Impact of Entrepreneurial Mindset and Culture on Entrepreneurial Development and Economic Transformation

Abstract

This is a systematic research investigation into the nature of impact of entrepreneurial mindset on entrepreneurial development and economic transformation. Entrepreneurial mindset is a prerequisite to entrepreneurial success and highly essential to economic transformation. The study adopted a systematic review of  literature of over 90 articles from reputable international journals using JSTOR, Google Scholar, PubMed, and research gate of related topics in order to determine the nature of connections and comprehend the motivations, viewpoints, theories, empiricism, and opinions of scholars and findings. The study discovered that an entrepreneurial culture and mindset is a style of thinking and acting in an atmosphere that fosters innovation and value creation. The findings of the systematic review demonstrated a direct correlation between entrepreneurial development and economic transformation and entrepreneurial mindset and culture. Initiative, opportunity recognition, and measured risk-taking are at the heart of the entrepreneurial mindset, which is a collection of attitudes, actions, and beliefs. This study also has shown how important training programs and institutions can be in developing and using an entrepreneurial attitude or mindset. The behavioural (acting), affective (feeling), and cognitive (thinking) components of the entrepreneurial mindset can therefore be the focus of this institutionally structured training. Because it encourages new business ventures and supports economic growth and change through "creative destruction," the research findings also supported the notion that an entrepreneurial mindset is essential for economic transformation.

This study also concludes that entrepreneurs who have an entrepreneurial mindset reduce unemployment and poverty by providing jobs for others as well as themselves. This leads to economic transformation. The findings demonstrated that an entrepreneurial mindset or attitude plays a role in economic transformation by pushing established organizations to innovate and become more competitive by introducing new products, technology, and processes. The establishment of new businesses attracts both domestic and foreign capital, which supports economic expansion and creates new career and employment opportunities for workers. The study recommends that entrepreneurial mindset and culture should be the foundation and cornerstone of entrepreneurial studies