Entrepreneurial Ventures Report: Scope, Traits, Mindset

This report provides a comprehensive analysis of entrepreneurial ventures, exploring their scope, the traits and characteristics of successful entrepreneurs, and the importance of an entrepreneurial mindset. It investigates the scope of entrepreneurial ventures across various sectors, including indust...Read More

Entrepreneurial
Ventures

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK 1............................................................................................................................................3
P1 Investigate the scope of entrepreneurial ventures, using a variety of examples....................3
P2 Examining the traits and characteristics associated with entrepreneurship...........................4
M1 Evaluate the similarities and differences between entrepreneurial ventures and the traits
and characteristics of entrepreneurs in those ventures................................................................6
TASK 2............................................................................................................................................7
P3 Explain what is meant by an 'entrepreneurial mindset'..........................................................7
P4 Examine skills and characteristics associated with entrepreneurial mindset.........................8
M2 Determine the ways in which the entrepreneurial mindset can be encouraged and what it
can bring to a new venture..........................................................................................................8
D1 Critically examined entrepreneurial ventures the traits, characteristics and mindset
associated with entrepreneurial mindset.....................................................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
The entrepreneurship plays a major role in the process of improving and development of
a nation economy and it is referred to an activity of introducing, developing and running a
business in order to create opportunities while earning profit, rewards and having risk
management. Though there is a huge difference between small enterprise and entrepreneurial
venture but many people consider it the same. Therefore, entrepreneurial ventures are the
businesses which is focused towards engaging in innovative practices and plausible opportunities
with the intention to create a business to generate economic profitability and enhancing social
values. An entrepreneur is an somebody who plans, commence and operates a new business
enterprise with limited resources and this enterprise is set up with the object to generate
revenue, enjoy rewards and profit and provides rules for risk management (Mohanty, 2005).
TheAbdelnaeim, S.M. and El-Bassiouny, N., 2020. The relationship between entrepreneurial
cognitions and sustainability orientation: the case of an emerging market. Journal of
Entrepreneurship in Emerging Economies. business idea of entrepreneurial venture is an
expression which creates a reason behind a an individual to invest depending on latest services or
goods. This report talks about investigating the scope of entrepreneurial venture and also a
discussion about the description on traits of entrepreneur. Moreover, this consist of detail report
about the mindset of an entrepreneur and characteristics and also talks about the skills which are
associated with an entrepreneurial mindset.
MAIN BODY
TASK 1
P1 Investigate the scope of entrepreneurial ventures, using a variety of examples
An entrepreneur is person who commences a brand-new business and they consent to
bear all the risks and losses also to generate profit and enjoys incentives. Entrepreneurship is
defined as the process of starting a new business venture. When there is desire of the
entrepreneur who comes with ideas to create products, services, processes, fresh and effective
ideas. An entrepreneur plays a major role and responsibilities which aims towards enhancing the
overall economy of a nation through utilising the full potential and competence as well as the
steps which are essential for accomplishing the desired goal which is necessary to be executed
once the idea is generated (Bird and Schjoedt, 2019). There are many entrepreneurs who

establish themselves to be recognised and create a brand while generating the profit, loss, risk on
their own.
The small enterprises venture yield towards generating effective wide scope for
processing activities that are related with entrepreneurship. There are many different possibilities
regarding an entrepreneur since they provide for services or product rather than introducing it.
When the business venture is small or limited it helps the individual to be more productive and
efficient in generating profit.
Scope in Industrial Sector:
The industrial sector has a wide scope which includes small businesses and while
forming a small business the individual can form such business with small capital as well. There
are many other merits while forming a small business such as increase in product service and
creating employment opportunities for the labourers as well (Freixanet and Renart, 2020). For
example, the Greenlight Automotive Ltd is a small business enterprise located in the United
Kingdom.
Scope in Agricultural and associated industrial sector:
With the change in the latest trend of agriculture there is a wide scope in the agricultural
sector for entrepreneurial movements. The entrepreneur are soon reducing the link between the
agricultural and the industrial sector. The rural entrepreneur with the aim to enhance the various
areas in agriculture. The farmers also help to maintain the agricultural sector and act as a
entrepreneur while processing and marketing.
Service Sector: The service sector helps the small business entrepreneurs as the
extension which increases the efficiency of such business. Such business may be small or
individually owned this can range in a wide area which can as individual care, transportation,
hotels and motels, tourist services, hotels, food and beverage services, repairing services, home
services,etc. For example, Marshfield Bakery is supposed to be a small restaurant in the United
Kingdom.
P2 Examining the traits and characteristics associated with entrepreneurship
In this particular section, the leaders like Bill Gates and Steve Jobs are discussed as an
example who among their respective fields are prosperous entrepreneur and are also making
profit in their respective businesses. These are such well established organisations are extremely

