Entrepreneurial Ventures and Mindset: Unit 9 Report, April 20 Batch

This report delves into the realm of entrepreneurial ventures, commencing with an introduction that defines entrepreneurship and distinguishes between entrepreneurs and intrapreneurs. It explores various types of entrepreneurial ventures, including sole traders, partnerships, private companies, and public limited companies, highlighting their similarities and differences. The report further examines the impact of micro and small businesses on the economy, emphasizing their contributions to employment, tax revenue, and adaptability. It also underscores the importance of small businesses and start-ups for social economic growth, including their role in providing products, employment, and fostering business development. Furthermore, the report analyzes the skills and traits of successful entrepreneurs, using Elon Musk as an example, and contrasts them with those of managers. Finally, it discusses factors that can either hinder or foster entrepreneurship, providing a comprehensive overview of the subject matter.

ENTREPRENEURIAL
VENTURE AND
EXPLORATION OF THE
ENTREPRENEURIAL
MINDSET

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
P1: The different types of entrepreneurial ventures and the relationship with the typology of
entrepreneurship. .........................................................................................................................1
P2: Exploring the similarities and differences between entrepreneurial ventures.......................2
P3. Impact of micro and small business in the economy.............................................................4
P4. Importance of small business and start ups for the growth of the social economy...............5
P5. Skills and traits of successful entrepreneur and differences from managers.........................6
P6: The entrepreneurial personality reflects entrepreneurial motivation and mind-set...............7
P7. Causes which hinders or fosters entrepreneurship ................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurial ventures are an organization that prioritizes innovation and opportunism
as its core objective in order to create value, both economically and socially. Entrepreneurial
venture also helps in increase profits and revenue by implementing various business ventures to
achieve their goals. Those people who form such organizations are called entrepreneurs.
Entrepreneurial mind-set is the process of thinking which allows a person to overpower the
challenges and prepares you to accept the outcomes of your actions. The constant urge to learn a
new skill, developing from mistakes and spontaneous actions for implementing a idea is known
as entrepreneurial mind-set. The person who develops this mind-set and start implementing this
in his or her life is called an entrepreneur. Entrepreneurs may not be born with this thought
process, these thoughts can be generated through various exercises and achieve positive and
creative thinking.
P1: The different types of entrepreneurial ventures and the relationship with the typology of
entrepreneurship.
Entrepreneurship is the capability to run, develop and organize a business enterprise to
make profits, Entrepreneurship is majorly related to problem solving in the best possible
outcome. The absolute use of specific resources such as land, labour, capital, technology to
generate profits in a business is the major function of entrepreneurship. Entrepreneurship
includes discovering and taking risks. Entrepreneurship of a country increases a country’s ability
to succeed in the global market (LAWAL and et.al.,2018).
Entrepreneurs are the persons who introduce new ideas and sets up a new business. On
the other hand, an Intrapreneur is an employee of a company who takes responsibilities of
innovations in the product, process etc. Entrepreneurs are innovative while Intrapreneurs are
more restorative in nature. Intrapreneur uses the resources of the company including capital
while the entrepreneur arranges his resources by himself. The enterprise in which an intrapreneur
works is an established one meanwhile an entrepreneur works to establish the newly born
organization.
The Entrepreneurs are occupied at all times performing activities such as
Planning the Product:
An entrepreneur keeps on brainstorming on how the product of the organization can be
improved. Whether a new product is to be launched.
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Creating new Businesses:
Sticking to one business is not one of the major functions of an entrepreneur. Creating
new opportunities to develop a new business are one the major activities of an entrepreneur.
Marketing:
Every entrepreneur has to market the products in different innovative ideas.
The ASDA brother in their course of time undertook many ventures. Starting with the
George clothing, It was one of the venture of this company it was started by these brothers in
1989. This company provided clothes at affordable prices in many countries such as Argentina,
China, Japan and also in India. The speciality of this business was that it was the first in the
market to be stocking wedding dresses (Aghamohammadi and et.al., 2018).
The ASDA brothers also started a venture called medicine. This venture were pharmacy
which the stores of ASDA companies had. These pharmacies were formed by ASDA brothers
from the partnership with Health tech company called Medicspot. This ASDA pharmacy
accomplishments were that it delivered flue vaccine in Chelmsley Wood.
ASDA brothers were brothers started their businesses in 1920 as they had 7 different
shops in their area, in 1960 these brothers converted one old cinema into a large supermarket. In
1991, they were at the verge of bankruptcy. Then the ASDA Stores were bought by Walmart for
continuing the business.
P2. Exploring the similarities and differences between entrepreneurial ventures
The different types of entrepreneurial ventures are:-
Sole Trader :
A sole trader is a person who is self-employed who runs and owns the business
individually. An example of a sole trader is George Soros. A sole trader is fully responsible for
all the aspects of the business. No legal existence, unlimited liability, ability to take decisions
freely are some characteristics of Sole trader (Ghalwash, Tolba and Ismail, 2017).
