Exploration of the Entrepreneurial Mindset

This report explores the skills, characteristics, and aspects of the entrepreneurial mindset that distinguish entrepreneurs from other business managers. It discusses the importance of traits such as risk-taking ability, innovation, and adaptability. It also examines the impact of education and family background on entrepreneurial performance. The report provides examples of successful entrepreneurs, including Peter Jones and Steve Jobs, to illustrate these concepts.

Exploration of the
Entrepreneurial Mindset

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Discuss skills, characteristics of entrepreneurs that distinct them from other business
managers.....................................................................................................................................3
TASK 2............................................................................................................................................5
Discuss various aspects of entrepreneurial personality, motivation and mindset:.....................5
TASK 3...........................................................................................................................................6
Explain different ways by which background and experience may hinder the performance of
entrepreneurs with relevant examples.........................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES:...............................................................................................................................8

INTRODUCTION
Entrepreneurship is a function to start a business and undertaking huge financial risk in
order to earn profitability. It is a process to launch, run a small venture and innovate new &
unique products as well as services to sustain at market place for a longer period of time (Buheji,
2018). Present report is about entrepreneurship and small business management. General
discussion is carried out in the report about entrepreneurs, their traits, important characteristics
that are essential in order to get success. Further, it consists various aspects pertaining to
entrepreneurial personality, motivation along with the discussion of experiences and background
that may obstruct entrepreneurship practice.
TASK 1
Discuss skills, characteristics of entrepreneurs that distinct them from other business managers
To be a successful business owner , it is imperative to have some necessary traits such as
risk taking ability, confidence, adaptability and many more. Characteristics, skills of different
entrepreneurs who are successful in their respective field are discussed below:
Peter David is a successful entrepreneur of British who started Peter Jones Enterprise
Academy to enhance entrepreneurial skills among youth of country. He is fan eminent
personality and consider as an American Investor and Tycoon.
Characteristics of Peter Jones
Passionate: A business owner should be passionate about work create a difference. This
is the one of the important competency of Peter Jones that he posses strong Zeal towards venture.
He is optimistic and believes that one should not give up on failures. He keep trying to achieve
pre-defined goals ( Lee and Kreiser, 2018).
Innovate Thinking: Peter Jones is one of the innovative entrepreneur. He ensures to
adopt new methods as well as techniques to work efficiently. He started Peter Jones Academy in
order to improve entrepreneurial skills among young people of country.
Skills of Peter Jones:
Time Management: This skill is essential for a business owner get positive outcome
and complete task in predefined period of time. Peter Jones is efficient in managing time. He
schedules his work before a day in order to execute it in an appropriate manner.

Confident: It helps to handle situations in a better manner and attain specific goals.
Respective entrepreneur is confident and do not give up on small failures. As he is a television
representative that make it crucial to stay confident. This trait assists him to deal with different
media personnels efficiently ( Mehrabi, Coviello and Ranaweera, 2019).
Steve Jobs in one of the most successful entrepreneur who founded world' s largest
technological giant Apple Inc. Currently working as CEO of company. He is consider as an
eminent personality and business tycoon over the globe.
Characteristic of Steve Jobs:
Risk Taker: He believes in taking initiative to deliver innovative and advance products
to customers. When sales of IPhone started decline Steve Jobs worked on the betterment and
manage the market situation of company in an efficient manner.
Optimistic: Steve Jobs believes to work hard and put efforts to get better outcomes.
When he was out from the management of his own company. He did not give up and manage to
get his possession back in Apple.
Skills of Steve Jobs:
Communication: It is essential for an entrepreneur to effectively communicate with
employees as well as stakeholders. Steve Jobs is efficient communicator and able to handle
various press, media meetings of organization in appropriate manner. He posses capabilities to
maintain a positive environment at work place along with higher brand value and goodwill of
company at market place ( Philip, Ozanne and Ballantine, 2019).
Adaptability: To survive at market place for a longer period of time, it is essential to
adapt changes and work accordingly. Steve Jobs posses this skills as he make necessary
modifications in IPhones as per the market trend and customers specifications. Being am
entrepreneur, he mange to adapt changes quickly to succeed at competitive market place.
From above discussion,it is monitored that there are certain skills such as risk taking,
innovation and many more that are crucial for a business owner to distinct themselves from
others and accomplish various task successfully.

