Blog, Entrepreneurial Mindset, Skills Development

The merits of the entrepreneurial mindset and 7 ways you can use it

The entrepreneurial mindset is a way of thinking that emphasizes creativity, innovation, risk-taking, and a willingness to learn and adapt. It is a valuable mindset that can be applied not only to starting and running a business, but also to many aspects of life. In this blog post, we will explore the merits of the entrepreneurial mindset and provide seven ways you can use it to achieve your goals.

Merits of the Entrepreneurial Mindset

  1. Creativity: Entrepreneurs are known for their ability to generate new and innovative ideas. The entrepreneurial mindset encourages a willingness to challenge the status quo and think outside the box, which can lead to new and exciting opportunities.
  2. Innovation: Entrepreneurs are also known for their ability to take an idea and turn it into a successful product or service. The entrepreneurial mindset encourages a focus on finding solutions to problems and creating value for customers, which can lead to new and innovative products and services.
  3. Risk-Taking: Starting and running a business involves taking risks, and entrepreneurs are often willing to take calculated risks in pursuit of their goals. The entrepreneurial mindset encourages a willingness to take risks and learn from failure, which can lead to valuable insights and growth opportunities.
  4. Adaptability: In today’s fast-paced and ever-changing world, adaptability is a valuable skill. Entrepreneurs are often required to pivot and adapt to changing circumstances, and the entrepreneurial mindset encourages a willingness to embrace change and adapt to new situations.
  5. Resilience: Starting and running a business can be challenging, and entrepreneurs often face setbacks and obstacles along the way. The entrepreneurial mindset encourages a focus on persistence and resilience, which can help entrepreneurs overcome challenges and achieve their goals.
  6. Learning: Entrepreneurs are constantly learning and growing, and the entrepreneurial mindset encourages a focus on continuous learning and personal development. This can lead to new skills, insights, and perspectives that can be applied to both personal and professional goals.
  7. Initiative: Entrepreneurs are often self-starters who take initiative and pursue their goals with passion and determination. The entrepreneurial mindset encourages a focus on taking action and making things happen, which can lead to new opportunities and achievements.

Seven Ways to Use the Entrepreneurial Mindset

  1. Starting a Business: One of the most obvious ways to use the entrepreneurial mindset is to start a business. If you have a great idea for a product or service, the entrepreneurial mindset can help you turn that idea into a successful business.
  2. Pursuing a Passion: The entrepreneurial mindset can also be applied to pursuing a personal passion or hobby. If you have a passion for something, such as writing, music, or art, the entrepreneurial mindset can help you turn that passion into a successful career or side hustle.
  3. Advancing Your Career: The entrepreneurial mindset can also be applied to advancing your career. By taking an entrepreneurial approach to your work, you can identify new opportunities and take initiative to create value for your organization.
  4. Problem-Solving: The entrepreneurial mindset can be applied to problem-solving in any area of life. By focusing on finding solutions and taking action, you can overcome challenges and achieve your goals.
  5. Networking: Entrepreneurs are often skilled at networking and building relationships, and the entrepreneurial mindset can be applied to building a strong personal and professional network. By taking an entrepreneurial approach to networking, you can identify new opportunities and build valuable connections.
  6. Personal Development: The entrepreneurial mindset can also be applied to personal development. By focusing on continuous learning and growth, you can develop new skills, gain new perspectives, and achieve your personal goals.
  7. Making a Difference: Finally, the entrepreneurial mindset can be applied to making a difference in the world. By focusing on creating value for others and solving important problems, you can make a positive impact on the world around you.

In conclusion, an entrepreneurial mindset can be a valuable asset in many aspects of life. Whether you’re looking to start a business or simply improve your personal life, an entrepreneurial mindset can help you identify opportunities, solve problems, take calculated risks, embrace failure, focus on action, continuously learn, and build networks. By adopting an entrepreneurial mindset, you can develop the skills and mindset necessary to achieve success in whatever you choose to do.

