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Entrepreneurial Mindset: Defining the Concept’s Context

Entrepreneurial Mindset: Defining the Concept’s Context

Entrepreneurial mindset is defined as a set of cognitive skills and processes, through which a pertinent approach is expressed. Hence, we refer to certain belief systems and knowledge that affect the thought process towards the implementation of entrepreneurial activities.

Elements Indicating Pertinent Mentality

There are a number of qualifications that derive from this type of mentality, some which are the following:

  • Business landscape is in constant flux, as its components do not cease to change, i.e.: technology, competition rules, customers’ demands etc. Therefore, adaptability is a valuable attribute.
  • Acquisition of knowledge is fundamental for the cultivation of an entrepreneurial approach. However, it is a trait that involves critical and creative thinking, along with the ability to reflect on the acquired information.
  • In addition, self-motivation is considered important. This is an attribute that requires commitment to the set goal; along with persistence, in case of failure.
  • Finally, a humanistic perspective is also indicative of a business mindset.

In order to cultivate an entrepreneurial mentality, focusing on enhancing the aforementioned values, is imperative.

Implementation of an Entrepreneurial Mindset

Having acquired entrepreneurial skills is reflected on a person’s business activity. Here are 3 examples the indicate entrepreneurial oriented approach:

  • Expand the products’ reach to new markets. This business activity has the potentiality to expand to new clients; hence, there will be a profit increase.
  • Understand the significance of developing a business network. Building a network, with like-minded professionals, give entrepreneurs the opportunity of visibility; tracing opportunities; provision of help, among others.
  • Approaching potential customers can prove to be beneficial for a business venture; as the clients’ needs will give, an entrepreneur, insights on how to form a product or a service.

Institute of Entrepreneurship Development (iED), as a leading Center of Excellence on European Entrepreneurship acknowledges the importance of cultivating an entrepreneurial mindset. In fact, our Institute is actively participating in many European strategic partnerships that promote entrepreneurship and its extensions. If you have an idea, which aligns with our mission, do not hesitate to contact our team.

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