ASSIGNMENT 1 FRONT SHEET

Qualification BTEC Level 5 HND Diploma in Business

Unit number and title Unit 9: Entrepreneurial Ventures (5047)

Submission date 9th October, 2023 Date Received 1st submission 9th October, 2023

Re-submission Date Date Received 2nd submission

Student names & codes Final scores Signatures

1. Hồ Thị Lan Vy Vy

2. Nguyễn Thị Nguyệt Nguyệt

Group number:
3. Nguyễn Thị Mỹ Ngọc Ngọc

4. Đoàn Ngọc Anh Khoa Khoa

5.

Class Assessor name Võ Công Nghĩa

Student declaration
I certify that the assignment submission is entirely my own work and I fully understand the consequences of plagiarism. I understand that making a false declaration is
a form of malpractice.

P1 P2 P3 P4 M1 M2 D1
 OBSERVATION RECORD
Student 1 Hồ Thị Lan Vy

Description of activity undertaken

-Introduction about a report

-Examples of Entrepreneurial mindset

-Conclusion of the report

- Discussing the role of entrepreneurial mindset for the success of entrepreneurial ventures-

-The business plan ( Canvas Figure)

- Appendix: Group business plan

- Edit group video

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How the activity meets the requirements of the criteria

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 OBSERVATION RECORD
Student 2 Nguyễn Thị Nguyệt

Description of activity undertaken

-The business plan ( Canvas Figure)

-The similarities and differences between entrepreneurial ventures and the traits and characteristics of
entrepreneurs in those ventures

-The skills and characteristics associated with an entrepreneurs mindset

- The Five Skills

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How the activity meets the requirements of the criteria

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signature:

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OBSERVATION RECORD
Student 3 Nguyễn Thị Mỹ Ngọc

Description of activity undertaken

-The business plan ( Canvas Figure)

-The similarities and differences between entrepreneurial ventures and the traits and characteristics of
entrepreneurs in those ventures

-Entrepreneurial mindset

-The traits and characteristics associated with entrepreneur

Assessment & grading criteria

How the activity meets the requirements of the criteria

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signature:
Assessor
Date:
signature:

Assessor
name:

OBSERVATION RECORD
Student 4 Đoàn Ngọc Anh Khoa

Description of activity undertaken

-The business plan ( Canvas Figure)

-Skills and characteristics

-Skills and characteristics associated with an entrepreneurial mindset

- Analyzing the ways in which entrepreneurial mindset could be enhanced and nurtured

-Conclusions of the report

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How the activity meets the requirements of the criteria

Student
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signature:

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signature:

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OBSERVATION RECORD
Student 5

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How the activity meets the requirements of the criteria

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 Summative Feedback:  Resubmission Feedback:

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Table of Contents
PART 1: THE BUSINESS PLAN ...................................................................................................................................... 11
1. Introduction about business plan .......................................................................................................................... 11
1.1. The reason of choosing the business plan ................................................................................................. 11
1.2. Market analysis ................................................................................................................................................ 12
1.3. Product and Service ......................................................................................................................................... 13
1.3.1. Product ...................................................................................................................................................... 13
1.3.2. Service ....................................................................................................................................................... 16
2. Business Canvas .................................................................................................................................................. 18
PART 2: THE ANALYSIS OF ENTREPRENEURIAL MINDSET.......................................................................................... 24
1. Introduction ........................................................................................................................................................... 24
1.1. Introduction to the report .............................................................................................................................. 24
2. Examining what it takes to be an entrepreneur and the scope of entrepreneurial ventures. ..................... 25
2.1 The scope of entrepreneurial ventures ...................................................................................................... 25
2.1.1. Serial entrepreneurs ............................................................................................................................... 25
2.1.2 Technology entrepreneurs ....................................................................................................................... 25
2.1.3 Social entrepreneurs ................................................................................................................................. 26
3. The entrepreneurial traits and characteristics of the chosen entrepreneurs ................................................... 28
3.1. Entrepreneurial trait and characteristics..................................................................................................... 28
4. The similarities and differences between those entrepreneurial ventures and identifying common traits and
characteristics of entrepreneurs in those ventures ................................................................................................. 31
4.1. Similarities ...................................................................................................................................................... 31
4.2. Differences ....................................................................................................................................................... 32
5. The concept of entrepreneurial mindset with examples from the chosen entrepreneurs ............................... 33
5.1. Define the concept of entrepreneurial mindset, Fixed mindset versus Growth mindset ......................... 33
5.2. The entrepreneurial mindset with examples from the chosen entrepreneurs .......................................... 34
6. Skills and characteristics associated with an entrepreneurial mindset ............................................................ 34
6.1. The Five Skills ................................................................................................................................................. 34
6.2. The skills related the chosen entrepreneurs ................................................................................................. 35
7. The role of entrepreneurial mindset for the success of entrepreneurial ventures and ways in which
entrepreneurial mindset could be enhanced and nurtured ................................................................................... 37
7.1. The role of entrepreneurial mindset for the success of entrepreneurial ventures .................................... 37
7.2. The ways in which entrepreneurial mindset could be enhanced and nurtured. ....................................... 38
8. Conclusion .............................................................................................................................................................. 40
9. References list ........................................................................................................................................................ 41
Appendix: Group business plan................................................................................................................................... 47

Table of Figures
Figure 1: Logo of Coco ceramics .................................................................................................................................. 12
Figure 2: Survey the demands of ceramics product of Coco about purpose and quality ........................................... 14
Figure 3: Survey on the designs and the prices of product ......................................................................................... 15
Figure 4: Survey on demands of consumer wanting to buy on which channel .......................................................... 17
Figure 5: Coco ceramics canvas model ........................................................................................................................ 18
Figure 6: Sara blakey founder of Spanx (Spanx,2021) ................................................................................................. 25
Figure 7: Brian Chesky founder of Airbnb (Brian,2023) .............................................................................................. 26
Figure 8: Shiza Shahid founder of Malala fund (Shiza,2020) ....................................................................................... 27
Table of table
Table 1: Survey on gender and age ............................................................................................................................. 13
Table 2: Revenue stream assumptions of Coco ceramics ........................................................................................... 20
Table 3: Investment assumptions of Coco ceramics ................................................................................................... 22
Table 4:Total fixed cost assumption of Coco ceramics ............................................................................................... 23
PART 1: THE BUSINESS PLAN

1. Introduction about business plan

The project we are currently embarking on is an exciting attempt to start and run a ceramics
business called Coco Ceramics. To effectively brainstorm ideas and develop a plan to launch
this business, we turn to the highly regarded and widely adopted business tool, Canvas Model.

