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Entrepreneurship works beyond the management and administration of the closed system. The Feature of entrepreneurship consists of the creation and system orientation to achieve the objectives and goals set out for the success of an entrepreneurial venture. The entrepreneurs work as stimulations to enable opportunities for employment in the business sector.
The report is made to discuss the concepts of entrepreneurship based on scope and mindset. The report further highlights the skills and characteristics of the entrepreneur. The key feature of the report develops an understanding of the mindset associated with entrepreneurship (Angel, et. al. 2018). Entrepreneurship has both advantages and disadvantages in the individual's life. Both sides of entrepreneurship are to be discussed in the report. To become an entrepreneur, a person should have various qualities and different characteristics that develop the ability, skills, and confidence of the person or entrepreneur in the business.
Figure 1: Entrepreneurship
What it takes to be an entrepreneur?
The entrepreneur title is more exciting for any person in the world as it gives a rewarding and reputable career. An individual gets more benefits and profits when an entrepreneur tag is connected with a person's . The person should have a practical and great idea to establish any business (Parente,et. al. 2021). To become an entrepreneur the person should go through the various steps that are as follows:
Problem identification - The first step of an entrepreneur recommended by the professionals are that the person should identify an idea in which sector or what type of business is to be established. In this stage, a person starts creating the business plan along with paying attention to the market environment of the business.
The informal and formal education - Education is an importantpart of the entrepreneurial career. The education may be theapprenticeship, diploma, or college degree program, and the widerange ofwork experience.To make a successful business the person should have all knowledge related to technical issues and general issues.
Network creation - It can be stimulating to get the entrepreneurial venture going on, however, any person can easily make the network creation through accepting help from other professionals and vendors. Those who take time to link and create first-handnetworks can expandappreciatedremunerations. Contacts may offersupportive starting loans, related advice, and existing fresh orbetter opportunities.
Achieving financial stability - Even though it is probable to getfurther capital, professionalscounsel that first-hand entrepreneurs have a decent volume of investments, as they may misplace money on their initial business. Several entrepreneurs invent that they start to turn a profit in 3 to 5 years and a lot can alter in a market in the course of that time.
Solution of the problem with the business idea - As the entrepreneur finds any difficulties in forming the business then some business idea that is already accomplished by the other famous entrepreneur will help the new entrepreneur to smoothly run the business in the market. The other successful businessman becomes an ideal upcoming entrepreneur to bring different business ideas to the existing market.
Idea testing - After extracting different business ideas a person should test those ideas first in the practical life of the business. Two or three ideas may be taken and then tested on the practical life of the business. Most profitable business ideas will be taken to establish the business in the market.
Money appreciation - At last the businessman should go through different ways of raising capital for the business. The entrepreneur may obtain the capital in three different ways such as bootstrap, apply for a loan, and find an investor.
The scope of entrepreneurial ventures, using a variety of real-life examples
Many entrepreneurial ventures are failed during the initial age of the business in the market due to lack of exploration in the field of entrepreneurship on the basis of scope and opportunities (Block, et. al. 2022).
The scope or opportunities of an entrepreneurial venture are discussed below:
Independence - Acreatureof one's own life like a boss is every person’s dream. Boss is one ofthe supremescopes of opening an innovative entrepreneurial venture. An entrepreneur does not requisite to take orders from anybody unlike the worker of an organization.
Financial opportunities - A second big opportunity of having an entrepreneurial venture is the accessibility of profitable financial openingsor profits that it provides. Entrepreneurs can get more money in their entrepreneurial activities as related to working like servants in some other establishment (Bonini, and Capizzi, 2019).
Inspiration through challenging opportunities - Businesspersonsfrequently get motivation enhancement from any challenges that they meet in founding the business. Entrepreneurs regularly get psychological pleasure when they get suchencounters in real life.
Employment opportunities - A new endeavor is a source of service to society. When the entrepreneur opens a business endeavor in any region then it offers job openings to individuals who are living in or around that area.
Innovations - Entrepreneurial ventures usually bring modernizations to market in the form of differentgoods and services, creative purchasing and selling techniques, innovative marketing methods, etc. A recent example of an innovation of new business ideas is online shopping through several e-commerce websites.
Adds diversity - Entrepreneurial endeavors also add a wide range to the business world. It not only shelters the bestlucrativeor mostly opted companies but also contains minority-based companieslike beauty parlours or salons.