Partnership:
Partnership is the involvement of two or more persons to operate a business and sharing
of the profits and liabilities in proportion. Every partner in a firm should provide honest
informations, working for a common goal. The characteristics of partnership firm are existence
of an agreement, sharing of profits, nature of liability. An example of a partnership is
NotOnThehighStreet.com.
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Private company:
A private company is a number of stakeholders who come together for profit generation.
The most common types of private companies include sole proprietorship and limited liability
companies. The role of private companies include industrial development, building
infrastructure. There is a certain no. of members required in a private company, a minimum paid-
up capital and has a separate legal entity. The example of private company is Swire (Mthembu
and Barnard, 2019).
Public Limited Companies:
A public limited company has a limited liability and introduces shares to the public. The
stocks of these companies can be acquired by anyone via stock market. The companies roles are
it is led by directors and have a limited liability and transferable shares. Characteristics of public
limited companies are it is led by certain board of directors and has a life span. The example of
such a company is Amcor Plc.
Factors Sole Trader Partnership Private company Public limited
company
Business aim George Soros Carphone
Warehouse
Wilko Tesco
Objectives George Soros is a
foremost
philanthropist.
Thus, its objectives
are consideration
of donating money
for the welfare of
society.
Buying and
selling of mobile
phones in
London.
Selling
homewares and
household
products.
Retailing of
groceries in
different
countries.
Purposes The purpose of the
person is to do
social welfare.
The purpose of
this business is
to earn profit
with the help of
buying and
Making sure the
customers get
what they want
for their home.
To have all the
products
available in all
of its store in the
company.
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selling of
mobile.
Role Role of this
individual is not to
important as once
donation is made
there is nothing
much which is
possible to be
done.
Role of this
partnership is to
earn profit for
the sharing in
between the
partners.
Role of this
private firm is to
provide the
customers their
products and
make profit.
Role of this
company is more
than just profit it
also needs to
maintain its
CSR.
Size of Capital The size of capital
us very small
The size of
capital for an
individual is
small.
The size of
capital is great.
The size of
capital is huge.
P3. Impact of micro and small business in the economy
Micro businesses is a type of small businesses which has less than 10 employees and has
a very small amount of capital. Small businesses on the other hand can have up-to 50 employees,
and they have the annual turnover of not more than £6.5million. These types of businesses have
the impacts on the economy of the country. The impact which they have are,
Employee Local workers :
The contribution of the small and micro business on the economy of the country. One of
the important reason for this is that they mostly appoint local individuals for their businesses.
This improves the economy as the per capita income of the country increases which adds to the
GDP of the country and develops the overall economic growth of the country (Langley and
et.al.,2021).
Adapting to changing climates :
The ability of responding of the small businesses is far quicker than the larger companies.
This is because they are less complex in structure and need less time to innovate themselves.
Thus, during a change in the climate or any natural calamity, small and micro business are the
one which are the quickest to take action and serve the economy.
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Contributes to taxes of local government :
Small businesses may not have great capital but their numbers are the great advantage to
them. The majority source of taxes for local government are the taxes which it receives from
small and micro business. These taxes helps the economy to for its development of their local
police, fire and schools (Debelle, 2019).
Small business develops into companies :
It is the tendency of every business to always grow. Just like that the small and micro
businesses have a tendency to grow all the time. Therefore, these small businesses are the
businesses which develop into large MNC some day, or they have the potential to grow and
become large company. All the existing companies were some day a small company.
With the help of these impacts it is concluded that micro business and small business
both are very important for the local economy. These businesses are the base of the economy as
they provide the country with taxes and are very crucial during difficult times.
P4. Importance of small business and start ups for the growth of the social economy
Small business and start-ups are considered as the backbone of the economy. These types
of businesses are responsible for providing the people of the society with their daily needs and
necessities. These types of businesses have their importance in the growth of the social economy.
Supplying products to people :
Small businesses and start-ups are responsible for the providing the customers with
products and services for their daily necessities. The reason for this is that these small businesses
are sole proprietorship which run local stores and thus the company. The customers are very
influenced with these businesses, and they have become essential for the society. These are the
reasons why small businesses and start-up are important for the society (Dapko, Boyer and
Harris, 2021)
Platform of selling products :
Start-ups and small businesses performs as the platform for selling the products and
services which are produced. These businesses are not responsible for the production of these
products. These products are essential items which are produced by the large manufacturers.
Those essential products are sold by these small businesses and start-ups.