Blog, Ideation, Lean Startup Methodology, Resources

20 Business ideas and the resources needed from AI

  1. Online tutoring service: website, computer, internet connection, teaching experience
  2. Virtual event planning: computer, internet connection, event planning software, organizational skills
  3. Social media management: computer, internet connection, social media knowledge, creativity
  4. Home cleaning service: cleaning supplies, transportation, cleaning experience
  5. Personal chef service: cooking supplies, transportation, cooking experience
  6. Virtual bookkeeping service: computer, internet connection, accounting software, bookkeeping experience
  7. Graphic design service: computer, graphic design software, creativity
  8. Lawn care service: lawn equipment, transportation, lawn care experience
  9. Mobile car detailing service: car detailing supplies, transportation, detailing experience
  10. Pet grooming service: grooming supplies, transportation, pet grooming experience
  11. Bicycle rental service: bicycles, rental space, liability insurance
  12. Personal shopping service: transportation, fashion knowledge, communication skills
  13. Online clothing boutique: website, clothing inventory, shipping supplies
  14. Virtual fitness coaching: computer, internet connection, fitness knowledge, coaching experience
  15. Mobile car washing service: car washing supplies, transportation, washing experience
  16. Digital marketing agency: computer, internet connection, marketing knowledge, creativity
  17. Mobile app development: computer, software development knowledge, creativity
  18. Travel planning service: travel knowledge, communication skills, organizational skills
  19. Home renovation service: construction tools and equipment, transportation, construction experience
  20. Virtual interior design service: computer, internet connection, interior design software, creativity
Blog, Enterprise Education, Entrepreneurial Mindset, Experiential Learning

The evolution of Entrepreneurship Education Research

Entrepreneurship education is a rapidly evolving field, with new research emerging on a almost monthly basis. Here are some current trends in entrepreneurship education research, in 2023:

  1. Experiential learning: One trend that is gaining traction in entrepreneurship education research is the emphasis on experiential learning. Experiential learning includes activities such as business plan competitions, internships, and incubator programs that allow students to gain real-world experience and apply classroom learning to practical situations. Several studies have shown that experiential learning can improve students’ entrepreneurial skills, attitudes, and intentions.
  2. Interdisciplinary approaches: Entrepreneurship education research is also becoming more interdisciplinary. Many researchers are incorporating concepts and methods from fields such as engineering, design, and social sciences into their studies of entrepreneurship. This approach emphasizes the importance of creativity, innovation, and collaboration in entrepreneurship.
  3. Social and environmental entrepreneurship: There is a growing interest in social and environmental entrepreneurship, which emphasizes the creation of businesses that address social and environmental challenges. This approach is gaining traction as more individuals seek to make a positive impact in their communities and the world. Several studies have shown that social and environmental entrepreneurship education can improve students’ awareness of social and environmental issues and their ability to address these issues through entrepreneurship.
  4. Digital and technology-based entrepreneurship: Another trend in entrepreneurship education research is the growing interest in digital and technology-based entrepreneurship. The rise of digital technologies and e-commerce has led to a surge in the development of online businesses, mobile apps, and other technology-driven ventures. Many entrepreneurship education programs are incorporating courses and activities that focus on digital and technology-based entrepreneurship.
  5. Global entrepreneurship: Entrepreneurship education research is becoming more globally focused, with an emphasis on the development of businesses that can operate in international markets. This includes exposure to different cultures, business practices, and legal and regulatory environments. Several studies have shown that international exposure can improve students’ entrepreneurial skills and their ability to operate in diverse contexts.
  6. Entrepreneurial ecosystems: A growing area of entrepreneurship education research is the study of entrepreneurial ecosystems. Entrepreneurial ecosystems refer to the social, economic, and institutional factors that support entrepreneurship in a particular region or industry. Understanding these ecosystems is important for developing effective entrepreneurship education programs and policies.
  7. Entrepreneurial mindset: Many entrepreneurship education researchers are also focusing on the development of the entrepreneurial mindset. The entrepreneurial mindset is characterized by a set of attitudes, beliefs, and behaviors that are conducive to entrepreneurial success. Several studies have shown that entrepreneurship education can help develop the entrepreneurial mindset, which can in turn improve students’ ability to identify and pursue entrepreneurial opportunities.
  8. Impact of entrepreneurship education: Finally, there is a growing body of research on the impact of entrepreneurship education, with groups such as https://impactresearch.group/. This research aims to understand the long-term effects of entrepreneurship education on students’ entrepreneurial behavior, career paths, and economic outcomes. Several studies have shown that entrepreneurship education can have a positive impact on these outcomes, although the precise nature of this impact can vary depending on the specific context and type of entrepreneurship education program.

In summary, entrepreneurship education research is a diverse and rapidly evolving field, with many different trends and areas of focus. From experiential learning to social and environmental entrepreneurship, digital and technology-based entrepreneurship to global entrepreneurship, and from entrepreneurial ecosystems to the entrepreneurial mindset, there are many different topics and issues that researchers are exploring in their studies of entrepreneurship education. Ultimately, this research is important for developing effective entrepreneurship education programs and policies, and for understanding the role of entrepreneurship in driving economic growth and social change.

Blog, Experiential Learning, Ideation, Resources, Skills Development

The process of discovering an idea and making it an opportunity

I have had many business ideas over the years and the vast majority of them I have not acted upon, for various reasons. Sometimes it’s time, money or the fact I don’t have the core skills or resources to make this work. In this blog we are exploring this cognitive process which everyone undertakes to investigate the opportunity. The aim is to support you in using this best practice when discovering a business opportunity.

