Entrepreneurial Mindset | Assignment

Running head: ENTREPRENEURIAL MINDSET
ENTREPRENEURIAL MINDSET
Name of the Student:
Name of the University:
Author Note:

1ENTREPRENEURIAL MINDSET
In today’s modern and dynamic age, developing an entrepreneurial mindset is of the
utmost importance. The entrepreneurial mindset refers to a certain constructive method of
thinking. Most importantly, it identifies the way in which one approaches challenges and
mistakes and opts to resolve them (Mauer, Neergaard and Linstad 2017). Additionally, an
entrepreneurial mindset also seeks to improve the current skill set while tussling with the
toughest situations. However, questions may arise on the importance of developing an
entrepreneurial mindset. This mindset aids one to propel themselves forward (Günzel-Jensen
et al. 2017). In fact, getting entangled in the activities of entrepreneurship may cause one to
slowly shrivel under the pressure. This discussion analyzes the entrepreneurial mindsets
of Jeff Bezos, Bill Gates and Mark Zuckerberg. Additionally, the most effective mindset
out of the three is also identified and explored.
Jeff Bezos is one of the most popularly known entrepreneurs of the present times. He
is the founder and CEO of Amazon.com Inc. (Furgang 2018). He may be identified as a
technology entrepreneur, investor and a philanthropist as well. Amazon is now considered
to be the greatest online sales organization, which offers its customers a variety of
ecommerce products and services. There are many factors that have fueled his immense
success. His success can be greatly attributed to his entrepreneurial mindset. His mindset can
be well explained by Schumpeter’s Theory of Innovation. This theory proposes the idea
that the innovation of entrepreneur’s can be held responsible for the rapid economic
growth of a country (Schumpeter 2017). Firstly, Jeff Bezos’ innovative way of thinking
forms a significant aspect of his entrepreneurial mindset. He has completely transformed the
relationship between a seller and their customer. Secondly, another key characteristic of
his mindset is his ambition. It was his drive and ambition that has catapulted his success in
an exponential manner. The method in which Jeff Bezos has handled the immense market
competition is commendable. By utilizing his problem solving characteristics, he has been

2ENTREPRENEURIAL MINDSET
able to curb the competition to a great extent (Robischon 2017). Finally, his firm
decisiveness has also enables him to touch the zenith of success. Bezos’ decisions
regarding the market policies and his business model has propelled his company to flourish.
Another well-known personality of the contemporary times is Bill Gates. He may be
identified as a technologist, a business leader and a philanthropist. His greatest contribution
that has brought about a revolution is his invention of Microsoft (Yoffie and Cusumano
2015). His innovative prowess and consequent success can be well explained by the
Opportunity-Based Theory. This theory proposes that efficient entrepreneurs are experts at
taking advantage of any possibilities that can bring about social, technological and cultural
modifications (Wach 2015). This is an idea that is perfectly applicable for Bill Gates. He
pioneered the idea that technology holds the power to revolutionize the world. Firstly, his
passionate and resourceful mindset is one of the major reasons for his victories. Due to this
passion, he dedicated himself to bring about a significant change in the world of technology
and thus established Microsoft (Davis, Hall and Mayer 2016). Another characteristic of his
entrepreneurial mindset is his competitiveness. His ability to offer products that are a
necessity at prices that are highly competitive is an extremely strategic business strategy. This
characteristic has aided him immensely to capture both local and international markets
(Davis, Hall and Mayer 2016). Lastly, another chief feature of his mindset is his
consistent determination. After years of hard work and determination, Microsoft is now
recognized as a business giant. After toiling for years in his garage, he was finally able to
administer products that aptly targeted the consumer needs.
The third entrepreneur who is praiseworthy is Mark Zuckerberg. Zuckerberg is
considered to be a technological entrepreneur and philanthropist. He is popularly known for
co-founding Facebook. Facebook is a popular social media platform that has brought
networking to the tips of everyone’s fingers (Zuckerberg 2016). Zuckerberg’s entrepreneurial

