Entrepreneurial Ventures Assignment Sample

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Introduction: Entrepreneurial Mindset

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An economy's growth and development are greatly influenced by entrepreneurship, which is the introduction of new activities by businesses in response to social opportunities. Although many people mistakenly believe that corporations and small businesses are the same, the two actually have quite different traits. Businesses that seek out novel and inventive methods and chances in an effort to boost sales are engaging in entrepreneurial endeavors. In addition to examining entrepreneurial endeavors, this assignment offers more specific details regarding the traits of entrepreneurs. Furthermore, covered are the entrepreneurial mindset, as well as the abilities and traits that go along with it.

P1 Scope of entrepreneurial ventures

An entrepreneur is a person who launches a new company, takes on the associated risks and losses, and simultaneously reaps large rewards. An essential idea for launching a new company is termed entrepreneurship. Generally speaking, it refers to creative thinkers who work together to provide the greatest services, goods, procedures, methods, and innovative ideas (Breier et al., 2021). By reducing the necessary talents and start-ups to meet the needs of bringing certain concepts and ideas to market, entrepreneurs play a big part in boosting a nation's economy. Successful entrepreneurs will be rewarded with consistent growth, opportunity, recognition, and financial gain for demonstrating their ability to take on the risk of launching a new company. The development of entrepreneurship-related activities can be effectively facilitated by small and medium-sized businesses (Taskin, Javed and Kohda, 2023). When sourcing a service or product instead of bringing it to market, entrepreneurs have much more freedom and higher stakes. In instances where an organization is tiny and constrained, individuals can make a significant impact. As a result, small firms operate better and are more productive, efficient, and have fewer employee turnover.

P2 Traits and characteristics of entrepreneurship

Traits and characteristics of Bill Gates

• Extremely driven: Given that these businesses operate on a global scale and effect change via their endeavors, it is evident that celebrities have a lot of potential. These business owners and leaders put in a lot of effort to find solutions to a range of issues and appreciate taking on risk and challenges. Though they are generally well-liked by those in positions of authority, they also have an excessive amount of enthusiasm for ideas and concepts that advance the company's objectives.
• Willingness to fail: Leaders that are successful in all they do are not scared to fail and are constantly ready for challenges (Karneli, 2023). Even under challenging situations, these corporate executives are capable of making and assessing judgments with effectiveness. As a result, these businesses grow from their past errors and make the necessary corrections to generate new and exciting chances. It has been known that choices are not always correct and do not always turn out as expected.

P3 ‘Entrepreneurial mindset’

Entrepreneurship is a mindset that enables you to minimize obstacles and risks, exercise decisiveness, and accept accountability for outcomes. Enhancing one's abilities and proficiency levels is a constant requirement. For instance, deciding to keep acting rather than stop thinking and picking up more lessons from unsuccessful endeavors. Entrepreneurship also encompasses the abilities and traits that inspire employees to seize opportunities (Kottika et al., 2020). It can also be understood as the state of mind of business owners who are overtaken by the success of their own ventures and enterprises. Through bringing goods and services to market, generating employment opportunities, and improving the global economy, entrepreneurs support economic progress. An entrepreneur must have a distinct and focused attitude, which calls for effective communication skills and a strong drive to succeed by admitting errors and mistakes and growing from them.

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P4 Skills and characteristics of entrepreneurial mindset

Some of the few traits of entrepreneurship below.

1. Leadership: Teach, mentor, coach, and encourage staff members to spot potential business owners. For a skilled business owner, this is crucial because it directs, motivates, and inspires the company's people resources while also assisting in the professional growth of staff members (Hajiali et al., 2022).
2. Determination: By lowering mistakes and failures, determination helps entrepreneurs become more effective. Identify methods and processes rather than brushing errors under the rug. One of the skills that entrepreneurs can develop and gain in school is concentration.

Capabilities associated with Entrepreneurship:

1. Business Strategy: In line with this strategy, entrepreneurs should feel that their own great aspirations have the capacity to fulfill their business objectives and successes.
2. Learning ability: This ability states that a person launching a business needs to learn how to be successful. Being an entrepreneur has very few ups and downs, thus having this talent can help you become a great and successful entrepreneur by allowing you to learn from situations, mistakes, and failures.

P5 Ways in which micro and small business ventures impact the economy

Small and medium-sized businesses, or SMEs, play a significant role in most economies worldwide, particularly in developing and rising nations, and are a major driver of economic progress. 99% of all firms in the European Union (EU) are comprised of these companies, which have also generated approximately 85% of new jobs over the last five years and secured two-thirds of all private sector participation in the region (Gherghina et al., 2020). Approximately 23 million small and medium-sized businesses created 90 million employment and 3.9 billion euros in added value in 2015. Small and medium-sized businesses, in contrast to giant corporations, are known for their high levels of flexibility. They are better able to adjust to changes in the market and new client requirements, share revenue more easily, and are more structured.