Provides employment :
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The start-ups and small businesses helps the society and government to provide the
people of the society employment. The importance of this business is that it has factories,
industries and stores in which there is the requirement of employees. These employees require
skills and some jobs also are done by unskilled labours. Thus, these businesses are responsible
for providing jobs to both skilled and unskilled employees.
Development of business :
Small business and start-ups are business idea which are developed by sole proprietors.
These businesses themselves are responsible for development of these ideas. This gives
motivation to the sole proprietors for development of their business. More the business in a
society more will be the tax gain for the government and as a result the society will develop
accordingly (Bruna and Nicolò, 2020).
Social welfare :
These businesses are responsible for the social responsibilities in the society, and they
motivate the overall businesses to grow by the results of their success. More the start-ups in a
society more are the chances for the society to generate funds for their social welfare. Start-ups
are generally known for investing in the social welfare activities as they do it for their CSR.
P5. Skills and traits of successful entrepreneur and differences from managers
Elon Musk is one of the most successful entrepreneur in the world. Musk has been the
richest man in the world and is CEO and founder of multiple companies. The skills and traits of
Elon Musk are the reason for successful of its business. Some skills and traits of Elon Musk are,
Ability to plan :
Elon Musk has been successful in the development of many companies from a start-up to
the large scale. Some of Musk's company are, Tesla, Space X and Solar city. From the
analysation of the success it can be said that musk has been very success in planning because of
having great ability to plan (Herron, 2020).
Communication :
Communication is a very important skill for any entrepreneur as it allows them to explain
to their employees what is required of them. With the help of proper communication an
entrepreneur can also make deals for its business. Elon Musk as a successful entrepreneur proper
quality of communication.
Management skills :
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It is very important for an entrepreneur to know and understand how to manage its
resources properly for getting the most out of them. Elon Musk has developed its businesses
from the scarp. This is not possible with proper management skills which undoubtedly present in
Musk (Naegels, D’Espallier and Mori, 2020).
Team building skills :
Elon Musk has been known to hire individuals based on their personality and the hard
work they are capable of. For Musk, it is not important how well-educated the individual is its
more important that the employees is able to provide the company what is required. Apart from
this Musk has been successful in setting up team in the manner that they are always successful
which can be seen in the results of the companies (Bird, 2019).
The difference between managers and entrepreneurs are,
Entrepreneurs Managers
All the risks of the business is beard by the
entrepreneurs.
Managers are not at any monetary risk as they
work for their salary not profit.
The focus of the entrepreneurs is on starting
and expansion of the business
The work of the manager is to make sure the
business is running smoothly.
For an entrepreneur the achievements is the
key to its motivation.
For the manager the motivation is the power it
receives from its position.
The reward for an entrepreneur is always profit
which the enterprise earns.
For the manager the remuneration is salary
which is drawn from the company.
The behaviour of the entrepreneur can be
casual
For the manager the approach should always
be formal.
P6: The entrepreneurial personality reflects entrepreneurial motivation and mind-set.
Elon Musk is the world’s second richest man who is currently working on revolutionize
automobile industry by making electric cars Tesla. Space X is also one of the rocket producing
company.
PERSONAL BACKGROUND:
Elon musk was born in South Africa, Pretoria on June 28 1971. Maye Musk is a Model
and dietitian from Saskatchewan, Canada. Elon Musk was raised in South Africa and America.
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His father was also from a science background increasing his interests in scientific matters
(Tyagi, 2021).
EDUCATION:
Elon Musk is a graduate with a Bachelor of Science(BS) in economics and Bachelor of
Arts(BA) degree in Physics. Musk also held internships in Silicon Valley at the Pinnacle
Research Institute. Musk was accepted for a Ph.D. program in physical energy or material
science at Stanford University in California but dropped out from college after the boom of the
internet start-up (Calhoun, 2021).
Culture:
Elon Musk was born and bought up in different countries with different cultures. Elon
Musk was from South Africa introducing him with the culture of the country. Diverse effect of
changing these countries resulted in the great knowledge of different countries. Travelling opens
the world for humans so did for Elon Musk.
Experience:
Elon Musk had introduced his first company, Zip2 corporation in 1995. He also
introduced X.com an online financial payment service company, which was further known as
Paypal. Elon Musk had great achievements in the science and the interests in engineering pushed
him toward the success and helped him reach this position.
NORMS GENDER:
Elon Musk being an entrepreneur directed himself at the goals, gender should never be a
persons reason to achieve success. Elon Musk’s mother was a successful model and dietitian
which inspired him to have a entrepreneurial mindset in him (Bosman. and Fernhaber, 2018).
ATTITUDES:
Entrepreneurs should be fervent about their ideas and ultimate goal. Creating something
new is on of the attributes which an entrepreneur should have. Elon Musk’s passion to create
new things has brought him to the worlds second most richest person on the planet. Musk is
fervent about engineering and science driving him to create companies like Tesla and SpaceX.
