Entrepreneurial Venture Report: Scope, Traits, Mindset, and Skills

This report provides a comprehensive overview of entrepreneurial ventures, encompassing their scope, various types (including small business, large company, scalable start-up, and social entrepreneurship), and the characteristics that define them. It delves into the traits and characteristics associated with entrepreneurship, such as self-motivation, open-mindedness, curiosity, decisiveness, and leadership. Furthermore, the report elucidates the concept of the entrepreneurial mindset, outlining its key components, including the belief in personal influence, the importance of compelling goals, an optimistic approach to challenges, and a focus on knowledge-seeking and humanistic values. The report also examines the characteristics and skills linked to this mindset, such as creativity, thirst for knowledge, flexibility, determination, and decisiveness, emphasizing their significance in entrepreneurial success. The report concludes by summarizing the key findings and emphasizing the importance of understanding the dynamics of entrepreneurial ventures.

Entrepreneurial venture

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
P1. Investigation of the scope of entrepreneurial venture along with different examples..........1
P2. Examination of traits and characteristics linked with the entrepreneurship..........................2
P3. Explanation of what is meant by the entrepreneurial mindset..............................................4
P4. Examination of the characteristics and skills linked with the entrepreneurial mindset........5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneurial venture refers to the organization which takes place for opportunism and
innovation for purpose of production of economic as well as social values. Entrepreneurship can
be described as the activities for purpose of setting up of business in response to needs and
opportunities for society (Balachandra, 2019). The entrepreneurial venture can be described as
the organization that consists of different opportunities and practices in order to get growth and
profitability. This project report includes the scope of entrepreneurial ventures along with
different examples. It also examines different traits and characteristics associated with
entrepreneurship. It explains what is the entrepreneurial mindset. Moreover, it examines the
skills and characteristics of the entrepreneurial mindset.
MAIN BODY
P1. Investigation of the scope of entrepreneurial venture along with different examples
There are different types of entrepreneurial ventures working towards the development of
society. Explanations of different types of the entrepreneurial venture are mentioned below:
Small business entrepreneurship: It refers to a small business that is created by a single person
and does not have any goal for further expansion and franchising of the business. For instance,
nail salons, single stores, general stores and taco trucks. To carry out this business, an
entrepreneur needs to hire local people or family members to operate and also, invest resources
directly into the business.
Large company entrepreneurship: It is one of the entrepreneurship which has finite life cycles
and also it is focusing on innovation on a continuous basis along with offering different new
products which are variants of the core product line (De Winnaar and Scholtz, 2019). The focus
of this type of business is not on creating a new business but instead focusing on the new product
in the existing organization. For instance, Facebook is one of the companies which bought
Instagram and WhatsApp.
Scalable start-up entrepreneurship: It is an entrepreneurial venture which is based on the idea
of changing the world. It is a business that is creating a business model which is scalable and
repeatable. It is an entrepreneurial venture which is focusing on rapid expansion and also gets
more profit. Some of examples of these types of the entrepreneurial venture are Amazon, Apple
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and Google. For purpose of successful business, it is important for the entrepreneur to pay
attention to the amount and resources invested to the business.
Social entrepreneurship: It is one of the entrepreneurial ventures which includes innovators
which is focusing on the creation of products and services which is aiming to create benefits for
the world along with making money. These are the hybrid companies that are profit and non-
profits committed to environmental and social changes (Elliott Mavriplis and Anis, 2020). It
includes different types of microfinance institutions, educational programs and banking services
in the developed country which are aiming for social development. Tom Shoes is one of the
companies which is giving a pair of shoes to a needy child for sales of every pair.
P2. Examination of traits and characteristics linked with the entrepreneurship
Traits of entrepreneurship:
An entrepreneur is an individual who is innovative and also seeking knowledge for a specific
skill set for creating a business venture. These entrepreneur needs to be capable enough to take
the financial risk for their start-ups and also needs to have proper potential in order to grow a
business. Jeff Bezos is one of the entrepreneurs who is successful in the marketplace. The
entrepreneur with their skills and traits is able to expand their business in all over the world and
also make their business as a leading business. Explanation of some of these traits of
entrepreneurship are mentioned below:
 Self-motivated: Entrepreneurs need to be self-motivated as these people do not rely on
others for purpose of motivation. These people are using their disciplines as well as
passion in order to ensure the completion of the task on time. Jeff Bezos is one of a self-
motivated entrepreneur who is disciplined and has enough motivation for overcoming of
different challenges occurs in the business (Hwang and Shin, 2019).
