Small business Assignment Example | Topics and Well Written Essays - 1000 words - 1

Small business - Assignment Example This report discusses Entrepreneurial mind sets are difficult to define, but they are within the realm of psychological dispositions which are entrenched in customs and worldviews. According to Dweck (2006), there is a distinction between a fixed mindset and a growth mindset, and personalities in the former believes that intelligence is inherent while the latter acknowledges that success and results depend on effort. In business, a growth mindset can bring more value than a fixated mindset, a mental tool that empowers one to initiate change. This is the entrepreneurial trait approach and according to this model, an entrepreneur is often defined within certain traits, often an interaction with the inner self manifest in the manner I which they control, plan, Set goals; take risk, decision making and independence. In literature, a focus on the difference between and an entrepreneur and one who lacks such skills have been brought to the fore. Brockhaus (1980) empirical study noted that an entrepreneur brings value addition to the business through risk taking propensity, a trait lacking in the majority of the population he studied. ChelL (2008) asserts that an entrepreneur is driven by the need for achievement, a locus of control, the social constructionism theory. With such a drive and push in the business environment, of priority to such a personality would to find innovative ways to bring change to the business. According to Storey (2011) optimism and chance theory best explains the mindset of an entrepreneur. According to the theory, entrepreneurs are not attracted to the conventional way of conducting normal business, rater they pounce on a chance to bring different perspectives to the normal ways of business. According to Mcgrath & Macmillan (2009)Â  an entrepreneurial mind set typically goes for the goals and stops functioning by the ground rules. The writers distinguishes a manager from an entrepreneur and notes that the former