Entrepreneurial Ventures: Scope, Mindset, Skills and Characteristics

This report provides a detailed examination of entrepreneurial ventures, defining them as high-risk, resource-limited startups focused on creative offerings. It explores various types of ventures, including small-scale, scalable, social, and large business ventures, highlighting their unique characteristics and objectives. The report also delves into the typologies of entrepreneurship, such as innovative, hustler, imitator, and Fabian entrepreneurs, and the traits, skills, and characteristics associated with successful entrepreneurship, including passion, risk management, motivation, money management, and leadership. Furthermore, it explains the concept of an entrepreneurial mindset, emphasizing its role in overcoming challenges and driving innovation, and discusses how personality reflects entrepreneurial mindset and motivation. The report concludes by examining the skills and characteristics linked with the mindset of an entrepreneur, such as resilience and long-term vision.

Entrepreneurial
Ventures

Table of Contents
Introduction..............................................................................................................................................2
Main Body.................................................................................................................................................3
LO1.............................................................................................................................................................3
P1 Examining the various aspects of an entrepreneur and the scope of the
entrepreneurship along with relation with entrepreneurship’s typology.............................3
P2 Examining the various traits, skills & characteristics linked with entrepreneurship. .4
LO2.............................................................................................................................................................6
P3 Explaining the concept of entrepreneurial mindset and how personality is reflecting
entrepreneurial mindset and motivation.......................................................................................6
P4 Examining the various skills and characteristics linked with the mind set of an
entrepreneur........................................................................................................................................7
Conclusion...............................................................................................................................................8
References.............................................................................................................................................10

Introduction
Entrepreneur is described as an individual who has ability bear most of risks to start
new creative business. An entrepreneurship is a framework used for setting the new
business idea(Audretsch and Moog, 2022). It is basically a process which includes
designing, introducing and planning the idea of creative business. It involves financial
and economical risk about the specific business and thought of creating new startup.
Entrepreneurship ventures are the organisations who focuses on the new creative
offerings. This report will define the various types of entrepreneurship ventures and the
scope of them. It will explore the concept of entrepreneurial thought process and
contribution to ventures. It will further describe the entrepreneurial mindset and traits
linked with entrepreneurship. At the end, the overall conclusion and references are
defined.
Main Body
LO1
P1 Examining the various aspects of an entrepreneur and the scope of the
entrepreneurship along with relation with entrepreneurship’s typology
Entrepreneurial venture: Such ventures involve high risk and limited resources to start
and work are known as entrepreneurial ventures(João and Silva, 2018).
Entrepreneurship ventures are the organisations who focuses on the new creative
offerings. It also includes creative ideas for products or services. In this competitive
environment operators needs to come up with various types of business strategies to
remain competitive in the market. There are various types of entrepreneurial ventures
such as small, medium and large entrepreneurial ventures. It is further explained in
detail given below as:
 Small scale business entrepreneurship: In this type of entrepreneurship
venture, it raises funds from the families, savings, small loans and friends etc.
This kind of entrepreneurial ventures majorly includes one or two entrepreneurs.
It involves plumbers, carpenters, grocery stores and travelling agents etc. The
main motive behind their success is to make profitability for smooth run(O'Brien

and Hamburg, 2019). For example, grocery store is a small business located in
London, UK did not require to follow legal structure to set up store.
 Measurable entrepreneurial venture: In this type of entrepreneurial venture,
entrepreneurs derive the new business ideas with the help of their talent. The
main goal of this venture is to change the lifestyle of people to explore the
success. Such entrepreneurial venture introduces creative business strategy to
attract investors for their ideas. It is also known as venture capitalists.
 Social entrepreneurial ventures: It includes non-profit organization whose main
objectives is to design new creative products or services as per the social
requirements and difficulties. These ventures are developed to identify the social
needs and to serve them accordingly.
 Large business entrepreneurial venture: There are various large companies in
the country of United Kingdom that contributes to country economy by
manufacturing consumer products. For example, Unilever company produces
various consumer goods and follows all government guidelines. Such ventures
basically introduce new products or services as per the customer needs and
competitive strategy.
Typologies of entrepreneurship: Entrepreneurial typology is basically included public
sector entrepreneur, corporate sector entrepreneur and an individual type of
entrepreneur. It holds strong relation among entrepreneurial and its typologies.
Typology explains the classification of different types of entrepreneurships as following:
 Innovative entrepreneur: This type of entrepreneur referred to those who create
new innovative business ideas or new process. These are risk taker and leaders
type of entrepreneur who finds markets for themselves.
 Hustler entrepreneur: In this entrepreneurial ventures, it requires hard work in
order to become hustler entrepreneur. It includes those people who want to start
their business with hard work and low capital.
 Imitator entrepreneur: This type of entrepreneur has creative mind set and can
copy any new invention developed by others. Such type of entrepreneur can be
seen where lack of resources to find out new creativity.

