Impact of Entrepreneurial Mindset and Skill Development on Organizational

Introduction

Entrepreneurial mind set is the way of thinking creatively in the organisation which in turn helps to overcome the challenges, develop effective decision for the firms to fulfil the organisational responsibility. In this regard, it is necessary to have effective Entrepreneurial mind set as well as skill development activities to develop creative strategic planning for the organisations in near future (Mauer, Neergaard and Linstad, 2017). The study aims to analyse the Entrepreneurial mind set and its impacts on the organisational growth and business development. The study also focuses on increasing the understanding about the effects of Entrepreneurial mind set and skill development activities on maximising the economic and social wellbeing through organisational development and creation of new business.

Entrepreneurial mind set and skill Development

The Entrepreneurial mind set is effective for the creation of the new businesses as well as enhance innovation in the organisations for achieving the future aims and objectives of the businesses. Hereby, the Entrepreneurial mind set is appropriate for creating a new business or developing effective innovative strategic planning in order to ensure organisational development in near future (Miller, 2017). the Entrepreneurial mind set includes seeing and creating the opportunities, focusing on visions statement, having problem solving and decision making skill, exploring new possibilities of the business, encouraging innovation and creativity of the firms in the market as well as turning the ideas into actions, leading the way, using the organisational resources and capabilities, managing the risk and collocating culture to create a shared vision. In this regard, the Entrepreneurial mind set is important, where the entrepreneurs try to develop the ideas and explore more alternative solutions to run the business efficiently. In this regard for example, the Apple as a famous electronic manufactures companies producing the Smartphone, Mac book, and laptops, which focuses on Apple Pay where the customers can pay safely and transfect money for their personal purposes easily and safely. Hereby, the innovative strategy of introducing Apple Pay is one of the great initiatives of the company Apple, through which the company tries to grab the market opportunities and strengthen their customer’s base by enhancing service excellence and creating values for the organisations (Apple Inc., 2019).

In addition to this, the mindset of the entrepreneurs is also creative and innovative, where the companies try to enhance their innovation through technological advancement. Turning the ideas into the actions and enhancing the technological advancement in the recent era of globalisation is another way where the entrepreneurs try to enhance the business ideas and ensure future sustainable development of the businesses. For example, National Health Service (NHS) as a famous public health service organisation introduce the new technology to and the customers where the cloud computing system and data base management through computerised system are effective through which the organisation is able to manage the customers and store the personalise data and information of the customers by implementing the General Data Protection Act 2018. This is effective to manage transparency and accountability of the business, where the customers can have equal opportunity to get fair treatment and care from the NHS.

Additionally, the Entrepreneurial mind set is important to grow the business where the entrepreneurs try to identify the problems in the organisational workplace and acknowledge the business environment for better understanding and this further influence the Entrepreneurs to develop proper solutions and create effective strategic planning for achieving the business objective. In this regard, the entrepreneurs try to utilise their problem solving and decisions making skill to analyse the existing problems and create innovative solution for the service excellence so that it is possible to ensure future sustainable development (Mitchell, R.K., Mitchell, B.T. and Mitchell, J.R., 2017). Moreover, the creative and critical analysis skill of the entrepreneurs is also necessary in this context where the entrepreneurs are trying to create new ideas and enhance the innovation and creativity of the organisations. Managing the risk of the businesses are also the responsibility of the entrepreneurs where the positive mind set an risk taking behaviour of the entrepreneur influence the entrepreneurs to take the risk and focus on risk diversification by investing on different fields of the business, so that the future aim can be maximised well.

In this context, for example, Tesco is a famous retail supermarket chain, based on the UK and the firm is efficient to ensure sustainable growth of the business by expanding their business internationally. In this regard, the company focuses on serving the customers every single day by delivering quality products and efficient services at affordable price. This is the major vision of the firm and in this regard the entrepreneurs try to focus on vision and develop integrated workplace in the organisation Tesco for creating shared vision. This organisational practice of the firms is effective where the entrepreneurs of Tesco tries to develop effective workplace and organisational culture and create a team were all the employees try to contribute with their full potential and capabilities to perform better. In this context, the leader of Tesco also focuses at enhancing creativity and innovation where they try to develop effective mobile application of the company as well as restructure the company website where the customers can review the products and make effective purchase decision through online activities. This is one of the effective tactics the entrepreneur of the organisation Tesco to manage the physical stores of Tesco across the globe as well as create the company website more attractive to retain the customers across the globe. This in turn helps the organisation to grab the market opportunity and strengthen their customer’s base in near future where they can secure future sustainable growth and gain high market share in the global retail industry (Tesco, 2019).

