The paper "Nature of the Entrepreneurial Mind' Is a wonderful example of a Management Assignment. This week’ s readings focused on the nature of the entrepreneurial mind. As a student of entrepreneurship, I realized that I needed to approach the subject with an open mind. The rationale for this approach is that entrepreneurship is a topic that is often discussed outside the educational setting thereby resulting in misinformation and false assumptions. This week’ s reading enabled me to understand the nature of the entrepreneurial mind and to identify some of the common myths about the subject. First, I learned about the extensive research on entrepreneurship, leading to the identification of numerous entrepreneurial attributes.
However, the reading showed that there is a consensus on eight core attributes. These include leadership, commitment and determination, courage, opportunity obsession, creativity and adaptability, motivation, intuition, and tolerance of risk, ambiguity, and uncertainty. In particular, the opportunity obsession attribute stood out since I was under the assumption that entrepreneurs should focus on resources, contacts, networking, and money instead of opportunities. In addition to these seven core attributes, there are several desirable attributes that can facilitate entrepreneurial success.
These include intelligence, values, creativity and innovativeness, the capacity to inspire, and energy, health, and emotional stability. When it comes to the reading summary, the topic begins by noting that entrepreneurs are leaders from different genders, ages, religions, and backgrounds who do not share a single psychological makeup. The reading also notes that entrepreneurship is not an inherent characteristic that individuals are born with. Rather, entrepreneurship can be learned and developed, leading to the observation that most entrepreneurs need a 10-year apprenticeship in a given field to be successful.
The reading also addresses other common myths about entrepreneurship. The final part of the reading shows that intelligence tests cannot be used to evaluate entrepreneurial success. The key point that I have taken from the book is that entrepreneurship is something that can be learned. This provides a rationale for studying this course. Additionally, the case study on Lian illustrates the need for an apprenticeship in the industry before branching into entrepreneurship. Importantly, the experience will not guarantee success as an entrepreneur still requires the capacity to learn and grow the business. The weekly lectures have proven to be more valuable than the weekly readings.
I have had the chance to listen to well-prepared content that reinforced the knowledge that I had acquired from the readings. The lecture also sharpened my critical analysis skills by showing that I need to go beyond the readings and conduct further research on the entrepreneurial mind. The bi-weekly workshop was just as informative as the lecture and readings. This is because the workshop allowed me to practice what I had learned from the topic with like-minded peers.
Similarly, ICT and social media facilitated extensive sharing and communication with peers on how to create personal strategies. As stated, one fact that stood out from the weekly reading was the need for an apprenticeship. I decided to conduct brief interviews with the small business owners that I encountered during the week. The finding was that most of them were middle-aged individuals who had been employed in the same sector. For example, I met a restaurant owner who had worked in the industry before establishing and running a successful business.
This confirms the importance of apprenticeship to entrepreneurial success.