Memoi Assignment

A Study of Entrepreneurial Mindset: Its Origins and How Best to Measure It

Allan Gray

11 Characterizing Entrepreneurial Mindset:

Lifelong learning and openness to change;
➢ Both the conviction that behavior is adaptable has always been, that
behavior can change over time and is not typically fixed—and the
willingness to change one's own behavior—are traits of the
entrepreneurial mindset.
Engagement in a complex and uncertain world;
➢ The environment in which we live is incredibly complicated and full of
ambiguity and circumstances beyond of our power and influence.
Instead of viewing the world through a perspective where it is believed
to be stable, predictable, and controlled, an entrepreneurial mentality
sees it through this lens and wants to understand it better. Continuing
from a development mindset trait where one accepts and believes in
complexity and dynamism
Creative and innovative approaches to problem solving;
➢ Ability to transcend conventional norms, patterns, and ideologies and
produce significant, original ideas and interpretations is a crucial aspect
of an entrepreneurial mentality.
Belief and confidence in one’s own capacity and competency to be
entrepreneurial;
➢ One of the most important characteristics of the entrepreneurial
mentality is the confidence in one's ability and competence to produce
the desired outcome or impact. This involves having confidence in one's
skills, attributes, and judgment. This underlying assumption is known as
self-efficacy, and it is a crucial factor in achieving desired outcomes and
being effective in any situation.
Desire, motivation and intention to practice entrepreneurship and behave
entrepreneurially;
➢ Apart from self-efficacy, personal choice to become an entrepreneur
may also be impacted by other elements. Personal choice is a major
aspect that drives desire to become an entrepreneur or behave in an
entrepreneurial attitude.
Taking initiative and personal responsibility for actions;
➢ Initiative and personal responsibility are not taken carelessly; rather,
they are carefully considered with self-reflection and a deliberate
attempt to develop and improve in the efficacy of one's reactions to
situations.
A pursuit of goal-attainment through personal mastery and value-creation;
➢ Entrepreneurs have a very high level of accomplishment motivation,
where they are persistent and committed to achieving their goals. Often,
these objectives are not for the purpose of success, but rather for the
chance for personal mastery and the love of learning. The production of
value for others usually also serves as a driving force behind goal
achievement.
Memoi Assignment

Recognising opportunities;
➢ One who has an entrepreneurial attitude is able to quickly recognize
possibilities and seize them. They are also less reliant on resources and
more creative in using the resources they have available.
Grit and perseverance in the face of challenges;
➢ Understanding that effort, or "earnest, hard efforts," is necessary to
attain objectives and overcome problems is one of the important
components of a development mindset. Additionally, the chance for
personal mastery is one of the benefits that effort gives, along with goal
achievement.
Taking risks that lead to learning, growth and value; and
➢ Entrepreneurship is the willingness to take risks even when the
likelihood of success is low, as long as the relative potential value, risk
return, and learning opportunity are favorable. This well considered risk
acceptance is the readiness to pursue a desired objective even when
success is unlikely.
A belief in one’s ability to influence.
➢ Entrepreneurs want to have an impact on how people behave and build
their character. They are typically motivated by the greater possibility of
goal achievement through collaboration. A certain level of social
confidence is necessary to influence and lead people. Entrepreneurs
may be even more successful if they had a greater knowledge of the
thoughts, feelings, and beliefs of others around them.