Building an Entrepreneurial Mindset to Create Economic and Social Prosperity

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• 24-Jan, 2023

Building an Entrepreneurial Mindset to Create Economic and Social Prosperity

Entrepreneurs are important key personnel in the society because they bolster the development of the economy, innovate and invent things and ideas, create job opportunities for the betterment of the society. A successful entrepreneur must be able to think outside the box, produce novel ideas and build a business around it. An entrepreneur should have a unique mindset that is innovative, motivative, curious, creative, able to take risks and failures and communicative.

Changing a Country with Low Productivity

• Building a healthy competition among industries: Competition is not always unhealthy. It can be a healthy way of increasing productivity growth among companies, firms and industries by giving them incentives. If industries have strong incentives and enough funds to innovate, a lot of innovations which boost productivity will be available in the market.

• Policies that hinder and stifle productivity should be avoided

• Policies to enhance the skills of the workforce in the country in order to increase productivity should be put in place.

• Allocation of funds to Research and Development (R&D) should increase so that productivity growth prospects will improve in the long run. When a country is heavily invested in research, innovation, science and technology, new innovations are invented which is a boost to that country's economy.

What is an Entrepreneurial Mindset, and why it's Essential Even if you don't want to Start a Business

Everybody has a mindset but not all are consciously aware of it and its effects. Our mindsets give us ideas, the determination, ignite our ambitions and avail us with so many opportunities we can explore to flourish and thrive. But it can also blindfold us to reach for opportunities and hinder our abilities to gain knowledge due to our prejudice or fear of the unknown and failure.

A mindset is a system of cognitive belief that consists of interrelated knowledge, beliefs and assumptions that we make use of to make informed decisions, process information and behave accordingly.

An entrepreneurial mindset can be defined as a specific set of ideas, thought processes and beliefs that initiate an entrepreneurial behaviour.

Entrepreneurs are the masters of their lives, action-oriented, goal-oriented, intrinsically motivated, self-directed, resilient, creative, reliable and think critically while having a humanistic outlook.

Characteristics of Entrepreneurial Mindsets

1. Entrepreneurs have a positive attitude: To be a successful entrepreneur, you must have a positive outlook and attitude. Your behaviour as an entrepreneur influences your company and sets the tone for others to follow. Negative thoughts and attitude undermine the progress of the company and demotivate the employees. A positive mindset does not wallow in mistakes made but rather learn from them. Positive work environments lead to higher business profits, mentally and physically healthy staff and high productivity rate in the company.

2. Creative mindset: A good entrepreneur will always look for new innovations and ideas. The adage that says “creativity is the mother of invention” is correct because an entrepreneurial product life cycle is based on creativity turned into viable service and products.

3. Ability to communicate persuasively: An entrepreneur must learn the art of persuasive communication. He/she must be able to negotiate, close a deal or sale or negotiate for lower prices of products.

4. Intrinsic drive and motivation: An entrepreneur must be intrinsically driven and motivated. That is, he/she must be self-motivated.

5. Tenacity, resilience and determination to rise from failure: An entrepreneur must be tenacious and determined to succeed and learn to embrace your mistakes. Failure is inevitable but does not let it break you.

6. Decisiveness: An entrepreneur must be a decision maker when the time calls for it, especially during times of crises.

7. Accountability: an entrepreneur must be ready to be accountable and take responsibility for his/her actions and decisions.

8. An entrepreneur must have confidence in his abilities and in those of his workers.

How to get a 270% Increase in Student Participation Over 3 Years?

1. Student Choice: Make several activities available to the students with the same end results and allow the children or students to choose their activities themselves. For future plans, ask the students in advance about what they would like to do before the next activity.

2. Increase student participation by working with their fellow students: Teachers can group the students together to encourage social interaction during a school activity.

3. Use Technology: Teachers can use technology as a barrier breaker for students, especially those with special needs.

4. Make a connection between real work and classroom work: Show the students how they can connect what has been taught in class to the real world around them. For example, you might take them on a field trip, whether real or virtual tour field trip, find a video on the internet as a visual representation tool to explain a topic or skill.

What Impact have these Mindsets had?

Entrepreneurship mindsets have created more opportunities for entrepreneurs and job opportunities for the employee. It also improves social interaction between employees and the work atmosphere. It has a positive impact on the level of success and happiness of an entrepreneur.