Entrepreneurial a business to succeed. Entrepreneurial mindset includes “the

Entrepreneurial mindset refers to the way a person thinks
about his/her business, which has taken into account the benefits of
uncertainties. The most effective way of learning is by observing role models
and experiencing from repeated trials and failures. Yet, it is essential to
possess an entrepreneurial mindset for a business to succeed.  Entrepreneurial mindset includes “the ability
to sense, act and mobilize under uncertain conditions” (Haynie et al., 2010).
This means that entrepreneurs are supposed to be dynamic, flexible and implement
adaptable strategies while reacting to any uncertain situations they confront,
and adjust to the ever-changing environment. Adaptable cognitions are important
in achieving desirable outcomes from entrepreneurial actions (Krauss et al.,
2005).

 

As an entrepreneur, it is significant to avoid a fixed
mindset, where one avoids challenges and believes the success of others is due
to luck. Instead, we should always maintain a growth mindset and believe that we
are a lifelong learner and see failures as an opportunity to learn and improve.
Besides, we have to learn to monitor current strategies, adjust continuously
and ensure that the short-term and long-term prospects of the business have
been taken into account. According to the
situated metacognitive model of the entrepreneurial mindset, entrepreneurs are
inherent with dynamism and uncertainty which require them to continuously
“rethink current strategic actions, organization structure, communication
systems, corporate culture, asset development, investment strategies, in short
every aspect of a firm’s operation and long-term health” (Hitt et al.,1998:26).

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To
think metacogitively, for example, describes such activities as “to be
self-aware, to think aloud, to reflect, to be strategic, to plan, to have a
plan in mind, to know what to know, to self-monitor” (Guterman, 2002). In the
Bootstrapping Challenge, we had only achieved this to a certain extent. We
planned wisely, yet when it came to failure, we struggled a bit. Especially
when we encountered technical problems, we spent a lot of time on dealing with
it and made the participants waited for a long time. Besides, we avoided
challenges and aimed to keep everything as simple as possible since we were
aware that we had only 5 pounds for initial capital. Nonetheless, we managed to
capture what the current trend among students, hence decided to attract them by
providing cheap service to the target group who want to distress from academic
deadlines. We engaged in activities that require zero cost and served with
readily available resources. For instance, we booked Grizdale Bar for free and brought
our own video game machines. We even created a self-made chili sauce dip for
nachos as complimentary snacks for participants. These proved that we all have
an 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 a
team of fifteen and raised capital through selling shares. We designed our own products and sold it to
the public. Initially, since we were a big team and was not familiar
with each other, we had extremely low cohesion and motivation. Most of us did
not know what we were actually doing. Fortunately, with excellent advises from
our leader, we managed to improve the efficiency of weekly meetings and started
to create stronger bonding. We subsequently became very determined and created a huge success at
last. From this experience, I learnt how to conduct market research to catch
customers’ preferences and tailor products to produce. It was vital to
understand every single action that we were carrying out and had to adjust our strategies such
as granting giving discounts in order to attract customers. This experience
definitely shaped my entrepreneurial mindset.

 

Failures
and criticisms generate negative emotions to businesses. However, being a
successful entrepreneur, we have to learn to accept and embrace them, seeing it
as a tool for improvement. We have to be strong and fearless, and constantly
reflect on our own experiences. In order to achieve business goals, we have to
firstly create a rational plan and be action-oriented. Solely a plan would not bring
success to a business; we have to implement and try due to the effects from
uncertainties. We have to be brave and determined no matter how challenging it
is. Likewise, we have to pay attention to the constantly evolving market and be
adaptable to it. Purely copying from competitors would not create profits while
it is crucial to be creative and listen to others. “It is important to surround
yourself with people smarter than you and to listen to ideas that aren’t yours”
(Quote).

 

Reflecting
on these experiences, I realize that I have to step-out of my own comfort zone
and to find the way to be comfortable with being uncomfortable. I will try to
understand 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 will
also pay attention to the market since being an entrepreneur is more about
tweaking business concepts in response to market feedback.  Uncertainties become my ally instead of my
enemy. I embrace challenges and will try my best to motivate my colleagues to
work harder. All these requirements remind me the way to become a successful
entrepreneur.

 

To conclude, it is never easy to be an excellent
entrepreneur. We must go through depressing stages in order to learn and grow.
Besides, it is very important to have a clear entrepreneurial mindset in order
to generate a successful business. Constant learning from the environment, accumulating
experiences, and collaborations with people will definitely shape us to be a
better person in the business. Other than an entrepreneurial mindset, we still
need to possess different types of skills such as communication, team-working,
leadership skills etc. Being intelligent will not drive you to success, we have
to take action and explore everything by ourselves and reflect on mistakes and
errors in order to become tremendous.