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International journal of multidisciplinary advanced scientific research and innovation, Vol.1, Issue 1, page-26-34.Nov-2017

Available online at http://www.advancedscientificjournal.com

JMASRI, Vol. 1, issue 1, pp. 26-34, Nov-2017

INTERNATIONAL JOURNAL OF MULTIDISCIPLINARY

ADVANCED SCIENTIFIC RESEARCH AND INNOVATION
(IJMASRI)

Research
RESEARCH article
ARTICLE

ENTREPRENEURSHIP MINDSET FOR STUDENTS’ ENTREPRENEURSHIP BUILD-

UP: A REVIEW PAPER
*Mohammad Mizanur Rahman1,Adedeji Babatunji Samuel 2, , Mohammad Jamal Uddin3,
Md. Saidur Rahaman4
1
PhD Student; Faculty of Economics and Management, University Putra Malaysia, Malaysia
2
PhD Student; Faculty of Economics and Management, University Putra Malaysia, Malaysia
3
Assistant Professor, Department of Business Administration, Metropolitan University, Sylhet
4
Lecturer; Department of Business Administration, Metropolitan University, Sylhet

Abstract
The purpose of this study is to identify the best methods of arousing the entrepreneurial mindset in
students for entrepreneurship build up. Attempts are made at reviewing the studies by various scholars in the
field of entrepreneurship and entrepreneurship education since the significance of entrepreneurship in
improving human existence in terms of poverty reduction, generation of employment, wealth formation and
economic vigour has bestowed global recognition on entrepreneurs and entrepreneurship. Despite the fact that
various methods (computer simulation of business games, role play, business plan development, personal and
group projects, visitation to entrepreneurs, new business creation, workshops, group discussions, case study,
etc.) have been put forward by various experts as means of creating entrepreneurial mindsets in students, it was
found that no one method can be adopted on its own and that they have to be used jointly to ensure
effectiveness based on the needs of the students, the knowledge base of the teacher, the content of the course to
be taught and the environment in which learning is to take place. Nevertheless, it is generally agreed that there
are yet no guidelines for selecting the teaching methods that might engage a particular group of students in
order to disseminate the required body of entrepreneurship knowledge and generate basis for learning in the
nearest future. Therefore, research efforts are to be directed the more at finding the appropriate or mix of
methods that would create the required entrepreneurial mindset in students.
Key words: Education, entrepreneur, entrepreneurial mindset, entrepreneurship, and students.

Introduction
Corresponding Author:
1
Mohammad Mizanur Rahman* As a means of getting the students prepared
PhD Student, Faculty of Economics and for future challenges, they are encouraged to see the
Management, Universiti Putra Malaysia, Malaysia need for attending programs and courses that can aid
them in acquiring the required skills and knowledge
6 © copyright by IJMASRI, 2017. All right reserved
International journal of multidisciplinary advanced scientific research and innovation, Vol.1, Issue 1, page-26-34.Nov-2017
that will better make them fit into the labour market
without much stress, especially after graduation from
the college or universities. In this case,
entrepreneurship education has been identified, in
particular as a course that arouses the interest of the
students at getting focused for their career as it is
adjudged as that which disseminates attitude, skills
and knowledge required to venture into and grow
businesses effectively. The significance of
entrepreneurship in improving human existence in
terms of poverty reduction, generation of
employment, wealth formation and economic vigour
has bestowed global recognition on entrepreneurs
and entrepreneurship. Evidences from Universities in
the developed countries showed that entrepreneurial
education has the potential to transfer and
communicate to students the skills, ability and
knowledge necessary for them to be able to identify
potential business opportunities (Chinonye and
Akinbode, 2014).
Nevertheless, the appreciation of
entrepreneurship as a field of study requires good
intentions and mindset as far as the student (learner),
teacher, content and processes are concerned.
Without the students being prepared and motivated
for the learning and the teachers not having the pre-
requisites for the dissemination of the knowledge and
skills, coupled with lack of good curricula and good
environment to foster the learning, the whole efforts
at moving forward will be an exercise in futility.
