Chapter 1: Introduction

1.1. Research Background

“Directing, supervising, controlling and taking risks” are the primary business functions to consider (Light, Kiddon, Till, Hecker, 2012). They lie in the actions and responsibilities of business people inside and outside the company (Conaty & Charan 2010). The idea is to pursue the opportunities irrespective of available resources (Millman 2012). An entrepreneurial mindset is a particular business thinking used to search for new possibilities (Strickland III, Thompson, Peteraf & Gamble 2013). These characteristics of entrepreneurs help them to take full advantage of new opportunities (Entrepreneur 2012). Business people use innovative solutions to capitalize their ideas and efforts (Deadrick & Stone 2014).

An entrepreneurial mindset helps entrepreneurs to be competitive in the target market (Kleiman 2011). The entrepreneurial thinking allows them to take advantage of their social and economic well-being (Kotler & Kotler 2013). Many entrepreneurs strive to create the lifestyles that add more value to other people (Whitelaw 2012). The entrepreneurial skills and abilities help to create employment considering business goals and ideas (Kirchmer 2011). Entrepreneurs of the 21st century use many resources to deliver valuable business offers (Kotler & Pfoertsch 2010). The primary instruments are their “thoughts, inspiration, vision, courage, and actions” (Aubrey 2010). An entrepreneurial psychology motivates for creating business strategies based on long-term aims and objectives (Hill 2011). The purpose is to use existing opportunities and create new ones with available resources (Marketing 2012).

It is possible to define the philosophy of business people by evaluating entrepreneurial mindset (Aubrey 2010). Considering both personal and professional lives of entrepreneurs is important (Budelmann, Kim, & Wozniak 2010). It persists in creating a business climate and developing a corporate culture (Deadrick & Stone 2014). Such mindset helps entrepreneurs to deliver more value, which results in respectable annual revenues (Frederking 2010). But the achievement of entrepreneurial goals is impossible without clear objectives for the future (Bo & Lu 2010). It determines the motivation of entrepreneurs to achieve their goals every day (Accardi-Petersen 2011). The accomplishments of entrepreneurs depend on many aspects (Crook, Todd, Combs, Woehr & Ketchen 2011). They are “intelligence, entrepreneurial psychology, and daily actions” (Fortino & Nayak 2010).

Considering the “theory of intelligence” is important to understand entrepreneurs (Khan 2013). Everyone has a particular mindset that improves over time (Jackson & Mathis 2011). Some categories of business people already have an inborn entrepreneurial mindset (Aalst 2011). The others need to improve their professionalism and business competencies (Internet marketing 2012). The essential individual characteristics are “skills, personal qualities, business intelligence, and professional characteristics” (Conaty & Charan 2010). Such experience of people is unique, comprising their capabilities and personal decisions (Kotler, Kartajaya & Setiawan, 2010). Successful entrepreneurs learn new business skills despite many difficulties they face every day (Arthur 2013). Many entrepreneurs strive to increase their self-confidence and encourage support of other people (Daniels, Radebaugh & Sullivan 2011). They tend to have many little goals and always perform at the level above their potential (Entrepreneur 2012). These individuals are competent in business due to their personal qualities and professional qualifications (Greenberg & Kates 2013). They face any challenge with certain patterns of behaviour referring to their entrepreneurial mindset (Kotler & Pfoertsch 2010).

Entrepreneurial mindset helps business people to develop their personality and professionalism (Strickland III, Thompson, Peteraf & Gamble 2013). They learn better based on their original internal capacity to achieve success (Kleiman 2011). Many entrepreneurs reach their goals using different methods supported by faith and personal intentions (Hill 2011). The vast majority of entrepreneurs works with other people to deal with challenging issues (Scott 2013). Such approach helps in solving problems and adopting new learning strategies (Levinson 2010). The endeavours of entrepreneurs consider their self-assurance that reflects “thoughts, feelings, attitudes, and opinions” (Krüger & Stumpf 2013).

