Entrepreneurial Ventures Report: Mindset of the Entrepreneur

This report provides an in-depth analysis of entrepreneurial ventures, focusing on the critical aspects of the entrepreneurial mindset. It explores the characteristics, skills, and traits that distinguish successful entrepreneurs, using Bill Gates and Jeff Bezos as case studies. The report examines how entrepreneurial personalities reflect motivation and mindset, utilizing the OCEAN acronym to illustrate personality traits. It also investigates how an entrepreneur's background and experience can either foster or hinder their entrepreneurial journey. The report highlights the importance of adaptability, risk-taking, and a positive attitude, emphasizing how these elements contribute to entrepreneurial success. Through real-world examples and detailed analysis, the report offers valuable insights into the complexities of entrepreneurship.

Entrepreneurial Ventures

Table of Contents
INTRODUCTION...........................................................................................................................3
PROJECT 2......................................................................................................................................3
TASK 3............................................................................................................................................3
P5 Characteristics, skills & traits of successful entrepreneurs that differentiate them from
others...........................................................................................................................................3
P6 Way in which aspects of entrepreneurial personality reflect their motivation and mindset. .4
TASK 4............................................................................................................................................6
P7 Way in which background & experience of entrepreneur can foster or hinder
entrepreneurship..........................................................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Entrepreneurial Ventures can be referred as a firm that places opportunism and
innovation at its heart to create social and economic value. Entrepreneurship is identified as an
activity of starting new business and take up financial risk with the aim of earning high profits.
These ventures emphasized on administering advisory services to mid stage firms (What is
Entrepreneurship?. 2017). The present assignment is based on “The Mind Set of the
Entrepreneur” which includes various examples of entrepreneur. This report defines about key
aspects of entrepreneurial mind set along with examination of various environments that may
foster or hinder entrepreneurship.
PROJECT 2
TASK 3
P5 Characteristics, skills & traits of successful entrepreneurs that differentiate them from others
Entrepreneurs are the individuals who have an ability to set up their own venture with a
innovative idea, excellent skills or knowledge. In starting any venture, high risk is associated
which is taking up by entrepreneurs with the hope of earning high profits. Bill Gates & Jeff
Bezoz are 2 well known and successful entrepreneurs who have created history in business
world. They possess different characteristics and traits which are the main reason behind their
success.
Jeff Bezoz:
The founder, chief executive officer and chairman of one of the well known company
Amazon.com is Jeff Bezoz. In year 1994, they established their firm. Initially, they start their
career as online book merchant and then expanded to wide range of goods and services. As a
rapid growth is seen in internet use, Jeff take it as opportunity (Baum, Frese and Baron , 2014).
They start their own business and left their job. Some traits possess by them are defined below:
Risk taker: Jeff takes high risk for the purpose of fulfilling their own dreams and desires.
He left his job to start their own venture. He calculated all the risks that are associated with
setting up their own venture. He accept the fact that there is a high chance of failure but his
determination did not let him down.

Hardcore realistic: It is the quality that necessarily be possessed by an entrepreneur. This
trait is possessed by Jeff. Before starting their venture, he carefully assess all the factors and
thinks about all the issues that may hampers business operations and leads it towards downfall.
He accept all such facts that may cause failure of business.
Bill Gates:
He is the founder of Microsoft corporation and one of the most successful entrepreneur.
He is one of the drop out and believes in hard working. He said that if a person wants to gain
something, he or she will end up to attain that. Courage and strong determination are the things
that only requires to attain anything (Dacin, Dacin and Tracey, 2011). Some characteristics
possess by them are:
Voracious reader: Bill Gates believes that reading assists in improving an individual's
skills and abilities. So, he prefer to read books which helps him in increasing his knowledge
related to diverse areas.
Know to prioritize things: For managing all the work on time, it is essential for an
individual to know how to prioritize things properly. This characteristic is possess by Bill Gates
which helps them in managing things and their work properly. This is one of the reason behind
their success.
P6 Way in which aspects of entrepreneurial personality reflect their motivation and mindset
An entrepreneur have some distinct features and attribute which made them differ from
others. It is really essential for a person to remain motivated towards working as well as maintain
positive mindset so that they used to compete at define market world in more determined
manner. If an entrepreneur do not have any kind of positive attribute and mind set then they not
used to become successful in life period of course. Thus, for managing and maintaining things
better as well as to implement a successful business venture, a positive attitude is must. A new
business option define and consider as major risk taking experience which need to convert into
successful one only with implementation of better determined experience in frame (George and
Bock, 2011).
To manage such aspects and consideration, one of a famous tool could be utilise which
made an individual motivate towards work as well as going to reflect appropriate mind set. This
technique term as OCEAN acronym where 5 elements represent a person better and its mind set.
Henceforth, chances of deriving beneficial and suitable gain could become possible in nature of

