Exploration of Entrepreneurial Mindset: Characteristics, Skills, and Personalities of Entrepreneurs

This presentation explores the characteristics, skills, and personalities of entrepreneurs and how they reflect the entrepreneurial mindset and motivation. It also discusses how background and experiences can hinder or foster entrepreneurship. Examples of local, global, and social entrepreneurs are provided. The importance of small business management and micro businesses in increasing economic growth is also highlighted.

EXPLORATION OF
ENTREPRENEURIAL
MINDSET

CONTENT
Introduction
Characteristics and Skills of Entrepreneurs
How Entrepreneurial personality reflect the entrepreneurs mindset and
motivation
How Background and Experiences can hinder or foster entrepreneurship
Conclusion
References

INTRODUCTION
Entrepreneurship is a concept of establishing and managing the business venture in order to gain
maximum return by taking various risks. In Entrepreneurship there are various elements which are
included they are organisation, vision, risk and innovation. The Entrepreneurs are someone who
has an ability to do something innovative and unique in order to establish new business and gain
competitive advantage in Market. They mainly introduce new products, services and technologies
in Market so that they can improve the living standard of people. Entrepreneurship not only
benefits entrepreneurs, they also contribute to overall development of society. Small business
management also contributes in developing the economy of country as they provide job
opportunity to people due to which the employment rate also decreased.

CHARACTERISTIC OF ENTREPRENEURS
Independent: The Entrepreneurs are individualist person that start their business independently by taking
risk. They are self starter who run the business with an aim to generate profit and operate the business
individually.
Self Confident: The Entrepreneurs are self confident person that focuses on understanding the challenges of
starting and operating the business activities. They usually remain confident in their ability and capability
to solve the issues and problem due to which entrepreneurs are different from managers.

CONTINUE..
Risk Taker: Entrepreneurs are risk taker they believe that through taking risk they can become
successful and remain competitive in Market for long period of time. The Entrepreneurs are known
for taking risk as they establish the business with a motive of earning maximum profit and fulfilling
the need and demand of customers.
Visionary: Entrepreneurs have an ability to spot the trend and act on them through which they are
different from managers. The Managers are not aimed to achieve the vision and even they don’t
encourage and motivate their employees to follow their own as well as organisation vision.
Entrepreneurs focus on achieving their vision with a purpose of increasing the growth and
productivity of business.

SKILLS OF ENTREPRENEURS
Networking skills: The Entrepreneurs have an ability to create a string network with different people
and businesses due to which they can run their business smoothly and effectively. It is important in
business world to have an effective networking skills through which person can influence and
compete in the market.
Customer Service skills: The main aim of entrepreneurs is to treat their customers at best level by
improving the customer services and experiences. It is necessary to provide quality service to
customers as it helps in promoting the brand and increases the value of company.
Creative thinking skills: Creative thinking skill is another skill which is important for the
entrepreneurs and makes them different from managers. Creativity skill is considered as valuable
skill and in digital world the skill is underappreciated.

CONTINUE..
Communication Skills: The Entrepreneurs aims to communicate with their clients effectively in order
to influence and convince them to invest and purchase the products and services of Company.
Entrepreneurs not only communicate with their clients, they also focus on communicating with their
team members and other stakeholders in effective and efficient manner which makes them unique
from other people.
Ambitious: Entrepreneurs are ambitious towards their work; they have never given up attitude even
though if they are facing tough time. The entrepreneurs get successful when they are ambitious in
nature and get succeed while reaching small milestones.