TASK 2
Discuss various aspects of entrepreneurial personality, motivation and mindset:
There are some skills and traits that differentiate a person from other. Competencies are
essential to have to shape personality and to achieve predefined goals. OCEAN model has been
undertake to define different aspects of personality, motivation and mindset of an entrepreneur in
the following manner:
Openness: It is imperative to be open and welcome new things in order to carry out
innovation. New experiences can be developed. With this, one can gain exponential experience
and evolve unique products and services. An entrepreneur should always eager to learn ore
advance, creative approaches to perform a task. This will help them to distinct themselves from
others and to enhance in profit margins of business.
Conscientiousness: It refers to complete a work successfully with perfections and
diligence (Radianto and Santoso, 2017). It is one of the important trait of personality of an
individual. This competency helps an entrepreneur to act as a leader and to accomplish business
goals in an efficient manner. In addition it assists them to make suitable plans and schedule work
accordingly.
Extraversion: This trait make individuals able to effectively communicate with others in
an effective manner. These people are extrovert and have potential to convey appropriate
message to others. It is crucial for an entrepreneur to be energetic, and interact with various
stakeholders to maintain good relationship with them.
Agreeableness: It refers to have motivation and convecting skills to put a significant
influence. To deliver necessary information and convince others, it is essential to have
exponential interpersonal skills. Further, it is crucial to maintain good relationship with various
stakeholders such as customers, investors, suppliers and many more. This trait helps an
entrepreneurs to inspire employees in order to attain business goals. Along with this, it assists
them to deal with future challenge in an efficient manner.
Neuroticism: This trait enhances negativity and emotional instability. It is essential to
stay mentally strong for individuals to deal with uncertainties that may occur in future.
Entrepreneurs need to stay optimistic and not get affected by failures. It will inflate their risk
taking abilities and help to get success.

Out of above discussion, it is analysed that there are various aspects of personality trait,
mindset of entrepreneurs that are inflate to perform various entrepreneurial task in effectively.
TASK 3
Explain different ways by which background and experience may hinder the performance of
entrepreneurs with relevant examples
An entrepreneur has various competencies such as risk taking, innovation, creativity,
leadership and many more. It moreover depends on their family and educational backgrounds.
The major impact of these factors are discussed below in context of two eminent entrepreneurs:
Education: Education puts a significant impact on the overall personality, learning,skills
of an individual. It is monitored that those people who get quality education in the initial days of
their career are able to generate innovative ideas. It helps to create a strong base and shape
personality in a better manner. But, there are various entrepreneur who did not exposed with
good education but still doing well in their respective field. These human being start to develop
unique ideas at early stage of their life. For instance, Peter Jones got a chance to receive quality
education as per his interest. He has great inclination toward tennis as well as business so that he
got admit in one of the tennis school to continue with his passion and earn money simultaneously
( Wang, Wang and Chen, 2018). Whereas Steve Jobs did not get privileged to receive education
from prominent schools. He used to work as pert time employee along with study and attend
various lecturers after school hours to inflate his knowledge. Thus, both entrepreneurs are
innovative and has zeal to do something extraordinary to conquer over the world.
Family Background: It is also a crucial factor that significantly affect skills, capabilities
of an individual. Person who come from humble and challenging ground they give due
consideration to resources such as money. It encourage them to develop necessary potential to
work hard in order to earn higher money. For instance,Peter Jones got married vat early age and
got separate from his first wife. He faced many hurdles and imbalance in personal life that make
prepare him to face future uncertainties with higher confidence. Whereas Steve jobs did not get
privileged to get rich parents. He used to do part time job along with study and drop out college
in between. This adverse situation helps him to evolve higher risk taking attitude. These
experiences helps Steve Jobs to meet with various obstacles and contingencies within Apple.

From Above explanation, it is monitored that Family background and personal
experiences play a vital role in developing various skills in an entrepreneur. It has explained with
the help of two business owner who are performing exponentially well in their field.
CONCLUSION
With above report, it can be concluded that entrepreneurship is an essential activity to
initiate, design and undertake a small business venture. It gives valuable insights about various
traits and characteristic of business tycoons in context of two successful entrepreneurs. There are
some essential skills that need to be acquire by entrepreneurs in order to get success. Further,
Family as well educational background influence the future behaviour and help to develop
various business ideas to achieve predefined goals.

REFERENCES:
Buheji, 2018. The Art of Capturing Opportunities—Screening Arab Social Entrepreneurs.
Lee and Kreiser, 2018.Entrepreneurial orientation and ambidexterity: Literature review,
challenges, and agenda for future research. In The challenges of corporate
entrepreneurship in the disruptive age. Emerald Publishing Limited.
Mehrabi, Coviello and Ranaweera, 2019.Ambidextrous marketing capabilities and performance:
How and when entrepreneurial orientation makes a difference. Industrial Marketing
Management, 77, pp.129-142.
Philip, Ozanne and Ballantine, 2019. Exploring online peer-to-peer swapping: a social practice
theory of online swapping. Journal of Marketing Theory and Practice, 27(4), pp.413-
429.
Radianto and Santoso, 2017.Start-Up Business: Process and Challenges in Entrepreneurship
Education. Mediterranean Journal of Social Sciences, 8(4), p.97.
Wang, Wang and Chen, 2018.Unlocking the influence of family business exposure on
entrepreneurial intentions. International Entrepreneurship and Management
Journal, 14(4), pp.951-974.