Entrepreneurial Mindset: Traits, Components, and Background Impact

This report provides a comprehensive exploration of the entrepreneurial mindset, delving into the key features and traits that define successful entrepreneurs. It identifies characteristics such as creative thinking, visionary abilities, and the will to win, illustrated through the examples of Richard Branson and Philip Green. The report further examines the components of entrepreneurial personality, utilizing the OCEAN model to analyze factors like openness, conscientiousness, extraversion, agreeableness, and natural reactions. It also investigates how background and experience influence entrepreneurial success, providing insights into the formative experiences of Branson and Green. The report concludes by emphasizing the importance of skills, knowledge, and expertise in shaping individual characteristics and abilities to solve societal problems.

EXPLORATION OF THE
ENTREPRENEURIAL MINDSET

 Introduction
 Identify features and traits of entrepreneurs
 Component of entrepreneurial personality
 Background and experience affect entrepreneurship
 Conclusion
 References
TABLE OF CONTENT

 Entrepreneur is defined as the person or individual who starts a business with own risk and ready to
bear the loss of risk with taking innovative and creative ideas so as to achieve higher profits and long
terms sustainability of business (Belousova, Hattenbergand Gailly, 2020).
 Entrepreneurship is refers as the transformation of society or world for finding out solutions of huge
problems through exploring and developing creative, innovative, new and fresh ideas. It plays
significant impact on economic growth of a country.
INTRODUCTION

Entrepreneurs in effective business organisations are more focused and self motivated towards their work
and taking initiative to implement change for successful accomplishment of objectives. Different skills,
knowledge, ability to think creative and innovative ideas, confidence reflects the diverse personality of
any individual or group of individuals (Cui, Sunand, Bell, 2019). These skills and abilities are considered
as features and characteristic of entrepreneur.
IDENTIFY FEATURES AND TRAITS OF ENTREPRENEURS

Characteristic of two successful entrepreneurs name as “Richard Branson ” & “Philip Green” are considered
as follows:
About entrepreneurs
 Richard Branson: Sir Richard Charles Nicholas Branson is a author, investor and former philanthropist.
 Philip Green: He was born in March 15, 1952 in a middle-class family. He started his career by working
as shoe importer after the death of his fathers at the age of 15.
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Characteristic of Richard Branson & Philip Green
 Characteristic
 Creative thinking: This feature or characteristic defines the unique skills and ability to think different
and implement creative ideas. Richard Branson is creator and innovator in his field (Gomezel and
Rangus, 2018).
 Visionary: Another important characteristic of Richard Branson is his long terms visionary ability.
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Traits
 Ability to delegate: It is the sign of successful leaders to be master in delegating, helping in
eliminating workloads, giving opportunities to ambitious individuals at workplace.
 Decision-making: It is an important trait or skill based on ability to collaborate with other for reaching
their highest capacity to perform.
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Characteristic
 Will to win: It is the most important characteristic that shows never give up attitude and helps in
motivating own self (João and Silva, 2018).
 Hard work: Another significant characteristic of respective entrepreneur is is hard work that help in
motivating towards work and influence others.
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Traits
 Positive attitude: The most important personality trait of sir Green is his positive attitude and nature
towards critical situations to boost the moral of his subordinates towards success of business.
 Passion: As Philip starts his career from teenage shows his passion and zeal to work hard in order to
become a successful and influencing leader that has positive impacts on others.
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Entrepreneurial personality associated with the skills, behaviours and attitudes that influence their mindset
and creating self motivation factors. These are discussed with following model:
 OCEAN model:- This model or method is associated with variety of factors that form personality of
someone and reflects the behaviours of others that has prominent impact on self motivation and impact
mindset entrepreneurs in positive ways (Lyver and Lu, 2018).
COMPONENT OF ENTREPRENEURIAL PERSONALITY

These factors or forces are explained as follows:
 Openness: It is also called as imagination or intellect. This is an important factor of OCEAN model
that helps in measuring the level of creativity, desire of an individual for experience and knowledge.
 Conscientiousness: This element shows the level of caring in work and life. Higher the score of
conscientiousness reflects organized and have capabilities to make plans & constantly follow them.
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 Extraversion /Introversion: It measure the level of sociability of entrepreneur. For instance it shows
personality trait of a leader or entrepreneur whether outgoing or quite.
 Agreeableness: This element of OCEAN model measures how well someone behave with others.
 Natural reaction: The factor of above model is related with emotional st6qability of others which
measure emotional reaction of someone. For instance if someone is suffering from emotional burden
not relevant for entrepreneur.
CONTINUE….