Entrepreneurs distinguish unlimited opportunities in all their challenges and problems (Tybout & Calder 2010). The obstacles of entrepreneurs help them to learn new development concepts in their environments (Accardi-Petersen 2011). They take advantage of various circumstances in business and personal life (Svensson, Wood & Callaghan 2010). The primary characteristic of an entrepreneurial mindset is the eagerness to explore new opportunities (Bo & Lu 2010). It relates to seeking for the best possible business solutions (Crook, Todd, Combs, Woehr & Ketchen 2011). Successful entrepreneurs have a strong discipline and take advantage of extraordinary life scenarios (Kotler & Kotler 2013). They are responsible for executing business processes to deliver more value to the society (Daniels, Radebaugh & Sullivan 2011). The entrepreneurs are the lifelong learners, which helps them to develop new professional experiences (Scott 2014).

The capabilities of entrepreneurs to lead other people help them to build businesses globally (Kotler, Hessekiel & Lee 2012). An individual education of entrepreneurs helps them to create innovative business approaches (Richey & Ponte 2011). It is a resource that empowers them to “build, run and develop their businesses” (Temporal 2010). Entrepreneurial education and mindset are the assets that entrepreneurs value and enhance every day (Deadrick & Stone 2014). They invest in their teams with advanced training considering their personal and professional needs (Lee & Kotler 2011). The education of entrepreneurs is essential to scale their businesses (Scott 2011). It helps entrepreneurs to create new jobs and drop poverty in the society (Fortino & Nayak 2010).

Personal qualities and professional qualifications of people assist them to achieve success in business (The Economist & Ellwood 2014). The knowledge and experience of entrepreneurs can guarantee their high performance as business owners (Wolfe 2015). Entrepreneurs achieve different business goals based on the previous knowledge and expertise (Kleiman 2011). Both learning and teaching skills are essential for entrepreneurs to manage and lead people (Crook, Todd, Combs, Woehr & Ketchen 2011). They achieve success in life and business by treating others with diligence and integrity (Jackson & Mathis 2011). Such approach helps entrepreneurs to gain individual business experiences to grow their business (Accardi-Petersen 2011).

The responsibility and accountability of entrepreneurs are essential to face various business risks (Frederking 2010). Their performance offers many benefits to the companies and employees in particular (Light, Kiddon, Till & Hecker 2012). It helps entrepreneurs to generate wealth with contemporary design and efficient working plans (Kirchmer 2011). It leads to a positive awareness that supports educational practices that boost professional experience (Jackson & Mathis 2011). Business people use their social experience to use the new opportunities (Weinreich 2010). They exercise primary business duties and take responsibility for the business and employees (Entrepreneur 2012). Such approach to running a business helps entrepreneurs to establish effective managerial role models (Greenberg & Kates 2013). It supports in leading other people in small and medium-sized enterprises (SMEs) (Hill 2011).

1.2. Research Question, Goal, and Objectives

Research Question:

• Which aspects of an entrepreneurial mindset, psychology, and motivation are essential for success?

Research Goal:

• To understand the nature of an entrepreneurial mindset considering psychology and motivation.

Research Objectives:

• To explore the motivational structure and personality traits that constitute the entrepreneurial mindset;
• To examine and understand the characteristics and crucial determinants of an entrepreneurial mindset;

1.3. Research Rationale and Research Problem

Exploring the relation between entrepreneurial mindset, psychology, and motivation is rather challenging for SMEs (Klarsfeld 2010). Many entrepreneurs face various problems unless they discover the determinants of an entrepreneurial mindset (Internet marketing 2012). Most start-ups find it difficult to generate ideas to enhance their business practices (Tybout & Calder 2010). The goal is to promote the success of SMEs and cut high rates of business failures in the United Kingdom (Locker & Kaczmarek 2010). It is significant since the vast majority of business practices lacks the entrepreneurial mindset (Wiil, Gniadek & Memon 2010). It often results in the downfall of any business entity (Fortino & Nayak 2010). The challenge is to understand the relationship between an entrepreneurial mindset and business failures (Daniels, Radebaugh & Sullivan 2011). This research focuses on such scenarios in Great Britain.

1.4. Scope the Study

The entrepreneurial behaviours are significant to deal with uncertainty in every business challenge (Marketing 2012). Proper actions can prevent risks and estimate all the outcomes of every business scenario (Walenz, Gandhi, Mahoney & Zhu 2010). Risk management is a fundamental element of running and developing a successful business (Arthur 2013). “Entrepreneurial mindset, motivation, and individual strategies” are essential for business development and personal achievements (Millman 2012). The purpose is to deal with risks and predict them by being proactive (Kotler, Hessekiel & Lee 2012).