Thus, there is a need to first gain the attention of the
students, which is by entrepreneurship mindset
through entrepreneurship education.
Entrepreneur and entrepreneurship
defined
An entrepreneur is an individual that uses the
privilege of turbulence, instability, lack and need to
create a new item or service or adjusts an existing
one for the sole aim of making profit (Bagby, 1988).
In a more similar manner, Herbert and Link (1989)
posit that an entrepreneur is a personality that
possesses some comparative advantage due to access
to sound information or different viewpoint about a
situation or opportunities to enhance his/her decision
making activities. Therefore, being an entrepreneur
confers on an individual the grace to seize the
opportunity at ones‟ disposal to establishing or
attaining a goal over a given time period, though not
without the skills, knowledge and motivation
required for such an endeavour. Entrepreneurship
“an individual‟s ability to turn ideas into action. It
includes creativity, innovation and risk taking, as
well as the ability to plan and manage projects in
order to achieve objectives. This supports everyone
in day-to-day life at home and in society, makes
employees more aware of the context of their work
and better able to seize opportunities, and provides a
foundation for entrepreneurs establishing a social or
commercial activity” (European Commission, 2005).
Entrepreneurship is the implementation of an
individual's talent in the resources in which he is
available with; and expanding these resources in the
future so that one can get individual as well as
general i.e. social success. It comes from the French
verb 'entreprendre' which means 'to undertake.'
Entrepreneurship is the act and art of being an
entrepreneur or one who undertakes innovations or
introducing new things, finance and business acumen
in an effort to transform innovations into economic
goods. This may result in new organizations or may
be part of revitalizing mature organizations in
response to a perceived opportunity (Haidar, 2012).
Entrepreneurship according to Emmanuel
(2010) is the ability and readiness of a person to
create a new investment prospect, develop a venture
based on this and manage it effectively for social
benefit or making of profit. In a like manner,
Timmons (2011) defines entrepreneurship as a
complex process that demands decision making
across all the facets of embarking on a new line of
business under uncertainty in a dynamic and world-
wide socio-technical environment. Nevertheless,
according to European Commission (2011)
entrepreneurship is both a life-long and life-wide
experience, hence, the best means to learning and
combining experience with official educational
endeavours. Apart from being viewed as the fourth
element of production, more resources and time is
being devoted to research efforts on
entrepreneurship. Thus, recent literature refers to it
as the most persuasive economic dynamism ever
experienced globally (Cumming et al., 2014;
Kuratko, 2013). Therefore, entrepreneurship has to
27 © copyright by IJMASRI, 2017. All right reserved
International journal of multidisciplinary advanced scientific research and innovation, Vol.1, Issue 1, page-26-34.Nov-2017
do with the determination of openings and
opportunities in business in terms of one‟s current
situation and connecting up the various resources in
a creative manner to meeting a particular need for an
eventual compensation. Conceptually,
entrepreneurship has to do with examining
opportunities, acquiring resources and creating and
sustaining the venture over time (Gottleib and Ross,
1997). The skills involved with entrepreneurial
activities are classified as business management,
personal and technical entrepreneurial skills
(Kuratko, 2013).
Entrepreneurship Education (EE)
The idea for the teaching of entrepreneurship
education was first mooted in Japan at the Kobe
University by Shigeru Fijii way back in 1938 and it
has since then gained recognition in American
universities and colleges and other parts of the world
with courses being mounted for it (Alberti et al.,
2004; Honig, 2004; Karsoon, 2003).
