Task: What are effective stragies for developing an enterprising mindset ?
The most powerful aspect of a human body is its mindset that plays the role of a key component in establishing an effective business and long-term sustaining a career. Mindset can also be termed as a confidential factor in establishing an attractive public brand that eventually attracts a large volume of potential consumers and valuable opportunities. The purpose of the assignment is to understand development of enterprising mindsets and reflect on it. In relation to enterprising or entrepreneurship, the enterprising mindset is defined as the potential to pay complete attention or focus on the opportunity to concentrate on every present situation and execute the required actions as fast as possible. The effectiveness of highly-trained or productive professionals is fuelled by the competence of the enterprising mindset. In this assignment, detailed opinions will be included regarding certain points such as opportunity map and DIFA models.
Reflection on Module Learning
It can be said that entrepreneurs do share some specific characteristics and cognitive styles and some of the creative cognitive styles that tend to be common amongst a majority of the entrepreneurs seems to be equally active and present in the non-entrepreneurial labour force. Conversely, some cognitive styles that are basically based on structure, order and logic and that specifically manifest themselves in non-entrepreneurial types tend to be far scarer in entrepreneurs. enterprise mindset examples should be direct enough to recognise individuals possessing creative cognitive styles, it does not follow that those specific individuals are born entrepreneurs or that the business entities they extensively work for tend to be more entrepreneurial than their major rivals or competitors. There are various approaches of development of enterprising mindsets and some themes includes sections include effective decision-making supported by assessment and proper judgement, implementation of notions and ideas via leadership and bargaining, executing the action and reflecting on that specific action and many more. In other terms, the enterprise is more than the formation of entrepreneurs, it is all about a positive attitude and encouraging people with utmost confidence to develop a career and other occupational interests (Penaluna et al., 2014).
Figure 1: Enterprising vs Entrepreneurial
(Source: case study, 2019)
After learning this module, I personally believe that the first step to launch a new business starts by recognising the important networks and then explore the deserving individuals with the required skills and traits in earning capital and establishing a business by serving as a mentor within the business. However, I believe that creating an advisory board provides the start-up with additional integrity and proves to be helpful in making effective decisions. An individual can develop an entrepreneurial mindset by exploring events in the communities including pitch competitors and startup weekends that provides the individual with the knowledge for uniting the people together and prepare for entrepreneurial effectiveness. In the modern era of business, it is important for individuals to gain confidence and an enterprising mindset in order to launch a new business (theceomagazine.com, 2019). I during my school days explored various opportunities that used to prevail in my school or college and extracted the maximum out of it which eventually led to the development of my enterprising mindset and entrepreneurial skills. I am saying so because individuals who tend to get exposed to such specific experiences at an early stage of life develop an entrepreneurial spirit internally within them and this helps them in sustaining long-term in the business field.
Figure 2: Model of the Module
In terms of innovation, entrepreneurs by nature tend to be innovative and creative and due to this, the large players or competitors in the market desire to actively engage with entrepreneurs to understand the core aspect of innovation in business as this is not the same case occurring with the larger business organisations (entrepreneurship.msu.edu, 2019). It is important to develop an entrepreneurial mindset as the global economy along with the technological and social changes caters to alter the traditional contract between an employee and company, and it can be possibly said that no individual in this modern era has expectations of decades-long employment at one single organisation or entity. I during my learning days of this module acknowledged that the main emphasis lies on the development of skills and not launching a new business start-up and my main goal was to develop the interdisciplinary skills and traits that eventually leads to the formation of an entrepreneurial mindset and perspective. I learnt that the development of entrepreneurial traits appears to be entirely constant with the specific T-Shaped learning framework and entrepreneurial mindset which includes the modification of the professional and life traits tends to be the horizontal bar on the T-Shaped framework (Pizarro, 2014).
