Busn 5315 - the Entrepreneurship Mindset

NORTH GREENVILLE UNIVERSITY

GRADUATE SCHOOL OF BUSINESS

Assignment for Course:        BUSN 5315

Submitted to:                               Dr.  Grant Edward

Submitted by:                          Anthony Blair

B0000030761  

                                                612 Whaley St. Apt. 226, Columbia, SC, 29201

                                                843-501-3156

Date of Submission:               11/12/2018

Title of Assignment:              Mid-term

CERTIFICATION OF AUTHORSHIP: I certify that I am the author of this paper and that any assistance I received in its preparation is fully acknowledged and disclosed in the paper. I have also cited any sources from which I used data, ideas or words, either quoted directly or paraphrased. I also certify that this paper was prepared by me specifically for this course.

Student's Signature: _____ Anthony Blair_______________________________________

Dishonesty and Plagiarism:

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Plagiarism is defined as submitting anything for credit in one course that has already been submitted for credit in another course, or copying any part of someone else’s intellectual work, published or unpublished, including that of other students, and portraying it as one’s own.  Proper quoting, using strict APA guidelines (as specified by your instructor), is required at all times.  Your instructor may use plagiarism-detection software to identify instances of full or partial plagiarism.

The Entrepreneurship Mindset

        One of the first things that I hear when I catch up with old friends is them discussing stuff about how much they hate and want to quit their day job. Our conversation ultimately ends up bringing up the discussion of becoming an entrepreneur and creating their own business, and this is the idea of the entrepreneurial mindset.  The textbook defines the entrepreneur mindset as “having the ability to rapidly sense, act, and mobilize, even under uncertain conditions (textbook).” I consider this as something that all successful entrepreneurs should have. The mindset of entrepreneurs differs from the rest of the population in multiple numbers of ways. One can characterize an entrepreneur by an incentive structure based on effort, a strong work ethic, and individual responsibility.

        Usual innovative thinking or creativity occurs when an entrepreneur is usually faced with something that they have never been met with before. Being able to adapt to a challenging situation is a crucial characteristic of an entrepreneur. This is something that everyone has dealt with at some point in their life. However, it is not the smaller decisions that individuals make that put them in the entrepreneurial mindset. It is the larger more significant choices that give an individual the chance to make an essential change to their lifestyle by either failing or adapting to adjust the way they usually approach decisions in life. Frequently it is through innovative actions that people can adapt to these challenging situations.

        One of the most notable entrepreneurs was Bill Gates, he was known for having an incredible vision, and the ability to grow businesses a surprisingly high level. Bill gate one key entrepreneurial trait that he had was that he focused on only hiring the most brilliant and brightest employees to achieve his company’s organizational goals. He not on focused on himself he made sure to try and motivates all his employees by rewarding them as millionaires in his company. Mr. Gates vision was clear; he believed every desk should have some computer as a tool for everyday use in the future. Now look at day everything this day and age is run by computers.

        Recently, I had a conversation with one of my friend's dad who owns a successful business. I brought up the times when I was little when I use to ask how you get so rich, So I asked him again. He responded with making sure that the people they have around are also highly motivated and successful, being persistent and the last things that is most important is to be confident. He said if you could believe in yourself and being able to trust your decisions is very important when trying to make critical decisions and ultimately enable them to move forward. It goes with being able to take risks and recovering from failure. He explained that all those traits were directly in line with the entrepreneurial mindset. They are things that every individual can possess just by having the right mindset and being deliberate in their actions. If an individual is not confident in their selves or not in the right mindset, not in the right mindset second-guessing will always happen ultimately preventing them from having forward progress. The same goes for not taking risks or failing to recover from failure.

        In conclusion being an entrepreneur all about focusing and being in the correct mindset.  It is more about how an individual think and how adaptable they are to new situations. Every person can be a successful entrepreneur if they want to be. It is not always about having the best idea or just simply starting your own business.  It involves various aspects. It only requires them remembering to keep the right mindset and listening to the advice from other successful entrepreneurs. The entrepreneurial mindset is something that must be developed and practiced.

The Marketing Plan

        In order for companies to get the products or services out to the public they need to have a marketing plan.  A marketing plan is defined as written document that describes your advertising and provides direction and focuses marketing efforts for the coming year. A marketing plan includes and focuses on the current marketing situation, analysis of current target markets trends, company positioning and a description of the marketing mix you intend to use to reach a company’s marketing goals. A company’s marketing department must be able to monitor the various steps in the plan as they occur and must be ready to make altercations or adjustments to the company activities any time during the process the process. Without a clear marketing plan, it is hard to have a clear understanding as to how a company plan on reaching the goals and implementing the strategies that are outlined in the business plan.