Mind View: Entrepreneurial Characteristics, Innovation & Strategies

This assignment presents a mind map exploring various facets of entrepreneurship. It begins by identifying the key factors contributing to the success of an entrepreneur, such as teamwork and confidence. It then delves into the barriers entrepreneurs often face, including financing and lack of training, and proposes strategies to overcome these hurdles, such as leveraging technology, emphasizing teamwork, and building networks. The assignment further examines the features of innovation, like embracing paradoxical thinking and analyzing changing patterns, as well as potential barriers to innovation, such as traditions, limited resources, and conflicts of interest. Methods to overcome these barriers, including motivating the workforce and maintaining effective communication, are also discussed. Finally, the assignment highlights the characteristics of a successful entrepreneur and proposes an innovative idea: the application of robotics in healthcare to improve efficiency and patient care. The conclusion emphasizes the distinction between entrepreneurs and traditional business owners, underscoring their ability to identify and address emerging customer needs.

Mind View Mind
Mapping

Table of content
 Factors that make successful entrepreneur
 Barrier that an entrepreneur may experience
 Strategies to overcome the barrier
 Features of innovation
 Potential barriers that arise during innovation
 Methods that could be implemented to overcome barrier
 Present entrepreneur characteristic and the innovative idea that you posses

Factors of successful entrepreneur
Team work: Entrepreneur are the team player as it is difficult for an individual to
fulfil their dream by their own. So I prefer to make the team of potential members
who have expertise knowledge and work together to attain desirable or innovative
objective.
Confidence: This is again the key success factor as the innovator needs to haver faith
or believe in the business plan or idea which they have created for the society. It has
help me to remain enthusiastic and identify the opportunity through foresight vision.

Barrier that an entrepreneur may
experience
Financing: Although there are various sources of finance for an
entrepreneur such as angel investors, financial institution, families and so
on but still financing is the major issue die to which various individual
drop to follow their idea. Even I find that is is relatively tough for the new
business to get the proper investor.
Lack of adequate training: Training includes the development of
managerial skill and technical skill which is necessary for the innovator as
it help to robust the incubator for potential ventures.

Strategies to overcome the barriers
To overcome the hurdle and attain the long term objective there are certain
strategies that I have desirable opt. These strategies are stated below:
Leverage technology: As most of the people have only surface knowledge
about the technology but with the change in trend I gained the deep insights
regarding the latest innovation. This has potentially helped me to remain
ahead and generate the traffic suitably by gazing the positive response from
the existing and potential market.
Emphasize on the teamwork: As each and every individual have they own
skills or competencies so during the time of recruitment process or while
performing the team task I understand the perception of every team
member. This helped me to build the effective team and gain core
competencies over other businesses.
Build network: Deep connections always help the business to function
smoothly I mainly focuses to build viable network with both internal and
external stakeholder. This leads to the win win situation for the business.

Features of innovation
Embrace paradoxical thinking: This means that the innovator overlook
or enhance their perspectives towards the things so that they can move
bound the conventional boundaries. Further, rather than focusing only on
one edge they widen their perspectives to approach the world in better
manner.
Constantly analyse the changing pattern: Innovator anticipate the
changes that exist within the external market. This help them to seek the
better opportunity like with the help of digitalisation the capital investment
for the businesses have decreased. Such privilege is valuable for the
business to access.

Potential barriers that arise during
innovation
Traditions: Although an entrepreneur need to access the historical data but
on the basis of past result they need not to make the judgement for the
future. As the constant innovation and change in the technology some acts
as an barrier because on the basis of dynamics the business need to shape
their future.
Resources: Again the limited resources act as a constraint for the business
to conduct innovation. However the business must use the exiting
capabilities and redirect the employees to work constantly. This can
overcome the impact of the limited resources barrier for innovation.
Conflict of interest: This is the most common case within which the
personnel feel that the entrepreneur only focuses on the ventures objective
rather than concentrating on the individual's goals. This leads to the lack of
trust and causes insecurity amongst the employees. It further leads to the the
increase chances of turnover and absenteeism rate.

Methods to overcome barrier
To manage the whole business and overcome innovation barrier I motivate
the workforce to put forward their idea due to which they get the positive
reinforcement such as salary hike, promotion, appreciation and so on. This
boost up the confidence of staff and feel that they are the valuable part of the
organisation. Along with that I maintain effective communicate and share all
the vital details of company.

Present entrepreneur characteristic and
the innovative idea
Successful entrepreneur are imaginative due to which they remain motivate
as well as encourage other by covering the potential idea into the reality.
They basically have the creative thinking ability in order to enhance the
company's workflow or productivity. The innovative idea which I can launch
is to bring robotics in the healthcare industry so that the problem can be
cured faster. Also it overcome the unnecessary waiting time or cost for both
organisation as well as patients.

CONCLUSION
From above report it had been concluded that an entrepreneur are different
from the business owner due to which rather than running traditional
business they understanding the emerging or untapped need of the customer
and try to generate the awarenesses for the same.

REFERENCES
Whiting, M. and Sines, D., 2012. Mind maps: establishing ‘trustworthiness’ in
qualitative research. Nurse Researcher, 20(1).
Malafouris, L., 2013. How things shape the mind. MIT Press.