ENT201: Report on Entrepreneurial Ventures, Mindset, and Traits

This report delves into the multifaceted world of entrepreneurial ventures, commencing with an exploration of their scope, exemplified by successful entrepreneurs like Simon Cowell, Sir James Dyson, Philip Green, and Sir Richard Branson. It meticulously evaluates key entrepreneurial traits and characteristics, such as innovation, resourcefulness, creativity, and a results-oriented approach, while contrasting them with the characteristics of entrepreneurs. The report then provides a clear explanation of the 'entrepreneurial mindset,' emphasizing its core components of vision, resilience, and adaptability, illustrated by the OCEAN model. Furthermore, it determines the ways to encourage the entrepreneurial mindset which can be implemented and the affect in the new business ventures. The report concludes by discussing the differences and similarities between entrepreneurial ventures and the characteristics of the entrepreneurs in those ventures.

ENTREPRENEURIAL
VENTURES

Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Looking into the scope of entrepreneurial venture using examples.......................................1
P2 Evaluating the entrepreneurial traits and and characteristics.................................................2
M1 Critically evaluating the differences and similarities between the entrepreneurial ventures
and the the characteristics of the entrepreneurs in those ventures...............................................4
P3 A brief explanation about the 'entrepreneurial mindset'.........................................................5
P4 Evaluating the characteristics and the skills in association with the entrepreneurial mindset.
......................................................................................................................................................5
M2 Determining the ways to encourage the entrepreneurial mindset which can be
implemented and the affect in the new business ventures...........................................................7
TASK 2............................................................................................................................................8
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15
Books and Journals:.......................................................................................................................15

INTRODUCTION
Entrepreneurial ventures are platform with innovations that focus only to create
something new. This is categorised in two that is small-medium business and big business.
Small-medium business are specific in nature as they are preferred to continue with the existing
products and services for which they gets affected by the market changes whereas big business
follows the trends and make changes accordingly. They are the risk takers for high growth as its
strength lies in the consistent innovations where they have to think out of the box and bring a
product in the market that never existed before (Mmbaga and et.al., 2020). Entrepreneurial
ventures is a place where ideas, technology and opportunities work together to bring out social
and economic value in a community. In order to attain high returns by countering the
uncertainties, the entrepreneurs risk everything such as capital, financial security and more for
fulfilling the business requirements like locations, raw materials and skilled labourers. The
outline of the report involves the scope of entrepreneurial ventures with examples and the
characteristics associated with that. The entrepreneurial mindset has been described with its traits
and the characteristics. Determining the impact on economy at various levels by the small and
micro business ventures and a wide discussion about the public and the corporate
entrepreneurship.
TASK 1
P1 Looking into the scope of entrepreneurial venture using examples.
The entrepreneurship in recent times has a great scope. The rise of entrepreneurial
economy in united kingdom have reached to the fifth position in global terms according to the
recent reports of the Global Entrepreneurship and Development Index. UK's ranking has
currently improved since last three years and holds the highest positions in the history. With the
motive of generating profits or employment opportunity, the self-employment method is strongly
advised to minimise the unemployment (Eesley and Lee, 2021). Recently, due to the pandemic,
the security of the job was threatened and the increase of unemployment impacted in the people.
In today's world, there are high requirement of the knowledge and skills to start a business.
Business nowadays are converted into digital which allows to provide products and services via
online to anywhere in the world. Digitally, it does not require a huge capital to start a business as
compared to the the traditional ones, so anyone from anywhere can start their own business.
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Some examples of entrepreneurs like Simon Philip Cowell, born in 7th October 1959, who is an
entrepreneur and a record executive. He created The X Factor and Got Talent in 2004 as a sole
owner of Syco British Entertainment Company. The X Factor is a music competition held in
television where about 200 winners were announced globally. The Got Talent is a talent show in
which it showcases the new talented faces in artistic disciplines like singing, dancing. This gives
a wide range of popularity in this venture as there is a flow of participants worldwide that allows
the people to showcase their talent globally (Alvarez and Barney, 2020). Similarly Sir James
Dyson, born in 2 may 1947, is a billionaire entrepreneur who is the founder of the Dyson Ltd
which specialises in the household appliances like air purifiers, hand and hair dryers, fans
without blade, heaters and lights. As of today Dyson has more than 12000 employees in global
terms which shows a wide range of employment opportunity in this venture. Dyson in the
coming years are planning to manufacture its own electric vehicle and will be sold worldwide as
the demand of electric vehicles are high. Another entrepreneur name Philip Greens, was born in
15 march 1952, owns a retail company 'The Arcadia Group' which is headquartered in London.
