MGMT210 Entrepreneurial Mindset: Analyzing Startup Success Essay

This essay delves into the entrepreneurial mindsets and traits essential for startup success, focusing on three Australian companies: PurePonics, BlockFreight, and Yume Food. The essay applies various entrepreneurial theories, including the need for achievement, locus of control, and social marginality models, to analyze the behaviors and strategies of these entrepreneurs. It explores how these individuals have utilized leadership skills, commitment, and connection to drive innovation, overcome challenges, and achieve sustainable growth. The analysis highlights the importance of optimism, flexibility, and ownership in navigating the complexities of the business landscape. The essay also examines the application of resource-based and motivational theories within these startups, offering insights into how entrepreneurs leverage resources and employee engagement to achieve their goals. The essay concludes by identifying Yume Food as a role model due to its commitment to reducing food waste, and emphasizes the significance of business models and theories in expanding business scope. The essay provides a comprehensive overview of the entrepreneurial journey, offering valuable insights into the key factors that contribute to startup success.

Running head: ENTREPRENEURIAL MINDSET
Entrepreneurial mindset
Name of student
Name of University
Author note

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Introduction
The essay will be prepared to discuss about the ways of applying theories, concepts and
knowledge required to strengthen the entrepreneurial mindsets and traits for ensuring successful
growth and development of the startups in Australia. The three entrepreneurs that have been
chosen here as the case study are PurePonics, BlockFreight and Yume Food in Australia. The
essay will also shed light on the various entrepreneur mental models along with the attitudes and
behavioral traits that have helped in the transformation of the organization and made those gain a
sustainable position within the marketplace.
Body
The three organizations named PurePonics, BlockFreight and Yume Food are chosen
because these are startups and have already made a mark by achieving success and growth in
business with the contribution by the managers and leaders. According to me, these individuals
are hugely responsible for managing the workforce and even made sure to utilize the resources
properly for ensuring that the entrepreneurs become successful and attain competitive advantage
in business as well.
PurePonics has managed growth of food by aquaponics and trough proper management
of hydroponics and aquaculture. The entrepreneurs Steve Gleeson and Paul Hopper worked with
specialist researcher to make the company successful by urban farming, which lead to the
production of good quality and healthy sustainable foods without any use of chemicals and
harmful pesticides. The company created a positive mindset among the customers regarding its
sustainable farming and this has created ease for the company to generate higher business
revenue along with better expansion scopes all over Australia (pureponics.com.au 2018).

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The psychological trait theories of entrepreneurship helped in managing psychological
attributes and traits of leadership were influenced as well, which created convenience for the new
startups to become successful within quick time. Few major theories include Need for
achievement and power by McClelland, Locus of control by Rotter, Psychodynamic model
by Kets de Vries and Risk taking propensity. The locus of control theory facilitated the
controlling of one’s destiny considering the outcomes of their internal efforts and external efforts
undertaken.
According to Mauer, Neergaard and Linstad (2017), the social marginality model not
only created a positive relationship between the personal behavior and attributes of the
entrepreneurs but also has made them commit to something unique by carrying out their roles
and responsibilities properly. This model fostered the proper management of three major
characteristics and behavioral traits of the entrepreneur including the optimism, flexibility and
ownership. The optimism characteristic of Steve Gleeson helped in maintaining a cheerful
attitude that favored the possibilities of different approaches undertaken, irrespective of the
challenges that might be faced (Mauer, Neergaard and Linstad 2017). The entrepreneur
considered it as a learning opportunity, which developed his confidence and he took lessons from
that to redefine the new ideas and foster innovation by remaining optimistic at the same time.
While entrepreneurs often face difficulties in making a new found business grow, the internal
locus of control theory helped in flexible thinking attitudes and allowed Paul Hopper to recover
from failures quickly. Rather than cursing for the failures, he became more agile and developed
structured approaches required for solving problems and at the same time ensured perceived
limitations to overcome the issues related to prevention from advancing. Kyvik et al. (2013)
stated that the ownership characteristic of the entrepreneurs further assisted in trusting the

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abilities of workers and considered the ideas and opinions to make PurePonics successful.
Becoming socially responsible and contributing to the society by managing sustainable
approaches further allowed them to increase their life experiences and this increased their
confidence level to make the business successful, whatever the challenges might be (Kyvik et al.
2013).
The psychodynamic model made the entrepreneurs of BlockFreight gain the mindset of
becoming self dependent and self employed while the sociological theory of entrepreneurship,
especially the social marginality model has been the most effective for PurePonics. Blockfreight
is the provider of innovative solutions related to freight, shipping and stock management.
Accrding to Davis, Hall and Mayer (2016), the research and development activities helped in
managing the import and export activities and even provide real time customer services solutions
for enhancing the operational effectiveness along with elimination of costs incurred during the
business operations and processes (Davis, Hall and Mayer 2016). Julian Smith, the founder of
Block Freight has been a major entrepreneur because of the inheritance of enterprise culture via
the role modeling. The role modeling theory has been useful considering its impact on the
entrepreneur and the organization because of its cultural inheritance and maintaining strong
business and ownership ethics for becoming successful in the future days to come. The
entrepreneur has used his skills, knowledge and experiences with proper application of need for
achievement theory to develop a sense of interest (Felício, Gonçalves and da Conceição
Gonçalves 2013). This further made Julian Smith desire to achieve something more, not only for
inner accomplishment of feeling but also for ensuring organizational growth and success.

