Developing an entrepreneurial mindset is related to the capability of the mind. It describes a way of thinking that helps individuals accept challenges and be decisive. Overcoming issues and accepting responsibilities is the basic need for improvement. It allows people to learn from mistakes and improve skills (Baron, R.A. and Hmieleski, K.M., 2018). Entrepreneurship is an important factor in modern, economic, and social life. The entrepreneur and owner-manager both are running a short term small business. The business manager can find some role model to make decisions whereas the entrepreneur is a person who is managing a new business without having any approach (Carbery, R., 2015). Thus the nature of business must be profitable and easily sustainable for the customers.
Entrepreneurship as a concept. It grasps the promise of growth and helpful factor in earning profit and enjoyable for long term success. New ventures conducted some mistakes at the start but after some seeking steps, it may give a lot of profit in the form of popularity.
Rules and decisions also have their own values. If the rules are strong to implementation that will give a reward in the form of profit as a return. Training and educational facilities are rare for new entrepreneurs. There is no source that provides the entrepreneur with practice and skills to move on business. Lack of market experience is also a hurdle behind establishing entrepreneurship (Peters, M., 2005).An entrepreneurial mindset can develop, if individuals willingly work and strive for excellence. Working on business startup and identification of path towards entrepreneurial mindset is oriented on three building blocks. These are identification of the opportunity, creation of value and capturing that value. The identification of the opportunity needs solution of problem.
Undervalue creation; need is evaluated to examine the issue. The entrepreneurial skills can be developed when there are some external ways to showcase skills (Blundel, R., Lockett, N. and Wang, C.L., 2018). This critical assignment is significant to understand individual characteristics related to entrepreneurial mindset. The paper will identify social forces that help contribute entrepreneurial success and failure. Current research related to entrepreneurship will be discussed in this paper, in addition some approaches to entrepreneurship will also be elaborated.
Entrepreneurs work to enhance economic development and create opportunities. A successful entrepreneur expands its thinking and vision to implement unique ideas. Implementing innovation is central for entrepreneurs because they accept challenges. To me, an entrepreneur is not only a creative person but capable to communicate effectively because it is a highly motivated element to open new horizons of success. My entrepreneurial traits are strong working ethics, creativity, and passion and open mindedness.
These traits are linked to more traits and skills that enable me work hard and get discipline in my life. I believe some other traits like creativity, self-confidence, preserving, leadership, team spirit, adaptability, self-motivation, agree to take risk, and ability to format a network also exist in my personality. Social forces are directly implemented in an entrepreneur’s business because an individual is a person who analyzes the social problems critically and makes some creative, sustainable and innovative ideas to solve this problem through his vision. Individual characteristics and social forces associated with an entrepreneur’s business.
Everything has two aspects: success and failure. A person canonly know the value of success who has faced failure. Here some characters are mentioned that are contributing to the success and failure of the entrepreneur business.
Some characters behind the successful entrepreneur business are discussed as:
Seriously step forward, the best entrepreneur takes every step of his business very carefully because he knows he is responsible for every kind of deed in the form of profit and loss.
Satisfactory dealing with customers: A customer is a person to whom the business existed. Numerous implementations are adopted to satisfy the customers and to get many consumers to maximize the profit.
Cautious in decision making: Every decision directly affected the business reputation, thus the entrepreneur must be watchful in making the decisions.
Harness of technology: The best entrepreneur should have awareness about the use of technology. It will help to increase the production and quality of goods would be appreciative.
Personal involvement: Personal attention and investment of personal thoughts bring the business to the top. Because you may not make others better unless you make yourself better in front of others.
Not afraid of risks: The entrepreneur can make business better only when he is willing to face any kind of risk.
Some reasons behind the failure of entrepreneur can be:
Employee excuses: Employee excuses are extremely involved in business failure because if they are not responsible for their duties the compensation has to the businessman in the form of loss or business failure has to face.
Pause due to business failure condition: If the business-facing continuous loss and the owner take a pause not taking steps for the improvement. This situation also may cause the entrepreneur to fail (Blundel, R., Lockett, N. and Wang, C.L., 2018).
Outside forces involving in business: When a business-facing unusual condition like an uncertain economy, political issues, or the price fluctuation in the market may cause business failure.
Dishonest staff: Dishonest staff is a major reason for the business failing because they do not have a fair feeling for the business.
Unable to handle confrontation: If the owner fails to solve employee issues and confrontations, this reason also affects the business badly.
My critical evaluation is incomplete without including test score. Overall GET2 test score of first attempt is 74% that means I am occasionally enterprising. As an entrepreneur, I am able to work on limited projects and this situation reveals that working as intrapreneur is possible in leisure time by doing voluntary work. I have amedium score in achievement that means I have orientation for future, effective management of time, I rely on my abilities, and I am determined to ensure my objectives through realistic goals. This medium score meansI am good at balancing my life and work.
Gibbs reflective cycle allows understanding of description, feeling, evaluation, analysis, and conclusion and action plan. The description of experience, feeling about it and evaluation that this experience is good or badenhance learning and planning. Whatever is learned, is presented in conclusion. My action plan on the basis of this test will elaborate how much strengths I possessand how could I deal with such situation in my life.
The values of result show that I am capable to build up business knowledge and skills and I can further learn from business, technology platforms.A medium score on achievement means need for achievement is high that can exhibit different qualities such as being optimistic, managing time effectively, result orientation approach, and willingness to do work in long term. My determination to do business is based on high energy levels and persistence is a pursuit in my aims. I can adequately take responsibilities with strong drive. Thesequalities will help me be careful about maintaining work life balance and take care of relationships in my life.