 Fabian entrepreneur: In this entrepreneur only follows those invention in which
they are aware about the results. Such kind of entrepreneurs do not believe in
taking high risk.
P2 Examining the various traits, skills & characteristics linked with
entrepreneurship
An entrepreneurship is a framework used for setting the new business idea. It is
basically a process which includes designing, introducing and planning the idea of
creative business(Akpan, 2021). This process of entrepreneurship needs hard work and
efforts to run business successfully. It further required unique traits and characteristics
to become a successful entrepreneur. There are so many entrepreneurs in the United
Kingdom who possess various unique characteristics and skills to become successful
entrepreneur and it is also much necessary for young entrepreneurs as well. There are
several characteristics, traits and skills of successful entrepreneurs as following:
 Passion: An entrepreneur is always passionate about their work. It is due to
maintain the work flow during uncertainty in the environment. A successful
entrepreneur is always been passionate about its work. To become the more
passionate towards the work it is necessary to more focus on importance of
work. Passion is main reason for any entrepreneur to stay focused on the
objectives. It is required to constantly remind yourself and team member that it is
about the solve bigger problem despite earning profit.
 Risks management: One of the important characteristics of a successful
entrepreneur is risk management. Entrepreneurs are required to take risks in
order to introduce new creative ideas and to test the market. It is necessary to
take informed decision at time of difficult situation. Risk taking ability is important
to gain the competitive edge. As time passes it improves the risk management
ability and to recover from failure. It also enhances the capability towards the
challenges which is helpful to increase business growth.
 Motivation: Motivation plays an important role to remain competitive and
recover from failure in the dynamic market. Celebrating small wins and positive
attitude towards the objectives helps to boost confidence level. Entrepreneurs

are required to stay motivated in order to push their skill set(Aadland and
Aaboen, 2018). Motivation can be built by analysing various things at small level
such as to maintain confidence, to set small targets etc. When optimistic attitude
combined with the motivation it helps to invent new ideas and business strategy.
And here self motivation is one of the major characteristics of a successful
entrepreneur. It is due to that there are many times when things are not in
favour of an entrepreneur. Hence, motivation is the key factor tom make the
entrepreneur keep moving towards the goal.
 Money management quality: There is money required to run every business.
Therefore, an entrepreneur requires to track the financial condition of the
business. It includes expenses, future goals etc. It is very important for
entrepreneurs to aware about the financial condition of business in order to carry
the effective business strategy. It involves making budget and investing available
funds in the further growth of the business. It is required to calculate financial
risk on business.
 Leadership quality: Leadership quality is an essential characteristic of the
entrepreneurs for smooth run of the organization. A leader is responsible for any
mistake done by the team members. The leader also motivates the other people
in the organization. It helps entrepreneurs in decision making process. An
effective leadership style helps to introduce new business ideas by other team
members.
LO2
P3 Explaining the concept of entrepreneurial mindset and how personality is
reflecting entrepreneurial mindset and motivation.
The entrepreneurial mind set is defined as the thought process that helps to overcome
from challenges. It involves knowledge, way of thinking, beliefs and accountability. It is
basically a particular presence of mind which describes the human behaviour towards
the various activities and results involved in the process of entrepreneurship.
Entrepreneurial mind set drives the creative approach, innovations and new
opportunities(Frisch Aviram, Cohen and Beeri, 2020). Entrepreneurial mindset is

responsible to influence the way of thinking about the world and how to act upon. It
helps to recognizing and identifying opportunities and creating value for the business.
The entrepreneurial personality defined as the quality of human being abilities,
behaviour and attitude towards the objectives. It defines a lot of information about any
person such as behaviour, attitude etc. Personality is the combination of various
characteristics & capabilities. This makes a person unique from the other person. The
effect of personality on entrepreneurial mind set as well as on the motivation of
entrepreneurs as mentioned below:
 The entrepreneurial personality is responsible for establishing the business
locally or in the global market and operating it with efficiently and confidently. The
inspiration of an entrepreneur develops the personality to enterprise without
having any issue to identify about industry competitiveness and what kind of
difficulties entrepreneurs need to face(Wu, Chen and Pan, 2019). The inspiration
for new ventures employees is also produced with the help of entrepreneurial
inspiration. It is required for businesses to develop powerful motivation and mind
set for workers otherwise it leads to workers disappointment. It further leads to
the demotivation of workers towards the enterprise which is directly impact on the
organizational objectives. Hence, entrepreneurs necessity is to prove training to
encourage workers.
 It is essential that entrepreneur individually take over the choices of business
which are beneficial for the entrepreneurship opportunities and workers.
 The entrepreneur is also required to face challenges significantly and to use the
resources carefully towards the corporations as well. An entrepreneur is the
person who define the vision, mission and objectives for the businesses and also
defines ways to achieve them. The entrepreneur is responsible to describe the
possibilities in order to design products and to increase profitability. They need to
have qualities like self confidence, self motivation to run the business by
controlling the risk management.
 The features of a leader possess substantial common with the features of
entrepreneurs. This defines that an entrepreneur needs to set up the targets for

