Entrepreneurial Mindset

This article explores the characteristics of an entrepreneurial mindset, including openness to trying new things, creativity, and decisiveness. It also discusses how to identify and exploit new opportunities in the market. The importance of leadership and persuasion skills for entrepreneurs is highlighted, along with the steps involved in the entrepreneurial process. Overall, this article provides valuable insights into developing an entrepreneurial mindset for success.

Running Head Entrepreneurial Mindset 0
Entrepreneurial Mindset

Entrepreneurial mindset 1
Contents
Introduction......................................................................................................................................1
Characteristics of Entrepreneurial mindset......................................................................................1
Identify and exploit new opportunities............................................................................................2
Conclusion.......................................................................................................................................5
Reference.........................................................................................................................................6

Entrepreneurial mindset 2
Introduction
An entrepreneurial mindset is the set of skills, behavior, and attitudes of an individual who are
passionate to achieve success personally and professionally. Mindset is the ability that
entrepreneurs have and their criteria of expectations, attitudes, habits, decisions and the opinions
that an entrepreneur looks in them. An entrepreneur thinks in a way in order to identify
opportunities to create new value in life (Higdon, 2005). It includes an ability of risk-taking,
flexibility and adaptability, ways of creative thinking and innovative, problem-solving skills,
critical thinking. An entrepreneur has an ability to carry out innovations, new production
methods, new product, new market, and a new organizational principle.
Characteristics of Entrepreneurial mindset
 Openness to trying new things
It is an essential characteristic of an entrepreneur to have an open mind to test the new
methods and means which will determine the direction of a business. For inventing new
products and services it is important to have an open mind to do the experiments and
have the ability to bring new ideas.
 Creative mindset
It is important for an entrepreneur to see things differently. It can be for any new products
or any new process which is to be adopted. An entrepreneur has to grab the opportunities
in market by create something to attract the customers. A creative mind of an
entrepreneur helps in achieving success. Creativity helps in attracting more customers
towards the products or services.
 Seeing and creating opportunities
It is important for entrepreneurial mindset to have creative thinking, and make innovative
strategies and for creating success it is essential to find the right measures. It is necessary
to maintain a positive attitude for getting the opportunities to learn and improve (Haynie,
et al, 2010). An entrepreneurial mindset needs an individual to deal with the problems
creatively. For solving the problems also an entrepreneur has to find new ways for
solving the difficult problems and handle with the innovative way.
 Decisiveness

Entrepreneurial mindset 3
In order to succeed in entrepreneurship it is essential for an entrepreneur to have an
ability to look at problems and situations, and then make the confident decisions to move
forward as the right decision will create the future of entrepreneurship. Along with the
right decision, it is important to build confidence in taking the decisions and make the
decisions confidently to bring the new product in the market, as it is important for an
entrepreneur to interact with others.
 Leadership
In order to motivate and guide the team, it is necessary for an effective entrepreneur to
be a good leader also. An entrepreneur has to think as a leader and empower the team to
support him in achieving a vision. An entrepreneur has to create a good connection with
the team to become a good leader. Good leadership helps an entrepreneur to achieve
success in entrepreneurship.
An important characteristic of an entrepreneurial mindset is to persuade other people also. An
entrepreneur has to believe in their own ideas and feel confident to make them understand to the
audience. The target audience must believe in entrepreneur ideas, as the persuasive
communicator will help in all things other than the sales (Bliemel, et al, 2014). It is important to
deal with the other collaborations, and other companies to grab the new opportunities and link up
with them to learn and bring new opportunities.
An entrepreneur must have an ability to influence and have to control their own behavior, action
and thinking to achieve the direction and self-motivation, as it is necessary to build an
entrepreneurship. An entrepreneurship mindset is an important aspect from the beginning to
think like an entrepreneur for planning out the things (Pihie and Sani, 2009). It also helps in
other areas of life to grow and take critical decisions for handling the difficult situations. An
entrepreneur with effective mindset will able to foresee the potential problems for living life
more organized and with less stress.

Entrepreneurial mindset 4
Identify and exploit new opportunities
Entrepreneurial process is required to identify and exploit new opportunities in market. An
entrepreneurial mindset process requires for developing a business plan, resourcing, managing
company, and harvesting.
The first step is developing a discovery where the generations of ideas are done by an
entrepreneur; to identify and evaluate the various business opportunities. An entrepreneur can
takes the ideas and opinions from employees, channel partners, consumers, and technical
partners and many more for identifying the various business opportunities. The next step is
developing a business plan, when an opportunity is identified an entrepreneur is required to
create a comprehensive business plan (Fisher, 2012). A business plan is a crucial part of starting
any new business. An entrepreneur must give his sufficient time for the creating mission and
vision statements of the business, its goals and objectives and requirements of capital and all the
details about the products and services must be planned. The next step is resourcing; an
entrepreneur has to identify the sources from where they can arrange the finance and the human
resources (Hitt, et al, 2002). An entrepreneur has to identify the investors and the personnel to
run the business. The next step is, to take the initiative for managing the business operation of
the company for achieving the desired goals and objectives. It is necessary to decide the structure
of the management to resolve the problems of operation which may arise in the future.
Harvesting is done by an entrepreneur where they decide the prospects of the business for future
growth and development, and the actual growth is compared with the expected growth and then
the decision is taken for the stability or expansion of the operation in business (Stevenson and
Jarillo, 2007). It is a never-ending process that is to be followed by an entrepreneur.
An entrepreneur has to gain knowledge and experience for the identification and exploitation of
new business opportunities. An entrepreneur must obtain the efficient knowledge in the industry
of their interest to find new business opportunities. They have to become innovative to enter into
the market by adopting new technologies and innovative ideas. An entrepreneur must understand
the needs and wants of the society, as it helps in recognizing the various possibilities for new
business. An entrepreneurs who have better access to information and knowledge are highly able
to exploit entrepreneurial opportunities (Piperopoulos and Dimov,2015). It is important for an
entrepreneur to identify and exploit the entrepreneurial opportunities as entrepreneurs have an