Additionally, the skill of the entrepreneurs is also necessary to conduct the operational activities of the businesses, where the entrepreneurs have positive mental attitude and enjoy the workplace around the people. Communication skill and cooperative behaviour of the entrepreneurs are also effective where the entrepreneur can lead the employees and control them for managing their performance (Pfeifer, Šarlija and Zekić Sušac, 2016). The communication skill of the entrepreneurs is effective where the leader of the organisations try to develop shared vision and interact with all the members in the workplace for creating suitable organisational culture. Additionally, the cooperative skill provides a scope to the entrepreneurs to develop partnership working practice where the employees are motivated to work collaboratively to achieve the future success. Strong desire to achieve and resourceful mind set of the entrepreneurs further provides a scope to the businesses to grow and secure future sustainable development where the entrepreneurs are efficient to create new ideas and innovative decision to perform the operational activities proficiently and expand the businesses successfully.

Clear vision and concise objective of the firm is mandatory where the entrepreneurs try to develop proper vision of the organisation and share with all the employees and manager at the workplace so that integrated workplace and shared vision can be developed well (Daniel, 2016). Technical skill and knowledge of the entrepreneurs further helps the organisations to enhance their creativity to perform efficiently. In this regard, for example, Tesco is efficient to serve the customers around the international borders where the leader ties to provide 24*7 services to the customers through managing their website where the organisational representatives can interact with customers and this in turn helps to improve customer’s satisfaction and ensure customer service management of the organisation Tesco. Hereby, the Entrepreneurial mind set and skill of the Entrepreneurs are effective to growth the business and enhance the developmental activities of the brands through which the organisations can maximise their objective in near future (Tesco, 2019).

Impacts of entrepreneurial mind set and skill development

The Entrepreneurial mind set and the skill are impotent for the organisations to create values for the organisation as well as maximise customer satisfaction in the market where the companies can strengthen their customer’s base as well as ensure future sustainable development. It is possible or the entrepreneurs to utilise the organisational respires and capabilities in the workplace to enhance the operational efficiency and service excellence where the companies can maximise the satisfaction level of the customers and create values for all the stakeholders including the government, managers, suppliers and the distributors of the companies, employees, customers and social communities as a whole (Kusumaningrum and Hidayat, 2016). The Entrepreneurial mind and skill are hereby beneficial to ensure economic and social wellbeing where the companies have the great contribution. For example, Apple as an electronic goods manufacturing company contributes positively in enhancing the National Income as well as fulfil their economic responsibility by maximising profitability and sales volume. In addition to this, the company is also proficient to invest in charity homes and social developmental project which also provides a scope to the company to maximise social wellbeing of the countries across the globe (Apple Inc., 2019).

On the other hand, for example, Tesco as a famous retail firm focuses on creating values for the society as well as enhance economic wellbeing. In this regard, the company contributes positively in raising country’s national income as well as the entrepreneur of the company focuses on creating values of the customers by delivering quality products and efficient services at lower price which also enhances the economic wellbeing among the customers across the international nations. On the other hand, the company focuses on utilising the electronic cars and implementation of the solar panel to reduce the greenhouse gas emission and reserve the natural resources of the country respectively. These initiatives of the entrepreneur of the organisation Tesco create social wellbeing by maximising values for the society. the entrepreneur of the organisation Tesco also focuses on implementing street side refrigerator to transfer the excess food items from which the needy people in the society can take the food and this creative initiative is effective for the company to create value for the social communities and enhance the economic and social wellbeing as a whole by reducing food waste and fulfilling the basic needs of food intake of the needy people (Tesco, 2019).

These above mentioned initiatives of the entrepreneurs are effective for creating values for all the stakeholders, engaged with the organisation and this in turn helps the organisations to maximise the economic and social wellbeing where the companies are proficient to fulfil their corporate social responsibilities through enhancing creativity and develop innovative solutions to maximise the values for the stakeholders (Davis, Hall and Mayer, 2016). The Entrepreneurial mind set and skill are innovative where the entrepreneurs are focusing the organisational vision and develop appropriate solutions where they utilise the decision making and problem solving skill to make the business profitable and contribute positively in social development (Huerta et al., 2017). The economic and social responsibilities can be maximised by the organisations, where the Entrepreneurial mind set and skill are playing crucial role to increase innovation and run the operational activities proficiently by utilising the organisational resources and capabilities. Hereby, the entrepreneurs are responsible to run the organisations efficiently and secure future sustainable development by ensuring maximisation of the economic and social wellbeing.

Conclusion

It can be concluded that, the Entrepreneurial mind set and the developmental skill and abilities of the entrepreneurs are effective for the organisations to get clear vision and develop creative solutions to run the business efficiently. In this regard, the entrepreneurs are responsible to utilise the organisational resources and capabilities to develop innovative solution after analysing the existing problems and focusing on the organisational visions, so that it is possible to ensure future sustainable development of the companies. The Entrepreneurial mind set and the skill of the entrepreneurs are hereby necessary to create the organisational values as well as maximise the values of the stakeholders which in turn provides an opportunity to grab the market opportunities and enhance the operational activities of the business to maximise their vision and objectives. In this regard, the Entrepreneurial mind set and the skill are also effective to create values for the society where social and economic wellbeing are also maximised well.

Reference List

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