frame. These factors are openness to experience, neuroticism, conscientiousness, extraversion,
agreeableness which facilitate and enable in managing things better and support in accomplish
all major targets in determined manner of frame. Jeff Besos and Bill Gates are one of a most
appropriate example of such consideration attribute:
Openness: Before executing operations or to start a venture, major thing which required
in an individual is openness. A person need to be open minded in frame where they used to focus
on creativity better as well as curious about consideration (Grimaldi, Kenney, Siegel and Wright,
2011). Without a open minded thinking chances to get sustain at such market world is not
possible. Hence, one of an attribute in such relation could be openness in working and aspects.
Both of these entrepreneur are open towards their target where they never feel ashamed in front
of anyone and try to convenient them as well. This reflect that they are open to bear any kind of
risk in better and determined manner.
Conscientiousness: This personality trait element define that an individual have higher
level of thoughtfulness which enable and facilitate them to think about aspects more properly as
well as always try to work with goal oriented behaviour. An entrepreneur define and frame a set
of schedule which enable and facilitate them to bring and perform things better and effective in
nature. Entrepreneur become more motivated towards thing when targets get accomplish on time
basis which used to created by such personality. This also signify a kind of motivational
individual for deriving beneficial gain. Besos and Gates both of them prepare regular schedule so
that targets would get accomplish in better frame (Abu-Saifan, 2012).
Extroversion: If a person wants to become successful then they have to be more
extroversion rather than introvert. If a person is introvert in nature then chances to deal with
more people tend to decline as well as chances to define things better and effective become
impossible in nature. Thus, an entrepreneurial mindset define positive in nature and stated to be
more motivated towards work when they become extroversion in nature. Jeff Besos and Bill
Gates both of them are extroversion in nature where they always try to handle situations properly
with skills as well as used to communicate with others properly so that hesitation to come in
front of others would not work as a barrier (Martin, McNally and Kay, 2013).
Agreeableness: This trait dimension simplify a personality where a leader used to
cooperate with others. A true dimension of a leader standardise feeling of cooperativeness.
Hence, entrepreneur required to support others as well in negative situation so that they could

craft a team. This facilitate them to become motivate as well as define their positive attribute in
nature. Hence, this lead to support them in managing things better and effective in nature.
Neuroticism: This personality dimension restrict an individual to grow and create
problem while development take place. This dimension required to be low in tenure so that
stability and emotional resilience could be promoted better. Hence, such kind of individuals need
to be less neuroticism in frame so that they could become successful in near future course.
TASK 4
P7 Way in which background & experience of entrepreneur can foster or hinder entrepreneurship
An entrepreneur is an individual whom used to come up with a new idea so that they
could sustain in define market world for long period of course (Naudé, 2014). Such individual
have some desire and expectations which they really want to achieve in long period of course.
Thus, for such consideration, background and experience of an individual hinder and foster them
to accomplish their targets in better and signified manner. Such aspects would enable them to
become competitive in nature at define market world so that more and more opportunities could
be grab in a definite course of moment. Various motivation or aspects which used to foster an
entrepreneur is social experience where society enable and support such person to grow properly
as well as take risk in a define manner.
On the other hand certain aspects and attribute which used to hinder an individual could
be related with background area. Here, certain time, an individual treat not equally and properly
with others and used to boycott as well. This facilitate and restrict to grow properly as well as
chances to become competitive in nature get reduce.
Such attribute of hinder and foster get understand properly by using some real life
example. There are many personalities get evaluated whom face so many problems in their life
but still determine as famous personalities in the world so that they could deal at define world in
more effective and beneficial manner. The two famous individuals for this define criteria are Bill
Gates and Jeff Bezoz. Both of them have definite pattern of working and always used to get
motivated their work but certain things get determine in their real life which used to hinder them
as well while working on such aspect (Storey, 2016).
Bill Gates and Jeff Bezoz are not begun their profession as a business visionary. In
coming to at the present position, they both defy different obstacles. Jeff Bezoz left his business
to seek after his interests or dreams. Bill Gates is a drop out of school as he is enthusiastic

