BTEC HND Business: An Exploration of the Entrepreneurial Mindset

This report delves into the entrepreneurial mindset, defining it as a combination of knowledge, beliefs, and ideas for task completion and business development. It evaluates the characteristics, traits, and skills of successful entrepreneurs, differentiating them from other business managers by their self-motivation, creativity, and eagerness to learn. The report explores different types of entrepreneurship, including social, local, and global, highlighting their situational factors and challenges. It evaluates aspects of the entrepreneurial personality that reflect motivation and mindset, such as ownership, and examines how background and experience can either hinder or foster entrepreneurship, focusing on the impact of family background, motivation, and financial support. The conclusion emphasizes that entrepreneurial success requires a combination of skills, learning, and ethical considerations.

Exploration of the
Entrepreneurial Mindset
(Part 2)

PART 2
INTRODUCTION
 Entrepreneurial mindset defines as its combination and analysis of various
aspects with knowledge, beliefs and new ideas for specific task completion.
 It also includes application of creative approach from own skills utilization
for business development and new opportunities expansion.
 McKinsey & Company is all above management consultancy firm which
provides financial feasibility, motivation and provide beneficial approaches
to individual who wants to start their start-up.

MAIN BODY
EVALUATION CHARACTERISTICS
TRAITS AND SKILLS OF SUCCESSFUL
ENTREPRENEURS THAT DIFFERENTIATE
THEM FROM OTHER BUSINESS
MANAGERS
Successful entrepreneur different from other business manager because they
provide their services into business and entrepreneur start new start-up with their
own creative mindset. So this approach makes differences from other business
manager. Also entrepreneur has multiple range of skills which are as follows,

Self motivated: Entrepreneur is combination and group of multiple skills
because they concern towards with expansion of business with their creative
mindset. Also they mainly start new start-up or business with their own
skills and ability.
First and very common skill of successful entrepreneur is they do
have self motivated skill which is very beneficial for long term establishment
into competitive market. Also they don’t have other people who provide
motivation to them (Hashim, Raza and Minai, 2018).
Creative: Entrepreneur mainly becomes successful because they develop
creative approach for expansion of business activities and they do have skills.
Creative skill is all above refers to involvement of unique ideas, new practices,
innovative tools and analysis of different techniques or approaches for
business expansion.
CONTINUE...

CONTINUE...
Eager to learn: Successful entrepreneur always believes in learning approach
and also they prefer to learn new approaches for creativity expansion in business
development.
Because when entrepreneur do not have this skill they not develop new
application in expansion of business set-up.
Eager to learn approach mainly refers to defined as individual has potential and
capability to learn something different approaches from different areas. Having
this approach makes differentiate from other manager.

SCOPE OF ENTREPRENEURSHIP AND
EXPLORATION OF THEIR SITUATIONAL
FACTORS, SIMILARITIES AND
DIFFERENCES
Social entrepreneur: This type of entrepreneur mindset always considers and
believes in provide value into society, maintain efficiency in cultural activities
like people enjoys, they reduce their stress and do yoga exercise for fitness and
many more which useful for society. Example Nesta, Society.
This type of entrepreneur has different responsibilities and they do
have to face different issues and it includes society culture, education, cast,
religion, society background and many more. Entrepreneur mainly faces issues
and risk from changes in culture and people perception towards with their
business activities.

Local entrepreneur: It includes entrepreneur who concern
towards with the application of innovative technique
within area where they stay so they can easily start
business with identification and application of local are
rules, this type of entrepreneur not highly faces issues
from external forces. It includes small business or large
size of business like stores, shops, technical companies
and many more. Example: Cylex, Locanto etc.
This type of entrepreneur activities mainly
affects from activities of local people activities when they
not prefer to buy their goods and variation in fashion
trend also impacts on local business activities.
CONTINUE...

Global entrepreneur: Entrepreneur who believes in develops innovative things
for profit generate include with new ideas. Global entrepreneur is all above refers
to who believe sin expand their business at international level. This type of
entrepreneur mind-set is totally different from other because they do have
multiple responsibilities. It includes export, business like Tesco, Mark and
Spencer, Unilever and many more.
In this entrepreneur mainly face issues and affects situational forces like
external environment forces, language barriers, different culture, perception of
people, government rules, legal regulations and many more.
CONTINUE...

EVALUATE ASPECTS OF THE
ENTREPRENEURIAL PERSONALITY
REFLECT ENTREPRENEURIAL
MOTIVATION AND MINDSET.
Entrepreneur personality is combination and knowledge of various
aspects.
Because entrepreneur always things and believes to do something
different from other and this quality makes more efficiency in life
effectiveness.
Entrepreneur provides motivation and learning to others, this term
mainly happened because they always believes and prefer to do
something different and creative.
So aspects of entrepreneurial personality reflect entrepreneurial
motivation and mindset are as follows,

CONTINUE..
Ownership: Entrepreneurs when start new business its very
obvious that they do have ownership skills because they do have
duty to manage various aspects with individual decision-making
and planning and managing different tasks. Individual who wants
to become successful entrepreneurs they do have to concern
towards with ownership skills without having this skill they do not
capable to raise business performance with good manner.

EXAMPLES THAT BACKGROUND AND
EXPERIENCE CAN HINDER OR FOSTER
ENTREPRENEURSHIP
Entrepreneurship can hinder or foster is all above refers to that when inivdiual
decide to become successful entrepreneur and they do have creative ideas,
ability, skills but they do not have family, friends or any other one support.
Family background: This term mainly refers to that inivdiual family
background effect on business activities and expansion of effective business
culture with creative mind-set.

Motivation: Lack of motivation badly affects when family,
friend not provide motivation it impacts on positive
entrepreneurship expansion. From the knowledge and ideas
about different aspects its very clear that become entrepreneur is
difficult and became successful entrepreneur its highly
complicated task.
Financial support: Entrepreneur when they don’t have support
and sometime they don’t gave financial stability which affects
on future performance on the basis of relatives reviews.
Therefore enterprise personality mainly refers to develop by all
these terms.
CONTINUE..

CONCLUSION
 It has been summarized from the above reflective study that entrepreneur
has great skills for expansion of successful business and they do have
potential to learn and manage wok with ethical aspects involvement for
higher efficiency in successful start-up development.
 This report has been provided and developed clarity that entrepreneurial
mindset and personality carets by multiple skills and learning process also
it comes naturally as well.

REFERENCES
● Strawser, J. A., Hechavarría, D. M. and Passerini, K., 2021.
Gender and entrepreneurship: Research frameworks, barriers
and opportunities for women entrepreneurship
worldwide. Journal of Small Business Management. 59(sup1).
pp.S1-S15.
● Hashim, N. A. B., Raza, S. and Minai, M. S., 2018. Relationship
between entrepreneurial competencies and small firm
performance: are dynamic capabilities the missing
link?. Academy of Strategic Management Journal. 17(2). pp.1-
10.