Entrepreneurial psychology, motivation, and business mindset are the instruments used to achieve great results (Richey & Ponte 2011). It considers both their personal and professional lives (Klarsfeld 2010). Entrepreneurs are the leaders who take advantage of their environments and available resources (Whitelaw 2012). The entrepreneurs establish risk-free business ventures by adopting an entrepreneurial mindset (Mueller 2011). There is a strong interdependence between the ability to take risks and business achievements (Aalst 2011). Capacity to deal with risks is an essential element in the entrepreneurial education (Deadrick & Stone 2014).

Psychology and motivation of entrepreneurs are the determinants of any business success (Conaty & Charan 2010). These perceptions are necessary to lead and manage people (Richey & Ponte 2011). But entrepreneurs should have “positive attitudes, persistence, and individual endeavours” (Maya 2013). It will help them to achieve their goals despite many difficulties in business (Bo & Lu 2010). Entrepreneurial psychology and motivation contribute to gain new knowledge and develop new skills (Zhang, Wang & Xia 2010). Moreover, they are important to take action and become a role model for employees (White, Chu & Salehi-Abari 2010). An entrepreneurial energy helps business people to gain an advantage of business opportunities (Strickland III, Thompson, Peteraf & Gamble 2013).

Successful entrepreneurs make their decisions fast most of the time (Accardi-Petersen 2011). They find entertainment in all their actions on the way to find financial freedom (Crook, Todd, Combs, Woehr & Ketchen 2011). It leads to many sources of income and backup opportunities in case of a business failure (Meyerson 2015). Entrepreneurs pursue new opportunities with time, efforts, and investment forecasted with attentive risk management (Budelmann, Kim, & Wozniak 2010). Success comes to those entrepreneurs who continue their endeavours despite negative circumstances (McIvor 2010). Entrepreneurial mindset, psychology, and motivation are the fundamentals of achieving prosperity in business (Ryan 2014). A competitive advantage is a result of self-education and ability to pursue new opportunities (Zoratti & Gallagher 2012). Challenging entrepreneurial decisions are the fundamentals exemplary to succeed as SMEs (Rock Publicity 2012). Taking control of employees and developing new leaders help entrepreneurs to scale businesses (Aubrey 2010).

Chapter 2: Literature Review

2.1. Entrepreneurial Mindset

When start-ups strive to understand a stereotypical entrepreneur, they face with many similar characteristics (Conaty & Charan 2010). Some of them include passion, optimism, and dedication (Bo & Lu 2010). The others focus on insecurity or troublemaking (Entrepreneur 2012). Both features are accurate since successful entrepreneurs can envision success (Aalst 2011). The most important component is to predict any possible problems (Krüger & Stumpf 2013). Successful entrepreneurs are confident they will face difficulties (Aubrey 2010). The idea is to know how to overcome them in any business (Fortino & Nayak 2010). Such entrepreneurial traits describe a mindset of business people (Hill 2011). If some characteristics are not active, the entrepreneurs should develop them every day (Crook, Todd, Combs, Woehr & Ketchen 2011). The primary rule is to use one’s strengths and outsource to limit weaknesses in business (Greenberg & Kates 2013).

The entrepreneurial traits of successful people help them to develop their mindset (Conaty & Charan 2010). Below is the list of the most important ones:

·         Take action:

Many entrepreneurs with superior business plans fail in business (Entrepreneur 2012). The reason is that they do not have a detailed business development strategy (Aalst 2011). The recommendation is to invent business tactics considering different circumstances while growing a business (Aubrey 2010). It is more efficient to take timely actions compared to spending time for planning (Daniels, Radebaugh & Sullivan 2011). Successful entrepreneurs do not analyse all the details in depth. Instead, they improve business development processes (Fortino & Nayak 2010).

·         Being resourceful:

The biggest problem for many business owners is their inability to use available resources (Frederking 2010). Many successful entrepreneurs prove that resourcefulness is a power that helps to launch businesses (Conaty & Charan 2010). The next step is to develop it based on the marketing needs (Hill 2011). Entrepreneurship is all about using resources (Richey & Ponte 2011). If they are not available, entrepreneurs find the ways to get them despite circumstances (Fortino & Nayak 2010). If it is impossible, they use everything they have to achieve sustainable business results (Lee & Kotler 2011).