Entrepreneurship education may be expressed as the
enhancement of behaviour, attitudes and capacities
of persons/entities and according to Fayolle (2009)
all of the several efforts at boosting entrepreneurial
attitudes, skills and mind-sets for the purpose of
addressing issues like creativity, innovation, business
start-up and generation of ideas culminate in
entrepreneurship education. In other words,
entrepreneurship education is the genuine
intervention by administrators and educators in the
life of the participants to overcome challenges in the
corporate global business environment (Isaac, Visser,
Friedrick & Brijlal, 2007). In this case, the
participants are exposed to further attributes,
capabilities and skills necessary for them to
implement the learnt knowledge within the
framework of creating new trade (Cheung and Chan,
2011). Chinnoye and Akinlabi (2014) affirm that
entrepreneurship education can be enhanced if: the
students are involved in the teaching and designing
of the curriculum for EE, there is a regular
evaluation of the programme to validate students‟
learning, behaviour and attitude, EE can be made a
multi-disciplinary course and entrepreneurial week
and awards are organised to arouse the interest of the
students in entrepreneurial programmes. Despite its
popularity as an area of study in the universities,
there have however been arguments at different fora
as to whether entrepreneurs are born or made or
whether entrepreneurship can be a subject of study at
any level at all. The observations not withstanding
Kuratko (2003) asserts that it can be a course of
study while Fayolle et al., (2008) argue that
temperament and talent can be learnt. Before now,
Jack and Anderson (1998) assert that
entrepreneurship education can take the form of
either arts or science with the latter focusing on the
acquisition of basic skills required for starting up a
venture which are teachable while the former
emphasises on the innovative side of
entrepreneurship which are tacit in nature. Therefore,
entrepreneurship education is about the objectives,
contents, audiences and pedagogical techniques
(Fayolle et al., 2008).
The fundamental outcomes of
entrepreneurship education comprise of generating
the environment for responsiveness, information and
understanding about the concept and practice of
entrepreneurship, to cultivate personal
entrepreneurial skills, manners and attitudes, to
create personal assurance and capability, to have
understanding of an entrepreneurial means of living,
to entrench entrepreneurial philosophies, to stimulate
students toward entrepreneurial livelihood, to
understand business innovation processes, to
appreciate broad entrepreneurial competencies, to
develop important technical business know-how, to
encourage personal relationship and networking
skills, to brace-up for self-employment, to have a
mind-set for new ventures, and to exploit
institutionally-owned IP (Hannon et al, 2006). In
another dimension, Azizi (2009) opined that the
long-term outcomes of entrepreneurship education
comprise of transformation in behaviour, support
system, culture and impact on business generated by
the young ones. The breakdown of the motives for
entrepreneurship programs requires an in-depth
evaluation of the various audiences for
entrepreneurship education (Lonappan et al, 2011).
These audiences are made up of students from
different social and economic backgrounds with
varying degrees of attachments to entrepreneurial
activities, thus, the programs designed for them
28 © copyright by IJMASRI, 2017. All right reserved
International journal of multidisciplinary advanced scientific research and innovation, Vol.1, Issue 1, page-26-34.Nov-2017
differ too, as they may fall into the categories of
graduate business students, science related students,
literate personalities, instructors and PhD students.
On the other hand, those who have firm belief about
their business acumen, those that are practitioners
and professionals with focus on their areas of interest
as well as those without any pursuit and genuine
venture would have teaching or learning modes
designed in a different version.
In a nutshell, EE cannot be carried out in
isolation, thus, efforts are to be made at identifying
the participants and their categories, their training
needs in line with the curricular and the amendments
thereto, evaluation processes, reward procedures and
reporting patterns to effectiveness at increase the
knowledge base of all and sundry per time period.