3ENTREPRENEURIAL MINDSET
journey can be examined under the Uncertainty-Bearing Theory of Knight. This theory
states that profits of the entrepreneur are a direct result of the non-insurable risks that
they willingly embrace (Nash 2018). Even though the concept of Facebook was completely
novel, Zuckerberg willingly took the risk to invent and set up the platform. One of the potent
features of his entrepreneurial mindset is his ardent desire to enable individuals to network
and socialize in a feasible manner. It was his desire that fuelled his intent and in turn
Facebook was established. Secondly, another key characteristic that is found is his ability
to handle criticism. Rather than being demotivated, Zuckerberg constructively utilized this
criticism to better his existing business strategies. He handled the confidentiality issues with
ease and used the suggestions to manoeuvre out of the adversities. Lastly, another key
attribute of his mindset is his optimism. Despite all of the challenges and hurdles during his
entrepreneurial journey, Zuckerberg maintains a buoyant attitude. In fact, he views the
challenges as unexplored opportunities. This feature is a major reason why Facebook is such
a dynamic platform. Hence, he viewed all of his challenges as learning opportunities.
Among the mentioned entrepreneurs, I will like to choose Bill Gates as my role
model. His works have greatly influenced my studies as well as have left a deep impact in
improving my personality as well. His views on life and the story of his career leading to
success is one of the most important factors that has influenced me in framing my career. I
have always aspired to be an entrepreneur and it is the example of Bill Gates that has helped
me considering the matter of entrepreneurship that can be successfully dealt by me. I have the
vision of reaching great heights but the way I choose is that of Bill Gates, that is to focus on
the current matter that I am dealing with and to believe in myself. One of the best attributes
of an entrepreneur is to believe and have faith in one self. Previously I lacked confidence but
the approach and working style of Bill gates has granted me the confidence that is greatly
need to lead a start-up and be successful with it. I have been focusing on the idea of the mode

4ENTREPRENEURIAL MINDSET
of start-up that I will be dealing with and I have successfully given my idea a shape. Thus I
want to progress keeping in mind the image of Bill Gates, and strive for success slowly
building my base and excel being confident and having faith in my capabilities.
Thus, it can be deciphered that the reason for the immense success of an entrepreneur,
it is necessary to imbibe certain entrepreneurial features. The assimilation of these positive
traits forms the entrepreneurial mindset. These entrepreneurial characteristics may be found
within Jeff Bezos, Bill Gates and Mark Zuckerberg. Due to all of these key attributes, they
are considered the top entrepreneurs of the global, dynamic world. Through their innovation,
passion and determination, they have revolutionized the world in a significant manner. Not
only have they defeated their competition, but they have identified the needs of the customers
and served them in a commendable manner. Hence, it can be concluded that the victorious
feats of these zealous entrepreneurs may be accredited to their entrepreneurial mindsets.

5ENTREPRENEURIAL MINDSET
References
Davis, M.H., Hall, J.A. and Mayer, P.S., 2016. Developing a new measure of entrepreneurial
mindset: Reliability, validity, and implications for practitioners. Consulting Psychology
Journal: Practice and Research, 68(1), p.21.
Furgang, A., 2018. Jeff Bezos: Tech Entrepreneur and Businessman. Enslow Publishing,
LLC.
Günzel-Jensen, F., Moberg, K., Mauer, R. and Neergaard, H., 2017. Self-efficacy and the
entrepreneurial mindset revisited. In Revisiting the Entrepreneurial Mind (pp. 319-335).
Springer, Cham.
Mauer, R., Neergaard, H. and Linstad, A.K., 2017. Self-efficacy: Conditioning the
entrepreneurial mindset. In Revisiting the Entrepreneurial Mind (pp. 293-317). Springer,
Cham.
Nash, S.J., 2018. Cost, Uncertainty and Welfare: Frank Knight's Theory of Imperfect
Competition. Routledge.
Robischon, N.O.A.H., 2017. Why Amazon is the world’s most innovative company of
2017. Fast Company.
Schumpeter, J.A., 2017. Theory of economic development. Routledge.
Wach, K., 2015. Entrepreneurial orientation and business internationalisation process: The
theoretical foundations of international entrepreneurship. Entrepreneurial Business and
Economics Review, 3(2), pp.9-24.
Yoffie, D.B. and Cusumano, M.A., 2015. Strategy Rules: Five Timeless Lessons from Bill
Gates, Andy Grove, and Steve Jobs. Harper Business.

6ENTREPRENEURIAL MINDSET
Zuckerberg, M., 2016. Mark Zuckerberg. AV2 by Weigl.