People who apply the growth mindset approach in their entrepreneurial activities will embrace challenges – seeing them as valuable lessons, and recognize their mistakes as opportunities for improvement. This path will lead the entrepreneur to be the kind of leader who constantly improves and surround himself with diverse people; a kind of leader who will lead any business into greatness. But this is not easy, and not everybody does it. Some people just don’t believe they will be able to change, while others think that they are not simply capable. But the good news is: a mindset can be taught and learned.
Observant is also a trait that successful entrepreneur always use. In this context, observant is used by the entrepreneurs to search for the problem in the community and create a product or services that can be used by the people. They also will analyze the strength and weakness of the organization to improve their quality in planning, organizing, leading and controlling. The advantage of entrepreneurs that have this feature is their ability to predict things before they happen whether the matter will give profits or losses on them. It says that the best entrepreneurs are very aware of the world around them.
As a leader or manager, you have to like an entrepreneur in terms of quickly solve problems, thinking outside the box and innovative ideas that could motivate your team forward and more. For example, b) Explain the importance and value of operations management in achieving business objectives. Planning -Planning is to setting what is the goals of an organization and decide how to achieve them in best way. The plan is contribute to retain managerial effectiveness as it can work as a guide to the personnel for the future activities or planning. The planning involves of selecting goals as well as the paths to achieve them.
Get engaged with clients and colleagues in the conception and direction of your business searches. Collaborating with them, decide standards for the work which is important to be get done in each individual’s area of responsibility. Set these standards as a bit tough but must be achievable. The outcome will be the advanced productivity and service you aspire to execute. You can’t start and run your business on your own; you need other for achieving your empowerment, success and completeness.
A conflict in one domain can have great impact on the other. Locus of control can help ensure a happy career and family life. In terms of work life, individuals with an internal locus of control are motivated by opportunities to learn and grow, to contribute to the business and society and hence exhibit achievement orientation. They actively seek information concerning their situation. They use this information to their advantage to change the course of action, by their decision-making process.
This business plan will be written after understanding one’s own competencies and about the industry he/she is going to pitch in. B-Plan will include marketing strategy, pricing strategy, competitor analysis etc. Nowadays the organizations are encouraging Intrapreneurship where the organization’s employees are given full freedom to come up with their own ideas and products so that the organization could capitalize on those inventions and commercialize on it. The risk and the uncertainty involved in taking up such business decisions are more as the entrepreneurs will be taking decisions based on the limited amount of information available. As the amount of uncertainty and the risk is more, entrepreneurs should have the self confidence on themselves that they could do the unthinkable.
Mainly because then the customer has had the opportunity to see the great quality of work they will be purchasing from the business. According to NEL and Simpson (2013) there is various skills and knowledge needed to grow a small business. As well as management resources capability plays a major role in the success and failure of any size business. It is very vital for a business to create a business plan, but also understand there must be necessary changes and redirections to grow the business. Reference NEL, P., & SIMPSON, K. (2013).
This is because it makes them change their existing behaviour patterns. An entrepreneur makes the ideas available to others for their benefit. Thus, an entrepreneur paves the way for the acceptance of new ideas or methods by the society. An entrepreneur's confidence, enthusiasm and energy help him in overcoming the society’s resistance to
The entrepreneurship field is gaining a lot of interest from people as they tend to do it for part time job therefore there will be many competitions among them in order to strive for success in their business. Thus, an entrepreneur needs to be proactive in managing and conducting their business by getting out of comfort-zone. Proactive is a trait that can be portray by an entrepreneur when he or she is always the one who will initiate a big step that could give an impact to their business even though they might be facing certain risks instead waiting for something big to happen without making any efforts to change. Compared to a passive entrepreneur who is always in their comfort zone, a proactive entrepreneur will be one step ahead in making plans concerning on things that is need to be improve for their product in order to produce a high quality product for consumers. It will be hard to be proactive if the entrepreneur does not even feel eager to strive for success as most of them only think of the moment when they had achieve their target instead of thinking on how to achieve it.
Over the last century the rapid technological changes and the massive exploitation of information set the foundations for many entrepreneurs to evaluate attainable enterprising and foresee future possibilities which led to the creation of new products and services and the segmentation of the market in smaller parts. Numerous start ups were created due to the desire of many individuals to create their own autonomous venture with ultimate goal the profitability. It was not only the need for autonomy and independence but also the urge for dominance and sustainability in a competitive environment. Successful strategic entrepreneurship occurs when individuals based on their experience manage to use the resources in such an effective way so they