He also holds the position of chief executive of Amber Day from 1988 to 1992 and other retail
brands like Topshop, Miss Selfridge and Topman. Currently the group holds more than 2500
outlets in the United Kingdom and 700 franchises works internationally. It expansion over the
years has been tremendously increasing (Zhang, 2020). Speaking about the British billionaire,
Sir Richard Charles Nicholas Branson, born in 18 July 1950 is an entrepreneur of the self owned
company the Virgin Group which is a overall controller of more than 400 firms in various
streams.
P2 Evaluating the entrepreneurial traits and and characteristics.
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Illustration 1: entrepreneurial characteristics,2020
There are several traits and characteristics of the entrepreneurship. Some are as follows:
1. Spirit of innovating: It is universally known that entrepreneurship is an activity where
new ideas can can be implemented. They utilise every opportunities, techniques,
production, products and services, raw materials, machinery for manufacturing, a perfect
management system and also raw materials in this innovative society. They create and
innovate new things according to the needs and wants of the customers which is the
biggest motive of the firm owners (Morris, Santos and Neumeyer, 2020). According to
Jason Lemkin, the CEO and the Co-Founder of EchoSign reveals that the base of success
is the customer satisfaction.
2. Resource Creation: To implement the ideas, adequate resources are needed and to fulfil
that, the entrepreneur can transform the resources those are not to be used any more that
is they recycle it and convert them to a functional product. so they tends to create
products with economic values in it. Entrepreneurs have the quality to convert every raw
material into a goods with value.
3. Creative Mind: Entrepreneurs have a mind of creating new thing or in other words,
making something out of nothing. They utilise the opportunities by adding creativity and
implementing them practically. They change the methods , designs and quantity-quality
of the products in accordance with the trend of the market.
4. Working on principles rather than intuition: Running a business is not based only on
imagination but rather putting those ideas into use. An entrepreneur must have good
knowledge of many streams like law, sociology, statics and more that can help in the
productive results.
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5. Result oriented behaviour: An entrepreneur focus on the results as they put enough
efforts in the process. They are much attentive to the achievements by their effective
decision making and planning. They have this business oriented behaviour that also
inspire the youth and the organisation to work in a planned systematic method that leads
to achieve the goal (Hilorme and et.al., 2019).
6. Vision Oriented: The entrepreneur have certain visions according to which they plan and
work to achieve the goals in long term and the short term. They have the capability to
foresee the future needs and the new market trends by following the strategies for the
future in an efficient manner. The work should is carried out passionately by giving the
efforts in a whole in long hours that leads to a successful organisation. Stuart Hearn, the
CEO of Clear Review believes in the coming years, a degree of enhanced flexibility is
must out of this generation as half of the population in workforce comprises millennials.
7. Risk Bearer: They have a high risk bearing capacity even if there is no guarantee of high
returns. This risk taking capacity in the entrepreneurs is the integral part of all the
organisation that can result to a great profit o to a great loss. The Co-Founder of
Huffington Post believes that failure is needed for the success and must need to thrive
during the failures.
8. Consistency: Being persistent is the key success as it is not a overnight hit, it takes
immense hard work and courage to reach a point of triumph. Consistency even during
ups and downs is necessarily significant by correcting the past mistakes again and again
can lead to a definite success. Sir Richard Branson who is the founder of the Virgin
Group believes in the consistency in the operations and preparing for the worst.
M1 Critically evaluating the differences and similarities between the entrepreneurial ventures
and the the characteristics of the entrepreneurs in those ventures.
All the entrepreneurial ventures have differential features in context to the field, structure
and management. The management styles of these ventures are different from each other such as
'The Arcadia Group' deals with the retail sector and Dyson Ltd deals only with the appliances.
However, the retail sector deals with all the products including appliances (Tkachenko, Kuzior
and Kwilinski, 2019). Both the ventures are customer oriented which means more the
customers, more the profit. Being a sole owner of the company they have a full control on the
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company and Independence up to a point. These entrepreneurs not only seek to grow their
current income but also to bring their organisation to a massive turnover.
P3 A brief explanation about the 'entrepreneurial mindset'.
