Entrepreneurship Venture: Investigating Scope, Traits, Characteristics and Mindset

This report discusses the scope of entrepreneurial ventures, traits and characteristics associated with entrepreneurship, meaning of entrepreneurial mindset, skills and characteristics associated with the entrepreneurial mindset, and entrepreneurial ventures, traits, characteristics and mindset involved in entrepreneurship.

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 is being defined as an enterprise which offer their customer with
innovative services and products. This is referred to the qualities which were pretended through
the individuals who were able to succeed as an entrepreneur. Entrepreneurial venture is a process
which aid to make new enterprise for offering innovation. The entrepreneurial ventures were
introducing a new services or products, then to develop a new production method. The product
have to be sold in a whole new market, then new source of supply have to discuss and in last the
business have to be reorganized(Esposito and Renzi, 2020). The report give description of
various kind of entrepreneurial ventures and analyse of the characteristics and traits which were
associated with entrepreneurship. Further this report includes the meaning of entrepreneurial
skills and mindset and characteristics which were related to entrepreneurial mindset.
MAIN BODY
P1- Investigate the scope of entrepreneurial ventures, using a variety of examples.
Entrepreneurship- This is being characterised as the ability which assist to organize and
develop a business. Starting of new business is being said as an example of entrepreneurship in
which the entrepreneurs bring new techniques and ideas in the market which assist to satisfy the
need of consumers.
Entrepreneurial ventures- This is referred to enterprises which focus to provide innovative
services and products to the customers which assist to make a social value in the consumers.
In small kind of business the entrepreneurs have more opportunity, in which they can sell
services other than setting up manufacturing plants(Reuther, Borodzicz and Schumann, 2018)
. If business size is small then the entrepreneur have a good chance to succeed. Scope of
entrepreneurial venture is small business is mentioned below-
 Industrial Sector- This provides the entrepreneurs as a variety of chances for developing
their own industry. The main objective for small business is to enhance the supply of the
manufactured good and increase employment opportunity for general public. The
entrepreneur can utilise new technological product which assist to increase the business
operations. Also small scale industry are engaged to enhance the national income and
meeting shortage of demand through the customers.

 Agricultural and associated industrial sector- Activities of entrepreneurial have wide
scope in the agricultural activity, as entrepreneur utilise the opportunities which is
available in agricultural and farming activities. The government also support the
entrepreneur which were indulged in agricultural sector through financing them by
establishing rural banks(De Falco and Renzi, 2020). Entrepreneur can sell the products in
foreign and domestic markets, which assist them to get good prices for their products.
Government provides entrepreneurs with many incentives which assist them to get
motivated to export their products.
 Service Sector- Service sector is expanding quickly as this provides the opportunities to
entrepreneurs to expand horizon in tourism industry, hotel industry or learning services.
Entrepreneurs builds their career in the service industry as they have many opportunity in
non-manufacturing activities. The government is engaged to provide tax benefits and
subsidies to the service industry.
P2- Examine the traits and characteristics associated with entrepreneurship
This is essential for entrepreneurs to have set of traits and characteristics which make
them different from any other individual. For entrepreneurs to become successful in the business
this is essential that they focus on their work and get a sense of satisfaction for their work.
Concentrated entrepreneurs are more similar to get successful as this show that they were
passionate for their business(Soncin and Arnaboldi, 2022). Some characteristics and traits which
were associated with the entrepreneurship are-
Traits of Henry Ford
 Vision- Henry Ford is an American industrialist, he started this business with a vision to
make a reliable and strong market for the customers. Henry Ford was a visionary leader,
because of him every one was able to afford auto mobile. Also advancement in
technology and innovation made in auto mobile sector let him to give long lasting impact
on the society.
 Passion- This is essential for the for being focussed and passionate for their mission. The
journey of entrepreneur is not simple and have to defined goals and paths. The success of
henry Ford is an example of good commitment as a engineer, which led to to make new
innovative car model in auto mobile industry.

Characteristics of Henry Ford
 Curiosity- This is said that a successful entrepreneur have various personality
characteristics which make them apart from other leader. The entrepreneur must be curios
for the these opportunity and should focus on challenges coming in this way(Sono and
Malan, 2021). Without curiosity this is hard for an entrepreneur to achieve their
objectives and goals efficiently and effectively.
 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(Chamba and Chazireni, 2021). 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 (Saberi,
2018) . 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(Wan and Liu, 2021). 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(Singh, 2020). 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(Pellegrini, Annunziata, Rizzi
and Frey, 2019). 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(Wan, Liu and Wang, 2020). 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, hardworking, 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
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intrapreneurship, and conducive institutions: Is there a connection?. Journal of Business
Research, 146, pp.45-56.
Chamba, L.T. and Chazireni, B., 2021. Intrapreneurship as a Strategic Renewal Option for State-
Owned Enterprises: The Case of Parastatals in Zimbabwe. Journal of Public
Administration, 56(4), pp.842-853.
De Falco, S.E. and Renzi, A., 2020. Benefit corporations and corporate social
intrapreneurship. Entrepreneurship Research Journal, 10(4).
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Intrapreneurship. Entrepreneurship Research Journal, 10(4), pp.1-05.
Pellegrini, C., Annunziata, E., Rizzi, F. and Frey, M., 2019. The role of networks and sustainable
intrapreneurship as interactive drivers catalyzing the adoption of sustainable
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Saberi, M.K., 2018. Intrapreneurship in public libraries: An exploratory and confirmatory factor
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Singh, K.K., 2020. Social Entrepreneurship, Intrapreneurship, and Social Value Creation:
Relevance for Contemporary Social Work Practice: by Monica Nandan, Tricia B. Bent-
Goodley, and Gokul Mandayam, Washington, DC, NASW Press, 2019, 290 pp., $39.99
(paperback), ISBN: 978-0-87101-538-9.
Soncin, M. and Arnaboldi, M., 2022. Intrapreneurship in Higher Education: The Digital
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