Entrepreneurship is not a new phenomenon. Its been there in the society since ages as the spirit of doing business is infectious in itself; the desire to propel one’s thoughts through business-led innovation serves to motivate and energize many in their quest to create wealth and find meaning in life.
Entrepreneurship has been traditional as the “capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit.” In a larger sense of the term, an entrepreneur is able to recognize the commercial potential of the invention and organizes capital, machinery, talent, and other resources to transform an invention into a commercially viable innovation.
One may ask what exactly motivates an entrepreneur to start a business venture for the very first or continuously over time. This can be best answered by a number of factors that affect him. His upbringing, economic status, desire to create wealth, making a difference in the society by contributing meaningfully are all attributable factors. But what really differentiates an entrepreneur from a business person that is simply transactional in nature and lacks any significant innovation-led principle is the ‘entrepreneurial mindset’ of the entrepreneur which is a way of thinking that enables them to overcome challenges, act with decisiveness along with accepting responsibility for business outcomes along with the ability to take strategic calculated risks. Persons exhibiting an entrepreneurial mindset feel a constant need for upgradation of skills, to learn experientially from mistakes and taking action upon ideas by seizing opportunities perceived promising for the future.
It has been observed by researchers that the entrepreneurial mindset is fixed in the pursue of all possible opportunities which they look upon through environmental scanning and the goal is to create an augmented value proposition greatly above the existing competitive offering through the deployment of innovation; the magical ingredient that surpasses known rules-of-the-game and at times lead to disruptive business innovation.
What are the psychic processes that underlie the entrepreneurial mindset among truly innovative entrepreneurs? Attitudes and intrinsic motivation are what separates a person with an entrepreneurial mindset from others. How happy an individual is and how positively he feels within himself in conceptualizing and asserting on a change of action and new ways of doing things are crucial success factors amongst many. A positive primary emotion such as happiness laid over the dimensions of pleasure, engagement, and meaning greatly decides how the aspiring entrepreneur feels and does with his life seen from the prism of a business proposition. Creativity as learnt from Bohm then becomes a spearheading element that enables the entrepreneur to look at, feel and think differently – all with a mind of practical imagination. Innovation starts with the right mindset and happiness quotient makes it a lot easier to view things with unprecedented clarity and vision – core elements that marries innovation with business processes resulting into a fruitful union.
‘No one gets remembered for something they didn’t do’ is what most passion driven entrepreneurs strongly believe in and commit to; pushing boundaries of performance to lead change in every way.