Musk introduced electric cars and is currently working on his goal to colonize Mars.
PERSONALITY:
An Entrepreneur should be an extrovert in nature, should hear out opinions of others. An
entrepreneur always focuses on the social welfare whether they can help the world by their
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creation. Neuroticism should not be one of the traits of an entrepreneur as they are not afraid of
the results. Elon Musk has acquired all these traits in his life and has become idols of many
establishing such a huge empire.
P7. Causes which hinders or fosters entrepreneurship
For the entrepreneur their backgrounds play a very important role in deciding their
successful in the future. According to a study it has been found out that individuals which have
gained experience in certain field by performing a job in the particular industry are more likely to
have a successful business in the future as they are helped from their experiences (Paul, Hermel
and Srivatava, 2017).The education of the individual is also important for the selection of the
field for business. For example Elon Musk who is Bachelor of Science and Bachelor of Arts in
physics. These degrees helped musk in opening his first software company known as Zip2. This
was the first break for his success. This proved how the eduction fosters the entrepreneurship.
The support of the family is also important for the entrepreneur for its success as it gives the
entrepreneur moral support. All these factors are important for the entrepreneurship however the
most important factor for a successful entrepreneur is hard work, skills and traits for
capitalization of its opportunities which are presented.
CONCLUSION
With the help of this project it can be concluded that entrepreneurship venture is
successful when the entrepreneurial mindset of the individual is successful. This project explains
the different types of entrepreneurial ventures and also the topology of entrepreneurship. In this
project the similarities and differences of the entrepreneurial ventures are understood. With the
help of this project the impact of micro and small business on the economy is understood. This
project also explains the importance of start-ups and small businesses in the social economic
growth. In this project the traits and skills of the entrepreneurs are explained with example on
Elon Musk. This project talks about the motivation and mind-set of the entrepreneurship. This
project also looks at how the background and experience can hinder or foster relationship.
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REFERENCES
Books and Journals
Aghamohammadi, M., and et.al., 2018. Typology of entrepreneur leaders’ commitment to
business ethics. Journal of Entrepreneurship Development. 11(3). pp.401-420.
Bird, B., 2019. Toward a theory of entrepreneurial competency. In Seminal Ideas for the Next
Twenty-Five Years of Advances. Emerald Publishing Limited.
Bosman, L. and Fernhaber, S., 2018. Defining the entrepreneurial mindset. In Teaching the
Entrepreneurial Mindset to Engineers (pp. 7-14). Springer, Cham.
Bruna, M.G. and Nicolò, D., 2020. Corporate reputation and social sustainability in the early
stages of start-ups: A theoretical model to match stakeholders' expectations through
corporate social commitment. Finance Research Letters. 35. p.101508.
Dapko, J.L., Boyer, S. and Harris, E., 2021. The importance of timely social media
responsiveness. Journal of Digital & Social Media Marketing. 8(4). pp.358-364.
Debelle, G., 2019. Housing and the Economy. In CFA Societies Australia Investment
Conference.
Ghalwash, S., Tolba, A. and Ismail, A., 2017. What motivates social entrepreneurs to start social
ventures? An exploratory study in the context of a developing economy. Social Enterprise
Journal.
Herron, L., 2020. Do Skills Predict Profits: A Study of Successful Entrepreneurship. Routledge.
Langley, D.J., and et.al.,2021. The Internet of Everything: Smart things and their impact on
business models. Journal of Business Research. 122. pp.853-863.
LAWAL, F.A., and et.al.,2018. Modelling the relationship between entrepreneurial climate and
venture performance: The moderating role of entrepreneurial competencies. Academy of
Entrepreneurship Journal. 24(1). pp.1-16.
Mthembu, A. and Barnard, B., 2019. Social Entrepreneurship: Objectives, innovation,
implementation and impact on entrepreneurship. Innovation, Implementation and Impact
on Entrepreneurship (February 27, 2019).
Naegels, V., D’Espallier, B. and Mori, N., 2020. Perceived problems with collateral: The value
of informal networking. International Review of Economics & Finance. 65. pp.32-45.
Paul, J., Hermel, P. and Srivatava, A., 2017. Entrepreneurial intentions—theory and evidence
from Asia, America, and Europe. Journal of International Entrepreneurship. 15(3). pp.324-
351.
Tyagi, S., 2021.Meaning and importance, Evolution of term Entrepreneurship, Factors
influencing entrepreneurship, Entrepreneurial Motivation. Emerging Issues and
Challenges, p.23.
Online
Calhoun., L, 2021.Elon Musk top 4 entrepreneurial traits.[Online] Available trough:
<https://www.inc.com/lisa-calhoun/elon-musks-top-4-entrepreneurial-traits.html>
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