Understanding the Entrepreneurial Mind-Set

Entrepreneurship

Understanding the Entrepreneurial Mind-Set

Amjad Mubarak Abulhassan

Entrepreneurship is an integrated concept that permeates an individual’s business in an innovative manner  (Robert C. Ronstadt), The dynamic process of creating incremental wealth this wealth is created by individuals who assume major risks in terms of equity, time, and/or career commitment of providing value for a product or service the product or service itself may or may not be new or unique but the entrepreneur must somehow infuse value by securing and allocating the necessary skills and resources.

Entrepreneurship is more than the mere creation of business: Seeking opportunities, Taking risks beyond security, Having the tenacity to push an idea through to reality. Recognize opportunities where others see chaos or confusion, they are aggressive catalysts for change within the marketplace and callenge the unknown and continuously create the future.

The myths of entrepreneurship:

1. Entrepreneurs are doers, not thinkers.
2. Entrepreneurs are born, not made.
3.  Entrepreneurs are always inventors.
4.  Entrepreneurs are academic and social misfits.
5.  Entrepreneurs must fit the profile.
6. All Entrepreneurs need is money.
7. All Entrepreneurs need is luck.
8. Entrepreneurship is unstructured and chaotic.
9. Most entrepreneurial initiatives fail.
10.  Entrepreneurs are extreme risk takers …the gamblers!

[pic 1]

Process Approaches to Entrepreneurship:

1. An Integrative Approach
2. Dynamic States Approach

Entrepreneurial Ventures in the United States:

• Reasons for the exceptional entrepreneurial activity in the U.S. include:

1. A national culture that supports risk taking and seeking opportunities.
2. Americans’ alertness to unexploited economic opportunity and a low fear of failure.
3. U.S. leadership in entrepreneurship education at both the undergraduate and graduate level.
4. A high percentage of individuals with professional, technological or business degrees who are likely to become entrepreneurs.

The Impact of Gazelles: