The Entrepreneurial Mindset in Corporations Research

THE ENTREPRENEURIAL MINDSET IN CORPORATIONS
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How the following traits relate to the entrepreneur:
Desire to achieve
Entrepreneurs must have the desire to achieve. Their determination to achieve their goals is rooted in their desire which is manifested in their actions. Their primarily aim is profit, thus they structure their businesses to earn profits. Their strategies vary as well as their goals, but for each goal they set for themselves, they plan and strategize on how to achieve them. Sometimes they have different goals other than profit margins. They include, bigger market share, bigger capitalization among others. For example, to command a bigger market share, they might restructure their prices to sell at lower rates than competitors as they seek to break the market. Succinctly, for any of these goals entrepreneurs set for themselves or their businesses, they desire to achieve them.
Opportunity orientation
Most entrepreneurs are opportunistic. They seek to find opportunities that they can convert into a product or service and earn money. Entrepreneurs scout for opportunities and they do not hesitate to find innovative ways to seize these opportunities or convert them to income generators. Opportunity orientation encompasses three major elements, risk taking, innovativeness and proactiveness. Risk taking involves spotting opportunities and if after evaluation it shows possibility of good returns, risk your resources into exploiting the opportunity. Innovativeness involves finding creative solutions and mechanisms to exploit the opportunity for maximum benefits. The approach you take on the opportunity is etched in the innovation you apply to exploiting the opportunity. Proactiveness is the ability to spontaneously act to utilize the opportunity when it shows up and allocating it the necessary resources necessary to exploit it.
Initiative
Initiative requires the entrepreneur to turn ideas into action. Spotting the opportunity is just part of the whole entrepreneurial activity. Initiative is allocating the necessary resources and planning carefully to achieve the desired objectives. Creativity, innovation and risk-taking are important elements that are instrumental in converting an opportunity into an income generating venture. Thus, initiative describes seizing the opportunity and devising innovative products and services for the opportunity. Turning the idea into action is a process that has many diverse processes that an entrepreneur must follow. For example, starting a bike rental service in a town. Providing the bicycles and the whole system of operating a similar business shows imitativeness of the entrepreneur.
Responsibility
Responsibility is an important virtue for an entrepreneur. An entrepreneur ought to be accountable for his/her own deeds or the misfortunes that befall his/her business. Taking responsibility of the team mistakes or personal mistakes is key in growth and learning how to serve the clientele better. Importantly, entrepreneurs must understand that each of the business’ problem is their responsibility and should take drastic measures to correct them. Successful entrepreneurs do not shift blame to their team, rather they take responsibility and...