 Open minded: Entrepreneur also needs to be open-minded enough for purpose of
accepting and learning new things to get opportunities. Willingness to learn new things
provides various opportunities in life and also provides success to an entrepreneur. Jeff
Bezos is an open-minded person who is willing to accept and learn new ideas. An
entrepreneur is bringing new innovations in the business and also focuses on new things
which make them successful.
 Curious: An entrepreneur also needs to be curious enough as a curious mind is linked to
produce more innovative and unique ideas in order to provide solutions for the start-up
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business. Jeff Bezos is one of the businesses which is developing new ideas for the
business which allow them to offer solutions to the problem faced by customers in the
market.
Characteristics of entrepreneurship:
Entrepreneurs have various characteristics which make the different from others. These
characteristics make the more capable and liable for carrying out business. Jeff Bezos is a good
leader who is confident enough to make effective decisions in the market to get success. An
Explanation of the different characteristics of the entrepreneur is mentioned below:
 Decisiveness: It is one of the characteristics of leaders which allow them to make
difficult decisions. These decisions are responsible for the purpose of guiding the
trajectory of the business including the funding and other strategies related to the
allocation of resources (Laalo, Kinnari and Silvennoinen, 2019). Jeff Bezos is a decisive
person who is able to make various difficult decisions in the business. these decisions are
related to management, technology and other things in the business.
 Leadership: Leadership is the ability that allows a person to make influence others. It is
an important ability for a person which enables them to manage different people and
motivate them to make efforts for the attainment of the goals and objectives. Jeff Bezos
has good leadership ability which allows them to motivate the team and also get the
acceptance of different members for the decisions of the company.
There are different similarities and differences among entrepreneurial venture. The similarities
among these ventures is that whether they are focusing in their own goals and objectives, the
ultimate aim of these ventures is to get success in the marketplace and also to earn profit. There
are different types of entrepreneurial ventures which include large, companies, social
entrepreneurship, scalable start up and small businesses. These are creating values for the
products and service offered by the and also consist of different types of risk in the market. It
allows them to get investment and also to get growth in the business (Ndou, Mele and Del
Vecchio, 2019).
There are also various differences occurred in the different types of entrepreneurial ventures.
These different among the entrepreneurial ventures are mentioned below:
Basis Small business
entrepreneurship
Large company
entrepreneurship
Scalable start up
entrepreneurship
Social
entrepreneurship
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Goals and
objectives
Main aims of this
business is to
generate enough
profit from the
business to
provide support to
the family
members
(Pidduck, Clark
and Lumpkin,
2021).
Aim of this
business is to
create a
sustainable
marketplace by
introducing new
products and
adopting effective
marketing
strategies to
promote it.
Aim of this
business is to
adopt innovation
in business to
generate more
profit for the
business as well
as its investors.
Aims of this
entrepreneurial
venture is to
develop products
for purpose of
social
development.
Structure There is no
specific structure
for the small
business
entrepreneurship
and these can be
operated by sole
trade or
partnership.
These
organisations can
be operated in
public or private
limited
companies.
These are the
entrepreneurship
venture which is
operated under
cooperation as
well as
partnership.
These
organisations can
be operated in
form of trustee-
based structure.
P3. Explanation of what is meant by the entrepreneurial mindset
An entrepreneurial mindset can be described as the cognitive belief which includes the
interrelated belief of a person, knowledge and assumptions to use the process information
guiding of behaviour and also it is information the decisions. It includes the skill set which allow
people for purpose of identify and also enable them to learn different setbacks and success in
different settings (Thompson and Byrne, 2020). An individual who has an entrepreneurial
mindset believing in various components which are mentioned below:
 They believe in the ability of a person to get success as well as influence for the
outcomes and also empower them in order to take ownership of their lives.
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 These personalities also have proper compelling goals in order to keep their focus in the
future and also it motivates them to be self-directed, highly engaged and action-oriented.