Talking about the real-life example of Disney that timely consumed all the scopes of the entrepreneurial ventures. The company buys the animation studio Pixar in the year 2006. And regularly innovate its business with the changes that occur in the different market environments. Walt Disney is an entrepreneur of the Disney organization. The Disney entrepreneur catches all the opportunities and scopes of an entrepreneurial venture timely and since the company has a well-established market in different parts of the world.
The traits and characteristics associated with entrepreneurship thoroughly to determine its nature or condition with a wide range of examples and link them to a famous entrepreneur
There are different types of entrepreneurship in different parts of the world small business entrepreneurship (SME), large company entrepreneurship, social entrepreneurship, start-up or technical entrepreneurship, etc(Hsieh, et. al. 2019). All these entrepreneurs have different characteristics and traits that develop the ability, skills, and confidence of the person or entrepreneur in the business.
The various characteristics are discussed below:
Curiosity - Entrepreneurship certainly notagrees to disregard new belongings and disappeared opportunities. The capacity of curiosity helps business persons to examine innovative and gainful opportunities for the future.
Structures experimentation - This is also an important feature of entrepreneurship. The entrepreneur must test all new opportunities to govern whether that is gainful to capitalize on the prospect or not. A businessperson can conduct an investigation or run expressive tests.
Adaptability - A business environment varies continuously which makes it problematic for the entrepreneur to adjust to it. They face different challenges every single day but also acquire many occasions. To be successful entrepreneurs in the market they should carefully examine an environment or adapt to each potential change.
Team building - The perfect team is the most significant aspect for any business to become popular in a competitive business environment. A great businessperson always gathers information about weaknesses or strengths. The entrepreneur forms a team of greatly skilled experts who can aid the business in overwhelming problems and also evading shortcomings.
Risk tolerance - A successful businessperson should be easy in pleasing risks to make profits. They should energetically accomplish the relationship between reward and risk and also increase the earnings of an organization. However, an entrepreneur should try to minimalize the risk.
Comfortable with the failures - Failure and success always travel together. An effective businessperson is that who deals with failure instead of being dissatisfiedorlearning from them. As per some educated guess, almost 75 percent of businesspersons fail as they do not know how to handle disappointmentsor they get lack motivation.
Long-term focus - Once a business becomes operational, an entrepreneur cannot stop or lose focus. Businessperson have a long-run vision or focus for a business.
Famous entrepreneurs who founded UberCompany are Garrett Camp and Travis Kalanick. The company was founded with the idea to transform the taxi industry or after invitingan investment. Ubergrabbed and exploded enormous market share in a very short time, both entrepreneurs of the company improve their self-tactics and successfully build the company across the world. The most favorable characteristic of the company's entrepreneur for creating effective business in the market is team building. Also, an entrepreneur easily adapts all the required features that increase the long-term focus of the business. Criticizers have later questioned an organization’s business practices that did Uber edge taxi regulations or pay its independent contractor driversaffectedly low pay to make the unsustainable corporate model grasp the early foothold in therising market? However, no one can debate that a business has not dramatically altered how people develop around.
An evaluation of the similarities and differences between entrepreneurial ventures and traits and characteristics of entrepreneurism
There are various types of entrepreneurial ventures in the business world. The most widespread typology of an entrepreneurial venture is survival, managed growth, lifestyle, and aggressive growth. All these typologies of ventures differ in various terms like management focus, structure, and annual growth rate. The management styles of these different types of ventures are also different. The difference between survival and lifestyle ventures is that survival is dependent on reactive management, while lifestyle relies on tactical management(Salmony, and Kanbach, 2022). Both proactive and strategic management styles are used by aggressive growth companies on the other hand, the managed growth type of business generally uses a strategic management style.
Besides these differences, these ventures have two similarities between them(Basole,et. al. 2018). The main aim of the lifestyle and survival venture is an income substitution. Owners of small businesses are encouraged through a certain degree of freedom or being in control of an organization. Whereas the entrepreneur of aggressive and managed growth ventures relies on a wealth creation. Proprietors of these kinds of companies seek not only to substitute their existing income or work freely but to developan organization to shape their fortune. Furthermore, exit methods used inlifestyle, managed growth, or aggressive growth businesses are alikeas all types of concerns can be transferred or sold.
