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 the business. And so, having entrepreneurial mindsets benefit people who dream for owning their business. The researchers gathered studies and books to have a background on mindsets. In order to determine entrepreneurial mindsets, the researchers gathered studies and books regarding mindsets that lead to success. They sought for this kind of readings in such way, to have foundation on their study since the researchers do not have any background intelligence on the human mindset and behavior – psychology. The research sought to identify mindsets since there has not been any study about it. According to Scarborough and Zimmerer (2000), there has not been any study isolating a particular set of mindsets required for success. This is the reason behind why the research was conducted. The researchers wanted to specify a particular set of mindsets that will help people attain success. The research will identify top 5 entrepreneurial mindsets that will lead to success. In this research, mindsets will be identified and discussed by looking through the life stories of 55 successful entrepreneurs. The researchers have identified mindsets from the successful entrepreneurs and have made a tally of it in order to find the common mindsets that may help people attain success. This research sought to determine the top 5 entrepreneurial mindsets that lead to success, a prosperous business. The research identified 7 common mindsets.
The research identified 7 common mindsets of 55 successful entrepreneurs. This may reflect differently from observation since the common mindsets were acquired by their definitions. Passion is the energy that comes from bringing more one’s self into what they do. The first mindset identified was passion that has 61 percent of the 55 successful entrepreneurs observed. Passion is the energy that comes from bringing more of one’s self into what they do. In a business, it is better to have passion because it tends entrepreneurs to stay focused, committed and...