1.1. The reason of choosing the business plan

Nowadays, ceramics are gradually becoming popular again. The potential of the ceramics sector
is huge, but in Da Nang, the ceramic industry is not yet developed and has no scale. Realizing
this situation, we established a small business project called Coco Ceramics based in Da Nang,
with the goal of bringing traditional crafts back to modern life for young people. We develop
this ceramic industry with a blend of modernity and tradition. Pottery is a highly creative activity
that allows individuals to express their artistic side. Furthermore, ceramics are often associated
with sustainability and environmental friendliness. By promoting the use of natural materials
and encouraging recycling and upcycling, Coco Ceramics is able to attract environmentally
conscious customers who appreciate the company's commitment to its products. sustainable
products. In addition to selling ceramic products, Coco Ceramics can also generate revenue from
pottery classes, workshops, private events and even hosting pottery parties. By offering pottery
classes, Coco Ceramics will provide customers with a platform to explore their creativity and
learn new skills. This diversification of income sources can contribute to financial stability for
the business. In addition, Coco Ceramics can become a community engagement center. We
provide a space for people with similar interests to connect, learn and share their passion for
ceramics. This sense of community can drive customer loyalty and word-of-mouth advertising
brings customers to Coco Ceramics.
 Figure 1: Logo of Coco ceramics

1.2. Market analysis

According to Mortensen (1986), Market analysis is the activity of analyzing consumer

behavior,competitors,advertising resources, development opportunities, etc. From there, devise
business strategies. suitable business to help businesses reach potential customers and develop
their brand. Here are the benefits of conducting surveys for market analysis:

Understanding customers: This is a prerequisite for success or failure when a business launches
a product to the market. Assuming that if you do not understand what customers want, the
products your business creates will naturally not be accepted and your business will not earn any
profit, or even lose money (Day, 1981).

Understand competitors: Through market analysis will know what the advantages are; and what
are the weaknesses in competitors' products and services. From there, businesses will have the
ability to create a difference or create new products that overcome the weaknesses that
competitors have (Myers and Tauber, 2011).

Build a development strategy: Market analysis will help set the right roadmap for businesses,
while also avoiding unnecessary risks (Mortensen, 1986).
Facing challenges and accepting opportunities: In reality, the market is always moving and
changing constantly. Therefore, at each stage, it is necessary to anticipate the difficulties and
challenges that will be faced as well as new opportunities for development (Evension, 1984).

Table 1: Survey on gender and age

No table of figures entries found. Frequency Percent (%)

Gender Male 28 33,7

Female 55 66,3

Age Under 18 4 4,8

19-25 23 27,7

26-40 53 63,9

Over 41 3 3,6

Total number of each factor 83 100

Through the survey results, it can be seen that Coco's main customers are women (66.3%), while
men only account for 33.7% of the total. The age range of 26-40 is the store's main customer age
group, accounting for the highest ratio of 63.9%. The second ranked age group is customers aged
19-25, accounting for 27.7%. Next are the two age groups under 18 and over 40, these are two
less popular groups, reaching only 4.8% and 3.6% respectively.

1.3. Product and Service

1.3.1. Product

According to (McKay, 1996) Products refer to tangible or intangible items that are created or
manufactured and made available for sale, use, or consumption by individuals or businesses. A
product can be a physical object, such as a gadget, clothing, or a piece of furniture, that serves a
particular purpose or meets a specific need. It can also be an intangible offering, such as software,
a service, or a digital product like an e-book or an online course (McKay, 1996). Products are
created by businesses or individuals with the intention of meeting customer demands, solving
problems, or providing value in some way (Ordover, 1981).

Ceramic products refer to items made from materials that are typically non-metallic, inorganic,
and heated at high temperatures to achieve specific properties. Ceramics are known for their
strength, heat resistance, and ability to withstand harsh conditions (Richerson, 2018). Ceramic
products are prized for their durability, aesthetics, wear resistance, and ability to serve specific
functional purposes in various applications. They are often preferred because of their unique
combination of properties that make them suitable for a variety of uses (Deubener, 2018).

Figure 2: Survey the demands of ceramics product of Coco about purpose and quality

Based on customer surveys, 62.4% of customers buy ceramic products for the purpose of
decorating their homes. In addition, 12.9% of customers choose ceramic products as souvenirs.
Finally, 8.2% of customers choose to buy products as gifts for family members or friends.
Understanding customers' needs like that, CoCo Ceramic is always ready to launch products that
suit customers' needs.

CoCo's products are always guaranteed to have output quality, with a careful and selective
product inspection process to bring customers the best and highest quality experience.
 Figure 3: Survey on the designs and the prices of product

Almost all customers want a product experience that is different from competitors (63.5%), in
addition, the need for products with unique and diverse designs ranges from (14, 1%) for two
survey items. This shows that customers expect CoCo products to be different from their
competitors in the ceramic field, in addition to adding some unique features and product design
diversity. To meet product needs from customers, CoCo Ceramics is committed to always
bringing product designs that are different from competitors in the industry because we have a
team of experienced and innovative staff. create continuously. In addition, unique and diverse
product requirements from customers. We also commit that our products will always have their
own unique characteristics that only CoCo Ceramic brings, with a unique combination of
ceramic materials, each CoCo product has a unique personality. A personal story creates unique
value for the product customers receive.
 Figure 4: Demands of customer experience in making pottery

The survey team's data shows that people who have not experienced pottery workshops account
for more than half of customers who experience pottery making. Customers who want to learn
how to make nhwung pottery in Da Nang market still have few pottery making workshops. So
based on the market, we wanted to open a business that could both sell ceramic products but also
wanted to experience the process of learning and making pottery.

1.3.2. Service

Services are the immaterial components of the economy that support business operations and the
competitive landscape (Indeed, 2023). Companies can engage service providers to carry out
activities in specific business areas where they need greater expertise. They are at the core of
what companies do to create value for customers and generate revenue. So, we have done a small
survey about the customer needs of our Coco ceramics from which we can provide the best
service products to our customers. Coco provides a variety of products and services to customers:

• Experience service jobs:

We open a Pottery Workshop model that will have 2 forms of experience: Making pottery
according to a sample will have someone instructing people to do it first and customers will
follow.

• Make homemade items according to customers' requests.

Customers will experience the pharmacy making service guided by staff to understand the
pottery making process, and receive advice and assistance during the pottery making process.

We offer the following packaging and conversion packages:

Coco will cover the product with 2-3 layers and place it in a box to ensure that during movement,
the customer's product will not be damaged.

• Warranty Policy:

Skip Coco sells in two forms: direct and online, so there will be two different policies to suit
each party.

+Direct purchase: customers will carefully check the product condition before packaging, so the
product warranty policy will not apply after the customer leaves the store.

+Online purchase: If the product is cracked or broken due to transportation, please accept to
receive the goods and record a video of the product status and send it to the store homepage.