stimulate both leadership and distinctive attribute of an organisation (Neneh, 2019). The traits of
these well discussed entrepreneur are such as :
Traits of Bill Gates:
 Extremely Motivated: It is a well versed fact that all the hard working and successful
personalities commonly have a global motive to have a global business whose
organisation are are in different places. These entrepreneurs or managers tackle such
challenges and risks and endlessly solving problems. They are highly adaptable to the
circumstances and these leaders are also very hard working towards the ideas so as to
achieve their organisational goal.
 Willingness to fail: These entrepreneurs are very successful and such business is
established only when the leader is wiling to take risk and face each threat and not afraid
to take risk and face failures (Mukherjee, Makarius and Stevens, 2018). These business
entrepreneurs work towards making an efficient enterprise which can easily calculate
and form decisions in tough situations. These entrepreneur are willing to take risk and
they make tough decision which are problem solving which might be wrong and lead to
bad business choice but they are are to thrive and make such tough calls which might
result in failure.
Traits of Steve Job:
 Serial Innovators: The entrepreneur in their enterprise with evolving time and
technology must opt for innovative products, new, different, unique ideas and
knowledge . These ideas helps in improving and making the business functions grow.
Theses hard-working leaders believe in the process that the organisation should innovate
new ideas so as to be in the business and make big numbers.
 Harnessing Technology: With change in time, a business must evolve regarding the
technology also because daily there is advancement which must be followed by the
organisation to keep them afloat. The entrepreneur always have a purpose to have a
profitable business and this can be done when the machines and the technology are
advanced and developed.
 Adaptable to existing needs of customers: The environmental circumstances and
societal surroundings also have a diverse alterations, the customers demands changes

must be adhered (Globocnik, Faullant and Parastuty, 2020). Many successful
entrepreneurs also make sure that there is customer satisfaction as according to the
changing needs and demands of the customers.
Characteristics of Bill Gates:
 Confident: An individual must be confident which is marked as one of the most
important characteristic of a prosperous entrepreneur and these enterprises follow
effective abilities and skills which helps the marketplace to get there desired aim.
 Passionate: Most successful investors or an entrepreneurship leader have passion while
acting in the benefit of the enterprise, there is innovation to be done in the products, fresh
ideas while decision making, etc. These entrepreneur while making decisions show great
faith towards there businesses and are not afraid to make risky decision for their
enterprise (Tredinnick and Laybats, 2022).
Characteristics of Steve Job:
 Structured Experimentation: These experiments are performed with the intention to
attribute an understanding of a structured organisation. These experiments lead the
individual to create new opportunities, such entrepreneurs must run the tests so as to
determine whether to run the business accordingly or not.
 Decisiveness: A prosperous and hard working leader of an entrepreneurs business, it is
very crucial for them to have a decisive mind while formulating the decisions regarding
varied process of the enterprise. They are responsible for each decision taken expanding
from commencing to funding the business.
M1 Evaluate the similarities and differences between entrepreneurial ventures and the traits and
characteristics of entrepreneurs in those ventures
The above said explains that, there are many similarities among different forms of
businesses and enterprises which must be evaluated and discussed. The wide scope of these
enterprises have all different nature which can result in huge profit and growth of the concerned
business. An enterprises assists in yielding a huge number of employment opportunities for the
society and it also, government also provide many schemes to help such small businesses and to
promote such business venture. For example, there are many various such sectors inclusive
restaurant or hotel businesses, small resort businesses, farming, etc. These organisation are also

fully supported by the ruling nation since they are very effective and help in maki8ng huge
capital with less investment (Gupta and Wieland Turban, 2019). There are many know and
prosperous entrepreneurs whose skills and characteristics are that they are self-motivated, not
afraid to fail, self-assured, innovative mind, passionate, etc.
TASK 2
P3 Explain what is meant by an 'entrepreneurial mindset'
The entrepreneurial mindset can be explained as the idea or expression where the
thinking of an individual leads him to create or commence such market place while engaging in
the business dealing with the danger and problems, though being decisive they are also accepting
accountability of the results. There is a constant requirement for enhancing the level of skills and
traits which results for the entrepreneur to learn from their decision & failures,etc. The
entrepreneurs also help to create various opportunities which is a very wide scope and they have
a large pool of responsibilities as well (Pidduck, Clark and Lumpkin, 2021). there are many key
characteristics which facilitate in developing an entrepreneurial mindset which are as follows:
 A creative mindset: Creativity is said to be an essential elements in the success of an
entrepreneurial business. An entrepreneur should always come up with fresh and
innovative procedure and various methods for operating structural business functions.
The entrepreneurial product commences from the expression of an idea and such
conception are followed as such product are made from such ideas. The creative
entrepreneur represents their ideas and expressions so as to have an effective and
progressive business.
 A positive mental attitude: An individual must have an positive mindset which results
in the improvement in the business organisation. Such attitude only results in growth and
development of a marketplace. These qualities have vice verse effect since a positive aura
creates positive profitable organisation whereas the negative aura of a person results in
bad business.
 Persuasive communication ability: The power to convince an individual is very
important tool for an successful entrepreneurs. A persuasive individuals can mould every
situation in accordance to his wishes and can negotiate his way in the enterprise like

