Analysis of Entrepreneurial Ventures: Scope, Traits, Mindset & Impact

This report investigates the scope of entrepreneurial ventures, elaborating with examples of small and large companies. It evaluates the characteristics and traits associated with entrepreneurship, including creativity, vision, passion, risk-taking, knowledge, and empathy. The report describes the meaning of an entrepreneurial mindset, examining related skills and characteristics such as ownership and leadership. It analyzes statistics and data to relate how micro and small business ventures affect the economy and argues the similarities and differences between corporate and public entrepreneurship, highlighting the importance of innovation and value creation in both sectors.

Unit-9

Table of Contents
INTRODUCTION ..........................................................................................................................1
MAIN BODY ..................................................................................................................................1
P1) Investigate the scope of entrepreneurial venture, elaboration with example...................1
P2 Evaluate the characteristics and traits associated with entrepreneurship.........................2
P3 Describe what is meant by an 'entrepreneurial mindset'...................................................3
P4 Evaluating characteristic and skills related to an entrepreneurial mindset.......................5
P5 Analyse appropriate statistics and data to relate how micro and small business ventures
affects the economy at different levels...................................................................................5
P6 Argue the similarities and differences between corporate and public entrepreneurship...6
CONCLUSION ...............................................................................................................................7
REFERENCES ...............................................................................................................................8

INTRODUCTION
Entrepreneurship which is usually refer as the process of the discovering the new ways of
combining resources. In addition, the market value which is being generally show the
combination which is showing the certain resources and is greater than the market value. In this,
the individual who usually create the new business bearing most of the risk and enjoying which
is showing the most of the rewards the business. The entrepreneur is able focus on the strategies
which is able that they can maximise the prospective aspect. In this, the entrepreneurs are usually
show the aspect which is generally categorised into the four factor which is based on the small,
scalable, large and social entrepreneurs. These model are usually cover the fundamental of
starting towards the new business that help to provide the scope which is well related with the
entrepreneurial venture which the variety of trait and characteristic which is well related with the
entrepreneurship (Allmendinger, and Berger, 2020). In this report, the major of discussion is well
related with the scope of entrepreneurial venture with the use of variety of example and also
evaluate the trait and characteristic which is related with the entrepreneurship. In addition, the it
helps to elaborate the entrepreneurial mind-set which help to examine the skills and show the
aspect of characteristic which is well related with the entrepreneurship. In addition, it also
discusses the aspect which is showing the meaning which is based on the entrepreneurial mind-
set and discuss the aspect which is based on the skills which is well related with the
entrepreneurial mind-set. Therefore, the report also covers the information which is related with
the topic of difference and similarities of public and corporate entrepreneurship (Bhawe, and
Zahra, 2019).
MAIN BODY
P1) Investigate the scope of entrepreneurial venture, elaboration with example
Entrepreneurial venture which is defined as the term of firm which is help to create the
innovation and the certain opportunities with the counter purpose of the aim which help to ensure
the economic and social values which is focus on the term of business. There is various type of
entrepreneurial venture which is well explained below with the help of appropriate example:
Small business: It is defined venture that is well related that generally run and well operated
which is showing the sole entrepreneurs so that they can used to ensure their better lives and
lifestyle. Basically, they have showing the factor which is well started with the small business
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(Colombo, and Piva, 2019). In this, the major aim of the individual which help to their family by
ensure the overall profit by the business. Therefore, the might get fail which is showing the
context which may provide the reliable aspect that make the organisation smoother and show the
context of reason which is occur due to the small process and less innovating factor which is
contributed to less complexities. Small business which is usually products start their functionality
which is taking the loans from family and friends which is showing the involves that is single
product or service and the single market. In addition, the owner of such type of entrepreneurship
do not emphasis on the expansion which may show the concern which is well related with the
small scale entrepreneurship business which is simple to own and operate by the individual.
Large company: The business organisation which is showing the exhaustible which is
basically include life cycle which show the usefulness with the large company entrepreneurship.
The large organisation which may show the context where the imaginative as compare with the
small commercial organisation or firm. The employee who usually work in such type of
organisation that they are usually skilled and well educated with the context to the knowledge
which help to grow the organisation and contributed in order to provide the support and care
which is showing the aspect of well operation in the business. They are usually showing their
presence in order to enhance the organisation growth and development (Dileo,and García
Pereiro, 2019).