• Customer care

Coco builds and trains a team of sales staff with strong customer care expertise and professional
skills. We will mainly focus on helping customers answer questions and complaints about quality
and the product return process.

Figure 5: Survey on demands of consumer wanting to buy on which channel

Today, with the development of e-commerce, e-commerce platforms are developing very
quickly. Shopping channels such as (Shopee, Lazada, TikTok shop) are trusted and chosen by
people to buy products. From the survey, it shows that (56.5%) customers choose to buy products
on e-commerce sites and (43.5%) customers choose to buy products directly at the store. Coco
Ceramics, in order to meet customer needs and also wants to expand its ceramic business, so
currently Coco ceramics has appeared on most e-commerce sites. But we will also recommend
customers to come to the store to be able to observe the products with their own eyes and feel
the values our products bring.

This is the introduction video of Coco Ceramics:

https://youtu.be/XDU9X84dvgg?si=H_ApkqjaAXD2PuEy

2. Business Canvas

Figure 6: Coco ceramics canvas model

Customer segments

The customer segment will focus on two areas: selling ceramics and ceramic classes.

In the ceramic sales segment, Coco will provide products to stores specializing in fine arts. These
are stores that need ceramic products for resale. There are also restaurants and cafes that want to
decorate with ceramic to retain the traditional beauty. In addition, there are people aged 28 to 45
who have a passion for ceramics and home decoration. It includes individuals with a deep interest
in ceramics. They may be individuals looking for unique and stylish ceramic pieces to decorate
their homes along with finding quality ceramic materials, tools and supplies to serve their
passion.
In the pottery class segment, Coco wants to target individuals or groups who want to relax after
tiring working days. Customers with an existing ceramics background may also want to take
Coco's classes to improve their skills. Furthermore, customers can also join Coco's classes to
make handmade gifts for their loved ones. Coming to Coco, customers are always cared for in
the most enthusiastic and thoughtful way possible.

Value proposition

Coco's value proposition lies in providing unique, one-of-a-kind ceramic products with quality
to customers. Coco collaborates with artists or designers to create unique and one-of-a-kind
ceramic pieces. This will appeal to customers who are looking for unique and personalized items
for their home or as gifts. Additionally, Coco offers a wide variety of ceramic items, including,
home decorations, worship items, gifts and more. offers different styles, colors and designs to
cater to different customer preferences. In addition, Coco ceramics also prioritize sustainability
and environmental friendliness. Coco ensures that all ceramic products are of exceptional
quality, made from durable materials and exquisite workmanship. Emphasize product longevity
and reliability. That is the link between the combination of tradition and modernity. Furthermore,
the highlight of ceramics is that each product produced has its own story. With ceramic classes,
coming to Coco, customers have the opportunity to learn experience in making ceramics for
individuals, groups, and companies.

Channels

Coco Ceramic will sell its products on popular distribution channels to easily reach customers.
Coco Ceramic's main distribution channel is selling products directly at the store. The second
distribution channel is on social networking platforms such as Shopee, Tiktokshop, Lazada, Tiki.
These are developing electronic platforms, the company's main goal of attacking here will be to
have a rich source of online customers. The third distribution channel will be cooperation with
local businesses, expanding product sales and exhibitions. Store activities will be marketed
directly through websites and social networks such as Facebook, Instagram, Tiktok.

Customer relations

Coco Ceramic always prioritizes customer service. Because one of the factors contributing to the
success of a brand is customer satisfaction. Coco Ceramic builds a team of marketing staff who
are friendly, psychological and close to customers. Always ready to receive and support
customer comments to improve service quality and product quality. The store will ensure
customers' comfort during the service experience. In addition, there will be promotions and gifts
for loyal customers of the store.

Key activities

Coco Ceramic's main activity is trading in ceramics and designing products from clay. Coco's
ceramic products are polished and meticulous in every detail and pattern. Even from the initial
step of choosing the soil quality, it must go through the eyes of selected and screened artisans
before it can be put into use. This brings the best quality products to customers. Coco Ceramic's
second form of business is to provide learning services and ceramic making experiences.
Handmade ceramic making service at Coco Ceramic's will be a great activity to help young
people or office workers increase connection, interaction, create inspiration for life, and reduce
stress. From there, improve work productivity and quality of life. Here, customers will be free
to shape the product with many different designs. The finished ceramic product may not look
perfect at first, but it will be an interesting and extremely meaningful experience for beginners.

Revenue streams

Table 2: Revenue stream assumptions of Coco ceramics

Revenue Assumptions

Variable
Product List Price Variable % Order
cost/unit
112,500 10%
Worship things 150,000 25%
187,500 40%
Decorations thíngs 250,000 25%
400,000 5%
Gifts 500,000 20%
170,000 5%
Houseware things 200,000 15%
560,000 20%
Souvenir 700,000 20%
187,500 20%
Workshop ticket 250,000 25%

Average contribution/units 264,250.00

40% of Coco Ceramics Store's income comes from sales at company locations. In addition, Coco
Ceramic will earn profits when selling Ceramic products to cafes and restaurants; This additional
revenue represents 30% of the company's total income. Opening ceramic production and shaping
classes will bring the next 20% of income. At the facility, qualified experts will provide lessons.
In addition, 10% of revenue will come from partnering with local businesses or from workshops.
Along with that, the e-commerce platform is now widely used, so the number of orders for our
company has increased while we continue to focus on selling more outside. Therefore, sales at
retail establishments will bring in the majority of revenue. In addition to the company's main
source of revenue, which is sales commissions, the company also collects a 30% deposit fee for
each product. If the consignor's goods are not paid for within the specified time period, the
consignor's shipping costs and any unsold goods will be refunded

Key resources

Coco Ceramic's resources mainly come from a team of professional staff who thoroughly
understand ceramics. The output products are all of good quality or better. In addition, the staff
at the institute have good skills in communicating and teaching students, committed to the
performance of students in shaping and creating products in the best direction. Besides, Coco
Ceramic's resources are also marketing and advertising. The company has multimedia
advertising channels such as Facebook, Instagram, Tiktok with a high number of followers and
customer interaction. That helps customers easily access Coco’s products as well as spread the
products of the students and the skills of the instructors so that everyone knows more.