Entrepreneurial mindset
Entrepreneurial mindset is “being an
entrepreneur is a state of mind. It is about analyzing
the world and what is happening in terms of
opportunities and possibilities, trying to understand
how an individual intervention can enter the
economic and social system in terms of construction
and progress and then it‟s about putting into practice
objectives and translating ideas into action.” (Ferrero
and Fioro, 2014). McGrath and MacMillan (2000)
define an entrepreneurial mindset as “the ability to
rapidly sense, act and mobilize, even under uncertain
conditions”. This assertion is in line with Duening‟s
(2010) entrepreneurial habits of mind. Furthermore,
Ireland et al. (2003) “define an entrepreneurial
mindset as a growth oriented perspective through
which individuals promote flexibility, creativity,
continuous innovation and renewal”. There is now a
movement from the special individual nature based
on learning processes to development of the
cognitive tendencies of the human mind. Haynie et
al. (2010) build on the cognitive skills model and
shifted the attention from interrogating the cognitive
skills that individuals use to determining
entrepreneurial opportunities to “the process through
which entrepreneurs develop and inform „higher-
order‟ cognitive strategies or metacognition”. Haynie
et al.‟s (2010) “model of the entrepreneurial mindset
is based upon situating metacognitive processes in
the entrepreneurial context”. Embedded within the
cognitive and metacognitive skills approach is the
need for self-efficacy as a significant prerequisite to
support and efficiently enact the entrepreneurial
mindset (Mauer et al, 2009). Mauer et al (2009)
opine that this is a complex psycho-social process
which has obvious benefits of accommodating risk
and uncertainty. Once again, self-efficacy has not
been seen as inborn but that which could be
enhanced by entrepreneurship education. This shift
in the entrepreneurial mindset from being based on
personality traits and behavioural characteristics to
cognitive skills and metacognitive processes have
been recognised both in business-oriented
entrepreneurship education and in arts
entrepreneurship education (Pollard and Wilson,
2013).
The underlying needs of the consumers are
basically met by the entrepreneur who indulges in
developing products and services that are novel and
new in the society, based on his capabilities for
sensitivity, creativity, innovation and imagination
(Rogene, Buchholz and Rosenthal, 2005).
Entrepreneurship entails the determination and
utilisation of opportunities. Therefore, the idea
behind entrepreneurship can be framed as
„entrepreneurial spirit‟ or „entrepreneurial initiative‟
with the latter being referred to as the ability of a
person or social group to see risks investing in an
entity as an undertaking. This undertaking is the
acceptance of a prospect that relates to new, creative,
and value-adding items, applying and linking various
resources (International Entrepreneurship, 2008).
Consequently, the „entrepreneurial spirit,‟ which may
also be termed as the „entrepreneurial mindset,‟ is an
innovative practice of determining and evolving
opportunities, and then putting up behaviour that will
propel those opportunities in a dynamic manner.
Establishing an entrepreneurial mindset is
paramount to nourishing the competitiveness of
economic entities and the socioeconomic lifestyle of
the populace through value and job formation. This
importance is revealed in the sense that it affords
supporters of new ventures to establish entities with
innovative and valuable ideas, which are premised in
an inspiring and empowering culture (Thompson,
29 © copyright by IJMASRI, 2017. All right reserved
International journal of multidisciplinary advanced scientific research and innovation, Vol.1, Issue 1, page-26-34.Nov-2017
2004). According to Senges (2007), it shows the
innovative and enthusiastic search for opportunities
and eases actions aimed at developing prospects.
Ireland et al. (2003), have earlier emphasised on the
need for future peer groups to be more
entrepreneurial; that is, creative or innovative, with
the capability to act on chances that are made
available. This opinion is in agreement with their
assertion that “the successful future strategists will
exploit an entrepreneurial mindset…the ability to
rapidly sense, act, and mobilize, even under
uncertain conditions”. McGrath and MacMillan
(2000), further assert that individuals/ small and
medium enterprise (SMEs) undertakers capture these
gains in their quest and endeavours to exploit high
potential opportunities generally associated with
ambiguous business environments. Entrepreneurial
mindset researchers have looked fundamentally at
those cognitive practices that drawback adaptive
cognitions in the face of vibrant, and indeterminate
environments (Mitchell et al., 2000); entrepreneurial
mindset of students after following an
entrepreneurship education course, as well as the
numerous teaching methods in improving
entrepreneurial awareness and entrepreneurial skills
(Pihie and Sani, 2009). In line with the wants,
problems and challenges identified by
entrepreneurs/individuals with entrepreneurial
mindset and the associated opportunities, innovative
ways to deal with them have been developed (Eno-
Obong, 2006). Subsequently, McGrath and
MacMillan (2000) argue that, custody of an
entrepreneurial mindset is a crucial means by which
individuals can efficaciously transform an
entrepreneurial process. However, Dhliwayo and
Vuuren, (2007) emphasized that an entrepreneurial
mindset is a significant success feature for SMEs
without which a business will fail. Likewise, Morris
and Kuratko (2002), also opined that the current
business environment requiress an entrepreneurial
mindset that must outgrow the outdated management
principles in order to reduce the high failure rates of
individuals/SMEs. Also of significance is the reason
that individual/SME proprietors need to develop
“creative mindsets” for innovation purposes in order
to take advantage of the market and add value to the
society at large (Faltin, 2007).
