Entrepreneurial Ventures: Scope, Traits, Characteristics and Mindset

This report provides an overview of entrepreneurial ventures, focusing on the scope, traits, and mindset essential for success. It examines different types of ventures, including industrial, agricultural, and service sectors, and analyzes the traits of successful entrepreneurs like Elon Musk and Richard Branson. The report also delves into the entrepreneurial mindset, emphasizing the importance of ingenuity, positivity, and communication skills. Furthermore, it discusses the skills and features associated with a businessperson's mindset, such as concentration, resoluteness, and leadership. The report concludes by highlighting the significance of motivation and the critical examination of entrepreneurial traits for business growth. Desklib offers this and many other solved assignments for students.

Unit 9

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK 1............................................................................................................................................3
P1 Examine the scope of entrepreneurial ventures by using a variety of illustrations...............3
P2 Analysing the traits and features associated with entrepreneurship......................................4
M1 Measure the similarities and variations between entrepreneurial ventures and the attributes
and features of entrepreneurs in these ventures..........................................................................5
TASK 2............................................................................................................................................6
P3 Explicate what is the meaning of 'entrepreneurial mindset'...................................................6
P4 Analyse skills and features associated with businessperson mindset....................................6
M2 Ascertain the ways through which the businessperson mindset can be motivated and what
it could bring to a new venture....................................................................................................7
D1 Critically examine the entrepreneurial ventures traits, characteristics and mindset
associated with entrepreneurial mindset.....................................................................................7
CONCLUSION................................................................................................................................7
References........................................................................................................................................8
References......................................................................................................................................13

INTRODUCTION
The entrepreneur is the individual who operates and controls a business organisation.
Generally the entrepreneur is involved in sole proprietorship firm. In entrepreneurship, all the
challenges are to addressed by the single individuals along with risks in the business. A good
entrepreneur enables the growth and development of the business in the market. It also helps the
business to compete in the competitive market (Bonini and Capizzi, 2019). This is the procedure
of establishing the company from the start up or scratch in the market place. So, there are more
responsibilities for the individual in case of entrepreneurship firm. The Small business
management would explain about the overall administration of the small business by a single
individual who is responsible for the development of the firm. This report would outline the
concept of entrepreneur venture and administration done in the small-medium enterprises. It
would explain about the types of ventures in the market. It would also explain about the
environment of entrepreneur.
MAIN BODY
TASK 1
P1 Examine the scope of entrepreneurial ventures by using a variety of illustrations.
Entrepreneur is the person who takes on the handling of a business along with its risks
and challenges in the marketplace. Generally, commencing a new business by an individual is
termed as a entrepreneurship. The individual is fully motivated to grow and develop the business
in the market because of the new start up. So, there is high attention in start ups given by the
entrepreneurs.
Scope of Industrial Sector-
Generally the new start ups run the business in the industry sector to manufacture the
goods from the raw materials. The industrial sector provides more chances of profit earning and
growth in the market(Cnossen, Loots and Witteloostuijn, 2019).
Scope of Agriculture and accessory industrial sector-
The farmers can try to become the entrepreneurs in the agricultural sector itself. There are
various other chances of development in the agriculture sector for the farmers. They can used
new techniques and can also start up in the agricultural sector. These entrepreneurs can link their