 These people have an optimistic interpretation of different adverse events and also
provide them problems for developing opportunities. It allows them to become highly
resourceful, solution-oriented and resilient to work in an environment that is uncertain
and resource constrained (Wales, Covin and Monsen, 2020).
 These people are knowledge seekers who are able to focus on different micro
experiments by assessing the learning opportunities in order to test ideas, cultivating
critical thinking, creativity, curiosity.
 These people have a humanistic approach who are focusing on creating the solution for
purpose of the problem faced by the customers.
P4. Examination of the characteristics and skills linked with the entrepreneurial mindset
Characteristics of the entrepreneurial mindset:
There are different types of characteristics to be posses by a person while adopting the
entrepreneurial mindset. These characteristics allows them to be unique and also make them
willing to carry out operation in the marketplace. Explanation of some of these characteristics of
the person are mentioned below:
 Creativity: It is one of the abilities of the entrepreneurial mindset to think in a creative
manner. It allows them to develop unique ideas and thoughts for purpose of satisfying of
needs and requirements of the customers. It is one of the most required elements of the
entrepreneurial mindset.
 Thirst for knowledge: A person with a natural desire needs to have the proper design to
learn new things which is important for the business. It provides them opportunities to
use that learning for purpose of increasing their earnings. Knowledge is important for a
person in order to recognize more information required for purpose of new ideas in life
(Wang, Mundorf and Salzarulo-McGuigan, 2022).
 Flexibility: It is also a characteristic of the entrepreneurial mindset. There is no fixed
time options for the entrepreneur as they need to think about 24*7 which allows them to
identify good ideas for the business.
Skills of entrepreneurial mindset:
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There are different types of skills to be possessed by a person which are linked with their
entrepreneurial mindset. These skills to be possess by a person makes them able to start a
entrepreneurial venture. Explanation of different types of skills of the person are mentioned
below:
 Determination: There is a proper determination among the entrepreneur which is
important for purpose of going on in order to protect them from failure. It is important for
the entrepreneur to offer different types of solutions instead of focusing on negative
aspects.
 Decisiveness: An individual also needs to be decisive enough for purpose of making
important decision in the business. It is also important for them as in order to manage a
business, entrepreneur needs to make all the decision by themselves.
CONCLUSION
From above mentioned project report, it can be concluded that an entrepreneurial venture is a
start-up business which is based on new ideas. There are different types of entrepreneurial
venture which are focusing on different aims in the business. This entrepreneur also possesses
different characteristics and traits in the business that make the success in the marketplace.
Entrepreneurial mindset is also a component that is important for the business and also people
with these mindsets has some different skills.
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REFERENCES
Books and Journals
Balachandra, L., 2019. The improvisational entrepreneur: Improvisation training in
entrepreneurship education. Journal of Small Business Management, 57, pp.60-77.
De Winnaar, K. and Scholtz, F., 2019. Entrepreneurial decision-making: new conceptual
perspectives. Management Decision.
Elliott, C., Mavriplis, C. and Anis, H., 2020. An entrepreneurship education and peer mentoring
program for women in STEM: mentors’ experiences and perceptions of entrepreneurial
self-efficacy and intent. International Entrepreneurship and Management
Journal, 16(1), pp.43-67.
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.
Laalo, H., Kinnari, H. and Silvennoinen, H., 2019. Setting new standards for homo academicus:
Entrepreneurial university graduates on the EU agenda. European education, 51(2),
pp.93-110.
Ndou, V., Mele, G. and Del Vecchio, P., 2019. Entrepreneurship education in tourism: An
investigation among European Universities. Journal of Hospitality, Leisure, Sport &
Tourism Education, 25, p.100175.
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.
Thompson, N.A. and Byrne, O., 2020. Advancing entrepreneurship as practice: Previous
developments and future possibilities. In Research handbook on entrepreneurial
behavior, practice and process (pp. 30-55). Edward Elgar Publishing.
Wales, W.J., Covin, J.G. and Monsen, E., 2020. Entrepreneurial orientation: The necessity of a
multilevel conceptualization. Strategic Entrepreneurship Journal, 14(4), pp.639-660.
Wang, C., Mundorf, N. and Salzarulo-McGuigan, A., 2022. Entrepreneurship education
enhances entrepreneurial creativity: The mediating role of entrepreneurial
inspiration. The International Journal of Management Education, 20(2), p.100570.
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