Theories and characteristics of the
entrepreneurial mindset
Dweck (1999; 2000) has through
psychological processes evolved two self-theories of
intelligence in order to lend credence to the concept
of entrepreneurial mindset. These have been
categorised as entity theory of intelligence (fixed
mindset) and incremental theory of intelligence
(growth mindset). In the case of a fixed mindset,
individuals belief that one‟s abilities, talents, and
attributes are unalterable and perpetual. In
furtherance of their argument, they opined that one‟s
ability emanates from talents instead of their relaxed
development of skills through learning with the
tendency to decline due to drawbacks (Dweck, 2006)
but Johnson (2009) asserts that individuals with a
fixed mindset, based on their small confidence level,
prefer low performance goals, which eventually
make them put up low esteemed peculiar pattern of
behaviours, thoughts, and feelings, in trying periods.
As for growth mindset, the individual perceives that
a person‟s ability and achievements are learning
related, thus, level of intelligence can be nurtured
and changed as a result of taking advantage of other
options or getting others involved when with
challenges. Therefore, the individuals through
learning new ideas not minding their high or low
confidence level have response pattern of thoughts,
behaviours, and feelings that are unwavering in
nature (Dweck, 2006; Johnson, 2009). The import of
this position is that successful leaders and managers
of businesses have been able to build and sustain
their level of achievements despite constant changes
in their environments (Dweck, 2006). Hence, the
significance of the mindset characteristics are
inclusive of: 1). SMEs/individuals that are curiously
seeking new ventures are open minded with
possibilities to enhancing their gains despite changes
and interruptions in the way business is made to
function. 2). Pursuance of opportunities with massive
self-restraint based on their attractiveness and
viabilities. 3). Tracking simply the very best
prospects with modesty based on their passive
objectives. 4). Ability to effectively execute the
projects based on the laid down procedures while
exploring the opportunities and 5). Attracting the
strength of everybody in terms of sustenance of their
30 © copyright by IJMASRI, 2017. All right reserved
International journal of multidisciplinary advanced scientific research and innovation, Vol.1, Issue 1, page-26-34.Nov-2017
collaborative and distinct inter-relatedness in and out
of the business environments (Yaw, 2004). In effect,
these theories have not only been distinguished, they
have aided efforts in terms of where attention need
be focused to arouse the entrepreneurial abilities,
skills and thought processes of both the employer
and the employed.
Haynie et al. (2010) build on the cognitive
skills model and shifted the attention from
interrogating the cognitive skills that individuals use
in determining entrepreneurial opportunities to “the
process through which entrepreneurs develop and
inform „higher-order‟ cognitive strategies or
metacognition”. Haynie et al.‟s (2010) “model of the
entrepreneurial mindset is based upon situating
metacognitive processes in the entrepreneurial
context”. Embedded within the cognitive and
metacognitive skills approach is the need for self-
efficacy as a significant prerequisite to support and
efficiently enact the entrepreneurial mindset (Mauer
et al, 2009).
