The Mindset of the Entrepreneur

This presentation delves into the mindset of successful entrepreneurs, exploring their characteristics, skills, and motivations. It discusses the key traits that differentiate entrepreneurs from business managers and highlights the importance of passion, motivation, and risk-taking. The presentation also provides examples of successful entrepreneurs and examines the aspects of the entrepreneurial personality. Additionally, it explores how background and experience can hinder or foster entrepreneurship. Overall, it offers valuable insights into the mindset required for entrepreneurial success.

The Mindset of
the
Entrepreneur
Name of the Student:
Author note:

What is
Entrepreneurshi
p?
• It is the willingness of
someone to take high risks
and manage, develop and
organise a business
organisation in the market
that evolves continuously.
• It is the process of
recognising an opportunity,
gathering necessary
resources and testing it in
the business market
(Kirzner 2015)

Who are
entrepreneurs?
• The people who notice the
opportunities and then, take the
necessary initiatives for mobilising
the resources in order to make new
services and goods
• Intrapreneurs often become
entrepreneurs (Smith, Rees and
Murray 2016)

What makes successful
entrepreneurs different from other
business managers?
Entrepreneurs Business Managers
They are visionary and they bears
all the financial risks
The business managers works for
the salary and do not have to bear
any such risks
They can be casual and informal Their approach to all problem is
formal
The key motivation for the
entrepreneurs is achievement.
For them, motivation comes from
power and this comes from their
position
They focus on starting business
ideas and expanding them.
They focus on smooth functioning
of the business

Characteristic traits of
successful entrepreneurs
• They always have an unending passion
• They always have the potential to stay motivated
• They are always willing of taking and tolerating risks
• They are able to get along as well as to lead the people
• They have the skill of openness to change
• They have the skill of toughness in order to keep moving
forward
• They have the desire to win and compete
• They have a good understanding of Business Basics and
Finances

Three Skills of successful
entrepreneurs
• Communication skills
• Aptitude for the Human
Relations
• Skills of technical ability

Motivational drivers of
successful entrepreneurs
• Urge of making a difference in the world
• Finding personal meaning from building business
• Have the satisfaction of doing something great
• Personal accomplishment and growth
• Helping other people in order to achieve the goals

8
• Elon Musk
• Mark Zuckerberg
• Steve Jobs
• Bill Gates
Some Great Examples

Entrepreneurial mind-set
• They reach out to the customers first
• They find our a new market for existing products ex: Sam
Philips
• They use networking for building their business ex: Jason
Nazar, the CEO of Docstock.com
• They give without expecting anything in return
• They keep a control over their vision ex: Jack Ma or Ma
Yun, the founder of Alibaba
• They focus their energy on what is good for the business
• They always maintain a quality control
• They take the ownership

• Passion
• Flexibility
• Adaptability
• Motivation
• Optimism
• Creativity
• Risk-takers
• Innovation
• Creating Value
Aspects of the
entrepreneurial
personality

How aspects of the
entrepreneurial personality
reflect entrepreneurial
motivation and mind-set.• Passion- It is reflected through their hard
work
• Flexibility- It is reflected through their
change of work role
• Adaptability- It is reflected through their
easy adaptation of new goals and work
role
• Motivation- It is reflected through their
dedication towards their work
(Obschonka et al. 2017)

How aspects of the
entrepreneurial personality
reflect entrepreneurial
motivation and mind-set.• Optimism- It is reflected through their
nature of goal-orientation.
• Creativity- It is reflected through their
creation of new ways of doing a work
• Risk-takers- They are visionary and they
bears all the financial risks
• Innovation- They are innovative

Entrepreneurs are made, not born!
• Most of the attributes of
entrepreneurs are developed at their
early stage of life when they get
engaged with the family environment
where they play important role
• They tend to have had some self
employed parents who support, help
and at the same time encourage the
independence of their children
• The firstborn children tend to have
more entrepreneurial attributes
Key personal
Attributes .

1. Recognition and identification of the
market opportunity and the generation
of the business idea for addressing the
opportunity
2. Commitment towards the resources in
the face of risk for pursuing the
opportunities
3. Creating an operating the business
organisation for implementing the
business idea that is opportunity
motivated (Amato et al. 2017).
Three Aspects of
Entrepreneurship

1. Socio-economic
2. Psychological
3. Cultural and other
factors like
Caste
Family background
Education level
Perception level
Occupation background
Governing forces

How background and experience can hinder and
foster entrepreneurship
• Family influence the access of entrepreneurs to
political power and their level of entrepreneurship
• Background provides a source of industrial
entrepreneurship
• Educational background effect the understanding
of entrepreneurs about outside worlds and at the
same time, equip them with some basic skills and
knowledge for dealing with the regular problems.
• Social group experiences influence the radical loss
of the status
• Bad experiences could become a great challenge
for entrepreneurs.

Amato, C., Baron, R.A., Barbieri, B., Bélanger, J.J. and Pierro, A., 2017. Regulatory modes and
entrepreneurship: the mediational role of alertness in small business success. Journal of
Small Business Management, 55, pp.27-42.a
Bergmann, H., Hundt, C. and Sternberg, R., 2016. What makes student entrepreneurs? On
the relevance (and irrelevance) of the university and the regional context for student start-
ups. Small Business Economics, 47(1), pp.53-76.
Hill, B.M., 2016. Powering Intellectual Property Sharing: How to Make Tesla's Patent Pledge
Effective. J. Intell. Prop. L., 24, p.191.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Looi, K.H. and Khoo-Lattimore, C., 2015. Undergraduate students’ entrepreneurial intention:
born or made?. International Journal of Entrepreneurship and Small Business, 26(1), pp.1-20.
Obschonka, M., Hakkarainen, K., Lonka, K. and Salmela-Aro, K., 2017. Entrepreneurship as a
twenty-first century skill: entrepreneurial alertness and intention in the transition to
adulthood. Small Business Economics, 48(3), pp.487-501.
Przepiorka, A.M., 2017. Psychological determinants of entrepreneurial success and life-
satisfaction. Current Psychology, 36(2), pp.304-315.
Smith, L., Rees, P. and Murray, N., 2016. Turning entrepreneurs into intrapreneurs: Thomas
Cook, a case-study. Tourism Management, 56, pp.191-204.
References:

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