·         Consider cash flow:

The entrepreneurs should have money to launch businesses (Kirchmer 2011). It is all about liquidity and cash flow that business people should examine every day (Entrepreneur 2012). It should persist despite any circumstances, especially during payroll (Krüger & Stumpf 2013). The entrepreneurs should have enough funds to support business operations (Crook, Todd, Combs, Woehr & Ketchen 2011). Otherwise, they will stop critical business processes and go bankrupt (Greenberg & Kates 2013). In some cases, entrepreneurs could take a loan (Locker & Kaczmarek 2010). But it should be reasonable considering the payback of expenses (Kotler & Pfoertsch 2010).

·         Act independently:

Successful entrepreneurs strive to use available opportunities right after they recognise them (Wolfe 2015). They do not wait for better circumstances but operate without asking for permission (Richey & Ponte 2011). They can ask to forgive them if something goes wrong (Frederking 2010). But they need to ensure they could use the opportunity to develop their businesses (Arthur 2013). Real entrepreneurs do not accept the status quo (Kleiman 2011). They search for new ways to take advantage of favourable market circumstances (Light, Kiddon, Till & Hecker 2012). Entrepreneurs could face with negative comments and criticism, which will inspire them to continue (Scott 2014). Many problems that entrepreneurs face turn out to be their opportunities to improve (Tybout & Calder 2010).

·         Challenge oneself:

When entrepreneurs face problems, they challenge themselves with a motivation to improve (Bo & Lu 2010). They do not consider that anything is impossible (Greenberg & Kates 2013). Instead, they continue their efforts and investment in their businesses (Crook, Todd, Combs, Woehr & Ketchen 2011). Entrepreneurs do not pay attention to pessimistic approaches of their community (Frederking 2010). They endure to succeed with such approach and thus scale in enormous rates (Kotler & Pfoertsch 2010).

·         Become an outsider:

The community does not accept every entrepreneur after the start-up launch (Kotler, Kartajaya & Setiawan 2010). They usually hear many different negative opinions about their business (Budelmann, Kim & Wozniak 2010). Many entrepreneurs do not listen to pessimistic attitudes (Wolfe 2015). They do not consider the demands to act as other community members (Deadrick & Stone 2014). Often, the community rejects start-ups until they become famous with their projects (Kirchmer 2011). The mindset of an entrepreneur is a primary characteristic differentiating them from the community (Light, Kiddon, Till & Hecker 2012). They are persistent in developing business than work as employees compared to other people (Kleiman 2011). They prefer inventing a new product or service if their activities are not successful (Millman 2012).

·         Recover quickly:

It is a well-known belief that successful entrepreneurs were bankrupt many times (Daniels, Radebaugh & Sullivan 2011). They are famous for recovering from failures faster than the competing companies (Frederking 2010). It helps them to launch new business ventures that surpass previous ones (Accardi-Petersen 2011). It takes place due to their past experiences and ability to learn from business failures (Greenberg & Kates 2013). One of the best competencies of entrepreneurs is to recover faster than the competitors (Tybout & Calder 2010). There is no time for moaning about making mistakes (Wiil, Gniadek & Memon 2010). Every misstep is an opportunity to start again (Entrepreneur 2012). It is the best time to resist the hesitations of the community (Krüger & Stumpf 2013). Entrepreneurs get used to launching new businesses without delay (Mueller 2011).

·         Listen to the customers’ feedback:

A thriving environment helps entrepreneurs to increase productivity (Kirchmer 2011). The teamwork is significant to achieve better results in business (Deadrick & Stone 2014). People who surround entrepreneurs assist them to scale businesses (Hill 2011). It enables business people to reach positive results in less time (Kotler & Pfoertsch 2010). It occurs if the entrepreneurs listen to their target customers (Budelmann, Kim & Wozniak 2010). They can enhance business outcomes based on any feedback they receive from the community (Fortino & Nayak 2010). The people surrounding entrepreneurs should be smarter (Light, Kiddon, Till & Hecker 2012). The purpose is to listen to their ideas and reflect their way of thinking (Entrepreneur 2012). Such entrepreneurial mind helps to grow businesses due to many interactions with people (Kleiman 2011). The entrepreneurs should collaborate and learn from failures to succeed (Wolfe 2015).