P2 Evaluate the characteristics and traits associated with entrepreneurship
The traits associated with entrepreneurship:-
Creativity- If the entrepreneur present in the firm can generate new and effective
innovation regarding the service or product produced by them on regular basis with respect to
other competent then that business firm can became very successful. For creating a distinguish
brand identity in customer's mind, the entrepreneurs are desiring to manufacture the unique
product due to the presence of very high competition in market. Creativity can help the sole to
provide the different ideas and thoughts in the working of his firm. By the help of this,
entrepreneur can find out the problem easily and can solve those issue without disturbing the
another areas of the firm (Elly, 2018).
Vision and passion- A very successful entrepreneur is visionary and have a complete vision
and knowledge with respect to their firm where they are working. A successful entrepreneur have
complete knowledge about the firm's desire, product, market situation and market position of the
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firm. If the entrepreneur will do their work with set vision then it will be easy to achieve the
firm's goal by the assist of their skills and knowledge.
Willingness to hard work and confidence- In compare to other employee work of
entrepreneur is more harder in any firm. For achieving success, a sole should have keep his mind
calm and be patience in the initial point of any business for acquiring the large success. A sole
should always recognise the problem related to their firm and by finding the solution, he can
always attain the firm's desires (Grumbles, Phillips, and Rutherford, 2020).
The characteristic related to entrepreneurship:-
Risk-taking- since without taking the risk for innovation of something unknown element,
an entrepreneur can not be able to find the unique or new product to their firm so, an
entrepreneur should have always ready to take some risk. Risk taking habit provide the ability to
find out something new or various types of product in the firm. A good entrepreneur is always
ready to make the investment of time and money, but the educated and skilled entrepreneur
always have the backup plan in their mind for every risk.
Knowledge – Knowledge is one of the important key which assist a entrepreneur to
achieve the success in their life. A sole should have absolute idea of the present market related to
his field. By the help of absolute knowledge an individual should tackle down the problems and
handle the situations of crises related to the firm. An entrepreneur have capacity to recognise the
ever-changing needs and demand of their service user. The good and skilled entrepreneur have
calibre to accept the trends which is emerging like technology and many other elements which
can assist to increasing the productivity of firm. A good entrepreneur will always try to enhance
their knowledge via different elements like as blogs, help of mentors, books and so on (Gupta,
and Bose, 2019).
Empathy- It is the most under rated quality which should be exist in the good entrepreneur.
Empathy term indicates the ability to read the mind of any individual. A productive entrepreneur
always have an idea about the weakness and strength of the workers who is working in their
firm. To achieve the best performance from the employee, a good leader should have always try
to solve out the problems of his employee because a dissatisfied employee can never give their
best in the working space (Kearney, 2020).
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P3 Describe what is meant by an 'entrepreneurial mindset'.
Mindset is describe as the mental cognitive process which is assisted through difference
elements like assumption, knowledge, self belief and many more factors which are associated
with an individual internally. Via this a sole is able to utilise the absolute informative knowledge
related to the firm. Entrepreneurial mindset can assist an entrepreneur to make absolute
judgement and take an appropriate action to their business. An entrepreneurial mindsets means
good thought process, the specific set of impression and knowledge which obtains via
entrepreneurial behaviour which is most impactful for a firm in operating of their business
process efficiently and smoothly. The mindset of an entrepreneur can change and modified with
experience an time achieve by them in various field (Kerulis, Tortez, and Mills, 2019)(. A sole
can evolve this impactful mindset by learning and getting the knowledge from his communities ,
classrooms and firms. In the case of entrepreneur, for getting the successful professional carrier,
they should have these types of positive mindsets which is given below:-
 An good entrepreneur should always have self assured in their capabilities and visionary
thoughts. They should have ability to get the success and motivate their own outcome
which assist them to guide their own carrier or life. To get the best working performance
from the employee a leader should be always encourage and cheer their employees.
 In the professional carrier, a target or aim should be fixed by the employee which assist
them to be focused about their future. So, it will assist them always be inspired and
focused to a large number of works through it they can gained different qualities like
action oriented, self directed and fully engaged within themselves (Lee, and Huang,
2018).
