Entrepreneurial Ventures: Opportunities, Traits, Mindset - Unit 9

This report provides an in-depth analysis of entrepreneurial ventures, exploring the opportunities available and the essential traits and characteristics associated with successful entrepreneurship. It distinguishes between various types of entrepreneurial ventures, including small business entrepreneurship, large company entrepreneurship, scalable startup entrepreneurship, and social entrepreneurship, using examples like Davison Canners, Dyson, Facebook, and Caledonia Cremation. The report also examines the entrepreneurial mindset, emphasizing the ability to learn from failures, think creatively, and identify opportunities. Furthermore, it explores the skills and attributes related to an entrepreneurial mindset using the OCEAN model of personality, highlighting traits such as openness and conscientiousness. The report concludes by underscoring the importance of these elements in fostering successful entrepreneurial endeavors. Desklib provides students access to similar solved assignments and past papers.

Unit 9
Entrepreneurial Ventures

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1: Investigating the opportunities for entrepreneurial ventures through taking examples........1
P2: Inspecting the traits as well as characteristics which are related to entrepreneurship...........2
M1: Evaluating the resemblance and contrast between entrepreneurial ventures, attributes of
entrepreneurs in those ventures...................................................................................................3
TASK 2............................................................................................................................................4
P3: Explaining the concept of entrepreneurial mindset...............................................................4
P4: Examining the skills and attributes related to entrepreneurial mindset.................................5
M2: Determining the methods in which entrepreneurial mindset can be motivated and what it
can put forward to new ventures..................................................................................................6
D1: Critical investigation of entrepreneurial ventures, the attributes, characteristics and
mentality related with entrepreneurship with the help of examples............................................7
TASK 3............................................................................................................................................7
Covered in PPT............................................................................................................................7
TASK 4............................................................................................................................................7
Covered in PPT............................................................................................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................9

INTRODUCTION
The entrepreneurship is defined as the practice of bringing innovative ideas in order to bring
change and taking the risk (Aldrich, 2017). The entrepreneurs are considered as the source of
innovative operations and they help the society by creating the several job opportunities. The
entrepreneurship is starting the business venture with different mind-set and providing the
products or services in an innovation way to the customers. An entrepreneur is an individual who
is able to create or invest within the business. It is very important for an entrepreneur to have
innovative ideas which leads to creation of the products in different way. In order to become a
successful entrepreneur there are various skills required which is most important to conduct the
business operations effectively.
This report includes various kinds of entrepreneurial ventures, traits and attitude of
entrepreneurs that help the individuals to become successful.
TASK 1
P1: Investigating the opportunities for entrepreneurial ventures through taking examples
It is very important to understand that there are various key aspects which need to be
considered in order to be an entrepreneur (Nambisan, 2017). There are various qualities which
are required within an individual in order to start a business venture. An individual should have
the ability to think in a different way of the products or services which can help the society.
Becoming an entrepreneur is not an easy task as it requires the various abilities and skills.
Scope of entrepreneurial ventures depends upon their geographical location, formation and
dimensions. The various types of entrepreneurial ventures in connection to their dimension and
formation are explained underneath:
 Small business entrepreneurship: This is the kind of entrepreneurship created by the
individual in order to make small profits in order to make the modern lifestyle for their
families. This is the type of business venture which is started by an individual with the
short term goals in order to gain profits. This includes the small startup such as opening
of a shop. For example, Davison Canners is a small business entrepreneurship. This is the
business venture which is owned by the individual and their family members. The
company deals in the bakery products where the company is focusing on developing the
good customer relationship by maintaining the quality of the products and its services.
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 Large company entrepreneurship- This is the type of entrepreneurship where there
are large business ventures which bring the innovative ideas in order to serve the best to
the community and society (Alvarez and Barney, 2020). In this type of ventures, the
company provides the job opportunities and keep as employees in order to conduct the
business operations in an effective and efficient manner. In this type of ventures, the
companies focus on bringing the constant innovation. For example, Dyson Company is
considered as the large business entrepreneurship venture which was established by
James Dyson. this is the business organisation which deals in the manufacturing of the
household appliances, dryers, vacuum cleaners etc.
