Entrepreneurial Mindset Case Study

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Entrepreneurial Mindset As much as entrepreneurial mindset is important for business success, it is also vital to understand the current level in each entrepreneurial community by identifying which factors are lacking that needs to be improved as a means to foster the success of entrepreneurs. The above statement relates with the fact that business success in the new economy is merely not a function of relevant skills; but requires people with entrepreneurial mindsets. A mindset is a person’s way of thinking about various available business options. An American psychologist Howard Gardner (2006), in his work “Five Minds for future”, describes a person’s mindset as made up of five minds namely: the disciplinary mind which holds the mastery…show more content…
No wonder Emerson said that a person who commits himself to the entrepreneurial life, needs to be prepared for a tough journey. Although making this choice can be incredibly rewarding, prospective entrepreneurs should not be fooled by the glamour that the media portray around entrepreneurship. It is worth-knowing that there is an incredibly high mortality rate among small businesses as showcased in the report of the survival rate and trend in businesses around the globe which includes Nigeria. If a person’s business fails, his credit rating will be ruined; his confidence will crash; his family will be put under immense, unrelenting pressure. Therefore, setting out on one’s own is not such a decision that is to be taken lightly (Emerson, 2006). Entrepreneurial mindset describes the innovative and energetic pursuit of opportunities and facilitates action aimed at exploiting these opportunities (Senges, 2007). McGrath and MacMillan (2000) argue that strategists/firms should adopt an entrepreneurial mindset in other to sense opportunities, mobilize resources and exploit such opportunities. On an individual level, an entrepreneurial mindset is a life philosophy, while on an organizational level entrepreneurial mindset forms an intangible part of a organisation’s culture and…show more content…
Baron and Ward (2004) recognize that cognitive mechanisms can have a critical role in all aspects by which people think, say, and act. Particularly, entrepreneurs’ susceptibility to cognitive bias and knowledge; and the use of cognitive strategies have a significant influence on pursued opportunities (Baron, 2002). This is following the fact that cognitive mechanism includes the ways people collect, organize, scruitinize, interpret, and integrate information (Allison, Puce & McCarthy 2000), therefore entrepreneurial cognition can be described as a critical determinant factor in understanding the entrepreneur in terms of his behavior and
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