·         Focus on what matters:

Many entrepreneurs strive to improve their businesses until they succeed (Greenberg & Kates 2013). Every time they launch a new business venture, they cope with various challenges (Daniels, Radebaugh & Sullivan 2011). The difficulties in business occur most of the time. It urges entrepreneurs to consider liquidity as a primary corporate goal (Accardi-Petersen 2011). It helps to promote business offers in the target marketplace better than before (Frederking 2010).

2.2. Entrepreneurial Psychology

The target UK market is a homeland for start-up businesses, which employs many people (Budelmann, Kim & Wozniak 2010). It is an opportunity for the start-up companies to use entrepreneurial principles of success (Aubrey 2010). The idea worth nothing without taking actions to establish a business (Deadrick & Stone 2014). Today, many business books and journals reveal the secrets of an entrepreneurial psychology (Kleiman 2011). The focus on the change in the mind of entrepreneurs (Khan 2013). The goal is to stop thinking like an employee and start acting global (Kirchmer 2011).

An entrepreneurial psychology helps them to improve the working conditions to achieve higher results (Locker & Kaczmarek 2010). Such approach to running a business enhances the performance of any company (Conaty & Charan 2010). It increases the speed of accomplishing business goals with the best entrepreneurial practices (Frederking 2010). Training and professional development of employees help to develop business operations by exponential empowerment (Aubrey 2010). They seek to understand the feedback from employees and use it to serve the target customers (Deadrick & Stone 2014). Besides, talent management and retaining practices are the powerful instruments for entrepreneurs (Kleiman 2011).

The entrepreneurial psychology considers several approaches to business development (Kirchmer 2011). One of them is to research all the available ways to scale businesses (Budelmann, Kim & Wozniak 2010). Another one is to work as an advisor to assist employees in business processes (Khan 2013). Successful entrepreneurs combine these practices to multiply their efforts and achievements (Locker & Kaczmarek 2010). They use many different methods to optimize the working processes (Wolfe 2015).

An example of these methods includes communication with employees (Accardi-Petersen 2011). The most used instruments are the interviews with staff and anonymous questionnaires (Frederking 2010). The participants of such events receive bonuses as incentives to improve their potential (Conaty & Charan 2010). An individual mentorship program is another bonus to reveal the gaps in business (Aubrey 2010). It also assists in eliminating certain business mechanisms to increase working performance (Deadrick & Stone 2014).

The entrepreneurs take advantage of all the collected information optimize business processes (Kleiman 2011). They improve business performance by increasing the quality of operations in every business unit (Wolfe 2015). Such approach to business development serves as a precise plan (Kirchmer 2011). The training of employees, leadership development, and talent management are the primary elements (Budelmann, Kim & Wozniak 2010). They refer to the human-machine interactions and morale of employees in the workplace (Frederking 2010).

Entrepreneurs improve the design of working facilities to increase the productivity of employees (Accardi-Petersen 2011). Such approach to business enables entrepreneurs to activate its hidden reserves (Khan 2013). The goal is to turn the working processes in line with corporate business principles (Deadrick & Stone 2014). Business planning helps entrepreneurs to realign business practices and improve established business models (Conaty & Charan 2010).

The most common traits of the entrepreneurial psychology address the development of human intelligence (Locker & Kaczmarek 2010). It comes in different forms (Kleiman 2011). The difference that the entrepreneurs make to the society is their contribution (Aubrey 2010). Entrepreneurs should have certain personal qualities and professional qualifications (Budelmann, Kim & Wozniak 2010). Delivering more value to the target customers is of the highest importance (Frederking 2010).

Below are the common traits of an entrepreneurial psychology (Accardi-Petersen 2011). The idea is to use them to succeed in business and personal life:

• Reveal the knowledge gaps:

Every successful entrepreneur admits one’s mistakes in business (Accardi-Petersen 2011). It takes place if they are not familiar with certain business concepts (Entrepreneur 2012). Intelligence is a resource that helps business people not to be afraid of challenges (Millman 2012). Instead, develop oneself to solve various problems in business and personal life (Krüger & Stumpf 2013).

