Entrepreneurial Motivation, Mindset & Influencing Factors Analysis

This essay explores the various factors that influence entrepreneurial motivation and mindset. It delves into the characteristics of successful entrepreneurs, highlighting adaptability, team building, and curiosity. The analysis includes examples of successful entrepreneurs like Peter Jones and Richard Branson, emphasizing the importance of vision and a proactive approach to challenges. The essay further examines how personal entrepreneurial tendencies, family upbringing, cultural differences, and personal motivation impact the entrepreneurial journey. It also discusses the role of experience, background, and state support in fostering or hindering entrepreneurship, concluding that a comprehensive understanding of these factors is crucial for developing and expanding a successful business with innovative ideas. Desklib provides access to similar solved assignments and study resources for students.

UNIT 9

TABLE OF CONTENTS
 INTRODUCTION
 ASPECTS OF THE ENTREPRENEURIAL PERSONALITY INFLUENCE
ENTREPRENEURIAL MOTIVATION AND MIND-SET
 EXPERIENCE AND BACKGROUND REFLECTS THE HINDER OR
FOSTER THE ENTREPRENEURSHIP
 CONCLUSION
 REFERENCES

INTRODUCTION
 Entrepreneurship refers to the concept which
has potential to manage multiple task of new
business and start-up with taking risk when
entrepreneur starts new start-up they analyse so
many factors which influence their business
development and their activities.
 Entrepreneur is an individual who develop new
business set up and entrepreneur also knows as
innovator who applies new idea and their own
knowledge and creativity for raising money.

Characteristics of successful entrepreneurs
Being a successful entrepreneur involves a lot of work and facing new
challenges every day. Some strong characteristics and traits of a
successful entrepreneur includes:
 Adaptability: The business and its market world is changing at a
continuous pace which provides entrepreneurs with challenges and
opportunities at every step.
 Team building: A good entrepreneur is aware of the strengths and
weakness and knows the ways to build a team around these qualities
which will complement the abilities.

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 Curiosity: The sense of curiosity will allow the individuals to continuously grab the new
opportunities and not settle for what they already know. Curiosity makes them ask challenging
questions and explore different ways to solve the problems (Mustafa, Iqbal and Osama, 2018).
 They are fast learners and will always learn from mistakes while not committing the same
mistakes again.

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 An example of a successful entrepreneur is Peter Jones who is a British
entrepreneur and very famous business personality.
 He believes in having a vision in order to reach the desired destination.
 Vision is an important part for Peter Jones as without that the goals are
irrelevant.
 He is ready to take actions which forms the bridge between the vision and
the results. These actions will make him reach where the goal is.

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 Sir Richard Branson is an English business person and the founder of
Virgin group which consists more than 300 companies.
 He is very hyperactive and an individual who loves challenges (Hachana,
Berraies and Ftiti, 2018).
 He is very excited about his brand while having the ability to judge the
character to find the best talents. His ability to think differently has made
him experience great success.

ASPECTS OF THE ENTREPRENEURIAL PERSONALITY
INFLUENCE ENTREPRENEURIAL MOTIVATION AND MIND-SET
Aspects of personal entrepreneurial tendency:
 Personal entrepreneur positively
tendency mainly reflect for major aspects like
individual business confidence, self employees,
people dependent and business intention.
 Entrepreneur has passion they analyse multiple
things, belies in strong work ethics and many
more quality which improve the quality of new
start-up.

CONTINUE..
Family upbringing, lifestyle, cultural
differences and personal motivation and
drivers
 Entrepreneur has knowledge about how to
start and how many resources they develop
in the business on the basis of their capacity.
Individual family background is not strong
and family not support the new business
plan it effects the personal motivation.

EXPERIENCE AND BACKGROUND REFLECTS
THE HINDER OR FOSTER THE
ENTREPRENEURSHIP
 Individual personality, activities, attitude mainly
influences by their family background.
 People mainly influences by their personal
background and experience which can highly
affects the hinder and foster the start-up
entrepreneurship.
 Individual background like family support, friend
believes, Financial position, motivation, religion,
cast, and many more things.

CONTINUE..
State factors for become successful entrepreneur:
Support from the state culture
 It's essential that government provides some loan
benefits, cash policies for entrepreneur who wants to
develop business, its essential because it mainly
improves the state culture, improve employment
rate.
 So it’s important that government expand some
policies for new business development.

CONCLUSION
 It has been summarized form the reflective study that
when individual wants to develop new business setup they
face various challenges, and they focused on the analysis
of multiple things which influence the start-up program.
This study has been provided clarity about the individual
develop and expand business on the basis of their
background, knowledge, skills, interest and many more
things, they highly consider the business expansion with
innovative idea.