An entrepreneurial mindset is the way of thinking that leads in achieving the targeted
goal. Those mindset in a business accept all level of challenges, dealing with all kinds of failures
by turning into a vital opportunity and by correcting the mistakes that leads to an active learning
of the new skills which takes in succeeding in the future. For instance, a success in business
depends upon the right and rational decisions taken at the right time. As an entrepreneur, one
must be a person of vision that leads to a far thinking of the market traits and work according to
the future needs and trends. With the business mindset one can create opportunities for
themselves and fearlessly confronting the after effects. Whether good or bad. The mindset with
firm determination has the strength to hold the failures and cultivate new ideas and solution
rather than quitting (Wartiovaara, Lahti and Wincent, 2019). The need for independence is a
must for the entrepreneurs for an open thinking that helps them to focus better and enjoy working
efficiently. It is said that to achieve something big, it needs a lot of patience and a positive
mindset. Since the entrepreneurs have to deal with inconsistent success sometimes frequent
failures, those times are meant to be patient enough and have a positive mindset. It is common to
take breaks in tough times but having a high level of resilience always helps to climb up slowly
and steadily by balancing each level of situation.
P4 Evaluating the characteristics and the skills in association with the entrepreneurial mindset.
To analyse the characteristics on the entrepreneurship mindset, the following OCEAN model is
been applied are given below:
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Illustration 2: OCEAN model,2022
Openness: It denotes with eagerness to learn new things. Entrepreneurs with these traits are
flexible with the change in new ideas and beliefs where they enjoy artistic experiences such as
travelling, listening to music, interested in the art galleries and much open to the different
cultures and customs around the world (Baier-Fuentes and et.al., 2019). Entrepreneurs must
explore to the nature as it helps to develop ideas and feel more connected to the world and a
business basic need is to connect the world with all the aspects in consideration to the different
cultures, customs and diversities.
Conscientiousness: These people are more concerned about the actions and the effects of the
behaviour caused by them. This sense of mentality perform their job in a systematic and
disciplined way. They tends to be organized and manage time in an effective way without any
faults. These people are target oriented and ambitious that commit themselves to complete the
task diligently. The entrepreneurs with these characteristics can achieve their goal as they are
truly honest and disciplined in performance that will lead to achieve the goal.
Extraversion: This character denotes to the socially active individual as they tends to be more
confident about their actions and decisions. They prefer much to work in groups and are attention
seekers. There are other people that are not much involved with others, in the sense, they prefer
to work alone. Whereas there are people who fit in both that is ambiverts, they are both socially
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active as well as enjoys one's own company. An entrepreneur with an extrovert character can
learn new things but being an ambivert, it is easy to learn and to manage things by own.
Agreeableness: People with these traits are most liked by others as they are cooperative and
trustworthy. They tends to avoid any king arguments or confrontation but seek to appease others
or pacify others. Agreeable persons are more motivated according to their interest. Disagreeable
people are less concerned with the appeasing others (Bruton, Sutter and Lenz, 2021). They lean
to be more selfish and are always suspicious about others opinions or intentions.
Neuroticism: This denotes to the individuals who are anxious and often overthinking about
things. They are not emotionally stable and are fearful, they are also incapable to handle
situations when thing go out of control or does not work according to them. They are often
thinking negative in almost situations. Entrepreneurs with these traits often not successful and
cannot withstand any challenges in the future.
M2 Determining the ways to encourage the entrepreneurial mindset which can be implemented
and the affect in the new business ventures.
An effective mindset is developed with obtaining the amount of knowledge and plans
made to implement by getting expected results. One should set a goal and make effective plan
for a smooth continuity in the process. The results or the outcomes depends on the decisions
made in the plans in the initial process (Yin and et.al., 2019). By developing an capacity to
analyse the problem and finding a solution with appropriate facts and knowledge makes a good
entrepreneurial skills. Bearing the risk in case of financial resources or facing the failures,
entrepreneurs must be ready to face it by understanding the know-hows to deal perfectly with it.
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TASK 2
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Notes: An intrapreneurship also included as entrepreneurship but within the existing firm. In
simple terms, being creative with outstanding innovations more of in an entrepreneurial culture,
that is said to be an intrapreneurship (Bozhikin, Macke and da Costa, 2019).
Notes: When there are new firms, those firms come up with new innovation and technologies
that brings in the overall growth of the country as whole. In the recent years the rise of small
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medium enterprises have increased in comparison to the big companies as they together make a
production of 60% of the industrial output and 40% of the profits in total. As on 2020, the small-
medium enterprises have been accounted for 59% turnover in the private sector and 53% for jobs
in the United Kingdom. A total estimate of the businesses operating in the UK is 5.59 million but
decreased in the year 2021 to 6.5% (Nasiri and Bageriy, 2020).
