Entrepreneurial mindset refers to the way a person thinksabout his/her business, which has taken into account the benefits ofuncertainties.
The most effective way of learning is by observing role modelsand experiencing from repeated trials and failures. Yet, it is essential topossess an entrepreneurial mindset for a business to succeed. Entrepreneurial mindset includes “the abilityto sense, act and mobilize under uncertain conditions” (Haynie et al., 2010).This means that entrepreneurs are supposed to be dynamic, flexible and implementadaptable strategies while reacting to any uncertain situations they confront,and adjust to the ever-changing environment. Adaptable cognitions are importantin achieving desirable outcomes from entrepreneurial actions (Krauss et al.,2005).
As an entrepreneur, it is significant to avoid a fixedmindset, where one avoids challenges and believes the success of others is dueto luck. Instead, we should always maintain a growth mindset and believe that weare a lifelong learner and see failures as an opportunity to learn and improve.Besides, we have to learn to monitor current strategies, adjust continuouslyand ensure that the short-term and long-term prospects of the business havebeen taken into account. According to thesituated metacognitive model of the entrepreneurial mindset, entrepreneurs areinherent with dynamism and uncertainty which require them to continuously”rethink current strategic actions, organization structure, communicationsystems, corporate culture, asset development, investment strategies, in shortevery aspect of a firm’s operation and long-term health” (Hitt et al.
,1998:26). Tothink metacogitively, for example, describes such activities as “to beself-aware, to think aloud, to reflect, to be strategic, to plan, to have aplan in mind, to know what to know, to self-monitor” (Guterman, 2002). In theBootstrapping Challenge, we had only achieved this to a certain extent.
Weplanned wisely, yet when it came to failure, we struggled a bit. Especiallywhen we encountered technical problems, we spent a lot of time on dealing withit and made the participants waited for a long time. Besides, we avoidedchallenges and aimed to keep everything as simple as possible since we wereaware that we had only 5 pounds for initial capital. Nonetheless, we managed tocapture what the current trend among students, hence decided to attract them byproviding cheap service to the target group who want to distress from academicdeadlines.
We engaged in activities that require zero cost and served withreadily available resources. For instance, we booked Grizdale Bar for free and broughtour own video game machines. We even created a self-made chili sauce dip fornachos as complimentary snacks for participants. These proved that we all havean entrepreneurial mindset and are able to think in a metacognitive way. Furthermore,I have joined the Young Enterprise Program in high school, where we worked as ateam of fifteen and raised capital through selling shares.
We designed our own products and sold it tothe public. Initially, since we were a big team and was not familiarwith each other, we had extremely low cohesion and motivation. Most of us didnot know what we were actually doing.
Fortunately, with excellent advises fromour leader, we managed to improve the efficiency of weekly meetings and startedto create stronger bonding. We subsequently became very determined and created a huge success atlast. From this experience, I learnt how to conduct market research to catchcustomers’ preferences and tailor products to produce. It was vital tounderstand every single action that we were carrying out and had to adjust our strategies suchas granting giving discounts in order to attract customers.
This experiencedefinitely shaped my entrepreneurial mindset. Failuresand criticisms generate negative emotions to businesses. However, being asuccessful entrepreneur, we have to learn to accept and embrace them, seeing itas a tool for improvement. We have to be strong and fearless, and constantlyreflect on our own experiences. In order to achieve business goals, we have tofirstly create a rational plan and be action-oriented. Solely a plan would not bringsuccess to a business; we have to implement and try due to the effects fromuncertainties. We have to be brave and determined no matter how challenging itis. Likewise, we have to pay attention to the constantly evolving market and beadaptable to it.
Purely copying from competitors would not create profits whileit is crucial to be creative and listen to others. “It is important to surroundyourself with people smarter than you and to listen to ideas that aren’t yours”(Quote). Reflectingon these experiences, I realize that I have to step-out of my own comfort zoneand to find the way to be comfortable with being uncomfortable. I will try tounderstand myself more and always be prepared for a rapid change in directions.I believe that practices could help to improve and lead to perfections. I willalso pay attention to the market since being an entrepreneur is more abouttweaking business concepts in response to market feedback. Uncertainties become my ally instead of myenemy. I embrace challenges and will try my best to motivate my colleagues towork harder.
All these requirements remind me the way to become a successfulentrepreneur. To conclude, it is never easy to be an excellententrepreneur. We must go through depressing stages in order to learn and grow.Besides, it is very important to have a clear entrepreneurial mindset in orderto generate a successful business.
Constant learning from the environment, accumulatingexperiences, and collaborations with people will definitely shape us to be abetter person in the business. Other than an entrepreneurial mindset, we stillneed to possess different types of skills such as communication, team-working,leadership skills etc. Being intelligent will not drive you to success, we haveto take action and explore everything by ourselves and reflect on mistakes anderrors in order to become tremendous.