the meaning of entraprenurial mindset how to establish entrapreneurial mindset in an organization

1. ENTREPRENEURIAL MIND SET
Entrepreneurial mindset refers to a specific state of mind which orientates human conduct
towards entrepreneurial activities and outcomes.
Individuals with entrepreneurial mindset are often drawn to opportunities, innovation and new
value creation.
CHARACTERISTICS OF ENTREPRENEURIAL MINDSET
1. Calculate risks and accept realties
2. Change and uncertainties
HOW TO ESTABLISH ENTREPRENEURIAL MINDSET IN AN ORGANIZATION
To establish entrepreneurial mindset organization need to provide freedom and encouragement
required for employees to develop their ideas. Managers are supposed to develop policies that
will help innovators reach their full potential.
In most cases this is a problem in an enterprise because many top managers do not believe that
entrepreneurial ideas could be nurtured and developed in their environment, they hardly
implement policies that encourage freedom.
Entrepreneurial mindset can be done through the following
1. SET EXPLICIT INNOVATION GOALS
These goals should be mutually agreed by both employees and the management and they should
be specific, measurable, attainable, relevant and time bound
2. CREATE A SYSTEM OF FEEDBACK AND POSITIVE REINFORCEMENT
This is important for potential innovators or creator of ideas to realize that acceptance and
rewards exists. This will encourage team members to work harder and compete more effectively

2. 3. EMPHASIZE INDIVIDUAL RESPONSIBILTY
Confidence, trust and accountability are key features in the success of any innovative programs.
4. PROVIDE REWARD FOR INNOVATIVE IDEAS
Rewarding system enhances and encourages other to risk and to achieve. Employees will learn to
be more productive with fewer resources available.
5. DON’T PUNISH FAILURE
Trial and error should be encouraged, failure should be allowed as real learning takes place when
failed projects are examined closely. Individual must be free to experiment.
An evaluation system should be present to identify successful and non successful entrepreneurial
activities