How to Develop an Entrepreneurial Mindset - Assignment Example

ENTERPRENEURIAL MINDSET By It is important for entrepreneurs to apply various positive traits for their benefit. Businesses always grow, and it requires businesspersons with necessary skills to take the business to another level. Most businesses in the world that are small are the sole proprietorship. These businesses require personal sacrifice and good virtues from the owner for it to grow. Owners are self-employed and they have learnt on the process of creating a business. They have established a convenient location to conduct a business. Furthermore, they have understood the markets. This paper will provide how the entrepreneurial mindset would add value in the business environment(McGrath, 2000, p. 244). A good mindset should set its ambition for achievement. By doing this, they are setting their standards high and have an ambition to achieve. Their mindset should be forward looking. Looking forward will show the way the business has still to follow. The business mindset should be self-sufficient. Owners have to accumulate the necessary capital to sustain the business. Furthermore, the business mindset has to be optimistic(JM Haynie, 2010, p. 87). The mind has to see an advantage rather than a disadvantage for venturing into business. To achieve higher, the business has to be task and result oriented. The management should define to the employees on what the business wants. All employees, either the manager or cook should be restless and energetic. A hardworking workforce can attain any level of profit realization. Managers and supervisors have to be observant of the situation of the businesses(Hitt, 2001, p. 80). They should keep all employees on track and ensure they produce the best. A self-confident businessperson is destined for success. They should fear no competitor and have the ability to participate in risk-taking ventures. The businessperson should also be persistent. He has to be determined to achieve anything. A business dedicated to completing a task would achieve higher in the end. The trait of independence is very important in businesses. The operators of these businesses should do things their own(Mauer, 2009, p. 98). Thus, they have to demonstrate that they enjoy conducting unconventional things. Thus will be their beginning of success. Being independent is working alone. Businesspersons should not involve family members or friends in running a business. Working independent will demonstrate the real potential of the business. In the market, there are forces that diverge attention of most entrepreneurs. They lure businesspersons in conducting new ventures that are unprofitable. A focused mindset prefers doing business on their way. They should demonstrate they could do own thing. Being open to other businesspersons on your nature of business is important for the growth of business. Business operators have to express on what they thing. They should join hands with other entrepreneurs for the common good of consumers(Ireland, 2013, p. 50). A business that demonstrates independence does not take orders. Every market has intermediaries who think they run the place. They place their orders on businesses. An independent person does not listen to the orders. Furthermore, an independent person has a passion in working on his own mind. He does not copy on what other businesses are doing. They do not follow what the peer pressure is directing them to. Businesspersons have to be stubborn in negative trending issues and remain determined(Barendsen, 2004, p. 87). A good business mindset has creativity. The business operator has to be innovative. He should not rely on ideas invented by others. To demonstrate he is determined to succeed, the business has to have new ideas, example, and incorporation of the latest technology. The businesspersons have to participate in daydreaming. He should open his mind to potential ventures. The person has to be determined to participate in strange ventures that look profitable. A businessperson who looks curious is destined to succeed. He has to be versatile and demonstrate his will to develop new ideas(Ma, 2006, p. 12). The development can be a success if the person has many ideas. The person could realize he can be creative by participating in business workshops and conferences. He could involve himself in business competition, and if he wins, it demonstrates he can guess. This intuitive could make the businessperson formulate ideas that could help grow his business. It also demonstrates the person enjoys new challenges. This trait is usually observable in businesses that are successful. More so, a businessperson that accepts change has a mindset that is willing to succeed(Dees, 2002, p. 55) A good business mindset should be moderate in engaging in risk taking activities. He should have the skill to calculate the risk, which could affect the business. Some activities seem too risky for business operations. These happen when a business operates on a false plan. The business operator may have formulated the plan out of incomplete information. The managers have to identify the nature of information they garner. It has to be complete and reliable. They have to judge on which information is complete(Wright, 2003, p. 10). This ability could make the business grow significantly. Some businesspersons are not aware of their capabilities. With few of them indulge in business activities that are out of their hand. Example is engaging in manufacturing business while the owner has training in construction. A person has to assess accurately his own capabilities before indulging in any venture. He also has to choose between becoming overambitious or under ambitious. The choice depends on the availability of his resources, like capital and raw materials. Most businesses set goals and do not achieve them. It is advisable that these businesses should set challenging but attainable goals. It will help the business grow. Furthermore, the business has to evaluate likely benefits against likely costs. A business with a trait of determination is destined for success. A business manager has to have a driving force in his business. With this driving force, the business will take advantage of opportunities available in the market. These opportunities are the one that could take the business to the next level. After the advance, the business has to determine whether to offer discounts or not. Discounts could either be profitable or loss to the business. If the business has the determination of maximizing profit, it should not offer discounts. But if the business need to attract additional customers, it should offer more discounts. Most business makes their luck(H Frederick, 2005, p. 49). This is often observable when business wins lump sum contracts. The business will consider that, as luck and use, the money acquired, to expand the business more. With determination, self-confidence plays a big role (Hitt, 2002). It would be a good mindset for a business to enter the competition without fear. The person engages in competition with a determination to win over his competitors will succeed. They should have the trait of believing in themselves and controlling their destiny. These will see an expansion in the business and increase in the level of production. Reference List Barendsen, L., 2004. Is the social entrepreneur a new type of leader?. Chicago: Wiley. Dees, J., 2002. Enterprising nonprofits: A toolkit for social entrepreneurs. New York: P Economy. H Frederick, 2005. Global entrepreneurship monitor aotearoa New Zealand, New York: Innovation & Entrepreneurship. Hitt, M., 2001. Strategic entrepreneurship: entrepreneurial strategies for wealth creation. Chicago: Wiley . Hitt, M., 2002. Strategic entrepreneurship: Integrating entrepreneurial and strategic management perspectives, London: management-class press. Ireland, R., 2013. A model of strategic entrepreneurship: The construct and its dimensions. Journal of management, p. 53. Haynie, J. M.,2010. A situated metacognitive model of the entrepreneurial mindset. Journal of Business, p. 224. Ma, H., 2006. Key components and implications of entrepreneurship: A 4-P framework. Journal of Business Venturing, p. 18. Mauer, R., 2009. Self-efficacy: Conditioning the entrepreneurial mindset. Chicago: Springer. McGrath, R., 2000. The entrepreneurial mindset: Strategies for continuously creating opportunity in an age of uncertainty, Chicago: Mac Millan. Wright, M., 2003. Firm rebirth: Buyouts as facilitators of strategic growth and entrepreneurship. The Academy of Management, p. 7. Read More