Key partners

Partners are the relationships you have with other business, Government or non-consumer
organizations that help your business model work effectively (BMC, 2014). During its business
operations, Coco Ceramics cooperates with many different stakeholders. There are a total of 4
main channel partners working with Coco ceramics. Firstly, this is the most important partner as
a supplier of raw materials for ceramic production. There are two important partners for Coco to
source raw materials: Thitruongsi and Songhong Ceramics. With basic materials, cheap prices
and abundant supplies, Thitruongsi will be the place we get the goods. As for specialized
materials that are difficult to find and high purity of materials, SongHong Ceramics is the
supplier. This is not only a channel for exchanging raw materials with us, but also where we sell
products. Without raw material suppliers, Coco ceramics will have difficulty making products,
and product delivery to customers will be delayed, slowing down the delivery schedule of the
business. If any supplier has a problem, the whole chain will be affected and the supply of goods
to the market will not be guaranteed (Nhanh, 2022). Second, because Coco ceramics enterprise
both produces and sells ceramics, it is necessary for partners to provide ceramic props and tools.
Without specialized tools for making pottery, the process of making the product is quite difficult.
Third, Coco ceramics combines with local businesses with potential for cooperation and cross-
promotion. In Da Nang, we cooperate with Souvenir Sweet Strawberry shop to distribute
products. And some ceramic cafes in Danang terrain. Because of its reputation and high customer
reach, it is easy to attract customers and promote the brand. This combination will help promote
more business activities, both increasing coverage and increasing revenue for businesses. Last
but not least are marketing agencies or platforms that carry out ceramic advertising. In the
process of marketing ceramic products, advertising on platforms is essential to attract more
customers.

Cost Structure

Table 3: Investment assumptions of Coco ceramics

Innitial Investment cost

10,000,000
Decorations
₫
10,000,000
Facilities
₫
39,000,000
Total Equipment Costs
₫
10,000,000
Kiln
₫
15,000,000
Ceramic wheel
₫
4,000,000
Shaping tools
₫
10,000,000
Contingency
₫
Total Variable cost 69,000,000 ₫

Depreciation after 3 years

23,000,000 ₫
638,888.89
Depreciation in 1 month ₫
 Table 4:Total fixed cost assumption of Coco ceramics

Items Cost
4,000,000
Electricity, water, wifi
₫
10,000,000
Rental (40m2)
₫
15,000,000
Marketing expense
₫
2,000,000
Maintenance equipment
₫
1,500,000
Tax
₫
Employee salary 30,000,000
(workers, staff) ₫
638,889
Depreciation
₫
63,138,889
Total Fixed Cost
₫
Break-even
point/month 239
Break-even point/day
8

Operating expenses, as defined by (Kamaluddin, 2020), include all costs associated with
operating a business model. In the case of Coco ceramics, there are several important cost factors
to consider. First, there is the ongoing cost of renting space for the store. This includes monthly
rent payments, utilities, and maintenance fees. In addition, there is the initial investment cost
required to set up and set up Coco. These may include the cost of renting and renovating the
premises, purchasing necessary equipment and props, and designing immersive scenarios In
addition, a large amount of operational costs are related to human resources. This includes
salaries, compensation and benefits for staff members who will be responsible for running the
exit rooms. These people will be extremely important in the production of ceramics and in
guiding students. To ensure a high level of customer satisfaction, it is important to invest in
dedicated staff who are paid for training. Another thing to consider is marketing costs. To market
Coco ceramics and attract the desired consumer segments, you must set aside a budget to
continue marketing activities. This may involve social media marketing, website maintenance,
relationships with regional travel agencies online advertising efforts. To increase brand
awareness, engage a wider audience, and ultimately drive customer acquisition, campaign
marketing funding is necessary.

𝑻𝒐𝒕𝒂𝒍 𝒇𝒊𝒙𝒆𝒅 𝒄𝒐𝒔𝒕 69,000,000

Break-even point/month =𝐀𝐯𝐞𝐫𝐚𝐠𝐞 𝐜𝐨𝐧𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧/𝐮𝐧𝐢𝐭𝐬= =239
𝟐𝟔𝟒,𝟐𝟓𝟎

USP

From our team's business idea, we want to drive a unique, unique ceramic product that brings a
unique story of each product. The price will be different from competitors. We don't want to lose
Vietnam's traditional professions, but we still want to develop them in a modern way so that we
can reach more young people. Products on the business side will be different from competitors
in the same industry such as Minh Long Ceramics or Bat Trang Ceramics. The cost of the
workshop is also another point between my business and a competitor's business. Compared to
the average family in the market for ceramic workshops, the price ranges from 350,000 VND to
500,000 VND for a workshop ticket, but at our business, the price will only be 250,000 VND.
The attraction to the customer is not only about the product and price.

PART 2: THE ANALYSIS OF ENTREPRENEURIAL MINDSET

1. Introduction
1.1. Introduction to the report
The second part deals with selecting genuine companies with entrepreneurial-
minded founders. A serial entrepreneur, a technology entrepreneur and a social
entrepreneur must be included in the entrepreneur shortlist. The analysis of an
entrepreneur's thinking, characteristics, personality and business skills must be
done using theoretical concepts of business characteristics, thinking and skills.
2. Examining what it takes to be an entrepreneur and the scope of entrepreneurial ventures.
2.1 The scope of entrepreneurial ventures
2.1.1. Serial entrepreneurs
Serial entrepreneurs are individuals who repeatedly start, manage, and grow multiple businesses
over the course of their career. These individuals possess a unique ability to identify
opportunities, take calculated risks, and successfully execute their business ideas. They are
driven by a strong entrepreneurial spirit and thrive on the challenges and rewards of building and
scaling new ventures. Serial entrepreneurs often have a diverse range of skills and experiences,
allowing them to adapt to different industries and markets. They are known for their resilience,
perseverance, and willingness to learn from both successes and failures (Sarasvathy, 2001).

Below is an example of an entrepreneur adopting the serial entrepreneur style. They have
demonstrated a knack for identifying opportunities, building successful businesses, and
continuously seeking new challenges in different industries.

Figure 7: Sara blakey founder of Spanx (Spanx,2021)

Sara Blakely who is founder of Spanx is not only built a successful shapewear company but also
ventured into other areas, such as philanthropy and entrepreneurial education. In addition to
inspiring others to follow their own aspirations, her distinctive personality and business strategy
not only assisted her in creating a successful company (Miller, 2021).

2.1.2 Technology entrepreneurs

Technology entrepreneurship is an investment in a project that brings together and deploys
specialized persons and diverse assets that are closely tied to breakthroughs in scientific and
technology knowledge for the purpose of producing and capturing value for a company (Bailetti,
2012).

Figure 8: Brian Chesky founder of Airbnb (Brian,2023)

Brian Chesky is tech billionaire, founder and CEO of the world's online apartment and rental
website Airbnb, has been ranked 4th by Forbes magazine on the list of the 40 richest Americans
under 40 years old. . He started a business from a homeless person, becoming a provider of
accommodation facilities for hundreds of millions of customers globally (McCarthy, 2022).

