Example Of Entrepreneurial Mindset

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2.1.2 Entrepreneurial Mindset
As much as entrepreneurial mindset is important for business success, it is also vital to understand the current level in each entrepreneurial community by identifying which factors are lacking that needs to be improved as a means to foster the success of entrepreneurs. The above statement relates with the fact that business success in the new economy is merely not a function of relevant skills; but requires people with entrepreneurial mindsets.

A mindset is a person’s way of thinking about various available business options. An American psychologist Howard Gardner (2006), in his work “Five Minds for future”, describes a person’s mindset as made up of five minds namely: the disciplinary mind which holds the mastery
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It is the way entrepreneurs perceive environmental stimuli. The way people organise and use information from their environment and how this information guide their actions (Sanchez, Carballo & Gutierrez, 2011).
Entrepreneurial cognition refers to the knowledge structures that people use to make assessments, judgments, or decisions involving opportunity evaluation, venture creation, and growth (Mitchell, Busenitz, Lant, McDaugall, Morse, & Smith, 2002). It is the approach that is characterized by the study of the type of cognitions among others that could help to define the entrepreneur, explain entrepreneurial behaviours in relation to identification of business opportunities and growth, success in business, and distinguish entrepreneurs from other
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It is characterized by the study of certain types of cognitive styles that help, among other things, to explain entrepreneurial behavior, success in business which distinguishes them from other individuals. It is believed that cognition is the element that distinguishes entrepreneurs from non-entrepreneurs, and it ranges from their beliefs to their values, styles and mental
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