agriculture with the ancillary sector of industry. It would be more benefit able with greater
opportunities for the entrepreneurs.
Sector related to services: In this, the entrepreneurs are always think that they can extend its
business. There are more opportunities of growth in this sector. There are also various kinds of
businesses in which extension is possible to a greater extent. Moreover, this includes the home
repair services, transportation, etc. For instance, a tea cafe comes under the small cafe in
UK(Dobina, et.al, 2019).
P2 Analysing the traits and features associated with entrepreneurship.
The Elon musk and Richard Branson can be used as a successful entrepreneur in the
present market scenario. They posses a very good skill of problem solving and leadership skills
that helped them to grow their business to a higher level in the competitive market. Some of the
qualities of Elon musk and Richard Branson are given below as follows-
Traits of Elon musk:
 Extremely motivated: The Elon musk is very motivated in taking business to the higher
expansion. It requires to accomplish the goals and objectives of the business in the given
period of time or even before that time period. The Elon has enjoyed taking the
challenges and risks of the business and solving them in the most efficient manner. They
have adapted their business as per the present circumstances of the marketplace.
 Temperament to fail: Musk indeed has taken the failure as opportunity in the business.
He is never afraid of losses and has taken many risk for the business. This has also
increased the innovative ideas that results into sometimes failure or progress. So,
businesses always involves a certain risk that must be faced by a entrepreneur(Fathonih,
Anggadwita and Ibraimi, 2019).
Traits of Richard Branson:
 Consecutive Conceiver: This includes the good leadership styles in the business. This
embeds itself with the option of new perspectives for the businesses. Moreover, it always
aims to develop by the better leadership styles that are being used in the institutions.
Characteristics of Elon Musk:
 Confidence: The confidence plays a very important role in taking the risk for the
business. The confidences helps to take new opportunities in the business which would
turned out to be the better development in the organisation.

 Passionate execution: The Musk does not use to take any opportunity which he is not so
passionate about in the market. He only takes the opportunity for which he is sure about
in the business. Moreover , Musk takes the new business opportunities in order to grow
the business in the competitive market with the new products.
Features of Richard Branson:
 Controlled Experiments: The Richard is so much interested in doing the experiments
through which the new products can be manufactured in the institution. There is the core
requirement of experimenting which is hugely done by the Richard. There are various
experiments on new ideas that is being operated by Richard in the organisation.
 Resoluteness: There is so much resoluteness in Richard. The resoluteness means to
believe in our own idea and doing irrelevant of what others are thinking of in the market.
The Richard never steps back on his ideas even in the conditions when the people were
not supporting him with his ideas. It needs to be consistent about the work which is done
by the individual.
M1 Measure the similarities and variations between entrepreneurial ventures
and the attributes and features of entrepreneurs in these ventures.
There are various kinds of business ventures that are being discussed earlier in this report.
These business ventures are also varied from each other along with the similarities that are being
enjoyed by them. These involves the economic development, evolution and alterations in the
business enterprises. It generally receives help from the government. The authorities of the
public sector formulates the policies that empowers the entrepreneurs of the country. This is
because the entrepreneurs plays a important role in decreasing the poverty and increasing the
economy of country by its revenue generation procedure. There are also various factors which
involves the leisure industry, catering industry, etc. that gets the aid from the government of UK.
But, there are also various disadvantages such as it needs the specific skills like leadership skills,
managing skills, etc. So, if these skills are not in the entrepreneur then it becomes difficult to
operate the business efficiently in the market. Hence, the leading entrepreneurs have the
capability of managing skills, contentment, risk taking skill, etc. in order to develop the business
in the market(He, et.al, 2020).

TASK 2
P3 Explicate what is the meaning of 'entrepreneurial mindset'
The mindset of the entrepreneur explains about managing all the opportunities in the
business. This explains that the entrepreneur is responsible to take the risks in the business.
Moreover, the entrepreneur must take the loss and failure as the part of development and success
of the business. Entrepreneur must not think that if there is risk in the process, then he would not
operate that in the business. This is because risk is always involved in the business opportunities
which provides a good way to grow the business as there are also the chances of profit and
growth of the organisation. Some of the cardinal features of an entrepreneur is discussed as
follows-
 An ingenious mindset: The mind of the entrepreneur must always be ingenious. The
fruitfulness of the idea must always be in the mind of the businessman.
 Positivity in outlook: The businessman should always be in positive mindset. There
should always be a positive cognition while taking every opportunity of business.
 Power of persuasion by communication: The entrepreneurs should have the
communication and listening qualities in them. It must provide the businesses the quality
to negotiate and communicate well with others in the organisation(von, et.al, 2018).
P4 Analyse skills and features associated with businessperson mindset
Some of the features of the mindset of the entrepreneurs are discussed below as follows-
 Concentration: there should be a good level of concentration in the mind of the
businessman. This is because the business man is required to framed the policies for the
company which requires a higher concentration on work by the entrepreneurs.
 Resoluteness: the resoluteness is also a key key feature for the development of the
business. This involves that the businessman does not get fear of the risk along with
taking the failure as learning for the future in the institution(Prayetno and Ali, 2020).
 Leadership: There must be the leadership skills in the entrepreneur for acquiring the
business opportunities in the business. The leadership roles plays an important role in
leading the employees while completing the assigned tasks on time.

