Dr P R Datta
Anyone interested in understanding the factors that contribute to the creation and maintenance of a dynamic economy would do well to recognize the importance of entrepreneurship and research and development (R&D). There is a growing recognition of the importance of entrepreneurship in economic development, not least because it is one of the most important determinants of national growth and development. There is a direct link between countries that promote the entrepreneurial spirit and their ability to combat high levels of unemployment and underemployment. Furthermore, by encouraging entrepreneurial activity across all sectors, countries can help diversify their economies.
We are now in the midst of a globalization process that is obliterating the working class’s social achievements accumulated over the past two centuries in every corner of the globe. One of the most striking features of structural capitalism’s globalization ideology is that it obscures and conceals the process of capitalist dominance and, as a result, the extraordinary rise in structural unemployment, precarious work, and the already well-known rise in social exclusion. We can no longer think in terms of “on-the-job training.” We must consider how to increase “employability” and entrepreneurship.
It is critical to recognize that the entrepreneurial mindset is the most important factor in fostering long-term entrepreneurship that contributes to economic growth. This article focuses on the key entrepreneurial mindsets that are required to become a successful entrepreneur, including dreams, vision, and focus, growth mindset, positive attitude, ambiguity tolerance, opportunity spotting, and work ethics.
Those who have no aspirations live a bleak existence. We all benefit from having hopes and dreams because they can lift our spirits and inspire us. It is important that we do not dismiss our dreams as mere fantasies; they can be the seeds of our own endeavors and serve as a driving force for us to move forward. People talk about “living the dream,” but the truth is that it is up to each of us to make our own dreams come true. Uncertainty about the final destination or what awaits along the way is no barrier to embarking on a journey and making some of our wildest dreams come true. It’s unlikely that your dream at 21 will be the same dream at 51, or at any age in between. Dreams, goals, and ambitions come in all shapes and sizes, and are rarely consistent. As we grow older, our expectations and motivations change, and our experiences lead us down different paths. This epidemic has taught us that anything can happen at any time, and that it pays to be on the lookout for risks and foresee the need for forward planning. Our hopes and aspirations for a better future remain unfulfilled.
The entrepreneur Richard Branson believes that the ability to dream is one of humanity’s greatest gifts. Aspiration, creativity, and innovation are all bolstered by it, and this serves as fuel for our forward progress. In a world without dreams, it is impossible to imagine what it would be like. No moon landing, no female CEOs, no civil rights movement would take place. This way of life would be deplorable and short-lived. All of us should have lofty goals and aspirations, and we should serve as role models for others. Black civil rights leader Martin Luther King Jr. delivers his “I Have a Dream” speech to a crowd gathered at the Lincoln Memorial during the March on Washington on August 28, 1963.
To accomplish anything significant, you must first focus your attention on a specific goal and then devote all of your energy to achieving it. An entrepreneur is laser-focused when it comes to realizing his vision and is not easily distracted along the way. Create SMART goals by imagining and seeing the big picture. Dreams are mental whirlwinds, as if one were floating through the sky among fictitious clouds. Visions are pre-programmed attempts to effect positive change. They show up both personally and organizationally. Dreams are enjoyable; visions, on the other hand, are draining. Entrepreneurs are individuals who take an idea and turn it into a plan – a vision that they then bring to fruition, whether as a business, a method, or something entirely new and distinct. A visionary is someone who recognizes the potential in a concept, which may or may not be his or her own and recognizes the possibilities that it holds. Visionaries are the movers and shakers in our society. Visionaries put their goals into action, making the world a better place to live for themselves and the rest of us.