2.1.3 Social entrepreneurs

A social entrepreneur is a goal-oriented individual who uses a range of entrepreneurial practices
to aid the less fortunate in society. This is accomplished by a business-focused organization that
is autonomous, sustainable, or self-sufficient financially. So a social entrepreneur is driven to
start a firm by factors other than purely financial gain. Social entrepreneurs may seek to develop
environmentally friendly products, aid underprivileged areas, or focus on humanitarian activities
(Abu-Saifan, 2012).
 Figure 9: Shiza Shahid founder of Malala fund (Shiza,2020)

Despite being only 30 years old, Shiza Shahid has a long list of accomplishments that have
benefited society and allowed more girls around the world to attend school. Shiza Shahid
requested a leave of absence from her employer after Yousafzai was shot in order to be by the
young woman's bedside. She had never before met Malala. Instead, she views YouTube videos
of young Malala, who aspires to further her education so that she can help other girls like her.
Shahid, who was greatly moved by the tale, made contact with Malala's family through her
father. Then Shahid took a plane to Birmingham, where Malala was receiving medical attention
after being killed by the Taliban. She gave assistance to help the family heal there. In order to
assist teenage girls with their dreams to pursue an education, she co-founded the Malala
Foundation in 2013. Then, she was 22 years old. The fund's primary areas of interest include
Pakistan and a few African nations like Nigeria, Kenya, and Sierra Leone. Shahid's experience
working for the Malala Foundation was profound. She was made aware of the 130 million girls
who do not attend school as well as the violence they experience as a result of this. She has
spoken at numerous colleges throughout the world to date about the value of education for
women and children (Deña, 2022).
3. The entrepreneurial traits and characteristics of the chosen entrepreneurs
3.1. Entrepreneurial trait and characteristics
Entrepreneurs generate wealth and support a nation's economic growth (Urbano et al., 2019). In
order to create jobs and maintain the economy, it is essential to encourage people's excitement
for new entrepreneurial ventures. By interacting with their internal and external loci of control,
successful entrepreneurs may be separated from failed ones (Gaddam, 2008). Risk-taking is a
crucial personality trait, but experience, mental capacity, and knowledge are significant human
capital attributes (Frese & Gielnik, 2014). These are some of the personality traits that are
necessary for entrepreneurial orientation. Despite the fact that a variety of personality types are
covered, this section of the study concentrates on examining the three traits that the
aforementioned entrepreneurs' examples most clearly display, namely high drive and
determination, high internal locus of control, and high demand for accomplishment.

High need for independence

According to (Longenecker, 1988) The high need for independence refers to a strong desire or
inclination to have autonomy and self-reliance in various aspects of life, work, or decision-
making processes. It denotes a preference for freedom, individuality, and the ability to make
choices and take actions without significant reliance on or control from others. Individuals with
a high need for independence often value personal freedom, self-direction, and the ability to
determine their own paths, goals, and actions (Longenecker, 1988). This trait may be particularly
prominent among entrepreneurs, who typically seek independence to create and manage their
own businesses, pursue innovative ideas, and have control over their own professional endeavors
(Longenecker, 1988).

Co-founder and CEO of Airbnb Brian Chesky has shown a strong demand for independence
throughout his business career (Glauser, 2016). This drive for independence is evident in a
number of his business decisions and practices. Airbnb was founded by Chesky in order to break
free from the confines of the conventional hotel business (Glauser, 2016). Chesky upended the
existing hotel industry by offering a platform that allows people to rent out their premises to
tourists directly and provided an alternate type of lodging.

High need for achievement

High need for achievement individuals have a strong drive to do great things. They strive to be
the best they can be in practically every element of their life. They enjoy being pushed, thus they
reject projects that are too simple since they offer little challenge or satisfaction. High need for
accomplishment people select careers that have a respectable possibility of success, ideally 50%.
Additionally, they favor collaborating or working in teams with other accomplished individuals
(Ida Ketut, 2019).

The co-founder and CEO of Airbnb, Brian Chesky, has exhibited a strong drive for achievement
throughout his business career. His work life and the expansion of Airbnb both reflect this thirst
for success (Glauser, 2016). Chesky has a lofty goal of changing the hospitality sector, as seen
by his ambitious plan to provide a platform where homeowners may rent out their premises to
tourists. He wanted to challenge conventional lodging concepts and give visitors distinctive,
individualized experiences (Glauser, 2016).

High internal locus of control

Locus of control is an important characteristic in business. It is a stepping stone to achieving

self-efficacy. Entrepreneurs are said to have internal control if they believe they are the masters
of their own destiny. People with an external locus of control easily succumb to fate and believe
that their lives are controlled by external forces such as economic conditions, politics,
technology, and social factors. People with an internal locus of control believe they can influence
outcomes through their own abilities, efforts, or skills rather than external forces controlling
these outcomes (Wasara, 2023).

Brian Chesky, co-founder and CEO of Airbnb, has demonstrated a high internal locus of
control. Chesky demonstrates a strong belief in his ability to control and influence his own
destiny (Glauser, 2016). This internal locus of control is a key characteristic of successful
entrepreneurs, as it motivates them to take initiative, make decisions, and persevere in the face
of challenges (Forbes, n.d). Chesky's entrepreneurial journey with Airbnb demonstrates his
belief in his own ability to shape the company's success.

High drive & determination

High drive and determination are essential business traits and characteristics that contribute to
the success of an entrepreneur.

Motivation and determination provide the necessary boost to overcome challenges and overcome
difficult times. Entrepreneurs often face obstacles and failures, and it is their drive that keeps
them focused and motivated to keep moving forward. High motivation and determination are
often brought about by a passionate passion for business venturesEntrepreneurs with high drive
and determination are often more likely to deploy in the face of adversity. These traits and
specialties work together to create a strong, focused and motivated entrepreneur, willing to take
risks, work hard and show up to his or her goal desires (Jamnik, 2014).

According to (Bedley, 2020) Sara Blakely, founder of Spanx, truly exemplifies strong drive and
determination, which are key traits and characteristics of an entrepreneur. Blakely's
entrepreneurial journey is characterized by her relentless work ethic. She founded Spanx from
scratch while working a full-time job and spent countless hours building her business. Her
commitment to hard work and perseverance helped her overcome obstacles and achieve success
(Bedley, 2020). Blakely faced many rejections and failures before finding success with Spanx.
However, she never let failure stop her. Instead, she learns from her experiences and uses them
as stepping stones to improve her products and business model. Her resilience and ability to
bounce back from challenges has been a key factor in her entrepreneurial journey (Bedley, 2020).
Blakely's passion for her products and her desire to solve a common problem for women are the
driving forces behind her business success(Bedley, 2020). She is passionate about creating a
product that can empower women and increase their confidence. This passion fueled her
determination to succeed and fueled her efforts (Humphrey, 2013).

High creativity & innovative

The development of a successful firm depends on innovation. Innovation is the process of

transforming an idea into something useful and pertinent (Kaur, 2022). According to Kaur (2022)
creativity is the capacity to perceive the environment in novel ways, uncover hidden patterns,
link seemingly unrelated objects, and develop original ideas. Though creativity may not always
result in invention, it frequently does.