towards his fantasies. They both are the best business people today and falls in the classification
of wealthiest man of the world. Their adventure towards progress isn't simple as they confront
different obstacles so as to accomplish the situation of an effective business visionary.
Substantial number of populace can learn by them that an individual can satisfy his fantasies in
the event that he have boldness and potential to do it. The foundation of an individual helps with
cultivating business in a person. In the event that the foundation of an individual is certain then it
encourages the movement of enterprise in legitimate way and on the off chance that it is negative
then it can not cultivate business enterprise among people. Their experience is additionally
essential in cultivating enterprise (Welter, 2011). It is critical for a person to gain from their
contrary experience and keep on taking up dangers. This expansion their capacity to deal with
circumstances in viable way and accomplishing achievement.
Such aspects signify that Bill Gates is a college dropout where social experience was not
good as well as society always used to demotivate him badly. This aspect might used to hinder
him but not taking place properly. As he made such criticise as strength and start towards
working in a better and definite manner. Although, with such strength, he become one of a most
successful and richest man in the world.
On the other hand, Jeff Besos is another college dropout whom do not used to utilise
senses better. His experience was not good as well as family not going to support him more. But
such barrier not worth any more else start working as a motivation for such individual (Wiklund,
Davidsson and Karlsson, 2011). Henceforth, this become one of a biggest reason behind opening
a biggest telecommunication company in the world.
CONCLUSION
As per the above mentioned report, it has been concluded that entrepreneurship is the
willingness and capacity of an individual to create, organise and carry off a business firm along
with risk in hope of making profits. Their are various successful entrepreneurs which possess
their own skills, traits and characteristics that differentiate them form others. Background and
experience of an entrepreneur plays major role in fostering or hindering entrepreneurship.

REFERENCES
Books and Journal
Abu-Saifan, S., 2012. Social entrepreneurship: definition and boundaries. Technology Innovation
Management Review. 2(2).
Baum, J.R., Frese, M. and Baron, R.A. Eds., 2014. The psychology of entrepreneurship.
Psychology Press.
Dacin, M.T., Dacin, P.A. and Tracey, P., 2011. Social entrepreneurship: A critique and future
directions. Organization science. 22(5). pp.1203-1213.
George, G. and Bock, A.J., 2011. The business model in practice and its implications for
entrepreneurship research. Entrepreneurship theory and practice. 35(1). pp.83-111.
Grimaldi, R., Kenney, M., Siegel, D.S. and Wright, M., 2011. 30 years after Bayh–Dole:
Reassessing academic entrepreneurship. Research Policy. 40(8). pp.1045-1057.
Martin, B.C., McNally, J.J. and Kay, M.J., 2013. Examining the formation of human capital in
entrepreneurship: A meta-analysis of entrepreneurship education outcomes. Journal of
Business Venturing. 28(2). pp.211-224.
Naudé, W., 2014. Entrepreneurship and economic development. International Development.
Ideas, Experiences and Prospects.
Storey, D. J. ed., 2016. Entrepreneurship and new firm. Routledge.
Welter, F., 2011. Contextualizing entrepreneurship—conceptual challenges and ways forward.
Entrepreneurship theory and practice. 35(1). pp.165-184.
Wiklund, J., Davidsson, P., Audretsch, D. B. and Karlsson, C., 2011. The future of
entrepreneurship research. Entrepreneurship Theory and Practice. 35(1). pp.1-9.
Online
What is Entrepreneurship?. 2017. [Online]. Available through:
<http://www.businessnewsdaily.com/2642-entrepreneurship.html>.