Entrepreneurial Mindset Profile

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ENTREPRENEURIAL MINDSET PROFILE

By: Mark Davis, Ph.D. Jennifer Hall, Ph.D. Pam Mayer, Ph.D.

The past decade has seen a striking amount of interest in all things entrepreneurial— entrepreneurs themselves, the entrepreneurial mindset and entrepreneurial ventures large and small. Business writers have hailed entrepreneurship as a crucial engine for economic growth, describing it, for example, as a “game-changing concept” that can help existing businesses succeed in the face of overseas competition (Lewis, 2012). Others see it as even more important, as illustrated by this bold claim: “If we’re going to emerge from the worldwide economic slump, entrepreneurs will lead the way.” (Badal & Streur, 2012)

And the entrepreneurial mindset is no longer the exclusive property of business owners. Increasingly, corporations are seeking, nurturing, and rewarding entrepreneurially-minded employees, sometimes known as “intrapraneurs,” and critically examining the degree to which their corporate cultures allow entrepreneurial thought and action to flourish (Morris, Kuratko, & Covin, 2008). Even students are getting into the act. College degrees in entrepreneurship have been proliferating rapidly. Since 2006, the Princeton Review and Entrepreneur magazine have partnered to name the top entrepreneurship programs in the country; in 2012, they named 50 at the undergraduate level and 50 at the graduate level. Even President Obama called for “entrepreneurship” to be included with “problem-solving” and “critical thinking” as 21st century skills to be incorporated into education standards and assessments (Obama, 2009).

Despite this wide level of interest, however, there is currently little consensus regarding the hallmarks of the entrepreneurial mindset. Much of what’s been written about entrepreneurs is largely theoretical or anecdotal; especially in the age of the blog, there’s no shortage of experts (both genuine and self-proclaimed) weighing in on “the five keys to entrepreneurial success,” or “the three absolutes of a truly entrepreneurial mindset.” We’re not suggesting that these ideas are without merit, but rather that as scientist-practitioners, we were most interested in what the data had to say. Even the empirical work we could find on the topic is not as comprehensive or as universally high-quality as we might have hoped. As noted by Hisrich, LanganFox, and Grant (2007), the search for individual differences between entrepreneurs and non-entrepreneurs, and between more and less successful entrepreneurs, has produced a rather inconsistent body of evidence. So, we designed a project to identify a set of variables that clearly distinguish between entrepreneurs and nonentrepreneurs, and to create a tool to measure these variables.

Although the EMP was originally developed for use with corporate leaders, it can also be used in coaching with entrepreneurs and aspiring entrepreneurs. Even experienced entrepreneurs can benefit from gaining additional insight into their unique profile of strengths. Also, EMP group reports—when used in conjunction with individual reports—can help business co-founders or co-owners better understand and leverage their individual and collective assets. Finally, practitioners who work with family-owned businesses may find the EMP especially useful for succession planning; while multiple family members may express an interest in taking on the top leadership role during a time of transition, the EMP can help distinguish between those who have the right “wiring” and skill set and those who don’t.

To take the Entrepreneurial Mindset Profile, click here and sign up for an Entrepreneurial Mindset Success Strategy.

Once you sign up you will receive a link to spend about 10 minutes and answer a few questions. Immediately you will be provided a feedback report. HERE IS A SAMPLE OF THE FEEDBACK REPORT

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RESOURCES:

Lewis, K.R. (2012, August 13) The Myth of the ‘Entrepreneurial employee’. Fortune. www.management.fortune.cnn.com/2012/08/13/the-myth-of-the-entrepreneurial-employee/

Badal, S., & Streur, J. (September 6, 2012) 10 Habits of Successful Entrepreneurs. Business Insider. www. mobile.businessinsider.com/10-habits-of-successful-entrepreneurs-2012-9

Morris, M.H., Kuratko, D.F., & Covin, J.G. (2008) Corporate Entrepreneurship and Innovation. Mason, OH: South-Western Cenage Learning.

Hisrich, R., Langan-Fox, J., & Grant, S. (2007) Entrepreneurship Research andPractice: A Call to Action forPsychology. American Psychologist, 62, 575-589.

Obama, B. (2009) Remarks by the President to the Hispanic Chamber of Commerce on a complete and competitive American education. www.whitehouse.gov/the-press-office/remarks-president-united-states-hispanic-chamber-commerce Patterson, F. (1999) Innovation potential predictor. Oxford Psychologists Press.

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