Exploration of the Entrepreneurial Mindset
Table of Contents
01 Executive summary………………………………03
02 Introduction…………………………………………. 04
03 LO3/P5………………………………………………… 05
04 P6………………………………………………………… 06
05 LO4/P7………………………………………………… 07
06 Recommendation and conclusion…………..08
In that assignment I discuss about exploration of Entrepreneurial Mindset. As we discuss here the characteristics and traits of Entrepreneurial and also we discuss here differentiate between managers and entrepreneurial. Although, we have discussed the entrepreneurial personality, there reflect the mindset. At last examine the different environments to hinder and foster of entrepreneurship.
I would like to takethanks to my Course Instructor and Admin of college team; they could help me to complete my course. Without there guidance I will never accomplish to my target.
Entrepreneurial mindset states to a particular state of mind, which adjusts human, conduct toward entrepreneurial activities and outcomes. Individuals with entrepreneurial mindsets are habitually drawn to innovation, opportunities and new value creation.
Determine and Assess the Key Aspects of an Entrepreneurial Mindset
First of all, Elizabeth has come appealing quality through which she has building infrastructure by own pace and started her own business. Genuinely, there have a different personality between manger and Elizabeth who is basically a leader or entrepreneur.
Having worked in HSBC for 12 months Elizabeth resigned her services and started a small business. This characteristic has most treated to determine her as an independent oriented person. As a manager, he is not an independent because he is working, as an employee not company owner owner.
Apart from, Elizabeth is consistently an innovation person and that is why insightful of the demand of the industry she has started a consultancy firm. In terms of manager, he/she does not brave enough to take a risk.
At the half way through, the business has losses in two continuous years. Eventually, he has secured a profit from this industry. Despite the irrelevant progress, the unique quality of Elizabeth has emerged.
In addition to, after the meeting with another entrepreneur, she has about to change the software company instead of consultancy. These evidence the vision of Elizabeth, which is not available for manager characteristics.
As a second case, Tom also faced no of issues at the time of starting his business. Over the year he was distributed the sample of his product belief that one day he will get the result. This quality has determined Tom has a very risk taking personnel. This type of quality is not available in manager role.
Tom has beginning the business in such a way that he assume his product will hit the market. This skill confirms that Tom has very extraordinary skill but this could be no skill of manager traits.
At the time of recession, Tom has a policy that he take out his business to numerous super shops and that was a massive achievement for his business. These show influential traits within Tom.
Assess how aspects of the entrepreneurial personality of Elizabeth Gooch (Case Study 1) and Tom Mercer (Case Study2) reflects their entrepreneurial motivation and mindset
First of all, Elizabeth has some outstanding personality through which she has take initiative and beginning her own business. Genuinely, there have some different personality between between manager and entrepreneur.
Having worked in HSBC for 12months Elizabeth resigned her services and beginning a new small business. This skills has establish her an in independent and freedom oriented person.
Bravo in Nature:
Alongside, Elizabeth is continuously an innovative person and that’s why requiring the demand of the industry she started consultancy firm.
Half way through the journey, the business has loses in last two years. Finally she has secured to take profit from the industry. Despite the fact that this characteristic has been develops.
Alongside, the meeting was conducted by other entrepreneur and discussed. However, the outcome of the meeting is that the consulting business is not viable from now. So, she decides to start the software firm. Although, her vision to be a new venture of business.
On the other hand, in the second case study; Tom is struggling to start a new business.
Over the year, tom was distribution our products into the market place. He was assuming the result would come in later days. This case of scenario he has got different type of entrepreneur quality which is Risk Taking tolerance individual.
Rare Business Skills:
Tom was beginning a new business; the model of business he developed like a credit base supply chain. He assumed his business model would hit to the market. Such kind of attitude has very rare business skills.
At the time of recession, Tom has a policy he is take out his business for several supers that massive success will be come out in his business. This illustrate his amazing characteristic with Tom.
Examine using Elizabeth and Tom Case study, how personal background and experience can hinder or foster entrepreneurship.
At a case of Elizabeth, we could analyze that without the technical knowledge, it is hard to conduct and implement right business model to the market. As you can seen, in that case study 1 the unsuccessful venture and facing a difficulties. So she discuss with experience entrepreneur of her unsuccessful journey. So she left in consulting industry to Software firm.
Alongside, she has an idea to stuck with working in HSBC for whole her life. So decided to quit the job and she accept to taking a risk, start her own ventures.
At a case 2, we could see the TOM is struggled a lot in regards to take a place in market. He does not have any location or place to start their business. So he started their business in railway station, he has very hard to start inside railway station. He installed our new setup outside the railway station.
Under other conditions that he has finally secured the space inside supper shop during the recession period. So I assume that favorable circumstances make him success in his career as an entrepreneur.
Recommendation & Conclusion
As per the assignment for exploration of entrepreneurial mindset, we discussed here trait and characteristic of entrepreneurship. Difference between manager and entrepreneur personalities; how they examine the entrepreneurial personality, motivation and success. Also they examine how personal background does effect hinder and foster of entrepreneurship.
As we discussed earlier, there case study to discuss about small business entrepreneur. Being an inexperience entrepreneur they have hard to achieve their goal in terms of product base or service based entrepreneurship.
As I recommend the knowledge and right strategy to make you success otherwise your will be hardly achieve their goal to be a successful entrepreneur. Entrepreneur is a very lucrative and freedom based job.
Introduction [online] available at: https://www.slideshare.net/pakarmy4923/exploration-of-entrepreneurial-mindset [accessed by: 03/12/2018]
Determine the characteristics, traits of entrepreneurship [online] available at:http://www.academia.edu/33265490/Assignment_Title_Entrepreneurship_and_Small_Business_Management_Student_Name_Student_ID_Campus_Pearson_Registration_No_Table_of_Content [accessed by: 03/12/2018]
Assess how aspect of entrepreneurial personality [online] available at: http://www.academia.edu/33265490/Assignment_Title_Entrepreneurship_and_Small_Business_Management_Student_Name_Student_ID_Campus_Pearson_Registration_No_Table_of_Content [accessed by: 03/12/2018]
Examine the different environment of hinder and foster of entrepreneur [online] available at: http://www.academia.edu/33265490/Assignment_Title_Entrepreneurship_and_Small_Business_Management_Student_Name_Student_ID_Campus_Pearson_Registration_No_Table_of_Content [assessed by: 04/12/2018]