Question

1. What does “entrepreneurial mindset” mean? Define the characteristics of the entrepreneurial mindset. Do you think you have an entrepreneurial mindset?

2. One purpose of strategic leadership in companies is to ensure innovation does not occur in a vacuum—that the spirit and enthusiasm that go with entrepreneurship do not lead managers to forget the fundamentals. Consider the findings of a recent study. Researchers examined 1,435 companies that had been listed among the 500 largest in the world any time since 1965 (Collins, 2000). They sought to identify companies that were able to make a shift from good to great performance (defined as having generated cumulative shareholder returns greater than three times the market average over 15 years). Only 11 of the 1,435 companies showed a sustained and verifiable shift from good to great. This stunning finding led to the following conclusion:

“The truth is, there’s nothing new about being in a New Economy. Yes, the Internet is a big deal, but electricity was bigger. And in each evolution of the economy over the past 150 years, the best executives have adhered to the same basic principles, with rigor and discipline. I can’t tell you exactly what a corporation will look like 50 or 100 years from now. But I can promise this: If you toss out all the time-proven fundamentals, you’ll have no chance whatsoever of building an enduring, great company.” (Collins, 2000, p. 208)

In your opinion what will large corporations look like 50 or 100 years from now? Be creative and use your Entrepreneurial Mindset.

Answer 1

1.

A particular condition of intellect that instructs individual behavior towards entrepreneurial actions and outcomes thereof is termed as entrepreneurial mindset. Persons having entrepreneurial mindsets have habit of looking for opportunities and innovation. They strive for new value creation. Their characteristics are

• Hard work
• They enjoy what they do.
• They have dedication.
• They are ambitious, and focused.
• They focused on achieving a particular aim.
• They pay strong attention to detail.

Yes, I have an entrepreneurial mindset as I have all the qualities discussed so I am qualified to be among them.