These skills and traits apply uniformly to students or individuals who want to develop an entrepreneurial mindset for profitable organisations or not-for-profit entities or instead have the desire of working within larger and established business organisations. The main irony, in this case, is that conventional employers and management value these specific skills and traits in individuals who are applying for positions and jobs that are not entrepreneurial in nature. The contemporary employers and authorities recognise and understand that the entrepreneurial mindset including innovative spirit, suppleness, a self-awareness that modern day's individuals possess are valuable in the market (ylai.state.gov, 2019). I concluded that the main thing about entrepreneurism is that it needs to be practised extensively in order to be learned because an individual cannot learn entrepreneurship without having the practical knowledge and experience of it. During my learning of this module, I got the opportunity to interact with some of the young alumni who have recently launched a new business and by interacting with them, I concluded that even if their business is failing, the budding entrepreneurs would not trade the experience for anything. I understand that launching a business start-up or operating it under various circumstances appears to be challenging and difficult but the that is not the point, as the main justification lies in the practical experience and not in the results or outcomes derived.
Opportunity mapping is defined as a powerful tool that is utilised to recognise and acknowledge the geographic distribution of valuable opportunities and challenges. It needs a comprehensive analysis of various demographic characteristics and environmental conditions or circumstances associated with opportunity (Graham et al., 2011). After completing an opportunity mapping activity, I concluded that primary stakeholders in a business company would have explored the valuable and prioritised opportunities from a concept of service and they would continue the same activity in order to devise a roadmap for the valuable opportunities. In other terms, I can say that opportunity mapping helps a business organisation to devise innovative services or improve its traditional services formed on the base of notions and concepts generated from extensive consumer research and support. The DIFA models, in my opinion, are used to analyse the level of demand and expectations in the market, innovation level of the model, the viability of supplying the market and promotion of the capable segment. Some enterprise mindset examples of consumers often lack selection and choices regarding the various services in front of them and the introduction of a completely new service which does not hold any resemblance to the previous offerings often proves to be effective and important in attracting a large volume of potential consumers.
The module learning happened to be a huge and positive experience that made me acknowledge and understand the various techniques to support the main process of establishing a new business and eventually an innovative and potential organisation. This module has improved my ability in devising and testing the viability of these notions and ideas and also helped me in investigating the prevailing relationship between a business idea and business requirements. According to my own perspective and opinion, in the changing world, it is longer mandatory and important for the students or individuals to graduate from a single stream and a practised set of skills along with talent needs to be supported and guided by an enterprising mindset. Overall, I concluded that development of enterprising mindsets influence positioning an organisation, profitability and success, which tends to be more appropriate for the potential consumers and it weeds out cross-enterprise incompetencies.
It can be concluded on this enterprising mindset assignment that possessing enables an individual to completely bounce back from failures by means of impactful lessons and conclusions learnt during projects and programs. It is a specific idea of the society required to constantly push actions and activities to achieve effectiveness. It also has been concluded that not every individual possessing an enterprising mindset chooses to be an entrepreneur or self-employed. In this assignment, a reflection section has been included that explains the conclusions derived after learning the module and helps in understand the development of an enterprising mindset. An enterprising mindset proves to be advantageous and beneficial in various ways and situations but it should not be exclusively associated with the launch of a new business or start-up in order to generate high profitability. Overall, it can be said that being enterprising is developing characteristics and quality that empowers an individual to initiate crucial changes.
entrepreneurship.msu.edu. (2019). The Entrepreneurial Mindset - Entrepreneurship and Innovation. Retrieved from https://entrepreneurship.msu.edu/the-entrepreneurial-mindset/
Graham, J., Nosek, B. A., Haidt, J., Iyer, R., Koleva, S., & Ditto, P. H. (2011). Mapping the moral domain. Journal of personality and social psychology, 101(2), 366.
Penaluna, A., Penaluna, K., & Diego, I. (2014). 13. The role of education in enterprising creativity. Handbook of research on entrepreneurship and creativity, 360.
Pizarro, N. (2014). An institutional and pedagogical model that fosters entrepreneurial mindset among college students. Journal of Entrepreneurship Education, 17(2), 143-162.
theceomagazine.com. (2019). Create an enterprise mindset for the 21st Century. Retrieved from https://www.theceomagazine.com/business/management-leadership/create-enterprise-mindset-21st-century/
ylai.state.gov. (2019). Growing Your Entrepreneurial Mindset: Reflections from Professor Michael Goldberg | YLAI Network. Retrieved from https://ylai.state.gov/growing-your-entrepreneurial-mindset/
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