 Scalable startup entrepreneurship- This is the type of entrepreneurship ventures which
is started with the motive of practising innovative ideas and identifying the market
opportunity in order to grow. In this type of ventures, the entrepreneurs seek to take funds
from the venture capital and various other investors. For example, Facebook company is
considered as a scalable entrepreneurship business venture which keeps on bringing the
innovative ideas and helping the customer to develop and make connections with people
over the internet. This is the platform which helps the people around the world to stay
connected. The Marks Zuckerberg has developed the business from the past recent years.
 Social entrepreneurship- This is the type of entrepreneurship which focus on the
societal issues and helping the people of the society. This is the business venture which is
taken into considerations and started in order to help society in certain ways. The
entrepreneur is considered as the one who is willing to work with such organizational and
is able to solve the issues and problems which is faced by the people in the society. These
are considered as non-profits organisations. For example, Caledonia Cremation is a
charity community which is part of renewal trust. The main aim of this business venture
is to provide with the dignified funeral ceremony to people by Scotland.
P2: Inspecting the traits as well as characteristics which are related to entrepreneurship
Traits related to an entrepreneur
 Robust with ethics- It is very important and the main trait which is required in order to
work as an entrepreneur (Karami and Read, 2021). This helps the entrepreneur to become
successful and leads them to work ethically. These are the entrepreneurs which keep
thinking about their work at the time of their enjoying. They are more oriented towards
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their work. They believe in supporting work ethics at the organisation in order to
maintain regularity. It has been identified that in order to gain competitive advantage it is
very important for an entrepreneur to be imperative so that the work can be conducted in
ineffective and efferent manner. For example, James Dyson is the famous who believes
in doing business with ethics. Self-awareness: Every individual should have self-awareness trait which they can apply
in professional field to become successful entrepreneur (Cooper and Folta, 2017). When
an entrepreneur has self-awareness than they are able to expose their strengths and
weaknesses. By knowing own strength and weakness an individual is able to run its
business effectively. For example, James Dyson feels that self-awareness is accepting
own shortcomings and accentuating the strengths.
Characteristics of an entrepreneur
Curiosity: A sense of curiosity is the characteristics of an individual which keeps them
apart from other organisational leaders. Thus characteristics of curiousness allows them to
continuously seek new opportunities. Their curiousness allows them to ask challenging questions
and exploring different avenues. For example, James Dyson is very curious about discovering
new things. Curiosity drives James Dyson to continuously ask questions and challenges which
lead him to valuable discoveries which is easily overlooked by the business professional.
Adaptability to changes: Business environment is dynamic in nature, entrepreneurs face
new challenges and opportunities at every turn. Because of dynamic business environment it is
impossible to be prepared for every situation. For example, James Dyson evaluate situations and
be flexible to ensure smooth running of organisation, no matter what unexpected changes may
occur.
M1: Evaluating the resemblance and contrast between entrepreneurial ventures, attributes of
entrepreneurs in those ventures
The kinds of entrepreneurial ventures have many difference and similarities between
them which helps people to identify different organisations (Kazanjian, Drazin and Glynn,
2017). The similarity between entrepreneurial ventures is that all these are set up with the motive
of earning profits. The difference between them is that small business enterprise is set up by an
individual in order to meet short term goals. The large company is built to use innovative idea in
order to serve people better. The scalable start up enterprise is set with motive of using
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innovative technology and acquire capital form venture capital. In social entrepreneurship the
main focus is on societal issues and helping the people of society. The owners of all these types
of ventures have the traits and characteristics like disciplined, curious, self-awareness, etc.
TASK 2
P3: Explaining the concept of entrepreneurial mindset
The term entrepreneurial mind-set is the constitute of abilities which empower an
individual to recognize and utilise opportunities, learn from drawbacks and become successful in
different activities (Tretyakova and Et. Al., 2020). Entrepreneurial mentality is being appraised
by the employer, it boosts information of individuals and increase their efficiency. It is a method
of thinking which allows an individual to conquer challenges and accept the liability for their
results. Developing entrepreneurial mindset helps the employees in moving towards achieving
the goals of organisation. It mindset contributes to the growth of organisation which is explained
below:
Ability to learn from failures: Entrepreneurial mindset develop the ability of learning
from their failures. When individual learn from failure they tend to do less mistakes and do not
repeat the previous misstep. For example, a sophisticated understanding of failure helps
entrepreneur, such as James Dyson to avoid the blame game and frame an effective strategy to
learn from their failures. An employee should evaluate the failure and need to act on those values
to build reputation of the Brand. By risk taking, an innovative and positive culture is being setup
which creates great effect on brand outside the organisation.
Thinking creatively: An entrepreneurial mindset enable an employee to think creatively,
find creative solutions to problems. Critical thinking is the way for any business to become
successful and find a creative solution which can aid organisation in long run. In context to
James Dyson, creativity inspires the entrepreneur to work with each other and encourage
collaborations which increases the productivity of work among teams. It motivates employees to
seek new information and ways to do things in different manner. Creativity enable the employee
committed to their jobs and remain loyal with their work which helps the organisation to retain
its employees.
Identify opportunities: Entrepreneurial mindset helps an employee to identify the
opportunities for business and grab them (Jackson, Mawson and Bodnar, 2022). Opportunity is
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the base for any movement which results in increasing the dividend and attaining business
growth. When employees recognize opportunities than they can take the advantage of it and
capitalise on them. Grabbing opportunities allow business to create and implement innovative
ideas to improve performance of employees. It allows business to take right decisions at the right
time to avoid failure.
P4: Examining the skills and attributes related to entrepreneurial mindset
Entrepreneurial mindset is the mode of thinking which helps and individual to achieve set
goals and objectives (Doh, Tashman and Benischke, 2019). The right mindset helps to embrace
challenges, mistakes and consider failure as new opportunity to develop new skill set to succeed
in future. Creating entrepreneurial mindset requires certain traits and characteristics in an
individual. To better understand the number of methods in which entrepreneurial mindset can be
motivated is explained with the help of Ocean model of personality.
Ocean model of personality
The ocean model of personality see human nature as the combination of five traits or
factors of personality. It is considered as one of the most reliable personality traits especially at
the workplace. The ocean model of personality provides several useful tools and insights to help
explain leaders and followers in consistent ways over time. The five personality traits involved in
ocean model of personality are given below:
Openness: This attribute of personality focus on the traits such as imagination and
perception. Entrepreneurs who are more open tend to have a broader interest, are curious about
others and ready to learn new things to enjoy different experiences. James Dyson having
personality of openness are more adventurous and creative which influences their mindset to
great level. The entrepreneurs who does not have this trait struggle with abstract thinking and
does not like changes. They are not so very imaginative, also does not enjoy new things and
resist ideas.
Conscientiousness: The conscientiousness attribute of personality involves excessive
level of thoughtfulness, goal directed behaviour and good impulse control (Zahra and George,
2017). The entrepreneurs who have high conscientious are more organised and have mindful of
details. The individuals with this trait plan in future perspective and mind how their behaviour
influence others. The individuals with high conscientiousness spends more time in preparing,
finish important task quickly, give attention to every information and also enjoys having a
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formulated schedule. The individual who does not have this trait does not like to prepare
schedules for their work, make mess and do not take care about anything, fails to complete
necessary task and also put off important task if they don't enjoy doing them.
Extraversion: It is the personality trait which involves sociability, assertiveness,
talkativeness, excitability, and high amount of emotional expressiveness (Schmitz and Et. Al.,
2017). The entrepreneurs who have high extraversion tends to be more comfortable and gain
energy in social situations. James Dyson have this trait that contributes in enjoying being the
centre of attention in any gathering, likes to start conversation, enjoy interacting with new
people, have more number of friends, it is easy to make new connections and feel confident upon
surrounded by people. The introvert individuals find difficult to start conversation with others.
The individuals even think before saying anything, they feel shy upon surrounded by people also
dislikes being the centre of attention.
Agreeableness: This attribute of personality includes some attributes like trust,
unselfishness, belongingness, helpful and other prosocial behaviours. In case with James Dyson,
this trait makes them more cooperative and take interest in other people. These individuals care
about others, feels empathy and concern for others, they enjoy helping people and contributing to
their happiness. The individuals who does not have this personality attribute take a low or no
interest in others and their problems. These individuals do not care about how others feel and are
manipulative in nature.
