ENTREPRENEURIAL MINDSET

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Entrepreneurial Mindset

Entrepreneurial Mindset代写 A successful business person is not merely judged by the relevant skills but by the entrepreneurial mindset he/she harbors.

 

Reflection

A successful business person is not merely judged by the relevant skills but by the entrepreneurial mindset he/she harbors. According to Neneh (2012, p. 3370), most small and medium enterprises (SMEs) fail because of the lack of an entrepreneurial mindset. Those entrepreneurs with an entrepreneurial mindset tend to perform better in business management and steer it to success. They exhibit better entrepreneurial factors including creativity, risk-taking propensity, growth orientation among others (p. 3371). These factors are vital for business success. A culmination of these needs a good understanding of entrepreneurial mindsets through lean start-up method as applied in the business model canvas and other concepts.

Therefore, starting up a business is more than having a good business plan and being able to pitch to potential investors.  Entrepreneurial Mindset代写

While it is a good presentation of strategic entrepreneurial thinking and orientation, the business plan has been found to have fatal setbacks. Ashamalla, Orife, and Abel (2008, p. 385) found that the business plan is slowly being relegated as it is being replaced by other approaches that aim to win the confidence of potential investors. One of these methods includes the lean start-up as applied in the business canvas model (BCM). The BCM puts the entrepreneurial mindset into perspective in relation to the value proposition. An entrepreneur applies BCM to develop a clear view of the value proposition, operations customers and finances. Business owners use it to identify how the different parts of the business relate to each other. It is therefore essential in making decisions regarding focusing efforts and time at the start-up and business growth.

Entrepreneurial Mindset代写
Entrepreneurial Mindset代写

Additionally, it is evident that many entrepreneurs and SMEs spend much of their time on starting up and surviving in the market with little no time for planning. Any efforts to plan are thwarted by the confusion of not knowing where to begin. According to Joyce, and Paquin (2016, p. 1480), BCM can be used by entrepreneurs to address certain issues and business risks that need more information such as competitors, and target market. The BCM is hence a tool that offers an overarching framework for developing business strategy, focused business plan and create business priorities. BCM is more specific and offering additional information that is not found in the business plan.

Moreover, the lean start-up method is a complementary approach in entrepreneurial strategy using a business plan.  Entrepreneurial Mindset代写

The business plan is the first thing that every entrepreneur must have before anything. It contains yearly forecasts for income, profits and cash flow. However, these are done in complete isolation of the real products and the outcome it could bring on the table. A business plan is based on the assumption that it is possible to figure out in advance about the product and the market before executing the idea. Although the business plan might be very convincing to the investors, a lot of time is used up in product development with little or no time in customer involvement. Furr, and Dyer (2014), the lean start-up is shorter and most successful process that aims to get instant response by defining and engaging real customers. This makes entrepreneurship is a distinctive management practice. A traditional method such as business plan only successful in situations where the entrepreneur has knowledge of the problem and the solutions. Today, we are designing products for situations. Although problems may be known, in many cases solutions are unknown. There is a need to experiment and improve efficiency.

Furthermore, the lean method is a basic requirement for survival in a modern and dynamic environment.  Entrepreneurial Mindset代写

The approach is nothing more than creating efficiency in resource use. Entrepreneurs use it to streamline the course of action in introducing the product into the market. Consumers know what they want and hence testing their preferences is essential before making an investment. A good example of a company that uses lean methodology is Uber. The company is synonymous with the practice of a lean Minimum Variable Product (MVP) (Merrick, 2019). Today Uber is the highest-valued unicorn startup in the world.

Apparently, it is normal to stumble and fall sometimes.  Entrepreneurial Mindset代写

The most important thing is to reach the finish line. The application of the lean method during startup teaches the entrepreneur to see failure as the opportunity to grow and pivot if not working and preserve if it works. Olsen (2015), business owners need to be innovative in approaching solutions to problems and avoid high risks. The approach ensures that the business owner does not suffer a major loss.

Therefore, entrepreneurs need to shift away from traditional practices with the advent of artificial intelligence, the internet of things and advanced technical methods. A lot has changed today in the economy and society as a whole. People use the basic principles from old days but in the modern context. As such, there is need to balance and integrate new practices in businesses. Modern practices are what steers future management and agility in business development. In essence, lean startup method is the most suitable in modern times. It is used to produce more value with fewer costs.

However, the lean startup process is not without criticisms.  Entrepreneurial Mindset代写

There are people saying it lacks successful exponents and hence makes the method problematic (Gleeson, 2014). Others view Ries’ relatively underwhelming career as a flaw in coming up with a credible and acceptable scientific method (2014). There are others with the concern of bringing an inferior product to the market. I believe that regardless of the concept, there will always be people criticize using counter-arguments in the approach. Entrepreneurs need to be aware of these arguments so as to make informed decisions in choosing the best alternative approach.

Entrepreneurial Mindset代写
Entrepreneurial Mindset代写

In summation, the entrepreneurial mindset is a basic requirement for a successful startup.

The course and knowledge therein are essential especially to the internet and technology-based startups. The use of lean startup in BVM help to instill the need for making decisions based on scientific knowledge. Also, keeping in mind the difficulties mainly faced by startups, entrepreneurs learn the need to adapt quickly and change tack.

References  Entrepreneurial Mindset代写

Ashamalla, M.H., Orife, J.N. and Abel, I., 2008. Business plans: are they relevant to venture capitalists? Journal of Small Business & Entrepreneurship, 21(4), pp.381-391.

Furr, N. and Dyer, J., 2014. The Innovator’s Method: Bringing the Lean Start-Up into Your Organization. Harvard Business Review Press.

Gleeson, A., 2014. The key lesson from the lean startup. Available from https://medium.com/@alangleeson/key-lessons-from-the-lean-startup-7ccc3f571a87

Joyce, A. and Paquin, R.L., 2016. The triple-layered business model canvas: A tool to design more sustainable business models. Journal of Cleaner Production, 135, pp.1474-1486.

Merrick, L., 2016. How Uber, Airbnb & Dropbox Released MVPs to Achieve Rapid Growth. Available from https://medium.com/@LoganTjm/how-uber-airbnb-dropbox-released-mvps-to-achieve-rapid-growth-d823ac6eaed5

Neneh, N.B., 2012. An exploratory study on the entrepreneurial mindset in the small and medium enterprise (SME) sector: A South African perspective on fostering small and medium enterprise (SME) success. African Journal of Business Management, 6(9), pp.3364-3372.

Olsen, D., 2015. The lean product playbook: how to innovate with minimum viable products and rapid customer feedback. John Wiley & Sons.

 

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