Features Of Typical Entrepreneurial Mindset - 1789 Words

Introduction The meaning of the word entrepreneur has a long history of transformation: from to do something, to work, and then to gradually include various attributes such as risk bearing, requiring skill sets, innovation and being profit-centered. (Cowdrey, 2012) The word changes. So does the group of people represented by the word and their mindset, which has become a research highlight over a decade. As scientists and researchers are making progress, the general characteristics of how expert entrepreneurs think have been summarized and professors have been making attempts to lecture people the essence of such mindset so that more individuals are able to contribute to the society. This essay is focused on the mentioned two aspects: features of typical mindset of successful entrepreneurs and how these can be developed. II. Features of Typical Entrepreneurial Mindset Last century, one uncomplicated but considerably accepted cognitive psychology theory points out that individuals tend to rely on heuristics and biases to process information. This approach adopts rules of thumb, thus curtailing project cycles and accuracy of judgment. It may lead to overconfidence, but more importantly, the possibility of incubating new venture would be much higher. (Busenitz and Barney, 1997) Heuristics methodology also reflects that speed is more valuable than perfection and risk-free from an entrepreneur’s perspective. Entrepreneurship is most appropriate defined inShow MoreRelatedBrand Orientation and Market Orientation — from Alternatives to Synergy8734 Words   |  35 Pagespossible, they are not explored in previous theories, nor labeled as part of branding practice and philosophy. A new type of orientation, a hybrid between brand and marketing orientation, is among the key ï ¬ ndings of this study. 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