HOW ENTREPRENEURIAL PERSONALITY
REFLECT THE ENTREPRENEURIAL MINDSET
AND MOTIVATION
Local Entrepreneurs: James Dyson is famous British Inventor who is popular for inventing Dual
Cyclone Bagless Vaccum Cleaner. He works on the principle of cyclonic separation and also come in the
list of richest person in UK. He is an entrepreneur, farmer and industrial designer and also the founder of
Dyson Ltd. The Entrepreneur was born on 2 May 1947 in Norfolk and educated at Greshram’s School
which is a boarding school. James Dyson Father was died due to prostate cancer and he was one of three
children in his family. He studied interior and furniture design from Royal College of Art and even in
1970 he designed the sea truck while studying. James Dyson also invented Ballbarrow by modifying the
version of wheelbarrow and he use ball instead of using wheel. He also invented vacuum cleaner in 1970
by using cyclonic separation that would not use suction while picking up dirt.

CONTINUE..
Global Entrepreneur: Mark Zuckerberg is one of the famous entrepreneurs in World which is known
for internet and philanthropist entrepreneur. He is famous as he founded Facebook and also a co-
founder of solar sail spacecraft. Mark Zuckerberg was born in While plains, New York in May 14,
1984. In his school and universities career he won various prizes and award in physics, mathematics,
classical studies and astrology. He started using writing and computer software in school time and
his father used to teach him Atari Basic Programming. Mark Zuckerberg has launched Facebook in
2004 to get select in college placement but the site expanded eventually and reaches to maximum
number of people due to which the active user in 2012 was one billion.

CONTINUE..
Social Entrepreneur: Marc Andrew Koska is a social entrepreneur known for inventing non
reusable K1 auto disable syringe that helps in preventing from medical transmission of blood
borne disease. He was born in Bournemouth, England in 14 March 1961. Marc studied in
boarding school of boys in Buckinghamshire. He has worked in London for several period of time
as model maker of scenes of crime. Once he read an article of transmission of HIV due to reuse of
synergies and needles. The article made koska to create an awareness of using one syringe and one
injection and in 2008 he started his campaign with SafePoint Trust in order to create public
awareness to do something related to the unsafe injection which led to illness and death.

BACKGROUND AND EXPERIENCES CAN
HINDER AND FOSTER
ENTREPRENEURSHIP
The Background and experiences can also hinder and foster the entrepreneurship as there are many
entrepreneurs who establish the business with their own investment whereas some entrepreneurs start their
business with the investment of their family or raising fund.
Bill gates is also an entrepreneur as he founded Microsoft Corporation, he is a business tycoon, investor,
philanthropist, software developer and author. He was born on October 28, 1955 in Seattle, Washington.
Bill Gates is a recognised entrepreneur of Microcomputer revolution and even he is listed in World’s
Wealthiest people. He has also faced criticism for using business tactics that is considered as anti
competitive. The background of Bill gates also hinder the entrepreneurship as for establishing the business
he requires a lot of capital and investment in order to implement his idea to launch Microsoft Corporation.

CONCLUSION
From the above information it is being concluded that entrepreneurs has an ability to produce
ideas and implement that idea in order to start the business with an motive to create better
society by producing unique and innovative products for people. The Small business
management and micro businesses plays an important role in increasing the economic growth
of UK as they contribute in creating job opportunities and providing better products and
services to customers.

REFERENCES
Wang, X., Jessup, L. M. and Clay, P. F., 2015. Measurement model in entrepreneurship and small business
research: a ten year review. International Entrepreneurship and Management Journal. 11(1). pp.183-212.
Ratten, V., 2016. Female entrepreneurship and the role of customer knowledge development, innovation
outcome expectations and culture on intentions to start informal business ventures. International Journal
of Entrepreneurship and Small Business, 27(2-3), pp.262-272.
Mavi, R. K. and Afshar, Z. A., 2017. The relationships between social capital and organisational
entrepreneurship at small and medium enterprises of Zanjan province. International Journal of Business
Innovation and Research. 12(4). pp.449-464.
Ahonen, A. and Savolainen, S., 2017. The Importance of Entrepreneurship in Small and Medium-Sized Sport
Enterprises. In Routledge Handbook of International Sport Business (pp. 374-381). Routledge.