What is an Entrepreneurial Mindset

Introduction

This chapter contains the background of the study, statement of the problem, the purpose of the study, research objectives and research questions, significance of the study as well as the conceptual framework

Background of the study

An entrepreneurial mindset indicates a way of thinking about business and its opportunities that capture the benefits of uncertainty (Dhliwayo and Vuuren, 2007). According to Sedges (2007), it portrays the innovative search for opportunities and facilitates actions aimed at exploiting such opportunities.

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Establishing an entrepreneurial mindset is important to sustain the competitiveness of economic organizations and the socioeconomic lifestyle of the population through value and job creation. This importance is portrayed in the sense that it enables supporters of new ideas to establish organizations with new valuable ideas, which are resourced and developed in an encouraging and enabling culture (Thompson, 2004). Ireland et al. (2003), focused on the need for future generation to be more entrepreneurial; that is, creative or innovative, with the ability to act on opportunities. This perspective tallies with their stipulation that “the successful future strategists will exploit an entrepreneurial mindset.

Many studies evidence that entrepreneurship is critically important for the economic prosperity of students (Bowen & Clercq, 2008; Katz, 2007; Kogut et al., 2010). Moreover, self-employment has significant positive economic impact not only on wage and salary scales but also on per capita income growth and poverty reduction (Goetz et al., 2012).

According to Beeka & Rimmington (2011), entrepreneurship is one of the career options students may consider shortly before or immediately after graduation.

For all these reasons, investigating the motives that drive graduating students to entrepreneurship is highly relevant (Zellweger et al. 2011).It is crucial to understand the factors that can impact upon such mindsets to start-up a business in the future. Individual factors that motivate a person’s decision to become an entrepreneur are numerous. In general, these factors can be problem solving, economic motivations curiosity and entrepreneurial training (Ashley-et al., 2009). To study antecedents of entrepreneurial mindset can help teachers, consultants, advisors and policy makers to know how new venture founders’ beliefs, perceptions, experiences, and motives impact the intent to start a business (Wang et al. 2011)

The objective of this study is to further investigate how entrepreneurial training, curiosity, economic motivations and problem solving influences the growth of entrepreneurial mindset of ANU students. Understanding entrepreneurial mindset will enable the students to investigate the dynamics of entrepreneurial venture.

According to Veciana et al. (2005), there is a consensus that the attitude towards entrepreneurial activity and its social function are the determinant factors for university students to decide an entrepreneurial career.

The rationale of this study is to emphasis on entrepreneurial processes that are aiming at promoting entrepreneurial behaviors of undergraduates of ANU. The outcomes of this research could be useful to policy makers to understand not only the pattern of relationships entrepreneurial mindset and the influencing factors, but also its implications for interventions and growth of entrepreneurial mindset among the students of Africa Nazarene University.

Statement of the problem

Bell, (2015) observed that much is known about the growth of entrepreneurship among the students, too little is known about the factors leading to the growth of entrepreneurial mindset among the university students. This little known about entrepreneurship made me to carry out this research proposal in order to address this problem and also try to explore remedies to this problems.

One of the most problem that triggered me to do this research was the increased unemployment among the fresh graduates and I felt if that if I do this research, i can help solve this problem among the graduates and also the undergraduate students by presenting factors that can attract them to start their own ventures.

Lack of entrepreneurship studies and clubs at Africa Nazarene University mostly triggered me to write this research proposal so as to address this issue to the university. Through introduction of entrepreneurship classes and clubs, will help the students have entrepreneurial mindset and apply the knowledge learned in class to begin their ventures.

Increased both unemployment and retrenchment among many fresh graduates also made me do this research proposal so as to create awareness to the undergraduates on what’s happening in the job market. Through creating this awareness, students will be able to acquire skills and knowledge in schools so as to be self-employed after school. Through creating their own ventures they will solve this issue of unemployment among graduates

The final and the most important problem that made me chose this topic of research is that there are very many market gaps within Nazarene university and through addressing the issue of these market gaps, students will be able to invest in them and earn returns and this will be a way of creating employment among the residents around Nazarene university.

If these problems are not addressed, many students may not be able to identify viable ideas or market gaps in future and if they they try to come up with any idea without knowing whether they are viable, they may end up starting the wrong businesses that has no consumers for the services of goods offered hence leading to the closure of the business.

This proposed research aspires to explore different factors that will help to curb these problems among the university students and also to encourage the university to work more on training the student so as to improve the student’s entrepreneurial mindset and also be able to come up with the ideas that are profitable in return.

Significance of the study

This research seeks to benefit scholars, government, entrepreneurs, and managers University students-These are individuals who have already committed their funds in higher learning institutions so as to get knowledge of entrepreneurship and become successful entrepreneurs in future. They will learn about the characteristics of successful entrepreneurs and be able to come up with viable ideas in future.

The scholars: This study is helpful to scholars as it will contribute into the debate of how to boost the field of entrepreneurship in order to tap into the need that the economy has and also to provide a solution to the problem of unemployment. Much of the literature is focusing on the entrepreneurial intentions of university students in developed countries and this research can shed some light on the Entrepreneurial mindset of University students in developing countries like Kenya

Government: They include either central or county government and they will be able to come up appreciate policies to solve the problem of entrepreneurship within the country and also the government will be able to support the students with entrepreneurial mindset with either finances or marketing their goods and services. Though this, the government will have created more jobs for the youths in the country and through these jobs the government will be able to raise revenue through payment of taxes by the entrepreneurs

Entrepreneurs: the information will also benefit them by improving their entrepreneurial mindsets so as to create more entrepreneurial opportunities in the country. They will also acquire knowledge on the factors that can lead to the growth of their entrepreneurial ideas.

Limitations of the study

This study will be limited only to Africa Nazarene University students. The sample size of this research will be based to ANU since it is the case study.

Inadequate time and finances resources needed carry out the study will be a limitation of this study. Because of the time and financial constraints, the study may not focus on other Universities students in Kenya.

The study also anticipates slow response from the targeted students due to their time constraints and some of them may be reluctant to provide the required information since they may not have enough knowledge of entrepreneurship and the little they know they may keep it as a secret so as to invest in those ideas in future.

Hypothesis

1. Entrepreneurial training significantly influences growth of entrepreneurship mindsets among students at Africa Nazarene University
2. There is a significant relationship between economic motivation and growth of entrepreneurship mindset among Africa Nazarene students.
3. Curiosity significantly affects growth of entrepreneurship mindset among Africa Nazarene university students.
4. Problem solving significantly affects the growth of entrepreneurship mindset of students at Africa Nazarene University

REFERENCES

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