Growth mindset: When faced with difficult tasks, the “fixed mindset” individual may seek to delegate the most difficult tasks to others while exerting the least amount of effort possible, whereas the “growth mindset” individual believes that good outcomes are frequently the result of exertion-“effort” is simply a part of the process. To master a new skill or task, the application of energy, whether mental, physical, or simply through repetition over time, is usually required. When faced with a challenge, a “fixed mindset” person may withdraw, possibly out of fear of failure, and may even go into hiding to avoid responsibilities. The “growth mindset” individual, on the other hand, views obstacles as interesting and engaging because they are confident that they will gain something valuable from their experiences. They “stick with it,” overcoming the challenge, and are then able to achieve even greater heights of success. Making mistakes is something that the “fixed mindset” individual despises because it is humiliating. When confronted with criticism, they may place blame on others or become defensive. A person with a “growth mindset,” on the other hand, will see the mistake as a learning opportunity and will be less likely to take criticism personally. Another reason why having a growth mindset can lead to success is that it can help one improve their ability to do better the next time.
It is critical for an entrepreneur to maintain a positive attitude. Attitude refers to both how your mind works and how you deal with difficult situations. Recognize Uncertainty: Entrepreneurship entails exploring new territory, which inherently entails some level of uncertainty. Entrepreneurs are confident in their ability to stay on course and avoid deviating from their chosen path when confronted with uncertainty on a daily basis. Persistence and resilience: The second logical problem that arises as a result of ambiguity is that failures will occur, and things will not go as planned at various points in the future. Even in the face of such challenges, the entrepreneur remains upbeat.
They work harder and come back stronger, but they never give up hope. Adaptability: Plans may not be fool proof from the start, and a business model may require multiple changes before it is successful in the long run. Entrepreneurs who are flexible are able to respond to new information and changing situations. Adaptability is a critical component of business success. Inquisitive and innovative: Entrepreneurs are able to ask the right questions because they are naturally curious. This sets their imaginative imaginations on the path to problem-solving in a novel and creative manner. An Entrepreneurial Attitude: An entrepreneurial attitude is predisposed to taking action and achieving results. An entrepreneur does more than just generate ideas; he or she is also willing to get their hands dirty and put those ideas into action in order to achieve the desired result. The ability to be optimistic is a valuable asset for any entrepreneur, not only for keeping themselves and their team motivated, but also for creating a positive business culture that will assist them in successfully managing the company.
A high level of ambiguity tolerance refers to the ability to notice uncertainties, contradictory situations that may be difficult to explain, and information that has unclear, contradictory, or multiple meanings in a neutral and open manner. An entrepreneur should be unafraid of the unknown and should not be constrained by classification. It must be recognized that problems can be transformed into opportunities. All entrepreneurs must recognize and accept their current situation, as well as have the confidence to face adversity and tolerance for stimuli that vary in intensity.
Human relationships are plagued by feelings of jealousy and resentment, owing in large part to the fact that people rarely accept their lot in life and are envious of the lives and possessions of those who are more fortunate. The ability to accept things with calm is critical for achieving a deep sense of inner fulfilment and happiness. To avoid simply accepting the status quo, we must approach both adversity and good fortune with the same attitude, one that is courageous enough to accept the consequences of our actions and inactions. We must all get to know ourselves and recognize the ephemeral nature of much of what we have come to value in our lives as humans. To accept the limitations of the human body, we must also work hard to improve our abilities.
It is impossible to be idle without being meaningless, which is why being unemployed or underemployed can be so draining, with some even calling it “soul destroying.” Work allows a person to develop not only focus, but also the ability to contribute in a way that improves their quality of life. While toil is not without its difficulties and moments of drudgery, one’s attitude toward one’s labour can make all the difference in the world. It is not only important to place a high value on hard work, but it is also important to cultivate a mindset that encourages fully embracing the task at hand and doing so with pride and dignity.
Regardless of the nature of the task at hand, work should be done with a cheerful attitude. We should all make good use of our time, preferably for the benefit of humanity and the entire planet. Even in difficult circumstances, it is possible to use time constructively, as demonstrated by Mohandas K. Gandhi (1869-1948 CE), a lawyer and independence campaigner who was imprisoned in Pune (formerly Poona) during the British Raj and used his time to spin his own cotton yarn with a simple charkha. This is an example of how, even in difficult circumstances, time can be used constructively (a portable spinning wheel).
[ The Writer is Educator, author, and researcher and Executive Chair, Centre for Business & Economic Research, UK]
