Entrepreneurs can sell their products in the domestic as well as
the foreign markets, which helps them in getting great prices for their products.
Government is providing entrepreneurs with several incentives which help them to get
motivated for exporting their products.
 Service Sector- Service sector is expanding rapidly as it is providing the opportunities to
the entrepreneurs to expand their horizons in the hotel industry, tourism industry, or
cleaning services. Entrepreneurs can build their career in service industry as they have
enormous opportunities in non- manufacturing activities. The government is continuously
engaging in providing subsidies and tax benefits to the service industry.
P2- Examine the traits and characteristics associated with entrepreneurship
It is important for entrepreneurs to have a set of characteristics and traits which make
them different from other individuals. For entrepreneurs to be successful in their business it is
important that they focus on their work and will get a sense of satisfaction for their work.
Concentrated entrepreneurs are more likely to get successful as it shows that they are passionate
about their business. Some traits and characteristics which are associated with the
entrepreneurship are-
Traits of Henry Ford
 Vision- Henry Ford is an American industrialist, he stra6ted his business with a vision to
build a strong and reliable market place for the customers. Henry Ford can be said as a
visionary leader, because of him nearly every individual was able to afford auto mobile.
Also the advancements in the technologies and the innovations made in the auto mobile
sector allowed him to give long lasting impacts on the society.
 Passion- It is important for the entrepreneurs to be passionate and focussed about their
mission. The journey of entrepreneurs is not simple and has no defined paths and goals.

The success of Henry Ford is the example of great commitment towards the business.
Henry Ford was committed as an engineer, which had led him to create new innovative
car models in the auto mobile industry.
Characteristics of Henry Ford
 Curiosity- It is said that the successful entrepreneurs have different personality
characteristics which makes them apart from other leaders. An entrepreneur must be
curious about the new opportunities and should focus on the challenges coming in their
way. Without curiosity it is difficult for the entrepreneurs to achieve their goals and
objectives effectively and efficiently.
 Adaptability- Entrepreneurship is a continuous process in which the entrepreneurs have
to go through various challenges and also get opportunities. An entrepreneur must be
flexible and able to adapt to the changes in the environment. Henry Ford has focussed on
adaptability and build innovative cars according to the changing tastes and preferences of
the customers. Henry Ford is able to survive in the market because he is manufacturing
according to the customers.
M1- Evaluate the similarities and differences between entrepreneurial ventures and the traits and
characteristics of entrepreneurs in those ventures.
Small business ventures create high profits for the entrepreneurs within a small period of
time. These ventures begins with the small amount of capital and are usually formed because
there is a need for a particular product or service. After the entrepreneur determines the need
than they employ appropriate resources to produce the goods and services. Whereas in the micro
business ventures provide their services in local markets or communities. In micro business
ventures the entrepreneurs can employ less then 10 individuals. The micro business owners are
usually freelancers or sole traders. Large business venture are well known brands with good
reputation where the entrepreneurs use technological advancements and opportunities to produce
new innovative products and ideas. Large business ventures have to employ at least 500
employees to be classified as large. For a business to be successful it is important for the
entrepreneurs to have some specific skills which make them different from other business
owners. There are several successful entrepreneurs which have started from scratch and build
their successful business in the market. The entrepreneurs have various skills like concentrated,

motivation, creative thinking, curious and attentive. These skills helps an entrepreneur to set up
their business and make it successful.
P3- Meaning of entrepreneurial mindset
Entrepreneurial mindset- Entrepreneurial mindset can be said as the set of skills which helps
the individuals to identify the threats and the opportunities which are coming in their way. The
entrepreneurs continuously require increase in their set of skills and the abilities. Skills will help
the entrepreneurs to learn from their failures and take respective actions to overcome those
failures. Entrepreneurial mindset is also effected by the skills and techniques pertained by the
entrepreneurs which also helps in grabbing opportunities and get benefited through them. The
entrepreneurs helps in developing economy by providing employment opportunities and
introducing new innovative products and services in the market.
Differences between an entrepreneur and business owner manager-
Entrepreneur Business manager
Entrepreneurs are individuals which runs
business and have some special set of skills
which helps them in getting successful. They
bring innovative business ideas and products
while starting their business venture.
A business manager is the one who is
responsible for managing the business
operations and will ensure the smooth running
of the business.
Entrepreneurs are visionary and bears all the
financial risks involved in the business.
Managers do not have to pay for the financial
losses as they are working in the company for
the salary.
The entrepreneurs get motivated through the
achievements and their goals set.
The managers can get motivated by the power
and responsibility delegated to them from the
top management executives.
P4- Analysis of the skills and characteristics associated with the entrepreneurial mindset.
Skills and characteristics associated with entrepreneurial mindset-