the businesses and handling the risks with the help of creative strategies. They
need to cooperate with traders, employees and suppliers.
 The entrepreneurial mindset and entrepreneurial personality help to take first
step, dealing setbacks and defining risk. Personality effects the entrepreneurial
mind set such as it helps in decision making process, understanding workers
behaviour and to identifying strong and weak points within the organization.
P4 Examining the various skills and characteristics linked with the mind set of an
entrepreneur
As we know that people are not born with entrepreneur kind of mind set. It is developed
over the period with including various ups and downs. It helps to develop abilities which
contribute for creative business ideas(Pidduck, Clark and Lumpkin, 2021). There are
various characteristics and skills associated with the entrepreneurial mind set in which
some of them are mentioned below in details as:
 Resilience: Resilience is one of the important characteristics of an entrepreneur,
it helps to deal with mistakes and failures. As these are the part of
entrepreneurship life cycle and the growth towards the creative ideas. If there is
every step putting you into the self doubt then it requires to change the way. This
kind of shifting in entrepreneurial mindset needs resilience which is the
foundation of an entrepreneurial mind set(Morris and Tucker, 2021). When we
interpret the things positively or negatively, it directly impacts on the capability to
persist. Positive attitude and optimistic behaviour towards the any circumtances
refer to high level of resilience whereas phrases such as ‘I can not do this’, ‘It will
not work’ and ‘It always happens to me’ etc. indicates the pessimistic behaviour
and low level of resilience.
 Long term vision: Entrepreneurship is all about long term vision. An
entrepreneur needs to long term visionary despite of ups and downs in the way.
The focus should be on long term objectives. There are so many times that we
think we should leave due to not having appropriate outcomes. But we need to
focus on the long term results.

 Flexibility: As it is known that entrepreneurship is a very challenging due
unexpected problems appears continuously. To overcome this, it is required to
become flexible solve problems and recover from them quickly. It is essential to
become flexible in order to enhance the ability towards the though process and
creative ideas. It is required to build a structure critical method for problem
solving in order to become quicker. For this purpose, keep record of thought and
describes the various challenges that are preventing to come new business
ideas. And then list all the business ideas and work on accordingly.
 Responsibility: Successful entrepreneur believe on their ability in order to
determine the success. The mind set of entrepreneurial describes their
accountability towards the actions and results. It basically involves that whatever
happens at workplace and everything happens to business entrepreneur is
responsible for that. Whether the plan works or not, the entrepreneur needs to
take the responsibility. There should not be any kind of excuses. It is required for
entrepreneurs as well as successful workers. This basically defines as taking the
accountability for any work that is required to be completed.
 Prioritization: It means time management and it is the most important
characteristics of entrepreneurial mind set. It is because that being an
entrepreneur time is the most valuable source. It requires time to planning,
creating new ideas, managing financial situation of business and working on long
term objectives. To manage overall process in the enterprise an entrepreneur
requires to prioritize the things accordingly. To nurture the entrepreneurial
mindset, it needs to identify that which clients and activities are more significant
so that prioritize them accordingly. Hence, entrepreneurial mind set required to
analyse unproductive & productive activities.
Conclusion
From the above mentioned report, it is concluded that an entrepreneurship is a
framework used for setting the new business idea. It is basically a process which
includes designing, introducing and planning the idea of creative business. It defines the
entrepreneurial ventures and relation with entrepreneurship’s typology. It also describes

the characteristics of entrepreneurship and concept of entrepreneurial mindset and how
personality is reflecting entrepreneurial mindset and motivation. The entrepreneurial
mind set is defined as the thought process that helps to overcome from challenges. It
involves knowledge, way of thinking, beliefs and accountability. It further defined the
various skills and characteristics associated with the entrepreneurial mind set.

References
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