 An entrepreneur should have effective potential to convert the negative problems or
issues into the effective opportunities and also should have the logical representation
related to ongoing events. A sole can evolve different types of abilities like as proper use
of resources, solution oriented and high flexibility, if they keep their mindset positive
related to their working area. A leader will face very difficulties if their mindset is
negative where as they can feel comfort to run their business it the mindset of leader is
positive. The positive working culture will be helpful for the workers to give their best
performance in their working zone in the present working area.
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 An entrepreneur should always upgrade his knowledge according to the modern time
period and always have a positive mindset for learning something new. If any sole has
accepted this knowledge and skills then they will fell very easy to do work according to
the need of modern day customers. Therefore, an entrepreneur can bring the upgraded
tools and technologies in their firm and can became more imaginative. An entrepreneur
should have capabilities to identified all the things which can affect their business like
working status of worker, purpose of work and so on. This can help them to solve the
different types of problem in the firm. Positive behaviour of a leader can generate a
familiar & healthy environment of working for workers.
P4 Evaluating characteristic and skills related to an entrepreneurial mindset
Ownership- For being a very successful entrepreneurs, they should have internal
concentration on their action plan and they have to show their complete belief in their own
potential which will helpful to increase their furtherer success & growth. An entrepreneur should
have capability to manage their own future. A skilled entrepreneur have knowledge that their
action, response and decision can break and make them. Since an entrepreneur do their works in
very serious way therefore, they attain success in their work. Make confidence which can assist a
sole to carry and secure his dream (Liu, Zhou, and Wang, 2022).
Leadership- for be an impactful entrepreneur a sole have some abilities like; inspire and
motivate their team, qualify them and rely on them for support. By increasing involvement and
concentration for the group, entrepreneurs have higher possibility of noticing their vision of
standards. In a firm clear and fascinating communication plays an important role in order to give
the information and message. To encourage the employees for giving their best work, It is
necessary to provide them a clear vision.
Optimism- even with all the negative issues, a impactful entrepreneur always maintain
the positive vibe to their work in a firm. Optimism is term which ensure the possibility of
exploration in any situation. According to this, a successful entrepreneur always take any
problems as an opportunity for themselves, so that they can learn how to find the way by which
they can resolve the issue.
Commitment- A sole should have the capability to deal positively with regular
disappointment and rejection since it is very necessary for them to achieve success in their
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professional career. Every successful entrepreneur take essential experience from the rejection
also it will stop them to damage their morale. Evaluate the rejection and try to fix the issue.
P5 Analyse appropriate statistics and data to relate how micro and small business ventures
affects the economy at different levels.
It is been recognised that all kinds of firms like as large, medium and small scale business
has a very large impact on the finance at the various levels which required to be taken into
discussion (Schou, 2018). It is analyse that all kinds of commercial firms have an impact over the
different elements which are required to be administered. The impact of SME'S on different level
of economics are enlisted below:-
 Local level- Small and micro level business can help the local people to give them an
opportunities for employment. Impact of small and large scale firm is that there is great
number of chance for the people to get an opportunities for entering in large business
firm. This make the local people to recognise different chances like job, which may assist
them to gain more profits.
 National level- The small and large level of firm assist in evolving of the society by
establish the different venture which help in achieve more revenue at the national level.
All the new discovery done by these all kinds of firm will assist in the overall growth and
development of the Nation.
 Regional level- since there is rise of employment chances there will be economical
improvement which affects business firm at regional level and enhance its future growth.
 Internationally- On a business scale there is a large effects as there is a increment of
global market chances which shows the effect on over the global finance by medium and
small size business. Since the innovation done by micro and small firm so the
international growth can be possible (Vyas, and BBA, 2022).
P6 Argue the similarities and differences between corporate and public entrepreneurship.
Public Entrepreneurship-
public entrepreneurship is type of commercial enterprise model that gives the services
and product which fulfil the basic requirement of human. Their main aim is to increase the living
of the society and they work for non-profit getting firm.
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Corporate Entrepreneurship- It is the types of entrepreneurs that forms a firm with the aim of
using current raw materials, technologies and natural resources. The leading aim of corporate
entrepreneur is to increase the soles efficiency which leads in enhancing the financial increment.