The biggest corporations in the nation are supposedly garnering attention, but the truth is as follows. According to the Small Business Administration, small firms make up the bulk of all enterprises in the US. In actuality, there are 33. 2 million small companies in the US. Of the 33. 2 million small and medium-sized businesses, 27. 1 million are sole proprietorships with no workers (Main, 2022). While 16% of small firms employ one to nineteen people, the majority of small enterprises do not have any staff at all. Furthermore, only 653,000 small and medium-sized businesses—out of 33. 2 million total—have between 20 and 499 employees.

Figure 1: Small Businesses by Employee Size

Source: (Main, 2022)

P6 Differences and similarities between public and corporate intrapreneurship

Intrapreneurs that are passionate and committed are willing to do anything and use their imagination to make their ideas a reality. Entrepreneurs are in charge of carrying out tasks within their purview and are typically less excited about projects assigned to them by management. Being a self-appointed position inside an organization, an "intrapreneur" functions without official organizational directives or allotted funding (Nasaj, 2020). Conversely, intrapreneurs are not answerable to their superiors. Finding resources and allies in companies that aren't quite ready to formally support intrapreneurs will require some ingenuity. The absence of official authority and institutional backing from management presents noteworthy hazards for intrapreneurs and their concepts.

Corporate entrepreneurs typically receive managerial support and have a well-defined objective within the approved project's operational parameters. The project's constrained scope restricts resources and freedom of navigation. Furthermore, sponsors have timetables and expectations for their projects, so if the team misses deadlines or falls short of objectives, their patience may not last long. Hence, the term "corporate entrepreneurship" is overused to describe relatively commonplace incremental undertakings that adhere to pre-established procedures.

The "box" that entrepreneurs can work within the bigger firm and the routes they can take to get there are defined by three factors: a common operational framework, limited scope, and shared resources. These limitations frequently encompass the team's perspective, patience, and methodology. Many elements that exist in established organizations might give rise to actual or perceived constraints, such as formal processes and procedures, authority and hierarchy, values and conventions, groupthink and taboos, etc (Mendy, 2022). Corporate entrepreneurs run their businesses transparently and are always supervised by a bigger company. The latter may have negative consequences for the project's goals, objectives, schedule, personnel, outcomes, and success. When it comes to implementation and expansion (when the time comes), being able to take advantage of the resources of a larger business can be very helpful, but being in the spotlight is not always helpful and can easily lead to compromises, compromises, etc.

Conclusion

Entrepreneurs are crucial to a country's economic growth because they reduce the talent and start-ups needed to fulfil the demands of bringing certain thoughts and ideas to market. It is always necessary to improve skills and proficiency. For example, choosing to act instead of stopping to consider, and continuing to learn from failed attempts. This is critical for an experienced business owner because it guides, inspires, and encourages the organization's human resources while also supporting employees' career advancement. On the other hand, intrapreneurs do not report to their managers. It will take some resourcefulness to find partners and resources in organizations that are not quite ready to explicitly assist intrapreneurs.

References

• Breier, M., Kallmuenzer, A., Clauss, T., Gast, J., Kraus, S. and Tiberius, V., 2021. The role of business model innovation in the hospitality industry during the COVID-19 crisis. International Journal of Hospitality Management, 92, p.102723.
• Gherghina, ?.C., Botezatu, M.A., Hosszu, A. and Simionescu, L.N., 2020. Small and medium-sized enterprises (SMEs): The engine of economic growth through investments and innovation. Sustainability, 12(1), p.347.
• Hajiali, I., Kessi, A.M.F., Budiandriani, B., Prihatin, E. and Sufri, M.M., 2022. Determination of work motivation, leadership style, employee competence on job satisfaction and employee performance. Golden Ratio of Human Resource Management, 2(1), pp.57-69.
• Karneli, O., 2023. The Role of Adhocratic Leadership in Facing the Changing Business Environment. Journal of Contemporary Administration and Management (ADMAN), 1(2), pp.77-83.
• Kottika, E., Özsomer, A., Rydén, P., Theodorakis, I.G., Kaminakis, K., Kottikas, K.G. and Stathakopoulos, V., 2020. We survived this! What managers could learn from SMEs who successfully navigated the Greek economic crisis. Industrial Marketing Management, 88, pp.352-365.
• Main, K., 2022. Small Business Statistics of 2022 – Forbes Advisor. [online] www.forbes.com. Available at: https://www.forbes.com/advisor/business/small-business-statistics/.
• Mendy, S., 2022. Examining the Influence and Relationship between the Weberian Model of Bureaucracy and Theories of Strategic Management on Decision-Making in the Ministry of Basic and Secondary Education of The Gambia (Doctoral dissertation, The Open University).
• Nasaj, M., 2020. Understanding individual’s innovative behaviours: Integrated personality traits and social capital perspective (Doctoral dissertation, The British University in Dubai).
• Taskin, S., Javed, A. and Kohda, Y., 2023. Promoting Entrepreneurial Mindset for Successful Entrepreneurship. JWEE, (3/4), pp.122-142.