A creative and imaginative business person may spot possibilities and produce fresh value for
their clients or consumers. Entrepreneurs need the right attitude to be a creative and imaginative
entrepreneur. By incorporating creativity into your firm, you may become a better entrepreneur
and a leader in innovation within your sector (Rostron, 2022).

Shiza Shahid is known as a social entrepreneur famous for his Malala foundation. Shiza always
strives to compete and innovate in innovation in poverty reduction, gender equality and
education. She always wants to contribute to educational initiatives as well as support children
in difficulty in developing countries. Her Malala Foundation's activities have a positive impact
on women's rights. She has tried to support Nairobits - a non-profit organization based in Natrobi
- to help women access courses in multimedia, web development and design, and business
(Connell, 2015).

High acceptance of risk & uncertainty

Risk and uncertainty are an integral part of all decisions made in the real world (Gought,1994).
Entrepreneurship is associated with risk bearing, uncertainty, gains and losses. The decision-
making process involves a set of actions and outcomes, each of which have a probability
associated with them(Koudstaal et al., 2014). The classic economists and philosophers who laid
the foundation of thinking about entrepreneurship all but Schumpeter defined the entrepreneur
either as a risk bearer (Cantillon, 1755; Say, 1803; Marshall, 1930), an uncertainty bearer
(Knight, 1921), or as agents who are less inclined to avoid losses (Knight, 1921). The distinction
between risk and uncertainty hinges on the ability of 'experts' to agree on a set of probabilities
(risk estimates) for the set of possible outcomes.

Brian Chesky, CEO of Airbnb, has an independent perspective when it comes to risk,
uncertainty, and failure – he doesn't see them as pitfalls or setbacks in life but as foundations.
priceless learning opportunity(Gitnux, 2023). His approach to failure is not a general one,
instead, it is innovative and forward-thinking. Preventing errors, Chesky cultivates an
environment in which dangerous mistakes are perfected and celebrated, where the focus is not
on the error itself but on the insights gained from it. Employees in such an environment feel more
confident in taking bold steps and pushing boundaries, even when they know there is great risk
or uncertainty, but they still receive enthusiastic support in the situation. and understand.

4. The similarities and differences between those entrepreneurial ventures and identifying
common traits and characteristics of entrepreneurs in those ventures
4.1. Similarities
Entrepreneurs all have their own personalities, their success comes from many different aspects.
But they all have some common personality traits. The first is hard work and perseverance, they
all encountered difficulties and challenges but they continued and overcame obstacles to achieve
success. Blakely had to face many rejections and failures before finding success with Spanx.
However, she never let failure stop her. Instead, she learns from her experiences and uses them
as stepping stones to improve her products and business model. Resilience and the ability to
recover from challenges are key factors in her entrepreneurial journey (Humphrey, 2013). Shiza
Shahid faced many obstacles in supporting children and women in difficult circumstances but
she continues to work for a better and equal world. As for Brian Chesky, CEO of Airbnb, the
time of the COVID-19 pandemic was when his business fell and struggled. He was forced to lay
off 1,900 people out of his total 7,500 employees. But he was able to revive and come up with
strategies to help improve the company's situation during difficult times. (Seiler et al., 2023).
The next personality trait is passion and strong belief. Blakely's passion for her products and her
desire to solve common women's problems is what drives her business success. Chesky
demonstrates a strong belief in control and influence. to one's own destiny (Gitnux, 2023). Shiza
Shahid always strives to compete and innovate in the fields of poverty reduction, gender equality
and education ( Connell, 2015).

4.2. Differences
Entrepreneurs Sara Blakely, Brian Chesky, and Shiza Shahid are all successful entrepreneurs,
but they operate in three different fields, so their leadership styles and personalities are also
somewhat different. Everyone performs well in different areas of the business. Sara Blakey does
well on the serial side. Chesky works well at the tech entrepreneur network and Shahid does well
in the social sector.

Sara Blakely, founder and CEO of Spanx, has serial entrepreneurs. Blakely is known for her
perseverance and determination to succeed, she is an innovative and creative individual who is
not afraid to take risks (Miller, 2021). She started her business with a unique product idea and
faced countless challenges along the way. Motivation, strong determination, resilience, and the
ability to bounce back from challenges have been key factors in her entrepreneurial journey.
Blakely's passion for her products and desire to solve common women's problems are the driving
forces behind her business success (Bedley, 2020). She is passionate about creating a product
that can empower women and boost their confidence. This passion fueled her determination to
succeed and fueled her efforts (Bedley, 2020).

Brian Chesky, co-founder and CEO of Airbnb, a Technology entrepreneur. He is famous for his
visionary thinking and ability to think outside the box (Glauser, 2016). He focuses primarily on
design and user experience, which has played a key role in Airbnb's success. As a leader, Chesky
is known for being an active participant in the company's day-to-day operations, promoting a
collaborative and transparent work environment (McCarthy, 2022). He encourages his team to
experiment and embrace failure as a means of learning and growth (Glauser, 2016).
Shiza Shahid, a social entrepreneur and co-founder of the Malala Fund, exhibits a different
personality and leadership style (Deña, 2022). Shahid is driven by a deep sense of purpose and
a desire to make a positive impact in the world. Shahid's leadership style is characterized by his
ability to inspire and empower others to create change (Deña, 2022). She encouraged
collaboration and believed in the power of collective action to promote social progress (Ikrama,
2023). Shahid is also known for her strong communication skills, which she uses to raise
awareness about social issues and advocate for change (Ikrama, 2023).

In short, Blakely is known for his perseverance and strong determination. Chesky is known for
his innovative thinking and hands-on approach, and Shahid is known for his leadership and
purposeful advocacy. Each of them brings their own strengths to their respective businesses,
demonstrating the diverse ways entrepreneurs can make a difference in the world.

5. The concept of entrepreneurial mindset with examples from the chosen entrepreneurs
5.1. Define the concept of entrepreneurial mindset, Fixed mindset versus Growth mindset
According to Dweck (2017), a fixed mindset as defined refers to persons who regard their
characteristics as fixed traits that cannot be changed. With a fixed attitude, talent is sufficient to
lead to success, and no work is required to increase these talents: one is born with a specific level
of skill and intelligence that cannot be improved. Those with a fixed mindset feel that their
intrinsic nature determines whether they are good or poor at anything. Someone with a fixed
attitude, for example, can declare, "I'm a natural born soccer player" or "I'm just no good at
soccer," feeling that their athletic abilities cannot be developed. Those with fixed mindsets may
avoid challenges, give up easily and ignore useful negative feedback. The opposite of this fixed
mindset is the growth mindset.