• Be curious about business tactics:

Many successful entrepreneurs note that they are not talented enough to run their businesses (Wolfe 2015). In fact, they are passionate about personal growth and professional development (Budelmann, Kim & Wozniak 2010). It results from curiosity about every business aspect, which denotes human intelligence (Aubrey 2010). Business people use many aspects of life to captivate themselves. In fact, other people take the same aspects of life as regular ones (Daniels, Radebaugh & Sullivan 2011). Proactive entrepreneurs seek to cultivate individual curiosity towards every business aspect (Crook, Todd, Combs, Woehr & Ketchen 2011). The entrepreneurs develop business intelligence with curious about everything related to business development (Greenberg & Kates 2013).

• Ask the right questions:

The next step is to ask the right questions and collect answers to develop target markets in the future (Entrepreneur 2012). Many entrepreneurs learn to ask such question to understand the business nature (Kotler & Kotler 2013). Many thought-provoking questions are as significant as getting the right answers to them (Accardi-Petersen 2011). The idea is to challenge the entrepreneurial thinking to reveal applicable business strategies (Kleiman 2011). Such approach to business helps entrepreneurs to solve every business problem despite its complexity (Millman 2012).

• Become open-minded:

Entrepreneurial psychology helps entrepreneurs to get smart in business (Kotler & Kotler 2013). Such approach is essential to reveal new business ideas and innovative opportunities (Entrepreneur 2012). Business intelligence helps entrepreneurs to consider more ways to deliver value to people (Locker & Kaczmarek 2010). A greater return on investment is one of the outcomes of such actions (Kleiman 2011). There is a need to consider all the opinions and attitudes of people in the community (Millman 2012). It has a significant positive impact on the business growth (Fortino & Nayak 2010). The idea is to find alternative solutions for business development (Greenberg & Kates 2013).

• Do not underestimate scepticism in business:

Scepticism is the rival of open-mindedness (Accardi-Petersen 2011). But these two perceptions work in every business setting (Budelmann, Kim & Wozniak 2010). The goal is to check new ideas based on the supportive factors (Crook, Todd, Combs, Woehr & Ketchen 2011). An entrepreneurial psychology of entrepreneurs considers certain facts before making a decision (Aubrey 2010). The entrepreneurs do not see any value in business plan without the evidence of its efficiency (Daniels, Radebaugh & Sullivan 2011). They also acknowledge the support of the target customers to deliver more value to people (Entrepreneur 2012).

2.3. The Best Motivation Practices

The job of business owners is to consider many ways to develop their businesses (Budelmann, Kim & Wozniak 2010). Many successful entrepreneurs prove that their motivation comes from employees and vice versa (Aubrey 2010). They motivate employees to encourage themselves for the firm development (Conaty & Charan 2010). It has nothing to do with the marketing forces (Fortino & Nayak 2010). The employees should be equal in treatment (Richey & Ponte 2011). Such approach of entrepreneurs results in more benefits for business development (Aalst 2011). In fact, the happiness of employees at work is their greatest productivity (Kleiman 2011). It is mutual for the entrepreneurs (Greenberg & Kates 2013). They motivate themselves based on the pace of work in the company (Svensson, Wood & Callaghan 2010). The impact of the community is a great motivational power for the entrepreneurs (Aalst 2011). The growth of a business is the result of a proper motivation (Scott 2014). The idea is to establish a community where people could inspire one another every single day (Zoratti & Gallagher 2012).

The entrepreneurs should be in charge to motivate their employees (Crook, Todd, Combs, Woehr & Ketchen 2011). Their teams will drive their leaders in response (Aubrey 2010). Below are the most effective motivational practices used by successful entrepreneurs:

• Take advantage of personal growth and professional development:

Many entrepreneurs become the role models for their employees (Krüger & Stumpf 2013). It is mutual since the employees encouraged to work also motivate their mentor (Hill 2011). The personal qualities and professional qualifications play a significant role in business development (Budelmann, Kim & Wozniak 2010). The entrepreneurs supply their offices with everything essential to sustain their productivity and incentives (White, Chu & Salehi-Abari 2010). It has a significant positive impact on employees in succession (Deadrick & Stone 2014). Entrepreneurs should have everything required to develop their personal characteristics (Aubrey 2010). It also relates to their business teams (Whitelaw 2012). As a result, it will lead to the professional development of skills and competencies (Walenz, Gandhi, Mahoney & Zhu 2010). Such motivation strategy leads to the increase of business performance in the marketplace (Frederking 2010). A better vision for the firm development helps entrepreneurs to work harder than usual (Internet marketing 2012). The possibilities for the employees play the same role in their professional development (Aalst 2011). The outcomes of such motivation result in their increased productivity in the workplace (Weinreich 2010). The growth and development of people help them to develop their potential (Tybout & Calder 2010). An opportunity for personal growth and professional development often leads to business scalability (Scott 2014). In fact, it is the mission of every business owner and one’s employees (Tybout & Calder 2010).

