Unit 9: Entrepreneurial Ventures and Mindset Analysis

This report provides a comprehensive overview of entrepreneurship and small business management. It begins with an introduction to entrepreneurship, defining the process and highlighting the role of entrepreneurs. The report then delves into entrepreneurial ventures, differentiating between various types and discussing their similarities. It analyzes micro and small business data and statistics, emphasizing their importance for socio-economic growth. The report also examines the characteristics, traits, and skills of successful entrepreneurs, using James Dyson as a case study. Furthermore, it explores how aspects of entrepreneurial personality reflect entrepreneurial motivation and mindset, including openness, conscientiousness, extraversion, agreeableness, and emotional stability. The report also discusses environmental factors that can hinder entrepreneurship, such as personal background, education, and social environment. Finally, the report concludes by summarizing the key findings and emphasizing the vital role of entrepreneurs in the economy.

9 – Entrepreneurship
and Small Business
Management

Contents
INTRODUCTION...........................................................................................................................3
LO1 AND LO2................................................................................................................................4
Brochure......................................................................................................................................4
LO3 and LO4...................................................................................................................................7
PowerPoint Presentation..............................................................................................................7
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship is defined as the process to introduce, operate as well a design new
enterprises. Individuals who develop their own business is considered as an entrepreneurs.
Moreover, the willingness of person for creating its own business plan for gaining profitability as
well as fulfilling its aspiration are known as Entrepreneurship. These procedures leads towards
huge risk but an entrepreneur have to effectively utilise inputs like capital, labour and others for
exploiting the opportunity efficaciously in certain time duration. This report covers various
topics like several entrepreneurial venture, its difference and similarities, interpretation of micro
and small business data and statistics, importance of small business for social economic growth
and characteristic traits and skills of successful entrepreneurs. Moreover, how aspects of
entrepreneurial personality reflect entrepreneurial motivation and mind set are also mentioned.
Apart from this, various environmental factor which can hinder the functioning of an
entrepreneurship are also discussed in this report.

LO1 AND LO2
Brochure

LO3 and LO4
PowerPoint Presentation
NOTES –
A successful entrepreneur possess their skills which assists them to improve and develop their
reputation. An entrepreneurs James Dyson, which is a British inventor who invented the dual
cyclone bag less vacuum cleaner. Also, he established the Dyson Limited that is a technology
firm which produce as well as designs hand dryers, bladeless fans and many others.
Risk taking – The effectual entrepreneur have to be ready to invest capital as well as spend time
through establishing back up plans for the upcoming risk (Ratten, 2014). As James Dyson
compute whole possible risk in advance only in order to get effectual results. It assists them to
perform its task appropriately. This characteristics differentiate them from manager as they do
not have to bear more risk because they come or join the firm that is already established earlier
so they do not have to bear more risk. Whereas entrepreneur are establishing new venture which
is very risky.
Innovative - James Dyson have innovative style for considering whole thing as well as used
within practical life. This help them to develop innovative products such as blade less fan,

vacuum cleaner and so on. Entrepreneur initiate business with innovative ideas. This differentiate
them form other business manager as they focused to motivate their employees for innovation
whereas entrepreneur develop by themselves. It is the trait that is possesses through all
entrepreneur who want to set up its enterprises.
Skills –
Problem solving skills- There are many issues that can raise within firm that have to be resolved
effectually and efficaciously so that this cannot harm enterprises as well as their issues and
functions. So, entrepreneur have to very much capable to resolve whole kinds of issues that raise
within organisation. James Dyson main focused upon all the aspects as well as resolve the issues
so that this cannot raise in future. This makes them distinguish from the business managers as
they do not solve the issues, they communicate that to senior authority where as they resolve that
by itself.
NOTES –
Few aspects that reflects the entrepreneurial personality are mentioned below –

Openness: This explains about person traits regarding its innovation as well as creativity and
how they are interest to gain new things. Moreover, this concentrate upon managing several
types of challenges which they face as well as path through which it can able to solve that in
effective manner. In respect of James Dyson, as it keen to gain innovative things as well as
attributes so in this personality traits is high on him.
Conscientiousness: This reflects the tier of thoughtfulness which assist them to control the
person behaviours effectively. In this predetermined goals plays crucial role so on continuous
basis an entrepreneur have to be clear with the aim as well as adapt effectual action for
appropriate execution of plan. Hence, it can aids them to maximise profit as well as obtain
sustainable success. As James Dyson goals are clear so it has high on this particular trait.
Extraversion: As entrepreneur perform with various stakeholder that develop this vital for them
for discussing the business objectives (Shaw, 2014). It will aids them to explain the situation of
enterprises as well as efficaciously way of communication build fair and long term relation with
one another. So, this personality trait aids him to communicate effectively with other person and
create good relation from their staff.
Agreeableness: Entrepreneur and its employees required to share longer relation with one
another. In addition to this, this is essential that workers depends upon their decisions so that it
staff can able to support as well as coordinate with one another for attaining the shared goals.
Therefore, agreeableness leads towards development of innovative ideas for appropriate business
functioning.
Emotional stability: Entrepreneur required to stabilise its emotion in such way which may aids
the overall firm to effectually face negative situation (Smallbone, Welter and Ateljevic, 2014).
This leads towards formation of strategic decision through knowing situation as well as leads
towards long term development of organisation.

