Exploring Entrepreneurial Ventures and Mindset: A Report

This report delves into the realm of entrepreneurial ventures and the exploration of the entrepreneurial mindset, covering key aspects such as the definition of entrepreneurship, its role in economic development, and the traits and skills essential for success. It examines the contributions of small businesses to the economy and social welfare, highlighting the importance of local job creation, tax benefits, and community development. The report also analyzes the entrepreneurial personality and mindset, contrasting them with those of others, and provides insights into the backgrounds and experiences of successful entrepreneurs like Richard Branson and J.K. Rowling. The content also includes an overview of the different reasons that push people towards starting their own business, along with the benefits of starting a business and the importance of small businesses. The report concludes by summarizing the key findings and providing references to support the analysis.

ENTREPRENEURIAL VENTURES
AND EXPLORATION OF THE
ENTREPRENEURIAL MINDSET

TABLE OF CONTENTS
 Introduction
 Main Body
 Conclusion
 References

INTRODUCTION
 Entrepreneurship is the art and skill of person to
develop new business and scaling it for
generating profit for longer duration (Jones and
Sakong, 2020).
 Entrepreneurs are the big transformer those who
have ability to turn small idea into successful
business.
 An entrepreneur takes challenge and utilise
existing resources in adequate manner so that
firm can sustain in market.

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 To start the business entrepreneurs take loan from the banks and other
sources and start their own production. Production of the goods has
direct contribution to the Economy. There are many reasons in the
economy which is tearing people to start their own business. Decrease
in their wages, increasing demand and personal needs and family
pressure full them toward the business.
 Starting up own business provide employment top the other people
and we can also create opportunities to earn money for our family or
satisfy personal needs. having a small business is a definite way to
escape from a job that one dislikes or no longer finds challenging or
fulfilling.

 Small business contribution to economy
 Economic condition of nation is depended upon profit generated by business. As
these firms pay tax and this amount supports economy of country greatly. Small
business also contribute well in improving economic condition of nation.
 There are many small group companies who are paying large amount of tax to
their economy and their taxes are used for the public welfare ad many other things.
Small enterprises creates job opportunities for the people in their nation which
helps to increase the employment in the country and people can earn income to
effort their leaving things and increase their daily consumption. small businesses
also operate locally.

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 This gives them a strong preference for hiring local people. Big corporations
often move into new territories with a team already in place (Davis, Hall and
Mayer., 2016). This can improve a city’s population but nothing drives new
job growth in a region as small businesses do.
 Small companies have more flexibility so people who want to be
entrepreneur or have idea in their mind can start their own small business
and give their contribution to the economy. Every business start with small
and after the years of hard work employees make them large organization.

TO be continued …..
 To start the business entrepreneurs take loan from the banks and other
sources and start their own production. Production of the goods has
direct contribution to the Economy. There are many reasons in the
economy which is tearing people to start their own business. Decrease
in their wages, increasing demand and personal needs and family
pressure full them toward the business. Starting up own business
provide employment top the other people and we can also create
opportunities to earn money for our family or satisfy personal needs.
having a small business is a definite way to escape from a job that one
dislikes or no longer finds challenging or fulfilling.

TO be continued …..
 A recent study found that nearly 25 per cent of the people detest their
jobs but remain trapped due to financial commitments like loans, rents,
payments and living expenses. therefore, if they cannot afford to quit a
full-time job to start a business, entrepreneurs can start a small business
on the side until their business profits enable them to quit. According to
the Small Business Administration (SBA), US, the number of part-time
businesses steadily increased since the mid-1980s and is expected to
increase by about 10 per cent each year.

 Importance of small business to social
economy
 Small business play important role for the social economy because it provides
opportunities for the people and give contribution to the economy, provide jobs to
the people, people get some benefits such as they can study in good school in less
price, better health care system etc.
 Jobs creation - most of the people does not have jobs and people who have jobs
does not get salaries. In the unemployment small business play major role for the
others who are unemployed. They create job opportunities for the other s o they can
earn money and use it for their personal consumption. Salaries in the small business
not that much but it is enough ton run a comfortable life for the people (Mills.,
2018).

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Keep money local- when people contribute in the small business then it
beneficial for the public because flow of cash will increase and beneficial for the
social economy. This will also improve their social life because government will
get more tax and their money will not go outside of the nation and it will improve
their social life, and they can get better educational opportunities, more job
opportunities will create, people will get better health care and free medicines, so
they can get better treatment free of cost. This all are benefits for the public and
This will create better life for their own community. Small business success
means more local taxes which will improve the schools and keep the most of the
befits back to the local community.
Tax Benefits To community- most of the countries are making their tax from the
small business and firms who are running their business locally (Obi And et.al.,
2018). Tax is used for the welfare of the public and make their life more

 Traits and skills of entrepreneur
Traits and Skills of Richard Branson-
Traits-
Creativity-
Entrepreneurs have a creative mind as they are known as those people who tends to think
outside of the box. They help their employees to find out new ways and paths to achieve
the objective and get the work done successfully. This helps them to increase the
productivity of the company and improve the flow of work and diversify the line of
business by entering into new and potential markets. For instance- Richard Branson is a
successful entrepreneur because he has a creative mind as he has invested into ventures
which has been very successful such as America’s got talent (Pfeifer, Šarlija and Zekić
Sušac, 2016).

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J.K. Rowling-
Traits-
Motivation-
Most of the entrepreneurs are motivated to achieve success because of the positive
mindset they adopt. They are enthusiastic about their field of work and also knows how
to motivate the employees of the company so that they can work for achieving the goal.
They keep a positive attitude towards the goal they have to achieve so that they can be
prepared for the outcomes which are not helpful to achieve the goal and improvise it. For
example- J.K. Rowling had many difficulties while starting Harry Potter series but she
didn’t give up as she was persistent with it. Risk Taking-
Expanding a business or entering into new markets involves risk as it does not guarantee
that an idea will become successful. They analyse the factor of risk involved in the
decision and pursue the objective. For instance Richard Branson took risk and invested in