Notes: They are companies that provides services to the public such as restaurants, based on
fitness, groceries as well as clothes in big malls and many more (Nair, 2020). They all have
similarities that they share same agenda in the business that is to earn profit by innovating new
products and services with unique features in the market in accordance to the taste and
preferences of the customers. The entrepreneurs working in both the sectors tries to attract
customers with their products. They also brings opportunities to the youth to work that can also
help to reduce unemployment in the country which can affect the economic growth of the
country (Bojica and et.al., 2020). In the development of both public and corporate sectors, these
firms are not only the one who gets the benefits but also the country as a whole that can create a
global image of a country.
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Notes: It benefits the workers as they are rewarded for their continuous satisfactory work and
provided better incentives. They are motivated by giving adequate support by the experts and
training that could encourage them to showcase their skills in the organisation growth (Arend,
2020). Organisation meeting the challenges must be turned into an opportunity by an
entrepreneur with apt skills and knowledge.
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Notes: Entrepreneurs with utmost passion towards their work can transform the organisation to a
better version and can also bring a societal change (Welter and Scrimpshire, 2021).
Notes: They must be provided adequate knowledge about the market, help to establish and to
earn recognition of their firms, by investing in the resources and by providing better quality raw
materials to produce better products and more. Lack of funds can turn the small business down
as lack of finance cannot hire better and skilled labours that can contribute for the growth of the
organisation.
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CONCLUSION
In the quotes said by Scott Blesky “It's not about ideas. It's about making ideas happen”.
An entrepreneur has many ideas and creative skills which can be only valued by putting into
actions. Viewing the things and transforming into opportunity is an integral skill that carries in
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an entrepreneur. They should also use their ideas and innovations for a better society by bring
out a game changing product. The mentality of dealing with the challenges no matter the level,
has made the entrepreneurs fearless in any situations that motivates them to work constantly
towards the goal. In this position there must be an increase of knowledge and development of
skills that creates a desire to become an active learners. The working hours not actually fixed in
this stream as they have to work day and night to make their targeted goal come true. Having a
growth mindset in oneself and own learning and intelligence can increase after a certain time by
giving sufficient efforts and time. The entrepreneurs in today's world believes in the consistency
and practice that helps in the growth of new connections and the existing ones. The entrepreneurs
can change the world by building up new ideas and bring them into actions for the better
standard of living of the world.
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REFERENCES
Books and Journals:
Mmbaga, N.A. and et.al., 2020. A review of and future agenda for research on identity in
entrepreneurship. Journal of Business Venturing, 35(6), p.106049.
Eesley, C.E. and Lee, Y.S., 2021. Do university entrepreneurship programs promote
entrepreneurship?. Strategic Management Journal, 42(4), pp.833-861.
Alvarez, S. and Barney, J.B., 2020. Has the concept of opportunities been fruitful in the field of
entrepreneurship?. Academy of Management Perspectives, 34(3), pp.300-310.
Morris, M.H., Santos, S.C. and Neumeyer, X., 2020. Entrepreneurship as a solution to poverty in
developed economies. Business Horizons, 63(3), pp.377-390.
Hilorme, T. and et.al., 2019. Model of energy saving forecasting in entrepreneurship. Journal of
Entrepreneurship Education, 22, pp.1-8.
Tkachenko, V., Kuzior, A. and Kwilinski, A., 2019. Introduction of artificial intelligence tools
into the training methods of entrepreneurship activities. Journal of Entrepreneurship
Education, 22(6), pp.1-10.
Wartiovaara, M., Lahti, T. and Wincent, J., 2019. The role of inspiration in entrepreneurship:
Theory and the future research agenda. Journal of Business Research, 101, pp.548-554.
Baier-Fuentes, H. and et.al., 2019. International entrepreneurship: a bibliometric
overview. International Entrepreneurship and Management Journal, 15(2), pp.385-429.
Bruton, G., Sutter, C. and Lenz, A.K., 2021. Economic inequality–Is entrepreneurship the cause
or the solution? A review and research agenda for emerging economies. Journal of
Business Venturing, 36(3), p.106095.
Yin, Z. and et.al., 2019. What drives entrepreneurship in digital economy? Evidence from
China. Economic Modelling, 82, pp.66-73.
Zhang, C., 2020. Clans, entrepreneurship, and development of the private sector in
China. Journal of Comparative Economics, 48(1), pp.100-123.
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