• Set status over money:

The motivation of entrepreneurs and staff is crucial in achieving certain business goals (Kotler & Pfoertsch 2010). A personalized approach to business helps entrepreneurs to interact with other people (Budelmann, Kim & Wozniak 2010). Such approach to business serves as a great motivation for the entrepreneurial achievements (Daniels, Radebaugh & Sullivan 2011). It also results in higher return on investment for the particular business (Fortino & Nayak 2010). A workable approach to business helps to consider the budget in a growth perspective (Aubrey 2010). The motivation of entrepreneurs depends on the feedback from the target customers (Greenberg & Kates 2013).

• Use incentives to advance teamwork:

Every entrepreneur expects more mistakes with business development (Kotler & Kotler 2013). In such cases, they need to motivate themselves to correct them (The Economist & Ellwood 2014). A better approach is to find a way to predict any possible mistakes in business processes (Aalst 2011). The best motivation refers to empowering employees to avoid mistakes (Temporal 2010). Such approach to business growth motivates entrepreneurs to develop team unity (Svensson, Wood & Callaghan 2010). The same approach works in sales, marketing, and development of trade offers (Ryan 2014). This kind of motivation enables entrepreneurs to gain a return on investment (Krüger & Stumpf 2013). Entrepreneurs capitalize the experiences of employees as the business assets (Aubrey 2010). It works every time the entrepreneurs need to decrease their mistakes in business development (Scott 2011). The progress of every business is a combination of efforts (Entrepreneur 2012). It is the contribution of both employees and entrepreneurs (Kotler & Pfoertsch 2010). Such motivation works based on the memories of reward and incentives (Millman 2012). It has no limitations for all the business parties (Richey & Ponte 2011).

Chapter 3: Research Methodology

3.1. Research Design

This research takes advantage of both qualitative and quantitative research data (Baškarada 2014). Decreasing research limitations of every method is important to deliver a high-quality study (Savin-Baden & Major 2013). The research findings are authentic, valid, and reliable to guarantee fair outcomes (Franklin 2012). It is essential to consider the use of an ontological approach (Ndira, Slater, & Bucknam 2011). The study intends to prove the relationships between social phenomena and social actors (Denzin & Lincoln 2011). Based on objectivism, the social events are independent actions and behaviours of social actors (Hammersley 2013). There is no effect on events by the interface of the research study (Silverman 2011). The constructionism considers that social phenomena as social constructions could confront with continuous changes (Howell 2013). It occurs due to the interactions between social actors and evaluation of their behaviour (Baškarada 2014).

This study examines the relationship between an entrepreneurial mindset, psychology, and motivation (Franklin 2012). These elements are the social phenomena that take place with social actors or entrepreneurs (Savin-Baden & Major 2013). The constructionism is an ontological approach used to address the phenomena and social actors (Baškarada 2014). The behavioural patterns of social actors are responsible for making changes and are qualitative (Hammersley 2013). It is hard to study them through the methods of natural sciences (Denzin & Lincoln 2011). The interpretivism is a better choice for the epistemological position to address this research (Silverman 2011).

3.2. Assumptions and Hypothesis

There is a direct relationship between the entrepreneurial mindset, psychology, and motivation. It is important for entrepreneurs to “establish, run and scale” businesses globally (Wolfe 2015). “Talents, skills, knowledge and experience” are essential to increase business performance (Scott 2014). The entrepreneurs are more active when they expect a high return on investment (Arthur 2013). It makes them contribute their time and efforts, which leads to decent profit margins (Krüger & Stumpf 2013).

3.3. Data Collection and Analysis of Results

The qualitative data examines the literature on an entrepreneurial mindset, psychology, and motivation (Denzin & Lincoln 2011). The quantitative data reflects the findings from Skype interview with six entrepreneurs (Hammersley 2013). They clarify their answers to help interpret the research findings (Baškarada 2014). The literature review addresses the fundamentals of an entrepreneurial mindset, psychology, and motivation (Savin-Baden & Major 2013). The results of the interviews are in tables and graphs to present the findings in a clear way (Silverman 2011).