closing a deal, negotiating or fixing the price of stock, inventory. These entrepreneur can
also communicate such individual to be more productive.
P4 Examine skills and characteristics associated with entrepreneurial mindset
The discussion about varied features which are linked with entrepreneurial mindset which
are as follows:
 Focus: The businessmen should always be very focused and fixated avoiding distractions
to take control over their minds and this attribute of such person are developed at an
early age in school and can be very well seen by their families as well. Such conceptual
and persistent mind only yields profit for an business.
 Determination: The entrepreneur should also be determined while making any business
decision. There should be acceptance to some mistakes and failures assist the
entrepreneurs result in prosperous business. This process relates to identifying of
approaches and methods rather than averting mistakes.
 Leadership: The entrepreneur should also have leadership qualities and these qualities
are very wide in nature and includes leading, directing, guiding and motivating all the
resources to get the organisational objective and helping the personnel in overall
development.
Skills connected with entrepreneurial mindset:
 Ability to acquire: Any individual to become a successful entrepreneur must have the
ability to continuously learn and unlearn for having a profitable marketplace. The
knowledge and acknowledgement of such business is done continuously. In any business
the person should everyday try to learn new techniques and processes.
 Business strategy: In any business strategy the entrepreneurs must establish their success
mantra and agenda within the organisation town their own wilful strength.
M2 Determine the ways in which the entrepreneurial mindset can be encouraged and what it can
bring to a new venture
In this report it is very clearly stated that an entrepreneurial mindset is the process of
expression of ideas which lead an individual to form a business and then drive that person to
perform day to day business affairs while accepting challenges and problems and generating
profit on large scale for the success of the business. An entrepreneur must have good and

optimistic attitude, inventive mindset, etc. while fulfilling and sharing such ideas of venture.
These attributes of an individual greatly result in the success of the enterprise.
D1 Critically examined entrepreneurial ventures the traits, characteristics and mindset associated
with entrepreneurial mindset
The examination of such entrepreneurial venture is very wide in nature because there are
various sectors where a business can function and perform the operational activities. An
entrepreneurial expression of mindset identifies all the methods of a businesses also support their
skill and traits and abilities like creativity, innovation, invention,etc. These characteristics and
traits help such individual to perform more efficiently in an enterprise (Morris and Tucker,
2021).
CONCLUSION
The above report very clearly explains,it has been concluded that entrepreneurship is very
important activity which gives an individual to generate opportunities that are available within
any organisational environment. In this report, the scope of entrepreneurial venture has been very
extensively discussed and a detailed study is conducted along with this, traits and also the
characteristics related with the entrepreneurial business is also given. In addition, this report also
examines the entrepreneurial mindset and state the traits and characteristics which somehow
reflect on the concerned mindset.

REFERENCES
Books and Journals
Bird, B. and Schjoedt, L., 2019. Entrepreneurial behavior: Its nature, scope, recent research, and
agenda for future research. Revisiting the entrepreneurial mind, pp.379-409.
Freixanet, J. and Renart, G., 2020. A capabilities perspective on the joint effects of
internationalization time, speed, geographic scope and managers’ competencies on SME
survival. Journal of World Business, 55(6), p.101110.
Globocnik, D., Faullant, R. and Parastuty, Z., 2020. Bridging strategic planning and business
model management–A formal control framework to manage business model portfolios
and dynamics. European Management Journal, 38(2), pp.231-243.
Gupta, V.K., Wieland, A.M. and Turban, D.B., 2019. Gender characterizations in
entrepreneurship: A multi‐level investigation of sex‐role stereotypes about high‐growth,
commercial, and social entrepreneurs. Journal of Small Business Management, 57(1),
pp.131-153.
Mohanty, S.K., 2005. Fundamentals of entrepreneurship. PHI Learning Pvt. Ltd..
Morris, M.H. and Tucker, R., 2021. The entrepreneurial mindset and poverty. Journal of Small
Business Management, pp.1-30.
Mukherjee, D., Makarius, E.E. and Stevens, C.E., 2018. Business group reputation and affiliates’
internationalization strategies. Journal of World Business, 53(2), pp.93-103.
Neneh, B.N., 2019. From entrepreneurial intentions to behavior: The role of anticipated regret
and proactive personality. Journal of Vocational Behavior, 112, pp.311-324.
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.
Tredinnick, L. and Laybats, C., 2022. Information and knowledge leadership. Business
Information Review, p.02663821221125134.
Abdelnaeim, S.M. and El-Bassiouny, N., 2020. The relationship between entrepreneurial
cognitions and sustainability orientation: the case of an emerging market. Journal of
Entrepreneurship in Emerging Economies.
Kuratko, D.F., Hornsby, J.S. and McKelvie, A., 2021. Entrepreneurial mindset in corporate
entrepreneurship: Forms, impediments, and actions for research. Journal of Small
Business Management, pp.1-23.
Pankov, S., Velamuri, V.K. and Schneckenberg, D., 2021. Towards sustainable entrepreneurial
ecosystems: examining the effect of contextual factors on sustainable entrepreneurial
activities in the sharing economy. Small Business Economics, 56(3), pp.1073-1095.
Ratten, V. and Usmanij, P., 2021. Entrepreneurship education: Time for a change in research
direction?. The International Journal of Management Education, 19(1), p.100367.
future directions. International Journal of Management Reviews, 23(1), pp.64-84.