Neuroticism: It is the personality trait which is includes the characters such as,
moodiness, emotional instability and sadness. The entrepreneurs, such as James Dyson is high in
neuroticism who experiences mood swings, irritation, sadness etc. The individuals who have this
trait take a lot of stress, worries on different things, they easily gets upset, also have dramatic
shift in their mood. The individual who are low in neuroticism have more stability and are able
recover from drawbacks. These individuals are mentally and emotionally strong, handles stress,
not easily feel sad, doesn't worry much about things and also feels very relaxed.
M2: Determining the methods in which entrepreneurial mindset can be motivated and what it can
put forward to new ventures
There are many methods in which entrepreneurial mentality can be encouraged for
smooth functioning of the organisation. The traits of entrepreneurial mindset includes openness,
conscientiousness, extraversion, agreeableness and neuroticism. For example, James Dyson, who
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is more open have new opportunities and broader interest which will help them gain more
knowledge, also get good exposure. The entrepreneur having high conscientiousness are more
organised and full of mindful details which help them to complete their tasks quickly. The
individuals who are more extraversion have ability to speak with more people which help them
to understand the thinking of other people easily. The individuals who have high agreeableness
are more cooperative so work well with teams. The individuals who have low neuroticism are
emotionally stable and take less stress which enable them to perform their activities properly.
D1: Critical investigation of entrepreneurial ventures, the attributes, characteristics and mentality
related with entrepreneurship with the help of examples
Every individual has traits and characteristics which are required to become successful in
their business (Priestley, 2018). Davison Canners is a small enterprise which focus on satisfying
the needs of customers and meeting their short term goals. Dyson is the large enterprise which
focus on earning higher profits by using innovative technology. Facebook is a scalable startup
enterprise which focus on serving people with continuous development of innovative items with
the use of technology.
TASK 3
Covered in PPT
TASK 4
Covered in PPT
CONCLUSION
From the information above it is asserted that an entrepreneur is the person who creates its
own business, bear most of risk in order to make profits. The entrepreneurial ventures include
mall business enterprise large enterprise, scalable start up enterprise and social enterprise. The
characteristics and traits of entrepreneur involves robust with ethics, self-awareness, curiosity
and adaptability to change. Entrepreneurial mindset contributes to the ventures by allowing
employees to learn from failures, thinking creatively and identifying opportunities.
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REFERENCES
Books and Journals
Aldrich, H., 2017. Learning together: National differences in entrepreneurship research. The
Blackwell handbook of entrepreneurship, pp.5-25.
Alvarez, S. and Barney, J. B., 2020. Has the concept of opportunities been fruitful in the field of
entrepreneurship? Academy of Management Perspectives. 34(3). pp.300-310.
Cooper, A. and Folta, T., 2017. Entrepreneurship and high‐technology clusters. The Blackwell
handbook of entrepreneurship, pp.348-367.
Doh, J. P., Tashman, P. and Benischke, M. H., 2019. Adapting to grand environmental
challenges through collective entrepreneurship. Academy of management perspectives.
33(4). pp.450-468.
Jackson, A., Mawson, C. and Bodnar, C. A., 2022. Faculty motivation for pursuit of
entrepreneurial mindset professional development. Entrepreneurship Education and
Pedagogy. 5(3). pp.320-346.
Karami, M. and Read, S., 2021. Co-creative entrepreneurship. Journal of Business
Venturing. 36(4). p.106125.
Kazanjian, R. K., Drazin, R. and Glynn, M. A., 2017. Implementing strategies for corporate
entrepreneurship: A knowledge‐based perspective. Strategic entrepreneurship: Creating
a new mindset, pp.173-199.
Nambisan, S., 2017. Digital entrepreneurship: Toward a digital technology perspective of
entrepreneurship. Entrepreneurship theory and practice. 41(6). pp.1029-1055.
Priestley, D., 2018. Entrepreneur revolution: How to develop your entrepreneurial mindset and
start a business that works. John Wiley & Sons.
Schmitz, A. and Et. Al., 2017. Innovation and entrepreneurship in the academic setting: a
systematic literature review. International Entrepreneurship and Management
Journal. 13(2). pp.369-395.
Tretyakova, N. V. And Et. Al., 2020. Focus on Practical Disciplines as a Method of Developing
Entrepreneurial Mindset. Journal of Entrepreneurship Education. 23(1). pp.1-9.
Zahra, S. A. and George, G., 2017. International entrepreneurship: The current status of the field
and future research agenda. Strategic entrepreneurship: Creating a new mindset,
pp.253-288.
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