NOTES –
This involves experiences, family background and many others which act as hindrance as well as
impact their performance. These elements which hinder successful entrepreneur performance are
discussed below:
Personal Background: James Dyson is known to be the most revolutionary entrepreneurs. He is
the innovative thinker as well as develop the technology for the development of whole society.
As he is passionate for the innovation so a innovat9ive machine is developed through him named
as vacuum cleaner. He was born in outskirts of England and belongs from the middle class
family as well as spend their life as any ordinary children. But after the death of his father family
become financially unstable and thereafter James Dyson initiated performing several
experiments for becoming successful.
Education: As James Dyson is focused towards artistic things and innovative technology
because of which entrepreneur did some courses such as furniture as well as interior designing.
His family supports are with him for accomplishing their dreams as well as provide society an
innovative products. At starting its various innovative ideas like dual cyclone get failed but that
frustration of performing something innovative help him to overcome from those failures as well
as obtained sustainable position.

Social environment: An entrepreneur required to perform innovation in such manner that this do
not restraint the external atmosphere. In context of James Dyson, he perform their activities
through doing efficacious usages of energy as well as secure surroundings by making
environment friendly techniques and tools.
Experiences: James Dyson have technical knowledge as well as completed its studies in their
interest areas that maximised the entrepreneur knowledge as well as aids them to formulate
effective decisions. In addition to this, the course he opted such as designing etc. assists him to
overcome from the failures and make innovative products as well as utilise that knowledge
through manufacturing appropriate design and products (Vanevenhoven, 2013).
Ways background and experience influence entrepreneurs
Positive impact: It is analysed that Hayden wood was always motivated and supported to
enhance the farming business with skills and characteristics. While, Jeff Bezos was always
forced to do some source finding. These both personalities used the skills and traits in learning
something new from complexities and failures that showed outcomes in form of positive impact
on entrepreneurship (Hughes and Troy, 2020).
Negative impact: In early duration of business, Hayden wood faced complexities in acquiring
land and manpower which restricted entrepreneurships and impacts negatively on level of
motivation. At same time, Jeff Bezos worked tirelessly for others in order to hit some source
searching in the field of payment industry but due to critical circumstances and unfavourable
factors, the influences and motivated were badly impacted in their life.

CONCLUSION
As per to the above mentioned report it has been concluded, that entrepreneurs is
considered as the vital part of an economy which leads business as well as produced large
amount of profit through accomplishing goals effectively. There are many kinds of
entrepreneurial venture and all of them have their own objectives like social venture performs for
maximising the unprivileged part of society. Moreover, small enterprises works for economic
development through enhancing employment rate. In addition to this, the role of entrepreneur is
continuously developing its skills as well as take all firm and staff towards the appropriate track
by dealing with hindrances.

REFERENCES
Books and Journals
Akehurst, G., Simarro, E. and Mas‐Tur, A., 2012. Women entrepreneurship in small service
firms: motivations, barriers and performance. The Service Industries Journal. 32(15).
pp.2489-2505.
Berglund, K., Johannisson, B. and Schwartz, B. eds., 2012. Societal entrepreneurship:
positioning, penetrating, promoting. Edward Elgar Publishing. Akehurst, G., Simarro, E.
and Mas‐Tur, A., 2012. Women entrepreneurship in small service firms: motivations,
barriers and performance. The Service Industries Journal. 32(15). pp.2489-2505.
Berglund, K., Johannisson, B. and Schwartz, B. eds., 2012. Societal entrepreneurship:
positioning, penetrating, promoting. Edward Elgar Publishing.
Blackburn, R. A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
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Ratten, V., 2014. Future research directions for collective entrepreneurship in developing
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Shaw, G., 2014. Entrepreneurial cultures and small business enterprises in tourism. The Wiley
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Solomon, G. and Matthews, C., 2014. The curricular confusion between entrepreneurship
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Vanevenhoven, J., 2013. Advances and challenges in entrepreneurship education. Journal of
small business management. 51(3). pp.466-470.

Volery, T. and Mazzarol, T., 2015. The evolution of the small business and entrepreneurship
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