Exploration of the Entrepreneurial Mindset

This report explores the features and traits of entrepreneurs that differentiate them from business managers, the components of entrepreneurial personality that affect mindset and motivation, and how an entrepreneur's background and experience can impact entrepreneurship. Examples of successful entrepreneurs, Richard Branson and Philip Green, are also discussed.

Exploration of the
Entrepreneurial Mindset

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK3.............................................................................................................................................1
P5: Identify features and traits of entrepreneurs that are distinct from business managers........1
P6: Explain the component of entrepreneurial personality that affects entrepreneurial mindset
and motivation.............................................................................................................................3
TASK4.............................................................................................................................................4
P7: Define the ways how entrepreneurs background and experience can boost or hinder
entrepreneurship..........................................................................................................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Entrepreneur is defined as the person or individual who starts a business with own risk
and ready to bear the loss of risk with taking innovative and creative ideas so as to achieve
higher profits and long terms sustainability of business (Belousova, Hattenbergand Gailly, 2020).
Entrepreneurship is refers as the transformation of society or world for finding out
solutions of huge problems through exploring and developing creative, innovative, new and fresh
ideas. It plays significant impact on economic growth of a country.
In this report characteristic and traits of entrepreneurs with suitable differentiation with
managers are explained within the report so as to find out the skills & personal traits. Further,
ways are defined regarding how entrepreneurial aspects affects the motivation and personality of
entrepreneurs so as to become successful entrepreneurs . Additionally examples of entrepreneurs
are considered with providing knowledge about their background and experiences and how the
impact in becoming a effective entrepreneur.
TASK3
P5: Identify features and traits of entrepreneurs that are distinct from business managers.
Entrepreneurs in effective business organisations are more focused and self motivated
towards their work and taking initiative to implement change for successful accomplishment of
objectives. Different skills, knowledges, ability to think creative and innovative ideas,
confidence reflects the diverse personality of any individual or group of individuals (Cui,
Sunand, Bell, 2019). These skills and abilities are considered as features and characteristic of
entrepreneur. Characteristic of two successful entrepreneurs name as “Richard Branson ” &
“Philip Green” are considered as follows:
About entrepreneurs
Richard Branson: Sir Richard Charles Nicholas Branson is a author, investor and
former philanthropist. He started his career in teenage by “Student” magazine in 1970s, later in
1972 he founded a company “Virgin Group”. Richard Branson was born in July 18, 1950 in
London.
Philip Green: He was born in March 15, 1952 in a middle-class family. He started his
career by working as shoe importer after the death of his fathers at the age of 15. currently Sir
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Philip Ross Green is billionaire businessman of Britain & chairman of retain company “Arcadia
Group” .
Characteristic of Richard Branson & Philip Green
Characteristic
 Creative thinking: This feature or characteristic defines the unique skills and
ability to think different and implement creative ideas. Richard Branson is creator
and innovator in his field (Gomezel and Rangus, 2018). This characteristic of
becoming innovator and creator is reflect as self motivation factor for him. It has
immense contribution in professional success of respective entrepreneur.
 Visionary: Another important characteristic of Richard Branson is his long terms
visionary ability. This characteristic shows the capability of thinking for ideas that
plays significant role in long terms growth of business. Visionary feature of
Richard Branson has great support in success of his entrepreneurship.
Traits
 Ability to delegate: It is the sign of successful leaders to be master in delegating,
helping in eliminating workloads, giving opportunities to ambitious individuals at
workplace. Richard Branson has the ability to delegate tasks & authorities to his
subordinates effective. This motivate and encourage others to become successful
leaders like him.
 Decision-making: It is an important trait or skill based on ability to collaborate
with other for reaching their highest capacity to perform. Richard Branson has
effective decision-making capability that leads to encourage and influences other
to besom successful leader.
Characteristic
 Will to win: It is the most important characteristic that shows never give up
attitude and helps in motivating own self (João and Silva, 2018). Philip Green has
and important personality feature that has huge impact on effective
entrepreneurship skills.
 Hard work: Another significant characteristic of respective entrepreneur is is
hard work that help in motivating towards work and influence others.
Traits
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 Positive attitude: The most important personality trait of sir Green is his positive
attitude and nature towards critical situations to boost the moral of his
subordinates towards success of business.
 Passion: As Philip starts his career from teenage shows his passion and zeal to
work hard in order to become a successful and influencing leader that has positive
impacts on others.
P6: Explain the component of entrepreneurial personality that affects entrepreneurial mindset
and motivation.
Entrepreneurial personality associated with the skills, behaviours and attitudes that
influence their mindset and creating self motivation factors. These are discussed with following
model:
OCEAN model:- This model or method is associated with variety of factors that form
personality of someone and reflects the behaviours of others that has prominent impact on self
motivation and impact mindset entrepreneurs in positive ways (Lyver and Lu, 2018). Theses
factors or forces are explained as follows:
 Openness:It is also called as imagination or intellect. This is an important factor
of OCEAN model that helps in measuring the level of creativity, desire of an
individual for experience and knowledges. Richard Branson have openness in his
personality as he has creative and dynamic personality that influence other and
create a effective image in front of others.
 Conscientiousness: This element shows the level of caring in work and life.
Higher the score of conscientiousness reflects organized and have capabilities to
make plans & constantly follow them. The lower score of it shows disorganised
manner of an entrepreneur. Philip Green has this type of personality trait as he has
ability to develop planning for business and implement them, in effective
& organised way.
 Extraversion /Introversion: It measure the level of sociability of entrepreneur.
For instance it shows personality trait of a leader or entrepreneur whether
outgoing or quite. Extraversion ability rising the self motivation and boosts
mindset of entrepreneurs.
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 Agreeableness: This element of OCEAN model measures how well someone
behave with others. This reflects the ability of helpful, willingness to
compromises or putting self needs before others. Agreeable entrepreneurs or
leaders are those who are cooperative and helpful in nature and personality
Moore, McIntyre and Lanivich, 2019)
 Natural reaction:The factor of above model is related with emotional st6qability
of others which measure emotional reaction of someone. For instance if someone
is suffering from emotional burden not relevant for entrepreneur.
Thus, this is the effective model that describes variety of factors or elements that helps in
shaping personality of an individual or a group of persons. It also an important aspect who
provides or reflects behaviours and attitudes of someone. This helps in disclosing the skills and
capabilities of a person whether he/ she is abler to become a successful entrepreneur or not. It
plays significant role in motivating and bossing the moral of entrepreneurs towards
accomplishment of objectives and desired goals.
TASK4
P7: Define the ways how entrepreneurs background and experience can boost or hinder
entrepreneurship.
Richard Branson
Background: Richard Branson born in a rich family in 1924 at London. His grand father
was judge of high court, fathers was barrister air hostess. He is oldest one among three sibling
including two younger sisters. He has poor academic background as his principle said at last day
of school he would end up with become a millionaire or prison (Outsios and Kittler, 2018).
Experience: Sir Branson started his career with launching of a magazine named as
“Student”. Later he founded “Virgin records” based on the suggestion of his early employee. For
the purpose Branson brought a country estate of north for establishing his studio. Currently he is
English business magnate and author with net worth of 480 corers USD. He awarded by Virgin
Atlantic Challenger 2nd in 1986, first crossing by hot-air balloon of Atlantic in 1987 and Pacific
in 1991.
Philip Green
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Background: Sir Philip Green was born in 1952 in Jewish middle-class family. His father
was successful retailer and has a five year older sister. At the age of 9 he was sent to Jewish
boarding school. His father was dead in heart attack when Philip was twelve years old and
changes his life entirely (Shepherd and Patzelt, 2018). His father's death motivates him to
become a successful entrepreneur so as to manage responsibility towards his family.
Experience: Philip Green started his career at the age of 15 years through working as a
shoe importer. Later at the age of 21 he started his first business. In 1988 he became the
chairman & chief executive of “Amber Day”. His net work is $2.1 billion based on the
estimation of Forbes reports.
Thus, these are the effective examples of successful leaders that has prominent impact on
others to become a successful professionals like them. Their journey taught a lot about how to
hold patience in critical situations, their personality traits and skills such as- hard work, willing
to win, courage and spirit of never give up influence and encourages learners ways to become
successful leaders and entrepreneurs.
CONCLUSION
From above report it is observed that there are several skills, knowledges and expertise of
individuals that reflects their personal characteristics and abilities to solve the problems of
society that has prominent impact on the social life of people. There are several personality traits
that reflects abilities of entrepreneurs in order to analyse their influence and impact on
entrepreneurial motivation and mindset. These traits are essential to become a successful
influencer or entrepreneur. In addition examples in context of successful entrepreneurs are
explained soi as to identify their journey, barriers and their hard work & spirit of become a
effective influencer.
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REFERENCES
Books and Journals
Belousova, O., Hattenberg, D.Y. and Gailly, B., 2020. Corporate Entrepreneurship: From
Structures to Mindset. In Organizational Mindset of Entrepreneurship (pp. 211-233).
Springer, Cham.
Cui, J., Sun, J. and Bell, R., 2019. The impact of entrepreneurship education on the
entrepreneurial mindset of college students in China: The mediating role of inspiration
and the role of educational attributes. The International Journal of Management
Education, p.100296.
Gomezel, A.S. and Rangus, K., 2018. An exploration of an entrepreneur’s open innovation
mindset in an emerging country. Management Decision.
João, I.M. and Silva, J.M., 2018. April. Exploring students entrepreneurial mindset: Insights to
foster entrepreneurship in engineering education. In 2018 IEEE Global Engineering
Education Conference (EDUCON) (pp. 530-537). IEEE.
Lyver, M.J. and Lu, T.J., 2018. Sustaining innovation performance in SMEs: Exploring the roles
of strategic entrepreneurship and IT capabilities. Sustainability. 10(2). p.442.
Moore, C.B., McIntyre, N.H. and Lanivich, S.E., 2019. ADHD-Related Neurodiversity and the
Entrepreneurial Mindset. Entrepreneurship Theory and Practice, p.1042258719890986.
Outsios, G. and Kittler, M., 2018. The mindset of UK environmental entrepreneurs: A habitus
perspective. International Small Business Journal. 36(3). pp.285-306.
Shepherd, D.A. and Patzelt, H., 2018. Entrepreneurial cognition: Exploring the mindset of
entrepreneurs. Springer Nature.
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