Exploration of the Entrepreneurial Mindset

This report explores the characteristics, traits, and skills of successful entrepreneurs and how their background and experience can hinder or foster entrepreneurship. It delves into the entrepreneurial mindset and motivation, highlighting the importance of passion, self-belief, hard work, innovative thinking, leadership, confidence, and discipline. The report also discusses the OCEAN Model, which reflects the aspects of an entrepreneurial personality that drive motivation. Case studies of Lucy Buck and Dr. Andrew Bastawrous demonstrate how their backgrounds and experiences influenced their entrepreneurial journeys. Overall, the report emphasizes the significance of entrepreneurs in driving economic growth and social change.

Exploration of the
Entrepreneurial Mindset

Table of Contents
INTRODUCTION...........................................................................................................................1
P5 Characteristic, traits and skills of successful entrepreneurs...................................................1
P6 Aspects of the entrepreneurial aspects personality reflect entrepreneurial motivation.........2
Task 4...............................................................................................................................................3
P7 Background and experience can hinder or foster entrepreneurship.......................................3
CONCLUSION ...............................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
Entrepreneurs are defined as those people who are focused on inventing new ideas so as
to meet market demand and to satisfy need of money. For economy of the nation entrepreneurs
are considered as backbone as these are putting continuous efforts so as to generate higher
revenues and creation of jobs. This report is associated with characteristics and skills of
entrepreneur which makes them successful in their venture. Along with this under this report
entrepreneurial aspects are elaborated which reflects their personality and motivate them in order
to foster entrepreneurial skills.
P5 Characteristic, traits and skills of successful entrepreneurs
There are various entrepreneur which are possessed with distinct skills and characteristics
which differentiates them from ordinary people to successful one. These characteristics makes
them identifiable in marketplace in comparison to others. These skills and characteristics are
elaborated as under:
Characteristic Passion: This is one of the essential characteristic of an entrepreneur as this is denoted as
dedication and proficiency leads them to inhale success and prominence. Both the
entrepreneurs Lucy Buck and Dr Andrew Bastawrous are willing to attain desired results
in which they were focused in their aims in order to deal with their idea or social cuase. Self belief and hard work: This is also regarded as prominent characteristic of
entrepreneur in order to inhale success over their ideas. Lucy Buck and Dr Andrew
Bastawrous have came up with innovative idea to initiate venture and to deal with social
cause. By these ideas both the entrepreneurs worked hard and keep on believing their
ideas which made them to inhale success.
Skills Innovative thinking: This skill is held by both the entrepreneurs which helped them to
search for new ideas in order to initiate their venture and solve problems which are
existed in the society and experienced by people.

 Leadership: This skills is also requisite in entrepreneurs as in order to have proper
control over the venture this is necessary to lead the organization so as to draw effective
results. Both the entrepreneurs Lucy Buck and Dr Andrew Bastawrous lead their
workforce in such a way that this resulted them in sustaining in the market with their
innovative idea.
Traits
 Confident: This is known as ability to be at taken decision in order to take out positive
output. Lucy Buck and Dr Andrew Bastawrous were confident at their decision which
made them a successful entrepreneur.
 Disciplined: This is required by entrepreneurs that they involve discipline in their
working so as to make proper balance between personal and professional life.
P6 Aspects of the entrepreneurial aspects personality reflect entrepreneurial motivation
Several characteristics, traits and skills are hold by entrepreneurs which is making them
differentiated form others. These factors are representing motivation and mindset of
entrepreneurs. These aspects can be understood by OCEAN Model which is elaborated as under:
Openness: This aspect is related with emotions, ideas and newness. This aspect is
providing appropriate reflection over curiosity and creativity of an individual in which prominent
decisions can be taken by entrepreneurs in order to face various challenges and ways to deal with
them.
Conscientiousness: This is related with reliability and flexibleness. This denotes that
entrepreneurs are required to be stay emphasised on their goals and avoid all unproductive
activities so that they can attain their desired goals in sufficient manner.
Extroversion: This is defined as personality trait to stay motivated, energetic, talkative so
as to persuade employees. With the help of this good relations can be maintained by
entrepreneurs with their employees in order to retain them for longer duration.
Agreeableness: This is stated as entrepreneurial needs in order to render cooperative and
trust within employees and other people. With the help of this various ideas can be inhaled in
support to employees and involve improvements.

Neuroticism: This is related with fear, worry, frustration and envy. This is the situation in
which entrepreneurs are reacting in negative manner. The entrepreneur are required to maintain
healthy environment within workplace.
Task 4
P7 Background and experience can hinder or foster entrepreneurship
Lucy Buck
Lucy Buck started her career as TV producer and aimed towards making a successful
charitable institution. She founded Child's I foundation which is supporting 2000 children and
168 orphanages which arr working for child protection so that people can live in their family
without facing any fear.
In their duration of tv procedure during various TV shows she analysed that there are
various issues which has been faced by children and which lead them to face fear. So she
fostered from this and aimed to initiate her charitable institution which is working for child care
and helping them to subsist their life in prominent manner.
Dr Andrew Bastawrous
Dr Andrew Bastawrous is CEO and Co founder of peek vision which is an organisation
and working to develop smartphone technology in order to enhance access for eye care in
various part of the globe. Dr Andrew Bastawrous is working as an eye surgeon in London school
of Hygiene and tropical medicine where he conducted various research projects.
At the time of his education he undertook the concept of mobile and their adverse causes
very seriously and resultantly he initiate his own venture of eye care. He had won many awards
which are related to testing and he has undertaken research in more than 20 countries. His
dedication and far sightedness lead him to achieve success in short run.
CONCLUSION
From the above PPT this can be concluded that entrepreneurs are those person who are
possessed with the ability of converting ideas into reality. Certain traits, characteristic and skills
are differentiating them from ordinary person which is a major reason of their success. Social

entrepreneurs are working in order to remove any social cause from the society whereas an
entrepreneur is working in order to provide support to need of customers.

REFERENCES
Books and Journals
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Dupuis, A., 2018. Entrepreneurship: New perspectives in a global age. Routledge.
Mitra, J., 2019. Entrepreneurship, innovation and regional development: an introduction.
Routledge.