Entrepreneurial mindset 5
ability to recognize the various opportunities in market (McGrath, et al, 2000). To identify and
exploit new business opportunities an entrepreneur must follow below mentioned steps:
1. Preparation- An experience helps an entrepreneur to prepare for new opportunities.
Identification of the experiences in a company and team will help in getting new
opportunities in the venture. The experience will help an entrepreneur in identifying new
opportunities. For identifying and exploiting opportunities, an entrepreneur can do
research for preparing and analyzing the market requirements.
2. Incubation- An entrepreneur thinks about the various options which are available to
explore in the market. It is an ongoing process because the brain of an entrepreneur
always thinks to bring new ideas for implementing it into an existing business. Research
in the market can help in bringing new ideas for identifying the opportunities which will
help in growing in the market.
3. Insight- It is important for an entrepreneur to discuss and convey the new ideas and
opportunities before implementing in the business as it will help in analyzing the
response of the customers. An entrepreneur can grab the opportunity to discuss the new
ideas in any programs which are arranged for the entrepreneurs which helps them to
showcase their ideas in front of the customers. It will be easy for an entrepreneur to make
an effective decision after getting feedback on new ideas. It is necessary to have an
insight look of new business idea to get the success in entrepreneurship.
4. Evaluation- Research and analysis is done by an entrepreneur for evaluating the new
business idea. It is necessary to get the success with the new business idea and
opportunity. Effective research will help in analyzing whether the idea is feasible or not.
Feasible idea will help an entrepreneur to implement the same in business and motivate
them to grab the opportunity and if it is not feasible, it is better to kill the idea and look
for another opportunity.
5. Elaboration- It is the final stage where an entrepreneur can exploit the new idea and
opportunity by doing business planning and implementation. It is necessary to implement
the ideas and opportunities to bring them into the market. An entrepreneurial mindset can
be effective if an entrepreneur applies their best skills and attitude in their
entrepreneurship.

Entrepreneurial mindset 6
Conclusion
An entrepreneur who needs success should not only have a clear vision which is based on need
and problems that need to be solved but should also have a clear vision of them. Developing an
entrepreneurial mindset will help in getting success in the future. An entrepreneur must not
worry about making mistakes in entrepreneurship as failure helps in providing the valuable
lessons and motivation to an individual for making the correct decisions in the future. An
entrepreneurial mindset requires skills like future focus, persistence, self-confidence and idea
generation to implement for the effective entrepreneurship.

Entrepreneurial mindset 7
Reference
Berends, H., Jelinek, M., Reymen, I., and Stultiëns, R., (2014) Product innovation processes in
small firms: Combining entrepreneurial effectuation and managerial causation. Journal of
Product Innovation Management, 31(3), pp.616-635.
Bliemel, M.J., McCarthy, I.P., and Maine, E.M., (2014) An integrated approach to studying
multiplexity in entrepreneurial networks. Entrepreneurship Research Journal, 4(4), pp.367-402.
Brettel, M., Mauer, R., Engelen, A. and Küpper, D., (2012) Corporate effectuation:
Entrepreneurial action and its impact on R&D project performance. Journal of Business
Venturing, 27(2), pp.167-184.
Chandler, G.N., DeTienne, D.R., McKelvie, A. and Mumford, T.V., (2011) Causation and
effectuation processes: A validation study. Journal of business venturing, 26(3), pp.375-390.
Fisher, G., (2012) Effectuation, causation, and bricolage: A behavioral comparison of emerging
theories in entrepreneurship research. Entrepreneurship theory and practice, 36(5), pp.1019-
1051.
Pihie, Z.A.L., and Sani, A.S.A., 2009. Exploring the entrepreneurial mindset of students:
implication for improvement of entrepreneurial learning at university. The Journal of
International Social Research, 2(8), pp.340-345.
Higdon Jr, L.J., 2005. Liberal Education and the Entrepreneurial Mindset A Twenty-First-
Century Approach. Liberal Education, 91(1), pp.2-5.
McGrath, R.G., Mac Grath, R.G. and MacMillan, I.C., 2000. The entrepreneurial mindset:
Strategies for continuously creating opportunity in an age of uncertainty (Vol. 284). Harvard
Business Press.
Hitt, M.A., Ireland, R.D., Camp, S.M. and Sexton, D.L., 2002. Strategic entrepreneurship:
Integrating entrepreneurial and strategic management perspectives. Strategic Entrepreneurship:
Creating a new mindset, pp.1-16.

Entrepreneurial mindset 8
Piperopoulos, P. and Dimov, D., 2015. Burst bubbles or build steam? Entrepreneurship
education, entrepreneurial self‐efficacy, and entrepreneurial intentions. Journal of Small
Business Management, 53(4), pp.970-985.
Haynie, J.M., Shepherd, D., Mosakowski, E. and Earley, P.C., 2010. A situated metacognitive
model of the entrepreneurial mindset. Journal of business venturing, 25(2), pp.217-229.
Stevenson, H.H. and Jarillo, J.C., 2007. A paradigm of entrepreneurship: Entrepreneurial
management. In Entrepreneurship (pp. 155-170). Springer, Berlin, Heidelberg.