The process of discovering a business idea is a varied and complex one and may occur over several years or during a split second. However, we can summarise some of the key mechanisms which occur during this mental process. An idea is just that and needs to be added to and then validated to make an opportunity.

The nascent entrepreneur enters the process with three sets of characteristics which can be split into Sociological factors, Demographic factors and Psychological factors. The Demographic factors are Age, Gender, Education level, Marital Status, Occupation, Population Growth, and Migration. These Sociological factors are Religion, Family, Network, Income & Wealth , Transport, Social Mobility, and Household Composition. The Psychological factors are Need for achievement, Need for autonomy, Internal Locus of control, Risk-taking propensity, Entrepreneurial Self Efficacy, Creative & innovative, and Motivational.

These characteristics form the basis from which the nascent entrepreneur sees, finds and more importantly validates the business idea and the potential opportunity. This prior knowledge and competency in entrepreneurship sets the nascent entrepreneurs on the path. The trigger for this to occur varies, from long term intention to a point in time when either the need or the opportunity presents itself. The entrepreneur will bring forth a range of capitals which will be used to resource the venture these we term the Startup Entrepreneur Capitals. These can be brought down to Financial, Intellectual, Experiential (Human), Social, Cultural, Spiritual, and Material. These set what resources could be used in the first instances to start the business. After the business is started you can find new resources.

Once the basis for the idea is found, the next stage is to analyse if it is exploitable? On a cognitive level, the nascent entrepreneur needs to understand the probability of success based on the personal investment available of resources to facilitate enough time to get the venture to profit. Then we need to understand will the venture be profitable enough to compensate for their opportunity costs.

Once the nascent entrepreneur has validated an opportunity for them, they then need to scope it to understand the trajectory of the business and the potential scale. The required scale of a business is dependent on the industry and market and the ability of the team to manage it.

The business then requires to be designed by the nascent entrepreneur. However, with no or little experience in designing a business, they need to connect the opportunity with their vision, the businesses mission and set the strategy and objectives to meet.

Once they have thought this out they can start modelling the business, through tools like the business model canvas and potentially developing a business plan.

Blog, Data Analytics, Enterprise Education, Inclusive Entrepreneurship, Legal and Regulatory Knowledge

England needs Enterprise and Entrepreneurship Education

There is a diversity of approaches to enterprise and entrepreneurship education (EEE) across the United Kingdom. Three of the four nations: Wales, Scotland and Northern Ireland have all developed and implemented strategies encouraging enterprise and entrepreneurship education, England remains unique for its failure to develop a specific policy for education at all levels.

In a recent 2022 report by the APPG Entrepreneurship (here), they reported that “England remains one of the few places in Europe that
has yet to develop a specific entrepreneurship education strategy for schools“.

My own research (here) has shown that enterprise and entrepreneurship education in Wales is paying off with direct relationships between these interventions and economic development. Wales has implemented a strategy since the early 2000s with the ‘Youth Enterprise Strategy’ (YES) and covers 5–25 year-olds. The stated objective of the strategy was to “develop and nurture self-sufficient, entrepreneurial young people in all communities across Wales, who will contribute positively to economic and social success.”

This investigation showed, for the first time, that it is possible to draw linkages between the outputs generated by some of the EEE activity in universities and key regional development indicators. Across the regions we found that EEE activity in HEIs appears to have a direct impact on business creation and GDP, the latter point echoing more general trends observed by Schubert and Kroll (2014) and Pastor et al. (2018). Furthermore, we were able to use several different indicators to infer a relationship between the nature and/or quality of provision and
graduate start-up activity. That said, we also found numerous trends which we could not fully explain through the data, all of which need further research attention.

This is not new. Entrepreneurship has been shown to be a driver of economic development and a powerful source of economic growth and job creation and that productive entrepreneurship is crucial in terms of economic welfare (van Stel, Carree, & Thurik, 2005; Acs, Audretsch, Braunerhjelm, & Carlsson, 2012; Naudé, 2013).

However what is important is that Koryak et al. (2015) suggests that there exists a deficiency within a substantial proportion of UKs SME in relation to entrepreneurship skills. This is therefore constraining business growth, international trade and product innovation.

Enterprise and entrepreneurship education is not just for those who want to start a new business, it’s for enabling the next generation to be more flexible. In a world where Covid, MonkeyPox and Polio are all reported to be in London, Brexit, international supply chains are rapidly changing, inflation, recession and we again have a war in Europe….I think the resilience which enterprising and entrepreneurial skills provided is now core to supporting this next generation to cope on a daily basis.

The action need is that Enterprise and Entrepreneurship should be part of the core curriculum for all students from 4 to 24 years old and it should be clear what resources will and should be made available.

Talking About Entrepreneurship