Analysis of Top Five Entrepreneurial Mindsets on Achieving a Prosperous Business
Analysis of Distinguished
Top 5 Entrepreneurial Mindsets on Achieving a Prosperous Business
Everyone dreams to be successful.
It has been a dream for everyone to own a business and be successful in one’s own way. According to the survey by KRC Research and Consulting, 55 percent of Americans want to own their business and be the boss. However, not all those dreamers have the bravery to start a business. Those who do take the challenge are considered entrepreneurs.
Entrepreneurs create new businesses in the face of risk.
According to Scarborough and Zimmerer (2000), a person who creates a new business in the face of risk for the purpose of achieving profit is called an entrepreneur. The society has more than enough entrepreneurs establishing industries and businesses. Usually, entrepreneurs start with a simple idea. They, then, assemble the resources needed to transform that idea into a sustainable business. These people make money out of a new way or create new wealth through innovation. On the other hand, Webster’s dictionary defines an entrepreneur as one who organizes and directs a business undertaking, assuming the risk for the sake of profit. Thus, anyone who feels the urge has the entrepreneurial spirit.
Entrepreneurial mindset is important to achieve success when it comes to present competition and technological turbulence.
However, according to McGrath (2000), competition and technological turbulence have introduced a pervasive sense of uncertainty to everyday managerial life. This means that something new brings uncertainty and dramatic increase in competition. Thus, he suggested creating and deploying an entrepreneurial mindset to draw uncertainty as one’s ally instead of one’s enemy.
For entrepreneurs, it is important to have entrepreneurial mindset to achieve success.
Having a mindset is having a fixed mental attitude that determines beforehand one’s reaction on situations. If a person has entrepreneurial mindsets, he/she knows how to deal
Top 5 Entrepreneurial Mindsets on Achieving a Prosperous Business
Everyone dreams to be successful.
It has been a dream for everyone to own a business and be successful in one’s own way. According to the survey by KRC Research and Consulting, 55 percent of Americans want to own their business and be the boss. However, not all those dreamers have the bravery to start a business. Those who do take the challenge are considered entrepreneurs.
Entrepreneurs create new businesses in the face of risk.
According to Scarborough and Zimmerer (2000), a person who creates a new business in the face of risk for the purpose of achieving profit is called an entrepreneur. The society has more than enough entrepreneurs establishing industries and businesses. Usually, entrepreneurs start with a simple idea. They, then, assemble the resources needed to transform that idea into a sustainable business. These people make money out of a new way or create new wealth through innovation. On the other hand, Webster’s dictionary defines an entrepreneur as one who organizes and directs a business undertaking, assuming the risk for the sake of profit. Thus, anyone who feels the urge has the entrepreneurial spirit.
Entrepreneurial mindset is important to achieve success when it comes to present competition and technological turbulence.
However, according to McGrath (2000), competition and technological turbulence have introduced a pervasive sense of uncertainty to everyday managerial life. This means that something new brings uncertainty and dramatic increase in competition. Thus, he suggested creating and deploying an entrepreneurial mindset to draw uncertainty as one’s ally instead of one’s enemy.
For entrepreneurs, it is important to have entrepreneurial mindset to achieve success.
Having a mindset is having a fixed mental attitude that determines beforehand one’s reaction on situations. If a person has entrepreneurial mindsets, he/she knows how to deal
References: McGrath, R. (2000). The Entrepreneurial Mindset. Needed An Entrepreneurial Mindset 1:1-8.Harvard Business School Press. Guth, W.D., & MacMillan. (1986). "Strategy Implementation versus Middle Management Self-interest." Strategic Management Journal 7:313-327. Low. M. B., & Montgomery. (1988). "Entrepreneurship: Past Research and Future Challenges." Journal of Management 14:139-161. MacMillan, I.c. (1987). "New Business Development: A Challenge for Transformational Leadership." Human Resource Management 2:111-118. MacMillan, I.C. (1986). "To Really Learn About Entrepreneurship, Let 's Study Habitual Entrepreneurs." Journal of Business Venturing 1:241-243. Rumelt, R. P. (1987). "Theory, Strategy and Entrepreneurship." In The Competitive Challenge: Strategies for Industrial Innovation and Renewal, edited by D.J. Teece. New York: Harper and Row. Tushman, M.L., and E. Romanelli. (1985). "Organizational Evolution: A Metamorphosis Model of Convergence and Reorientation." In Research in Organizational Behavior; edited by L.L. Cummings and B.M. Staw. Volume 7:171-122. Greenwich Conn.: JAI Press. Akalp, N.2011, September. "Do You Have What it Takes to be An Entrepreneur?" anhttp://mashable.com/2011/08/31/entrepreneur-qualities/ Dobson, K. (2010). "How To Develop the Entrepreneur Mindset." http://www.sitepronews.com/2010/10/27/how-to-develop-the-entrepreneur-mindset/