Description
around 1500 words ,must be completed in accordance with the requirements in the Word document
turnintin no more then 20%
Unformatted Attachment Preview
Purchase answer to see full attachment
Explanation & Answer
Attached.
1
Running head: ENTREPRENUERSHIP
ENTREPRENUERSHIP
INSTITUTIONAL AFFILIATION
DATE
2
ENTREPRENUERSHIP
Question One
Entrepreneurial thinking can be referred to as the ability to identify different
opportunities within a marketplace and come up with the necessary strategies to utilize these
opportunities in the most efficient way (Van Vuuren, 2007). Although entrepreneurial thinking
may not always be an inherent trait, it can easily be cultivated and improved over time.
Entrepreneurial thinking has, in most cases, proved to be somewhat of a superior skill than
critical thinking on the business front. The success of various startup companies, especially in the
technology sector, has been attributed to entrepreneurial thinking.
This discussion will provide a brief insight into the key features of entrepreneurial
thinking that are applied when looking for solutions to various business-related problems. When
evaluating these features, we shall draw comparisons between entrepreneurial thinking and other
traditional business tools such as critical thinking, looking at how entrepreneurial thinking
presents itself as a more superior asset compared to these other tools. When implementing
entrepreneurial thinking skills, an entrepreneur is equipped with a heightened level of awareness
that enables him/her to make timely decisions, unlike when he/she chooses to apply critical
thinking skills. (Van Vuuren, 2007). As businesses strive to reduce risk while at the same time
broaden their profit share, they should be careful not to instill this culture to their employees
either directly or indirectly. This traditional business thinking gives entrepreneurs a tunnel vision
that limits their objectives to only making profits. Employing entrepreneurial thinking broadens
the scope of an entrepreneur where despite viewing profit-making as a necessary outcome,
he/she looks to create value while at the same time being an asset to the industry as a whole.
Entrepreneurs applying this thinking often desist from exploiting consumers in the market and
instead look to solve existing problems using new approaches.
The primary distinguishing factor between a traditional business approach and an
entrepreneurial approach is in the risk outlook among these two factions (Van Vuuren, 2007).
The conventional business thinking classifies risk as a fragile business factor that has to be
mitigated and managed at ...