Essay Sample on The Keys to Becoming a Successful Entrepreneur: Risk-Taking & More

Introduction

Entrepreneurship is undeniably among the most pivotal endeavors of the human economic existential sphere. However, to become a successful entrepreneur, there are several gravitas prerequisites that an individual must be willing to embrace. Examples of these requirements and characteristics include being a risk-taker, visionary, creative, flexible, persuasive, versatile, among others. Importantly, though there are several definitions of the term entrepreneur, however, most of these definitions convergently denote an entrepreneur as a person who establishes a new business, bears the risks involved, and enjoys most of the rewards (Mastuti et al., 2018). On the other hand, entrepreneurship entails the process of creating, beginning, and operating a new business that is usually a small business at the initial stage (LeBlanc2018).

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The mindset of an entrepreneur is characteristically innovative, an epicenter of new ideas, procedures, businesses, goods, and services. Notably, several aspects extensively impact the mind of an individual to become an entrepreneurial mindset. Among this mind influencing elements are an individual's education, background, and experiences. Therefore, regarding my life, I am a typical and indisputable example of individual thinking entrepreneurially. However, the veracity that I am thinking entrepreneurially is primarily shaped by my background, education, experiences, among other aspects.

I am a relatively highly educated individual that is among the prime catalysts of my having an entrepreneurial mindset. In higher education, I hold both a bachelor's and a master's degree in pharmacy. Also, I have a ten-year experience of teaching at a reputable college in India. Additionally, presently, I am pursuing my MBA in Canada. The fact that I have been able to achieve a comparatively higher milestone in education has largely shaped and directed my quest in entrepreneurship. This is because education has principally helped me to see entrepreneurial opportunities where I could not previously. Elaborately, education has equipped me with an entrepreneurial mindset since I presently have the potential to establish a new venture. More so, I am versatile in the creation of these ventures since I can design the ventures to fit in different situations. For instance, the venture can fit in both profit and non-profit companies as well as in an already established organization or company. Though I am yet to try out some of the ventures, however, I am firmly convinced that the ventures will create value for not only me as the owner but the customers also. Summarily, therefore, education has mostly helped me to have a mindset that easily recognizes excellent entrepreneurial opportunities.

Nonetheless, the worth and vitality of my entrepreneurial mindset are centered on me having the belief that I could have realized success had I acted on my previous past entrepreneurial opportunities rather than only seeing the success of other people (Hjorth & Reay, 2017). Importantly, however, the fundamentality and value of my decisions and entrepreneurial mindset is in the present and not in retrospection. I have been raised by parents who are mainly entrepreneurial. Consequently, I regard this background as having shaped my appetite and mind to incline towards entrepreneurship. My parents own an agricultural business as well as a Rice Mill, paddy that is usually converted to rice. Additionally, they also own several Mango farms. Even though my dad is no more, fortunately, the businesses are still running since my mum is successfully operating them. My brother, back in India, is also involved in the lorry transportation business. Therefore, I am typically raised in an entrepreneurial family that justifies the assertion that for me having an entrepreneurial mindset is because of my background and experience of being raised in a business family (Bosman & Fernhaber, 2017).

Moreover, the experiences and the background directed me to try out business ventures at a personal level equally. Thus, in an attempt to begin my businesses, the need for achievement was my focal point. I tried a few businesses, and among them, the most promising was selling clothes on WhatsApp. However, I opted to try something different, and therefore I shifted into export business to Sweden. For the export business, I undertook the venture alone though the initial capital was relatively significant. Though this was my second source of income, the business was doing relatively well, yet I was solely responsible for the entirety of its operatory and functionality scope. The export business entailed exporting vegetables to Sweden from India after every two weeks.

Besides, I mainly consider my involvement in the business to be emanating from an external force. The external force is primarily my cultural and family background and experiences. Hence, my involvement in several business ventures is chiefly piloted by factors beyond my control, luck as well as fate (Cook, 2017). This primarily accentuates the fact that in my entrepreneurial mindset, there is a high dominance of external locus of control. Unfortunately, the export business succumbed to a loss-making trend mainly due to cross border trade barriers.

Nonetheless, I did not lose focus and instead tried another venture. This time around, we tried paper plates and cup business. Additionally, the business included the manufacturing of tetra pack plates by importing raw materials from China. In the beginning, the business was faced a lot of competition and hardship in penetrating the market. However, we remained very focused and optimistic until we managed to achieve operatory and functionality stability (Cook, 2017). More so, through the spirit of optimism, the business is presently doing well, and we have been able to gain a massive competitive advantage in the market.

Conclusion

In winding up, my entrepreneurial mindset is undeniably shaped by my experiences, education, background, among other factors. These pivotal aspects have equipped me with the knack to identify entrepreneurial opportunities and the skills to venture into the opportunity that is very critical for an entrepreneurial mindset. Therefore, also, with my entrepreneurial mindset, to achieve success in any entrepreneurial opportunity, it is imperative to anchor my endeavor on optimism, focus, need for achievement, locus of control, and individualism.

References

Bosman, L., & Fernhaber, S. (2017). Resistance and Change: Making A Case for the Entrepreneurial Mindset. Teaching the Entrepreneurial Mindset to Engineers, 57-62. DOI:10.1007/978-3-319-61412-0_8

Cook, C. (2017). Entrepreneurial Mindset. The Entrepreneurial Project Manager, 31-47. DOI:10.1201/9781315155418-3

Hjorth, D., & Reay, T. (2017). Organization Studies: Moving Entrepreneurially Ahead. Organization Studies, 39(1), 7-18. DOI:10.1177/0170840617749677

LeBlanc, H. J., Nepal, K., Mowry, G. S., & Cheville, A. (2018). Tools for the 3Cs of Entrepreneurially Minded Learning (EML). 2018 IEEE Frontiers in Education Conference (FIE). DOI:10.1109/fie.2018.8658892

Mastuti, R. (2018). Entrepreneurial Mindset Dan Peran Keluarga. doi:10.31227/osf.io/gub42