Similarities
Vision and Mission
Both type of entrepreneur like as social and commercial have the respective working
mission and vision. The both kinds of entrepreneur have the ability and power to inspire and
encourage their workers to hard work that will help them in obtaining the set of objective for
their firm. The entrepreneur provides their cent percent successfully execute their psychological
thoughts and vision. All the entrepreneur have skills and capability of taking the best upper hand
from the chances that place in their specific working area. In maximum time, entrepreneur
recognise the issue and provide absolute solutions to resolve those problems.
Differences
The approaches-
The prime aim and purpose of public entrepreneur is to provide a positive transformation
in the society by finding out the different kinds of hazardous problems by the assist of
appropriate skills and knowledge. They the the person who take the decision to do their own
work for their personal faith rather than gaining the profit. Whereas, commercial entrepreneur
success and growth can be evaluated by the profit gain by them. Main aim of this types of
entrepreneur is to create a financial status in respective firm (Wang, Yu, and Meng, 2021).
CONCLUSION
From the above conclusion, it has been concluded that entrepreneur are the person who
take the risk to start something unique and new in order to provide a good quality life style for
society and nation. In addition to this, the scope of entrepreneurial venture with respect to small,
medium and large scale startup has been discussed in this report. The benefits of positive
entrepreneurial mind set had been included in this report. In last the impact of large, small and
medium industries on the local, international and national economy has been discussed in this
topic.
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REFERENCES
Books and Journals
Allmendinger, M.P. and Berger, E.S., 2020. Selecting corporate firms for collaborative
innovation: entrepreneurial decision making in asymmetric partnerships. International
Journal of Innovation Management, 24(01), p.2050003.
Bhawe, N. and Zahra, S.A., 2019. Inducing heterogeneity in local entrepreneurial ecosystems:
The role of MNEs. Small Business Economics, 52(2), pp.437-454.
Colombo, M.G. and Piva, E., 2019. Knowledge misappropriation risks and contractual
complexity in entrepreneurial ventures’ non-equity alliances. Small Business
Economics, 53(1), pp.107-127.
Dileo, I. and García Pereiro, T., 2019. Assessing the impact of individual and context factors on
the entrepreneurial process. A cross-country multilevel approach. International
Entrepreneurship and Management Journal, 15(4), pp.1393-1441.
Elly, T., 2018. Financing Behavior of Entrepreneurial Ventures in Tanzania. In Marketing
Management in Africa (pp. 159-172). Routledge.
Grumbles, L.H., Phillips, D. and Rutherford, M.W., 2020. Opaque Costly Signals and Debt
Contracts in Entrepreneurial Ventures. In Academy of Management Proceedings (Vol.
2020, No. 1, p. 19720). Briarcliff Manor, NY 10510: Academy of Management.
Gupta, G. and Bose, I., 2019. Digital transformation in entrepreneurial firms through information
exchange with operating environment. Information & Management, p.103243.
Kearney, C., 2020. Entrepreneurial Leadership and Its Impact on the Emergence of
Entrepreneurial Ventures. In Organizational Mindset of Entrepreneurship (pp. 9-24).
Springer, Cham.
Kerulis, A.M., Tortez, L.M. and Mills, M.J., 2019. The expat entrepreneur: Entrepreneurial
ventures and wellbeing of women as ‘trailing spouses’. In The Wellbeing of Women in
Entrepreneurship (pp. 86-97). Routledge.
Lee, M. and Huang, L., 2018. Gender bias, social impact framing, and evaluation of
entrepreneurial ventures. Organization Science, 29(1), pp.1-16.
Liu, J., Zhou, X. and Wang, Q., 2022. The influence of entrepreneurial leadership on employee
improvisation in new ventures: based on cognitive-affective processing system
framework. Kybernetes.
Schou, P., 2018. Making Sense of Market Change in Entrepreneurial Ventures; How Individuals
and Groups Differ in Understanding a New Market Category. Academy of Management
Global Proceedings, (2018), p.145.
Vyas, R. and BBA, B., 2022. Book review: Entrepreneurial Strategy: Starting, Managing, and
Scaling New Ventures.
Wang, X., Yu, X. and Meng, X., 2021. Entrepreneurial Bricolage and New Product Development
Performance in New Ventures: The Contingent Effects of Founding Team
Involvement. Entrepreneurship Research Journal.
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