The concept of the entrepreneurial mindset
In common, mindset is the mode of thinking (Daspit, et. al. 2021). It can aid to be conclusive, growth to encounters, overwhelmed problems, learn from the hindrances, or make regular improvements. This is the so-called entrepreneurial essencethat is what professionals refer to as an “entrepreneurial mindset.”
The features that make up that mindset are as follows:
Determination - A rejection of the fear of disappointment keeps businesspersons going. Such ashindranceshappenand businesspersons seek answers instead of concentrating on the negative part.
Focus - Businesspersons rarely permitdisruptions to take the minds off the problemsat hand. To become a successful businessman, the person should be focused on their work and business.
Drive- Entrepreneurs are determined to mark their ideas on work so that they improve daily practices to continue on the track.
Decisiveness- When the entrepreneur heads the entrepreneurial endeavor then everything falls on that person(Kouakou, al. 2019). So an ability to create rational conclusionsrapidly can aid abusinessperson to avoid uneconomicalactions or thoughts.
Independence - Anessential for individuality is one of the causesthat is why the person who has previously enjoyed a long career in a business may break down from their organization to raid out on their own.
Flexibility - The entrepreneur should have the ability to become flexible in every situation. The person must be flexible enough to adapt to different challenges even in the worst situation in the market.
Creativity - The capability to think outer the box orinvent when required a crucial factor of an entrepreneurial mindset. The entrepreneurs can see how a bit is done orvisualize how it can be ended better.
Entrepreneurial mindset contribution to entrepreneurial ventures
Entrepreneurial ventures can also be related to the typology of entrepreneurship, whichidentifiesdiversebackgrounds or motivations of entrepreneurs who are looking to start a new business(Lanivich, et. al. 2021). There are 3 foremost types of entrepreneur’sintrapreneur, owner-manager, and serial entrepreneur. Intrapreneurs are those people who work in bigcorporationsand have entrepreneurial mindsets that can be used to solve any multifaceted business issues. Entrepreneurial behaviours marked in intrapreneurs contain organization, innovation, and a willingness to bear risks.
Serial entrepreneurs are persons who make more than one unconnected start-up orevade playing an importantadministrative role in them. They frequently wait for an organization to grow, then sell it to the new owner andproceed to start the new venture. These entrepreneurs frequentlygenerate aggressive growth endeavours, since these look auspicious to possibleinvestors or purchasers who can improve quickly. Though managed growth corporations can also be generated byserial entrepreneurs since these businesses face fiscal risks or their development can be exactlyprojected.
At last, the owner-manager is that type of businessperson who established the new business or took the management role in it(Rojas, et. al. 2022). These entrepreneurs frequently work with other workers to manage their presentation or use their capital as a key foundation of financing. Ventures functioned by the owner-managers are usually lifestyle and survival ventures because they both have simple construction or only need basic administration skills to be maintainable.
Figure 2: Entrepreneurial mindset
The number of ways in which an entrepreneurial mindset can be encouraged
An entrepreneurial mindset can be encouraged in different ways(João, and Silva, 2020). There are ten ways to foster from which an entrepreneurial mindset in both organizations and individuals.
Curious - Curiosity is a thing that gives a high boost to the person to create an entrepreneurial mindset in newly established businesses.
Cultivate innovation mindset - When an entrepreneur becomes reflective about the way of thinking and expresses those thoughts in real life then it will create an innovative mindset of that person.
Create a shared vision - If the entrepreneur implements an innovative idea in the business work then the person gets a clear vision which encourages that person to a way of working in an organization.
Be outcome-oriented - The entrepreneur's mindset is encouraged through the results that are oriented by the person before establishing a new business.
Stay flexible - If an entrepreneur stays flexible then it is easy for the person to bear the risk and get effective rewards. Staying flexible on a business journey will aid the entrepreneur to adapt or be attentive to an independent influence.
Conclusion
Based on the report it is concluded that an entrepreneur has more potential to bear risk in the competitive market and because of this, there is also a high level of profit earned by that person. The report talks about those critical points in which the way is directed that is helpful for those persons who plan to establish a new business. An entrepreneurial mindset is discussed in the report to point out its importance in the entrepreneur's life. The different characteristics are included to conclude its significance in becoming an entrepreneur.
References
Angel, P., Jenkins, A. and Stephens, A., 2018. Understanding entrepreneurial success: A phenomenographic approach. International Small Business Journal, 36(6), pp.611-636.
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