Growth mindset - the belief that basic qualities, such as intelligence and talent, are changeable -
is a seemingly small idea with some potentially big implications.According to Dweck (2006),
people with a growth mindset, regard obstacles as opportunities, do not take things personally,
and believe that they can grow their skills and abilities with the right combination of hard work
and help. They can also be open to new or different information and see setbacks as part of the
learning process.
5.2. The entrepreneurial mindset with examples from the chosen entrepreneurs
When mentioning the case of growth mindset, it is impossible not to mention Brian Chesky.
Brian could have spent millions of dollars on market research, but he didn't (James , 2016). He
could have spent a lot of money to engage consultants to answer his questions, but he chose not
to. Instead, AirBnB's CEO took to Twitter and simply asked his followers what they thought.
What impressed us most about Brian's Twitter reach was that he was clearly invested in the
responses, no matter how they came about. He responded repeatedly to the suggestions of his
followers, paying careful attention to every detail, thanking them for their contributions. He
respects each customer's opinion, receives and processes each one. He handles failure and how
he adapts and grows (James , 2016). As a technology entrepreneur, he is constantly learning and
developing his own expertise so that he does not have to fall behind in the rapidly changing
world but also meets the needs of customers. client.

With the current success of Spanx, Sara Blakey has nurtured a growth mindset for a long time.
Normal people who encounter obstacles sometimes fall into a state of confusion, but for Blakey,
it's about normalizing and even celebrating failure. Blakey often begins to ask himself, "What
does shame really mean? And how do I get rid of that fear?" She will recover faster, quickly find
a solution. "If you don't regularly make an effort to develop your mindset, you'll never be
brave or confident enough to stand in a room full of experts and break new things," Sara
says. If you constantly nurture your talents, knowledge, and experiences, you will forever
be left behind. You don't need to be good at excelling, but you have to nurture the
important things so that your mindset doesn't fade.

6. Skills and characteristics associated with an entrepreneurial mindset

6.1. The Five Skills
The skill of play

Playfulness encourages a willingness to explore, take risks, and approach challenges with a sense
of curiosity and fun. It involves a lighthearted and open-minded approach to problem-solving,
allowing for unconventional and creative solutions (Arnab et al ., 2019).

The skill of experimentation

Entrepreneurs should be open to trying out new ideas, solutions, or approaches. Testing
hypotheses, taking lessons from mistakes, and making data-driven tweaks to better results
(Meriläinen, 2012).
The skill of empathy

The capacity to comprehend and empathize with another person's experiences is the definition
of empathy. A crucial trait for entrepreneurs is empathy. It enables them to comprehend their
customers' demands and put themselves in their customers' shoes. Additionally, it enables them
to develop bonds with both clients and staff (Faster,2023).

One of the fundamental traits that sets successful entrepreneurs apart from those who fail is
empathy. Empathy has been linked to business success, according to studies. Entrepreneurs with
empathy have a higher chance of success because they can relate to and better understand their
clients. Additionally, their chances of obtaining funding from investors are higher(Faster,2023).

The skill of creativity

According to (Drucker, 1985) innovation is a tool of entrepreneurship. The power to create, to

bring into life, to invent into a new form, to make via the skill of imagination, to create something
new for existence is what distinguishes

creativity (Okpara, 2007). Creativity is a process as well. Creative people strive to better their
ideas and solutions by making subtle modifications and enhancing their work. As a result, it is a
vital component for entrepreneurs to have future breakthrough success in their business path.

The skill of reflection

The skill of reflection refers to the ability to examine and analyze one's thoughts, feelings, and
actions in order to gain deeper understanding and insight. It involves taking a step back from a
situation or experience and critically evaluating it from different perspectives. Reflection allows
us to learn from our experiences, identify patterns or trends, and make informed decisions for
personal growth and development. It is an important skill in various aspects of life, including
personal relationships, professional development, and self-improvement., 2019).

6.2. The skills related the chosen entrepreneurs

Sara Blakely

Sara Blakely, founder and CEO of Spanx, is no stranger to the power of mindset for personal
growth and professional success — and she certainly knows a little about how to put it all
together. According to Campbell (2021), Sara admits that she constantly thinks of new ideas for
projects and activities. For her, there is one for every problem challenges to overcome and
opportunities to develop a completely new product. This characteristic is similar to playing skills.
Besides, Sara views trying and failing as just part of development (Campbell, 2021). “It's not
about the results,” Blakely said. It becomes about not trying. So throughout my life, when I
looked at myself in the mirror, my failures were when I was scared and didn't try.” This is a
manifestation of a reflection skill because she always evaluates and reconsiders every problem
that happens around her life, whether it is success or failure, to constantly develop. Being scared
is going to stop her.

Brian Chesky

Brian Chesky, co-founder and CEO of Airbnb, is known for his business skills and unique
characteristics that have contributed to his company's success. Chesky demonstrates
observation, the skill of experimentation, and foresight in identifying trends and opportunities.
He envisioned Airbnb as a platform where people could rent out their homes and spaces to
tourists, revolutionizing the concept of accommodation. Additionally, Chesky is skilled at
building networking relationships and forming strategic partnerships. He has established
partnerships with various businesses, such as airlines and event organizers, to enhance the
Airbnb experience and provide additional services to users.

Shiza Shahid

Shiza Shahid is the co-founder of the Malala Fund, an organization dedicated to promoting
education for young girls (McCarthy, 2022). She has demonstrated strong experimental skills
throughout her career. This effort required her to test different approaches and strategies to
address the challenges girls face in accessing education. Shiza's ability to test and adapt ideas
and initiatives plays a key role in driving the success of the Malala Fund. Additionally, Shiza's
empathy skills are evident in her work with the Malala Fund. Through her understanding and
empathy for the difficulties and barriers young girls face in obtaining an education, she has been
able to develop targeted programs and initiatives that address these needs. your specific needs.
Shiza's ability to emotionally connect with others and understand their perspective has been
instrumental in creating meaningful change through her work. Overall, Shiza Shahid's
experimental skills and empathy have played a pivotal role in her success as an entrepreneur.
These skills have enabled her to identify and solve complex social problems, establish effective
initiatives, and bring about positive change in the world.
7. The role of entrepreneurial mindset for the success of entrepreneurial ventures and
ways in which entrepreneurial mindset could be enhanced and nurtured
7.1. The role of entrepreneurial mindset for the success of entrepreneurial ventures
How crucial it is to have an entrepreneurial mentality in one's possession was proved by a person
who used it to successfully convert an entrepreneurial process (McGrath & MacMillan, 2000).
Additionally, it is a crucial aspect that must be taken into account when determining whether a
business will succeed or fail. It implies that a company that has not adopted an entrepreneurial
attitude is more likely to fail than succeed (Dhliwayo & Van Vuuren, 2007).