Skills related with entrepreneurial mindset:
 Learning ability: The person must have leading skills while operating the tasks in the
business. Moreover, if the entrepreneur would not have the leading skills then the task
and goals would not get completed on time.
 Strategy for business: There must be an effectual policy and strategy that is to be
formulated by the entrepreneur(Thies, et.al, 2019).
M2 Ascertain the ways through which the businessperson mindset can be motivated and what it
could bring to a new venture.
The mindset of the businessman must get motivated for the growth of the company.
There must be the positive mindset of the entrepreneur while working for the company. It must
reduced the negative thoughts by the affirmative thoughts. The motivation is very necessary
because I the absence of it no firm can develop efficiently in the market. The entrepreneur is
also responsible to motivate and encourage the employees who are working in its organisation.
D1 Critically examine the entrepreneurial ventures traits, characteristics and mindset associated
with entrepreneurial mindset
The entrepreneurs must enhance the traits that enables the growth of the firm. It must
extend its activities with ingenuity, innovation, creativity, etc. so to grab most of the
opportunities to enhance the business in the market place. By this way of being critical in
investigating of the wide range of entrepreneurship as a concern may operate in various spheres
that are being discussed above(Wilhau and Karau, 2021).
CONCLUSION
The above report concludes about the conception of the entrepreneur venture. This report
explains about the key factors that are being responsible for the growth and the development of
the entrepreneur firm in the market. It also summarises about the different features and traits of
the entrepreneur mindset that aids in motivating the employees of the institution. This report also
contains scope of entrepreneur's undertakings along with the discussions regarding the mindset
and qualities of an businessperson.

References
Books and Journals
Bonini, S. and Capizzi, V., 2019. The role of venture capital in the emerging entrepreneurial
finance ecosystem: future threats and opportunities. Venture Capital, 21(2-3), pp.137-
175.
Cnossen, B., Loots, E. and van Witteloostuijn, A., 2019. Individual motivation among
entrepreneurs in the creative and cultural industries: a self‐determination
perspective. Creativity and Innovation Management, 28(3), pp.389-402.
Dobina, T., et.al , 2019. Effectiveness analysis of entrepreneurship model of development
qualities of future managers. Journal of Entrepreneurship Education, 22(3), pp.1-6.
Fathonih, A., Anggadwita, G. and Ibraimi, S., 2019. Sharia venture capital as financing
alternative of Muslim entrepreneurs: Opportunities, challenges and future research
directions. Journal of Enterprising Communities: People and Places in the Global
Economy.
He, J.,et.al , 2020. Opportunity-based entrepreneurship and environmental quality of sustainable
development: A resource and institutional perspective. Journal of Cleaner
Production, 256, p.120390.
Prayetno, S. and Ali, H., 2020. The influence of work motivation, entrepreneurship knowledge
and advocate independence on advocate performance. International Journal of
Innovation, Creativity and Change, 150.
Thies, F., et.al , 2019. Following the crowd—does crowdfunding affect venture capitalists’
selection of entrepreneurial ventures?. Journal of Small Business Management, 57(4),
pp.1378-1398.
von Gehlen, K., et.al , 2018, August. Trust in Entrepreneur—Venture Capitalist Relationships: A
Bilateral Perspective. In 2018 Portland International Conference on Management of
Engineering and Technology (PICMET) (pp. 1-15). IEEE.
Wilhau, A.J. and Karau, S.J., 2021. Gender Differences in Entrepreneur Values and Venture
Mission. Journal of Business Diversity, 21(1).