Strengths of the Entrepreneurial Mindset
The entrepreneurial mindset helps to sense the opportunity that helps in innovation and the capability of the people’s accomplishment becomes the standard rating by which leadership can be measured. An entrepreneurial mind provides an exciting look at potential and entrepreneurial drivers within each individual. An entrepreneurial mindset is fundamental because it provides more adorable steps to change the job market of today’s world rapidly. The main aim of this assessment is to give a brief idea of my strength and weaknesses in the entrepreneurial context (Hossain, Leminen, and Westerlund, 2019). It also gives an idea about my personal opinion on this particular topic. The entrepreneurial mindset is stating whether I am going in the right direction or not, and in the future, I will get proper solutions or not that will also be seen from this context of entrepreneurship. Entrepreneurs believe that it is safer to invest myself compared to investing in any kind of savings account of low interest.
Figure 1: Entrepreneurship Theory
(Sources: Kohtamäki et al., 2020)
Entrepreneur has the benefits of wearing different hats based on their work. It helps a person to learn a lot of things. This learning does not only include studies about a specific industry. All the areas are covered in this (Stéphan et al., 2019). It includes managing money, marketing, and dealing with the risk policies for effectively performing the job. Some of the beneficial points of the entrepreneurial context are discussed below in an elaborated form.
In different difficult or complex situations, the Entrepreneurs are not intimidated. These entrepreneurs help to increase a person’s general optimism and self-confidence, which influences the person to complete a job effectively. The time needed to complete the job can be a little longer, but they ultimately perform it (Zheng et al., 2018). Persistence is stated as the problem-solving skill that helps to solve the problem with practical solutions.
This entrepreneurial context helps to find out opportunities in the whole world. The problem of failures and flips challenges are overcome in this case. Opportunity orientation is helping to view the whole world as full of opportunities. It helps create effective learning optimization or access opportunities to become change makers through innovation and multi-purpose entrepreneurship. A component of strategy and entrepreneurship is entrepreneurial orientation. The main motto is to reflect the information and managerial vision of the organizational efforts, which produce innovation that creates values for the business and the consumers.
Determination and perseverance help to focus on the success of the setback and obstacles that the new business developers face. Determination is essential for entrepreneurship because this helps in deciding the opportunity cost that helps in starting a new firm and constructing a proper age structure, individual abilities along with resources towards the culture, entrepreneurship, unemployment, education, income disparity, and others. At the same time, perseverance is something despite difficulties or delays in achieving success. This perseverance is essential to give sufficient time to the user to decide after analyzing the whole factor properly.
Opportunity Sensing
Feedback seeking helps a lot to the user to get success in the activity in this entrepreneurship (Shepherd et al., 2019). Influential entrepreneurs describe maximum time about how a matter can be learned quickly. Many people have a strong desire to know the details about their performance ratings. To fulfil these things, the learners sometimes ask their mentor to provide feedback. These feedback policies are automatically provided over here. Feedback is stated as the learning centre from their past setbacks or mistakes.
So, these all are the strength of the entrepreneurial context.
Figure 2: Entrepreneurship skills for business growth
(Sources: O’Reilly & Binns, 2019)
Entrepreneurial context is the expression of the observation behaviour such as organization founding’s or within an organization leading a project to get opportunities (Chen & Bellavitis, 2020). Entrepreneurship varies among regions and nations, among individuals, and over time. It is the general idea about the entrepreneurial context. Just like every procedure or concept, this is also having some disadvantages, limitations, or Dark sides. Manfred Kets de Vries stated the negative factors surrounding the entrepreneurial context. Some entrepreneurs sometimes have criminal behaviour. Sometimes there are errors in the judgment also. Many times I associate the word ‘entrepreneur’ with wheeler-dealers and rogues. According to John Thompson and Bill Bolton, the followings are the dark effect of entrepreneurship.
There are some risks in an entrepreneur’s confrontation (Antons & Breidbach, 2018). Types of this risk are elaborated over here.
Financial risk, Career Risk, Psychic Risk, and Social and Family risk.
I put different significant portions of my resources and had saved the stack, which creates a vital financial risk. The resources and the money, in the likelihood, can be a loss if the venture fails.
I, as an Entrepreneur, am working on the development of the services and products as well as ideas and products to start a new business or grow a new business (Hong et al., 2018). Sometimes after investing in a new business, there comes a negative outcome. So, in that case, my career will be annihilated, and I can lose a lot of money also. This type of career risk is majorly concerned to the manager who already had a secure job with a good salary package.
For starting a new venture, much entrepreneur time and energy are needed. Other commitments of me can be suffered, for this reason, increasing social and family risk (Loorbach et al., 2020). The family member fills incomplete family experiences here. I need to involve all their energy in a new startup company and cannot give time to my family members. It breaks a family most of the time.
The adverse effects of the concrete experience are significant in my life, and they can be represented in the form of Kolb’s model. According to Kolb’s model, an entrepreneurial endeavour can affect my personal and business life very quickly. The spare of impact can include the emotional, social, physiological, entrepreneurial domains, and financial affect in my life if it is not controlled nicely. It is defined as a concrete experience. According to the reflective observation, the experimental learning in my life about this entrepreneurial context is given here. The reveals of the entrepreneurial context analysis failure of my business are stated over here, and how it can help me to re-engage the entrepreneurial endeavours next is stated over here. The next step is the abstract conceptualization in Kolb. The abstract conceptualization is helping me to analyze further development, which provides me with the direction I need to follow to avoid risk in business. It helped me to focus on the business, become more confident, made me think creatively, and become independent. In the next step, the active experimentation is helping me to choose a variety of successful ways chosen by other failed entrepreneurs to make the business stable. Entrepreneurial context is helping me to combine practical and boldness. With the help of this Entrepreneurial mindset, I can experiment with different types of new ideas and implement different types of alternative solutions. The main strength of this. The entrepreneurial context in my life is – it improved my theoretical, innovation, and managerial concepts and helped me to implement them in the business.
Persistence and Determination
Entrepreneurial context is stated as an observable behaviour for pursuing proper opportunities. According to me, entrepreneurship is a risky thing, though it has a lot of advantages and opportunities. It is very tough to handle. If the attempts of the person fail, then they will be depressed and can be mentally imbalanced also. So, thinking about the investment is very important. Otherwise, they can have the probability to invest in the wrong place. For a better understanding of a user, the strength, weakness, or drawback of the entrepreneurial context is highlighted over here (Keskin, Wever & Brezet, 2020). All these weaknesses and strength is essential to finding out the career image as an entrepreneur. In the journey of my Entrepreneurial career-making, I felt very tribulations, stress, ecstasy, and agony. Although there are various types of problems still, if a person can have patience, the ability to take the pressure and invest money in the proper place, I think the person can succeed in a short period. In this report, different pathways are discussed to preface a proper entrepreneurial career. So, for me, an Entrepreneurial career is a very tough journey, and a lot of patience and investment is needed.
Conclusion
Therefore it can be concluded that the entrepreneurial mindset is a thought process and belief set and can also be stated as a view that drives entrepreneurial behaviour. There are many entrepreneurial strengths and weaknesses. Some of them are discussed over here in detail. Entrepreneurs are essential for a country as they act as the economical wheels of a country. With the help of these factors, new services, products and employment are created. This creation ultimately results in the acceleration of the development of the economy. Personal opinion about the Entrepreneur’s implementation is also given in this report. After going through different papers and the sample paper provided by entrepreneurs, the report is written simply and understandably so that the reader cannot face any problem in learning this. Entrepreneurship careers have a lot of paths beyond the traditional starts of their own company.
Reference list
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