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The entrepreneur holds important characteristics and behavioral traits like leadership
skills, commitment and connection. It has always desired for the entrepreneur to use the
effective leadership skills and keep the team members motivated, furthermore empower them
and provide them with enough support through sharing of vision and mission of the organization
(Kivlighan et al. 2016). The ideas and opinions of the team members were considered, which
generated scopes for new ideas and this has been possible with proper communication and
established good connections, thereby creating a good network that the entrepreneurs often
expect to build for successful business growth. The connections with other business and also
with the employees have strengthened the ability and willingness to provide proper support and
help, furthermore ensure coordination and better flexibility at work. The passion is another
important aspect that has influenced the entrepreneur to keep going, irrespective of what
challenges might be faced (Grabowska et al. 2015). The entrepreneur has drawn lessons from
rejections and failures, which enhanced the self esteem and allowed him to move forward and
face challenges to remain optimistic and flexible all throughout. This has allowed to adjust to
changes and even ensured successful growth, development and higher revenue generation in
business (Blockfreight.com 2018).
Yume Food is a wholesale marketplace for quality surplus food. Founded in 2014, the
entrepreneur promises to mitigate the amount of food wastage. The startup has achieved
accolades and glory by providing platform to large buyers outside the sales network within the
threshold of Australia. This year the sales revenue of the entrepreneur raised to $2.6 million for
spreading the awareness about harmful consequences of wasting food (Yumefood.com.au2018).
Programs like donations of food reflects the attribute of “Commitment” towards ensuring the

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community wellbeing. Herein, mention can be made of the Katy Barfield, whose Samaritan
attitude enhanced the fame and glory of the entrepreneur.
According to the Jesinoski, Miller and Volker (2016), the functionalities of the
entrepreneur relates with the attribute of “Connection”. At the initial stage, the entrepreneur lists
the ‘surplus products on the web portal. The next step is the connection of the suppliers to the
buyers on the digital platform. In the final step, the buyers get surplus products on discounted
prices. This connection creates a community feeling, improving the stability in the relationship
between the service providers and service users (Zhao 2016). The aspect of discounts reflects the
approach towards improving the emotional connections with the service users.
The initiative of creating revolution towards eliminating 98% of food waste relates with
the entrepreneurial attribute of “leadership” and “connection” (Yumefood.com.au2018). Taking
the initiative towards eliminating the malic of poverty and hunger reflects the leadership
approach. Involving the service users to join in the initiative is an attempt towards producing a
collaborative attempt in terms of ensuring the welfare of whole of the community and society.
As per the arguments of Davis, Hall and Mayer (2016), food is one of the major
resources, catering to the fulfilment of the basic needs of the people. As the entrepreneur intends
to mitigate the food waste, therefore it reflects the use of resource based theories. This theory
focuses on the use of the resources for availing the entrepreneurial efforts (Mauer, Neergaard and
Linstad 2017). The records project that 3.9 million tonnes of food is wasted. Most of this food is
from the commercial sector. Using this information, Yume Food exposes conscious approach
towards getting access to the capital through the means of social networks and human resources.

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The managers of the startup are conscious about the better performance of the staffs, For
this, they provide training, so that they attain the attributes of flexibility in terms of dealing with
thee external influences and challenges in an efficient and effective manner. Motivation is
provided by the managers to the employees for enhancing their capabilities and learning skills
towards the business activities (Günzel-Jensen et al. 2017). Herein lays the effectiveness of the
motivational theories, which improves the relationship between the employees and the managers.
Regulating the performance of the employees enhance the ownership of the managers. This
regulation helps them to assert their trust and abilities towards the achievement of success.
After reviewing the three entrepreneurs, I select Yume Food as my role model. This is
because of the approach of Katy Barfield towards reducing the food wastage. It gives me
immense pleasure to point out that such a noble thought enhances his self-respect. Carrying out
donations spreads the glory and reputation of the startup across the corners of the world.
Adopting social media marketing indicates a joint venture towards eliminating poverty and
hunger from the society. Using theories and models proved beneficial for him in terms of
achieving trust, reliance and dependence from the service users. Optimistic approach towards the
carrying out the business activities makes Katy a leader.
Conclusion
Business models and theories are the agent for the entrepreneurs in terms of expanding
the scope and arena of the business. Specific mention can be made of resource based theories,
motivation theories, social marginality model. Among these, locus of control theory proves
appropriate for Pure Ponics in terms of enhancing the business productivity. In case of
Blockfreight, psychodynamic theory has been used for projecting the entrepreneurial traits and

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mindset towards expanding the business horizons. Resource based theories and motivational
theories have been applied to the business of Yume Foods. This is in terms of inculcating the
importance of moral wellbeing among the employees. Among the three entrepreneurs, Yume
Food has been selected as the preferred role model.

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References
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