ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT: Entrepreneur Mindset

This report provides a comprehensive analysis of the entrepreneurial mindset, exploring the key characteristics, skills, and motivational drivers that contribute to success in the business world. It defines the entrepreneurial mindset and examines the traits of successful entrepreneurs such as Ren Zhengfei and Liz Wilson, highlighting their keen learning abilities, directive leadership, passion, and innovative thinking. The report differentiates between the characteristics of entrepreneurs and managers, emphasizing the former's focus on innovation and the latter's emphasis on profitability. It also explores the motivational drivers of entrepreneurs, including physiological needs and safety needs, and how personality traits like openness, conscientiousness, extraversion, and agreeableness reflect entrepreneurial motivation. Furthermore, the report delves into the nature versus nurture debate, discussing how background and experience, including local, international, and social entrepreneurial experiences, influence the development of entrepreneurs. The conclusion summarizes the key findings, emphasizing the importance of skills, traits, and personality in shaping successful entrepreneurs.

The Mind-set of
the Entrepreneur
ENTREPRENEURSHIP AND SMALL
BUSINESS MANAGEMENT

Introduction
Entrepreneurship is defined as a process that include steps related to initiate, design, run and
launching of new and unique business idea with innovations in marketplace. This process is
mainly termed as willingness as well as capacity of an individual to evolve, organize and manage
risk elements and generate value from them (Ács, Autio and Szerb, 2014). In context with this,
entrepreneur are define as those individual who take use of new ideas with risk factors and
developed innovative and unique business ventures with the motive of long-term sustainability.

What is Entrepreneur Mind-set?
Entrepreneur mindset is defined as a state
of mind that familiarizes individual conduct
towards entrepreneurial conduct towards
outcomes as well as activities.
 It has been identified that individuals who
are having entrepreneurial mindsets are
mainly drawn towards innovation,
opportunities as well as new value creation
(Choi and Majumdar, 2014).

The characteristic traits, skills
of successful entrepreneurs
Ren Zhengfei
Characteristic
Keen Learner: Ren Zhengfei mainly believes in learning before act philosophy. He mainly emphasize upon Huawei employees in
order to make them adaptive towards new things.
Skill
Directive Leadership: This is one of the most important skills that have been possessed by Ren Zhengfei. In this directive form of
leadership is adopted by him in order to set target and goals for Huawei employees. In this form of leadership, leaders offer
formative form of direction to workers as to accomplish entity goals and objectives.
Trait
Purpose driven ambitious: This trait of Ren Zhengfei define his aspiring nature to make Huawei to accomplish consumer demands
as well as needs in a well defined manner.

Cont…
Liz Wilson
Characteristic
Passion: This is one of the most essential characteristics that have been hold by Liz Wilson. With having a
passion she effectively stimulate growth of the business venture while ensuring its long-term
sustainability.
Skill
Innovative thinking: This skill is most essential and crucial skill which Liz is having, as it innovative
thinking direct her towards fulfilling changing needs and demands of customers and fulfill organizational
targets in effective manner
Trait
Confident: This trait is been successfully possessed by Liz Wilson that allows her to effectively conducts
organizational activities with high confidence.

Difference between characteristics of
successful Entrepreneurs and Managers
ENTREPRENEURS
Entrepreneurs does not work for profit motive as
their main vision is to innovative something new
and unique to serve community in a well defined
manner.
They are keen to learn new things and are
mainly tend towards innovation as to consider
new opportunities.
MANAGERS
Managers mainly perform their work for salary
and have main motive to increase profitability.
Managers mainly consider change and
innovation as a problem and their nature is to
restrict new change.

The motivational drivers of
successful entrepreneurs
Physiological needs: This is one of the basic drivers that an individual seeks for. It includes clothing, food
and shelter. Without all these it is hard for a person to survive, these needs provide internal satisfaction
through which accomplishment of goals can be done in well effective manner (Kuratko, 2016). These
factors acts as successful driver that can lead to satisfaction among individual.
Safety needs: It is most important need that successfully drives motivation among entrepreneur. In this it is
essential to provide proper stability, security, freedom and more. In addition to this it further include
economic safety. With the fulfillment of this need psychological motivation can be offered to entrepreneur.

How aspects of the entrepreneurial
personality reflect entrepreneurial
motivation and mind-set
Openness: This type of personality trait simply specify the behaviour of the individual that is always open
and active to learn new things as per the requirement their business. With reference to current chosen
entrepreneurs that is Liz Wilson, Bill Drayton and Ren Zhengfei, it can be said that all of these entrepreneurs’
are highly open to learn new things as they believes that by doing so it would be easier for them to look after
new opportunities and grab them effectively with the advance and enhanced skill in appropriate manner.
Conscientiousness: This personality aspect simply shows disciplinary behaviour and ambitiousness of
individual towards the work they are performing. With reference to Liz Wilson, Bill Drayton and Ren
Zhengfei, it has been analysed all of these entrepreneurs were highly disciplined that supports them out in
succeeding in their respective field and attain success quickly in the entrepreneurial venture in right manner.

Cont…
Extraversion: This form of personality characteristic simply shows the extrovert behaviour of entrepreneur that shows that
they are outspoken and can easily express the way of performing work in adequate manner. Inclusion of this personality
aspect helps entrepreneur in making use of available skills in lucrative that ultimately enhances their capability of attaining
success in quicker manner. In context of Liz Wilson, Bill Drayton and Ren Zhengfei inclusion of this personality aspect
helps entrepreneur in determining solutions for the problems that is being faced by them in their respective businesses.
Agreeableness: Here, agreeableness in the individual simply depicts that how effectively they are co operating with the
team members or other people with whom they are performing their work for attaining success. In context of chosen
entrepreneurs such as Liz Wilson, Bill Drayton and Ren Zhengfei, it has been analysed all three of these entrepreneurs are
highly cooperating individuals who shares strong relationship with the all business associated people that ultimately helps
them out in attaining success in rapid manner. Here, it has also been analysed that all of them effectively makes use of
several modes of social networking techniques that ultimately supports in attaining success towards their venture.

Nature or Nurture
: Are Entrepreneurs Born or
Made?
Entrepreneur is determined as the person who analyses external problems at marketplace or in
their life and then develop particular product or service which could rectify those problems in
appropriate manner (Blackburn, Hart and Wainwright, 2013). These products or services are
further sold at marketplace in exchange of the money that ultimately provides them monetary
gains. The overall knowledge developed on the entrepreneurship it has been analysed that
entrepreneurs are not born but they simply develops skills and knowledge with their own
experience that is gained by them with their own lifestyle.

How background and experience
influences entrepreneurs: Local
Entrepreneur
Liz Wilson

How background and experience
influences entrepreneurs: International
Entrepreneur
Ren Zhengfei