The Entrepreneurial Mindset

Most entrepreneurs exhibit mixed cognitive attribu tes of risk-averse and creative enthusiasm in building their enterprise. The discussion in this chapter argues that at the initial stage entrepreneurs face a resource crunch, and narrow the scope of idea transformation, returns on investment, and autocracy in the work culture of the organization. Entrepreneurs often encounter psychological barriers created by knowledge blocks and by differences in culture, language, education systems, and economic development levels. Even something as basic as accommodating the world’s various workweek schedules can put a strain on small business ventures. The discussion in the chapter also maps the mindset of entrepreneurs in managing the challenges and opportunities within and outside the enterprise, and addresses the new cognitive push for new ventures and global start-ups as a way to compete with bigger incumbents while using far fewer resources. Besides the cognitive attributes of entrepreneurs, this chapter also discusses issues on entrepreneurship development, entrepreneurial thought processes, and managing the learning curve.