Sara Blakey is one of the top 100 powerful women in the business world. She is a visionary
leader. When Spanx was first born and was still facing financial difficulties, as competitors
rushed into the market, Sara remained steadfast in her direction. First, Sara knows how to put
herself in the feelings of her customers. She had the experience of going to work, feeling that
tights were what made her and her surrounding colleagues feel uncomfortable (Brands,2016). So
she decided to come up with an idea to produce tights that had never been on the market. Second,
she is someone who is always steadfast in her own original intentions and is not afraid of
challenges. Her initial idea was not supported, but she still decided to pursue it to the end. This
has given us, Spanx has achieved revenue of up to 4 million USD in the first year. In 2015, the
Spax brand reached a valuation of up to 1 billion USD (Brands,2016). Third, Sara is ready to
calculate possible risks in advance. She found an opportunity, explored, a solution and then
ventured to test her idea in the market(Hoang, 2023). To be sure, not everyone who takes risks
like Blakeley will succeed.

Brian Chesky paid constant attention to the smallest aspects of the development and design of
the Airbnb process (Ma, 2016). He has the creativity and foresight to combine the appeal of art
with the magic of technology. Proven talent creates products that people can easily adopt and
use to help with search and booking. Second, he always uses rejection to fuel your desire for
success without losing your own motivation (Getui, 2018). Chesky was frustrated, because every
time I reached out to a peer, all they did was brag about their influence and how much money
they made. So I started thinking the alarming rate of email rejections, no customers, and no
revenue was due to my background and lack of appropriate social criteria. After all, he started
connecting. with authentic people, I realized that rejection was not a form of punishment just for
me; it is part of the game. Third, he always focuses more on solving a specific personal problem
and always reevaluates the process he has gone through. Most entrepreneurs chase the "next big
idea," while the best and simplest approach is to focus on solving one problem at a time. That
helps him recognize the nature of the problem and easily solve each problem instead of having
to juggle many things, being overwhelmed and not knowing which solution to choose.

Shahid considers himself an entrepreneur and says that building the Malala Fund is both a “huge
challenge” and a “huge opportunity” (Clifford, 2014). First, she always sees every challenge as
an opportunity without being afraid of difficulties and challenges. This is like a game for her, an
experienced game for her so she never falters. Second, a growth mindset helps people achieve
positive change through empathy-based living for the benefit of all—from equality to
environmental sustainability and poverty alleviation— believe everyone need to be a change
maker to truly thrive. That's why she always wants the Malala Fund to grow so it can help girls
go to school. Not only did it open the eyes of the 130 million girls who are out of school, but it
also brought her face to face with the violence they endure. Third, the power to inspire people to
the world. When asked by Glamor how she became successful, Shahid gave a simple yet
powerful answer: “I think I tried my best to appear”( Carla, 2022). We can introduce policies
that can end inequality, poverty or environmental woes. But Shahid teaches us that it will all be
for nothing if we don't do the bare minimum: do the bare minimum and show up( Carla, 2022).

7.2. The ways in which entrepreneurial mindset could be enhanced and nurtured.
Business mindset refers to the specific mindset or set of attitudes and beliefs that an individual
or entrepreneur adopts when approaching the world of business (Bocken, 2015). It involves
developing a strategic and entrepreneurial mindset that focuses on opportunities, innovation,
risk-taking, and adaptability. According to (Bocken, 2015) A business mindset typically includes
traits such as education and skills development, problem-solving abilities, experiential learning
and practical experience, creativity, and a growth-oriented perspective, applying a growth
mindset... It is about thinking critically, being open to new ideas, and constantly seeking
improvement and growth in one's business endeavors. Developing a strong business mindset is
essential for success in the competitive and ever-evolving business landscape (Bocken, 2015).

Enhancing and nurturing an entrepreneurial mindset involves a combination of personal

development, experiential learning, and exposure to the entrepreneurial environment.
Furthermore, the entrepreneurial mindset can be enhanced and nurtured through different
strategies and approaches.

Education and skills development

An entrepreneurial mindset can be fostered through education and skills development programs.
However, it is important to critically evaluate the effectiveness of these programs in imparting
the necessary mindset. Traditional education systems often prioritize compliance and risk
avoidance, which can hinder entrepreneurial thinking. To overcome this, educational institutions
need to emphasize experiential learning, problem solving and creative thinking. Combining real-
life projects, mentoring programs, and business-focused courses can help individuals develop
the skills and mindset necessary for entrepreneurship (McGrath and MacMillan, 2000 ).

Experiential learning and practical experience

The entrepreneurial mindset is best nurtured through practical experience. Encourage aspiring
entrepreneurs to participate in internships, apprenticeships or startup projects that can provide
valuable insights into the challenges and opportunities of entrepreneurship. Failure should also
be seen as an opportunity to grow and learn. Encouraging individuals to take calculated risks and
learn from their mistakes can help them develop resilience, adaptability, and problem-solving
skills (McMullen and Shepherd, 2002).

Apply a growth mindset

Developing an entrepreneurial mindset requires individuals to adopt a growth mindset - the belief
that abilities and skills can be developed through dedication and hard work. Encouraging
individuals to accept challenges, persevere in the face of failure, and view failure as a learning
opportunity is essential. However, it is important to critically evaluate whether individuals are
provided with the necessary support systems and resources to foster this mindset. Without
appropriate guidance and resources, individuals may have difficulty maintaining their motivation
and resilience (Sarasvathy, 2001).

Exposure to Role Models and Success Stories

Exposure to successful entrepreneurs and their stories can inspire and motivate individuals to
develop an entrepreneurial mindset. However, it is important to critically evaluate the
representation of diverse role models. Ensuring that individuals have access to a variety of
success stories from diverse backgrounds can challenge preconceived notions and promote
inclusivity in entrepreneurship (Ries, 2003).

In short, enhancing and nurturing an entrepreneurial mindset requires a serious assessment of the
education system, promoting experiential learning, establishing support networks and mentoring
and nurturing programs. Growth mindset and exposure to diverse role models. By critically
evaluating and continuously improving these methods, individuals can be better equipped to
develop the entrepreneurial mindset needed to succeed in an ever-evolving business landscape.

8. Conclusion
In conclusion, the team presented a business plan using the business model canvas. investigates
the attitude, characteristics, and skills of a social entrepreneur, a technological entrepreneur, and
a next-generation network entrepreneur. The most recent technologies are introduced, a few
firms and their founders are highlighted, what entrepreneurs need to start and build their
businesses is examined, a few workers' distinctive talents and features are considered, and those
attributes are compared and contrasted. Take risks, think strategically using examples from
selected entrepreneurs, Analyze the abilities and character attributes of a few selected
entrepreneurs in business; critically assess the significance of business thinking to the realization
of company ambitions; and offer suggestions for fostering an entrepreneurial mindset in a team.
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Appendix: Group business plan
Below is our team's presentation