I have medium score in autonomy and creativity, that means I am independent, determined and individualistand can be a valuable member for my organizational team. If I start a business, it would be easy to work with employees. My radical disruptive innovative ideas can be game changer for me. My creativity allow me brainstorming and mind-mapping that allow iterative process of thinking. I have attained highscore for risk taking and medium score for locus of control.High score on risk taking can be helpful for me to seize opportunities and be analytical. Locus of control can be effective for me to be self-confident, proactive and display enterprising skills. This will develop necessary business skills for enterprise. My management of control is based on opportunism, self-confidenceand taking control over my destiny. Opportunism is a key advantage that allow me think positive and navigate problems to get success in all ways of life. Internally strong feeling allow hard work and exert controlover life. I tend to express strong will that is linked to self-belief because it is a point where results are equated with the efforts done. My creative skills develop innovative approach for my thinking.
GET2 test score for attempt two is 80% which shows a high achievement towards enterprising. Remaining scores of creativity, risk taking, determination and locus of control are same as first attempt.
Evaluating own leadership potential is linked to the quality of perception and thinking capabilities. My leadership potential as an entrepreneur is positive associated with skills. The perception and attitude to work allows open mindedness and planning. Capital and finance is the backbone of every kind of business unless you cannot come in true your own business. After the process of investment, you may further step forward in entrepreneurship. The owner of the entrepreneurship must be decision making and adopt visionary methods. The owner of the business ready to respond every time against the market disorder, in case of partnership and at the time of loss.An entrepreneur must know how long his business will exist? How much does he gain profit? Which product will be introduced? How much workforce is required to complete the task? These factors must a businessman have in mind to establish a prolonged business. Entrepreneurship focused on such business plans which were not introduced before, this loneliness is also issued around entrepreneurship. There is no role model available to follow. The businessman has to make his own strategies to run the business.
The leadership potential can be evaluated while working in an organization and measuring the outcomes. I believe that leadership activities in business can develop positive results if there is motivation for employees. The strategic plan for growth is the major task for leaders and it helps entrepreneurs to take corrective actions. For example, in my view, my leadership potential is linked to opportunities, when I get a streamlined direction, I can effectively respond to customer needs.
Being an entrepreneur, I believe opening up new markets for existing products is the best way to respond to the customer needs. I work for the motivation of employees so that market development procedures can be improved. This process is also beneficial for the modernization of distribution channels. With the implementation of new methods, better skills and management of expertise is possible. This process is also helpful in securing the old finance sources and introduce better and new methods. With this mechanism, flow of work can be organized, and any insecurity in financial system can be eliminated.
I believe on my leadership potential because it can be clearly seen from decision making power. If my implemented system for employee’s recruitment and hiring works better and gives productive results, I would be assured that my leadership potential as an entrepreneur is adequate (Zahra, S.A., 2015). Communication strategies and information within organization is strongly recommended because it serve quality. In the organizational culture, an entrepreneur is responsible to bring innovation and conceptualize channels of communication. In addition, employment, development and empowerment of employees is useful indicator to see if the employees are satisfied. Therefore, leadership tasks are extensive and include reward and appraisal system for employees. It is also a major issue involving entrepreneurship. The honest and liable team makes the business to its superior ways, thus team binding and designations according to abilities also matter to the business growth directly.
Entrepreneurship is an example of fire that looks attractive but when anyone goes it’s nearer it burns the hand who wants to catch it. Entrepreneurship is the same thing only such a person uses this strategy that can bear the loss, face failure, take risks, and have decision making power. These passionate persons are called entrepreneurs and adopt different approaches for entrepreneurship.The personalities and traits approach is to judge the personalities because different personalities conducted different approaches. Researchers believe that there is a correlation between personality type and a successful entrepreneur.
Sociological approaches drive with the social and cultural factors which are directly involved in the growth of the business. It also provides a guideline on how social and cultural structure reacts to business development.
Although, everybody knows that the entrepreneur person is not common. He is a creative-minded, multi-talented, decision-maker, and has a visionary and intellectual spirit. Far away from the fear of loss or failure. He must be competent in any kind of situation and can develop motivational power to achieve the goal. This approach shows a strong and motivational approach of the entrepreneur toward his business (Burns, P., 2016).
The process approach is focused on running the entrepreneurship; personalities do not matter in this approach. The academic institutions follow this approach during the teaching session of entrepreneurship. This approach is also taught as different courses like business management courses.Babson College is the top leading institute for entrepreneur education which introduces the new approach for entrepreneurship. The method approach emphasizes on learning and practicing. This kind of approach calculates the skills and relevant techniques.
Dr. Heidi Neck who is a well-known entrepreneur’s educational expert from Babson College offers key steps to practice to develop entrepreneurship. The practice of play is conducted to open the student’s mind for new and innovative ideas. For example mind mapping, and brainstorming. Empathy practice is conducted to understand the feelings of customers, to meet their expectations.The creation practice pushes the students towards new creations, to improve production and to meet the needs of the followers (Osterwalder, A. and Pigneur, Y., 2010).Experimentation practice leaves the students freely, to gather personal experience and experiments to make some innovative ideas to develop the business in a new shape.: The practice of reflection helps the students to take a back step on action practices and find out new directions for entrepreneurship.
To be successful as an entrepreneur, it is necessary to have a mental attitude that can provide a positive outlook. With this mindset, any company can influence the corporate culture. In such an operating framework, there is no room for negative thoughts because they undermine company’s progress and forward development. It is management to motivate employees and lead them in a positive development (Daniel Xh, R., 2019). For all the entrepreneurs, the necessary skills are linked to positivity of attitude because a positive attitude influences all the employees so it enhances efficiency and productivity. A productive environment is associated with high business profits as well as better retention rates for staff.
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