Teaching methods of entrepreneurship
According to Mwasalwiba (2010) teaching
methods can be categorised into two in terms of
traditional and innovative. The traditional or passive
has to do with formal lectures in the classroom while
the innovative or active (action-based) is that which
involves the participation of both the student and
instructor or teacher.
Traditional
Under this method, Gibb (1993a,b,c)
reiterates that the characteristics are teacher centred (
being the only expert, key role player for feedback),
students have passive roles, written texts are used for
learning, no immediate goals assessment, mistakes
are not encouraged, note taking is allowed for, a well
organised learning environment accompanied with
timetable. To further buttress this view, Fiet
(2000a,b) asserts that this method is adopted because
it requires less cash outlay and also very easy for
discharging responsibilities by the teacher. It is
nevertheless, agreed that this method is less
responsive to activating the required attributes for
entrepreneurial activities, such that students are only
prepared to go and look for jobs rather than creating
employment (Arasti et al., 2012). Therefore, if
entrepreneurship is to be career oriented, it will
require the adoption of more active or action based
or innovative methods that can encourage
questioning, examination and discussions on
practical terms with real life entrepreneurs.
Innovative
Bennett (2006) explains the innovative
methods as those that demands the teacher to
stimulate learning and encourage students to
rediscover themselves in terms of their abilities,
knowledge and attitude. Thus, the features as
identified by Gibb (1993a,b,c) are that students: learn
from one another, are practical conscious, debate and
exchange ideas, are guided to make self-discovery,
exposed to informal and flexible learning
atmosphere, learn from their mistakes and by solving
problems. Therefore, these methods are students
centred. However, these methods are costly and may
not be in conformity with the university curricula
(Mwasalwiba, 2010).
The various innovative learning methods are
computer simulation of business games, role play,
business plan development, personal and group
projects. Others are visitation to entrepreneurs, new
business creation, workshops, group discussions,
case study, (Mwasalwiba, 2010; Arasti et al., 2012).
In furtherance of the above views, Jones and Iredale
(2010) suggest that entrepreneurship education
demands experiential learning styles, creative
problem solving and learning by doing to arouse the
interest of the students. Wheadon and Duval-Couetil
(2014) in their review of literature assert that the
tools for experiential learning in entrepreneurship
education program are business plan, creation of new
ventures by students, getting advice and working
with fruitful entrepreneurs, use of computer
simulations, participation in behavioural simulations,
scanning of entrepreneurial environments,
participation in „real life‟ events and engagements in
field trips or viewing the video clips of existing new
ventures.
31 © copyright by IJMASRI, 2017. All right reserved
International journal of multidisciplinary advanced scientific research and innovation, Vol.1, Issue 1, page-26-34.Nov-2017
Conclusion
This paper has been used to review various
innovative methods (role play, games and
simulation, business plan, case study, team or group
discussion, scientific visitation, guest speakers, new
venture creation, problem-solving based, seminars,
group and individual project, interviews with
entrepreneurs, etc) of teaching in order to arouse the
interest of the students and create in them a mindset
about, for, and in entrepreneurship as compared with
the traditional method of classroom lectures which is
teacher centred. The methods identified to be
favoured most are visit to business location,
venturing into real business and interview with
entrepreneurs (Pihie and Sani, 2009). On the part of
Balan and Metcalfe (2012) the team based learning,
poster plan and small business awards are the best
form of learning to engage the attention of the
students, while Arasti et al., (2012) affirm the
methods to be group project, individual project, new
venture creation and problem-solving, though case
study and business plan are also beneficial. However,
it was found that no one method can be adopted on
its own and that they have to be used jointly to
ensure effectiveness based on the needs of the
students, the knowledge base of the teacher, the
content of the course to be taught and the
environment in which learning is to take place.
Nevertheless, it is generally agreed that there are yet
no guidelines for selecting the teaching methods that
might engage a particular group of students in order
to disseminate the required body of entrepreneurship
knowledge and generate basis for learning in the
nearest future (Balan and Metcalfe, 2012; Arasti et
al., 2011; Fayolle and Gailly, 2008).
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