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Table of Contents
Table of Contents ......................................................................................................................................... 1
1. EXECUTIVE OVERVIEW ............................................................................................................................... 2
2. INTRODUCTION ......................................................................................................................................... 2
3. THE PSYCHOLOGY OF THE ENTREPRENEUR...................................................................................................... 3
3.1. PERSONALITY CHARACTERISTICS ........................................................................................................... 3
3.2. MALLEABLE COGNITIVE ASPECTS OF ENTREPRENEURIAL BEHAVIOUR ........................................................... 3
4. ENTREPRENEURIAL PROCESS AND NEW VENTURE START-UP .............................................................................. 4
5. ENTREPRENEURSHIP OUTCOMES.................................................................................................................. 5
6. CONCLUSION ............................................................................................................................................ 5
7. BIBLIOGRAPHY .......................................................................................................................................... 7
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Enterprise and Innovation Mind Map Narrative
1. EXECUTIVE OVERVIEW
This report presents a thumbnail sketch of how the entrepreneurships mind map was
produced. In this respect, it provides an explanation of the links between the various concepts
and ideas which are in the designed mind map. Drawing from this context, this report depicts
how the mind map is set out to capture the interrelations between its constituents to create a
successful model for a new business venture.
The conclusion highlights the vital importance of entrepreneurship that is fuelled by a
widespread recognition for its crucial economic and social roles. Consequently, the world is
demanding more entrepreneurs to cultivate innovation and drive change.
2. INTRODUCTION
Society appears to be fascinated by entrepreneurs who are viewed as heroic figures. They are
commonly seen as the self-starting individuals who create societys wealth and foster economic
growth. Today, people such as Richard Branson, Anita Roddick and Chris Evans are world-
renowned for their entrepreneurial prowess and revered as role models that have changed the
lives of a myriad of people and the world! What is, then, behind that surge of
entrepreneurship construct? In essence, the sketched mind map demonstrates the journey of
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Enterprise and Innovation Mind Map Narrative
In the same vein, interactions of the internal venture organisation are tied up to the
entrepreneurial cognitive skills that influence its management decisions, strategic planning
and functions.
Furthermore, the entrepreneurs organisational skills underlie their ability to deal with the
inherent risk and to respond to uncertainty. These responses, which incorporate
proactivity, innovation and decision making, reflect the way in which the venture is
managed; therefore these skills are strongly correlated with the entrepreneurial managerial
behaviour- which is looked after in the New Venture start up sphere in the map.
Thereof, the degree to which the venture acts entrepreneurially in terms of innovativeness,
risk-taking, and leadership acumen is related to a set of distinctive entrepreneurial
behaviour.
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people. The perceived values from this process, then, have to fulfil the entrepreneurs
psychological and societal needs to sustain self-motivation.
Consequently, a new venture will take off as the core outcome of the entrepreneurial process,
and an organisation must be created to coordinate the purchasing, marketing, financing and
other activities that are needed in order to serve the market in a legal and profitable form.
5. ENTREPRENEURSHIP OUTCOMES
Entrepreneurs make qualitative differences in the way markets operate. In one respect,
entrepreneurship is regarded as an economic activity which is concerned with building a stable
and profitable business that must survive in a competitive environment. In this regard, valuable
innovations hold the key to entrepreneurial survival in todays rapid change and non-linear
dynamics by helping the entrepreneur to gain and maintain strategic winning edge to stay
ahead of the curve. Furthermore, through the dissemination of knowledge via spillovers from
entrepreneurial activity, opportunities can be turned into economic knowledge and contribute
to economic growth (Carter et al, 2012).
From societal respect, entrepreneurship presents win-win scenarios where its activities operate
with some degree of social responsibility and thereof create societal values.
By innovating, entrepreneurs are responsible for disturbing the existing market equilibrium
(e.g., creative destruction) but by diffusion of innovation they are also responsible for
establishing the new equilibrium (Urban, B. (2012). This then takes us back to the first globe, the
Dynamics of Change, because these shifts in the marketplace attribute to great changes.
Therefore, entrepreneurship outcomes provide a route of dynamic shifts that will result in
more changes in the industrial and social landscapes and thereof more opportunities. Hence, a
vibrant and responsive entrepreneurial process will result into a new market offer and social
change.
6. CONCLUSION
Entrepreneurship has attracted much attention during the last three decades. Its elevation is
not only necessary for a healthy economy but also critical for sustaining prosperity, promoting
innovation and creating new jobs (Karadeniz & zcam, 2010). In general, entrepreneurship is
concerned with identifying the potential for change for the better. After all, this
entrepreneurial venture can be an entrepreneurs way of leaving their mark on the world.
Nonetheless, entrepreneurship embraces new dynamics as means of building a long-term
recovery out of the flagging economy in todays marketplace. Thereof with the immense
creation of new innovation, opportunities thrive for more entrepreneurs to capture and
convert them into marketable solution.
Exploring the entrepreneurial cognitive styles as well as the personality attributes sheds a light
on the qualities of the entrepreneur that occupy a prominent position in their entrepreneurial
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behaviour where they distinguish between them and non-entrepreneurs for example, what
one person sees as a business opportunity, another may see as an intractable problem, even if
they are both in the same situation.
Therefore, uncovering why entrepreneurs have greater propensity for aspiration, creativity and
innovation will provide valuable insight into why some aim to become entrepreneurs while
others do not.
In essence, entrepreneurship involves the application of human creativity, knowledge, skills
and energy to perceive and create new economic opportunities through innovation to produce
something new, useful and better than what currently exists and that creates significant value
not just for the entrepreneur but for the consumers and all stakeholders. Most essentially,
entrepreneurial venture is successful if it meets the aspirations of its stakeholders or, better,
exceed them. In order to do this, it must attract resources, reward its stakeholders for their
contributions and be financially secure. Finally, we have approached the end of our journey
through the mind map, and it is now the potential entrepreneurs own journey to embark on,
where starting and running new ventures is what entrepreneurship is all about.
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7. BIBLIOGRAPHY
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