Name: Jess Rey N.

Optina
Subject: GE11 (3174) – Entrepreneurial Mind
Exam: First Exam

1. What does it mean to have an "Entrepreneurial Mind"?

Let me define what is an “Entrepreneur” and what is “Mind”. According to

Hayes, (2021) An is an individual who creates a new business, bearing most
of the risks and enjoying most of the rewards. The process of setting up a
business is known as entrepreneurship. The entrepreneur is commonly seen
as an innovator, a source of new ideas, goods, services, and business/or
procedures. As stated, entrepreneurs are innovative in nature because they
always think what is possible idea that never exist that can enhance market
profitability. In contrast, McLeod (2018) the mind is about mental processes,
thought and consciousness. Mind allows person to thinks about the
knowledge and its capabilities. For me if one person has an entrepreneurial
mind, he/she can be able to take the risk because of the willingness to
achieve such goals and to know the result out of it rather than without doing
anything to work out for that rewarding risk. Some people afraid of failure or
rejections, but this is part of life especially if we are entrepreneur.

In every risk there is a learning whether we succeed or not. According to

Huljin (2020) Entrepreneurial mind refers to a specific state of mind which
orientates human conduct towards entrepreneurial activities and outcomes.
Individuals with entrepreneurial mindsets are often drawn to opportunities,
innovation and new value creation. These means that if a person has an
entrepreneurial mind, he/she think new of the idea/s or business strategy that
can transform into reality and enhances its market profitability. Another is that
if a person has an entrepreneurial mind, he/she has the qualities of
entrepreneur such as generating new idea, business strategy like strategic
procurement of materials, labor productivity, production efficiency etc.
Entrepreneurship are both passion and compassion. It is passion because if
you love what you do being an entrepreneur then you have the willingness
and desire to succeed. It is compassion because as an entrepreneur you
have the sympathy in the community you serve, you can find out their needs
or problems and you come up with solutions that your business for the profit
and at the same time you serve your market with all your heart and
determination.

2. What is the importance of "Entrepreneurs" in a society/economy?

 Entrepreneurs serves as the drivers of innovation to enhance way of living of
a country’s society and economy. According to Seth, (2021) Entrepreneurship
is important for a number of reasons, from promoting social change to driving
innovation. Entrepreneurs are frequently thought of as national assets to be
cultivated, motivated, and remunerated to the greatest possible extent. It
means that Entrepreneurs are helpful in our country because they serve as
our leaders in innovation, social change that may lead into better way of living.
For example, the United States of America which is one of the most develop
countries and perhaps one of the world leaders and their forward-thinking
innovation, these are important factors in America’s success. Entrepreneur is
a brilliant thinker in its society and economy because every decision that they
make has a direct and indirect impact to the success of the country.
Entrepreneurs are the people who can think new idea and transform it into
reality and enhances its marketability that can help the society to incur better
way of living. For me entrepreneur has the belief that may or no one can
realize or seen. That is why he/ she can never surrender of the belief of the
long-term goal in the future that can really give value on the community that
serve. Great entrepreneurs have the ability to change the way we live and
work, on local and national bases. If successful, their innovations may
improve standards of living, and in addition to creating wealth with
entrepreneurial ventures, they also create jobs and contribute to a growing
economy.

References

Hujin, J. (2020). What is the meaning of entrepreneurial mind? [online]

ASKINGLOT? Available at: https://askinglot.com/what-is-the-meaning-of-
entrepreneurial-mind? [Accessed October 22, 2021].

Seth, S. (2021). Why Entrepreneurship Is Important to the Economy. [online]

Investopedia. Available at:
https://www.investopedia.com/articles/personal-finance/101414/why-entrepreneurs-
are-important-economy.asp [Accessed November 5, 2021].