 Positive attitude- Entrepreneurs should have a positive attitude if they have to run a
successful business. It is important for the entrepreneurs to show positivity when they are
facing challenges and obstacles in their business operations. Having positive attitude
towards the obstacles will help the entrepreneurs to tackle the problems with confidence.
 Openness to anything- Running a business involves higher risks and the business
activities are also uncertain and even entrepreneurs cannot predict them. In these
situations it is important that the entrepreneurs are flexible and can adapt to the changes
in the market. For entrepreneurs it is needed that they can adapt to the changing tastes
and preferences of the customers. For example the change in the trade through online
mode requires individuals to be adaptable to the technological requirements.
 Persuasion- The entrepreneur need to be persuasive so that can attract more customers to
buy their products and services. Also the entrepreneurs are required to persuade their
employees to innovate new ideas and solutions which will help the company to build new
innovative products and services. Persuasion is an important ability which also helps the
entrepreneurs to communicate better with the customers and the employees.
 Creative- Entrepreneurs have to be creative so that they can innovate new ideas and
thoughts in their business. Creativity helps an entrepreneur to solve the problems and
innovate new and better products and services for the customers.
 Hard working- Entrepreneurs must be hard working and have willingness to do the
work. If they are not dedicated and passionate towards their work then they cannot
achieve success in their business. For a business to be successful it is important that the
entrepreneurs are focused and concentrated towards their goals and objectives.
Entrepreneurs must be energetic and organized so that they can work effectively and
efficiently.
M2- Ways in which the entrepreneurial mindset can be encouraged and what it can bring to new
ventures.
It is important for the companies to encourage their employees for innovating new ideas
and having entrepreneurial mindsets. The companies can allow freedom and give some space to
their employees so that they can think out of the box and come up with some creative ideas
which can be helpful for the business.

Ways to cultivate entrepreneurial mindset-
 Prioritize growth- Entrepreneurs are constantly focusing on getting new ideas and
knowledge from wherever they get. It is important for the entrepreneurs to have a sense
of personal development so that they can ensure they are growing in their field. They can
make use of books, journals, articles and newspapers to enhance their knowledge.
Knowledgeable individuals tend to get motivated and also inspire other employees.
 Set goals- The first step of starting a project is to set appropriate goals and objectives
which can be accomplished in a given time. Successful entrepreneurs tend to set small
goals and objectives which can be achievable. Small goals can be controlled and the
activities which are more important are accomplished first. Small goals helps
entrepreneurs to move to the next goal quickly, whereas the larger goals are hard to
accomplish as the daily progress cannot be measured.
 Embrace risk- Failures are the best opportunity which help the entrepreneurs to learn
from their mistakes and evolve new strategies for the next time. Failures can be scary but
they give a clear understanding of the risks involved in the particular business operation.
For entrepreneurs it is important to take risks, as greater risks will lead to greater profits.
Risks helps in encouraging innovation and are not likely to always provide negative
impacts on the businesses. Thus for entrepreneurs risks are important for a business to be
successful.
D1- Examine entrepreneurial ventures, traits, characteristics and mindset involved in
entrepreneurship.
From this report it is critically examined that the scope of the entrepreneurship is broader
in nature as it consist of different sectors which helps the entrepreneurs to perform well in their
business activities. Entrepreneurial mindsets helps entrepreneurs to take their skills and abilities
to next level which will help them in creating new innovative ideas. It is important for the
entrepreneurs to have special set to skills and abilities which will make them differ from other
business leaders. The entrepreneurs should be creative, curious, focussed, hard working and
persuasive so that they can attract more customers by innovative products and services. These
skills and abilities are required by the entrepreneurs for the smooth functioning of the business
operations.

CONCLUSION
From the above report it is concluded that the entrepreneurship is the set of skills and
abilities which have to be developed by the entrepreneurs to adapt to the certain changes and
tastes of the customers. For entrepreneurs it is important that they have a defined set of skills and
abilities which help them in making their business successful. Entrepreneurs should pertain skills
like creative thinking, leadership, hard working, and focussed which help them in attracting more
customers. The scope of entrepreneurial ventures is discussed in this report which helps the
entrepreneurs in evaluating different sectors in which they can set up their business units.
Entrepreneurs nowadays are more innovative and are continuously trying to develop new
ventures within the organization. So entrepreneurial ventures are important for every type of
company, the scope for the small businesses is more for entrepreneurs as they are engaged in
providing employment opportunities to the individuals.

REFERENCES
Books and Journals