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Entrepreneur: Characteristics and Mindset Research Paper

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Updated: Feb 28th, 2022

Much has been written in modern literature about an entrepreneur’s characteristics, mentality, and mindset. In particular, the motives and driving forces are clarified, and such traits as ambition, authority, interest, desire for communication, optimism, and independent thinking are considered. Among others, the willingness to take risks is especially emphasized. Summarizing the researched sources, it can be said that an entrepreneur is a persistent person with lateral thinking, who is guided by the creation of innovations and takes actions, which change the world.

Entrepreneurs represent an essential aspect of the economy as they help drive growth by offering innovative ideas on which their company is based. Duermyer (2020) argues that not everyone has a chance of success, but if the business brings results with advance, it abruptly moves forward not only the industry but also the world around. Ferreira (2020) agrees with this point of view and states that an entrepreneur can contribute to social change and create an innovative product, which defies the status quo in everyday life. For instance, Elon Musk sends humanity to Mars, while Steve Jobs and Bill Gates have made phones and computers part of every home (Ferreira, 2020). Thus, entrepreneurs are among the most influential transformers of things in the entire world.

Entrepreneurs think lateral and have independent intellection, which enables them to be forward and innovative. They do not excite about those who might question their plans and ideas (Duermyer, 2020). It shows their optimism since it is difficult to achieve anything without expecting a positive outcome regardless of others’ opinions and circumstances (Duermyer, 2020). Entrepreneurs believe in their dream and that their ideas are realizable and possible, even when they seem unattainable.

The entrepreneur sees everything as two-dimensional, measures it by two indicators: price and cost. Their sense of the latter is better developed than other participants of the economy. Therefore, by capturing its size and change, they intuitively predict price fluctuations in the market, becoming its strongest player (What is entrepreneurship?, 2020). At the present stage, the result of bargaining is a consensus in which all parties demonstrate an equivalent exchange of goods, while each party hides its economic gains behind a trade secret (What is entrepreneurship?, 2020). An entrepreneur’s talent lies in the fact that with a fair exchange of commodities in the market, they become richer, receiving more than they had.

Pursuing a passion is a prerequisite for entrepreneurial success, while such qualities as confidence, perseverance, and focus on action are essential allies. Duermyer (2020), in particular, argues that it does not happen that entrepreneurs never have self-doubt, but they know how to overcome it and believe that they will eventually be able to achieve their goal. Hayes (2020) suggests that entrepreneurship is inseparable from high risk, but having the ability to overcome difficulties and perseverance leads to considerable profits. Thus, such people do not surrender at the first or even hundredth obstacle and continue to go towards their goal, even when something goes wrong.

To summarize, an entrepreneur can be defined as a confident and tenacious person who is cost-oriented and knows how to get a profit, while lateral thinking helps them drive innovation. As a result, they create new ideas and avoid distractions by focusing on the essentials. Apart from it, they do not stop in front of difficulties but go forward despite any defeat and circumstances, ultimately achieving success, which changes the world.

Reference List

Duermyer, R. (2020) Web.

Ferreira, N. M. (2020) . Web.

Hayes, A. (2020) . Web.

(2020) Web.

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