The secondary research takes advantage of conclusions from other studies on the research topic (Franklin 2012). The researcher uses “online journals, articles, books, electronic resources and academic websites” (Hammersley 2013). These resources are accessible through the Google Scholar and University library catalogues (Ndira, Slater, & Bucknam 2011). The focus is on the relationship between an entrepreneurial mindset, psychology, and motivation (Howell 2013). The research provides a thorough review of existing qualitative and quantitative studies (Denzin & Lincoln 2011). Such research approach is convenient due to the online open access to plentiful resources (Baškarada 2014). The emphasis is on the entrepreneurial mindset, psychology, and motivation (Silverman 2011).

The primary research consists of different original resources (Silverman 2011). The best option is an online questionnaire distributed through the Survey Monkey service (Howell 2013). Is considers online self-administered research questions on the research topic (Baškarada 2014). Such surveys are valuable since they collect a considerable amount of research data globally (Ndira, Slater, & Bucknam 2011). This research method is also cost effective (Franklin 2012). Such approach to the study has a limited impact on the validity and reliability of findings (Denzin & Lincoln 2011). The analysis of results considers scientific justifications and research objectives (Savin-Baden & Major 2013). The study uses the answers of entrepreneurs to the most challenging business questions (Hammersley 2013). The primary concerns are about an entrepreneurial mindset, psychology, and motivation (Silverman 2011).

Self-administered Survey Monkey questionnaire and Skype interviews help to collect answers from UK entrepreneurs (Denzin & Lincoln 2011). The research questions are straightforward and easy to understand (Howell 2013). It helps entrepreneurs to provide thorough replies to all the research questions (Savin-Baden & Major 2013). The collection of the research data is anonymous for the entrepreneurs (Baškarada 2014). It makes them provide honest answers to all the research questions (Franklin 2012).

The collected data includes demographic and general information (Hammersley 2013). A particular attention is on the individual business statistics (Silverman 2011). The questionnaire asks questions about the personalized entrepreneurial experience, business psychology, and motivation (Ndira, Slater, & Bucknam 2011). It corresponds to business skills and knowledge, educational background, personal qualities and professional qualifications (Denzin & Lincoln 2011). This information is essential to reveal the needs of start-up businesses in Great Britain (Baškarada 2014). The other questions refer to self-assessment information using five-point Likert scale questions (Savin-Baden & Major 2013). It is important to understand if the participants agree or disagree with certain statements (Silverman 2011).

The sampling technique is an interview of existing entrepreneurs in the SME sector (Hammersley 2013). The entrepreneurs know the topic of the study and eager to share relevant information (Howell 2013). They clarify all their responses to provide more information on business development (Franklin 2012). The study uses content analysis to examine all the collected research data (Silverman 2011). The research instrument to use is a written description of oral and textual communication (Baškarada 2014). The researcher records the information retrieved during the Skype interviews to examine the findings (Denzin & Lincoln 2011).

3.4. Research Ethics

The research study meets all the ethical requirements (Hammersley 2013). The entrepreneurs answer all the questions at their own will (Franklin 2012). They have a keen interest in the research findings to enhance their business practices (Ndira, Slater, & Bucknam 2011). The personal information of the respondents is confidential and inaccessible for the third parties (Savin-Baden & Major 2013). It is true during the process of conducting the study and after the research completion (Silverman 2011).

3.5. Reliability, Rationality, and Consistency of the Research Data

The research uses relevant and credible information to perform qualitative and quantitative studies (Hammersley 2013). The researcher assumes to have some inaccuracies in the research findings (Denzin & Lincoln 2011). Besides, any errors are insignificant for the study (Baškarada 2014). The research results are reliable and unbiased for the target audience (Ndira, Slater, & Bucknam 2011).

Chapter 4: Research Findings and Analysis of Results

The collected information presents the analysis of findings with a graphical representation of results. It refers to both tables and graphs on every research question. The entrepreneurs support every answer with more information on every outcome of the study.

4.1. Research Findings

1. Please, state your gender.

Refer to the table 1 and graph 1 below for the graphical representation of results:

Table 1.

Graph 1.

2. Please, select your age group.

Refer to the table 2 and graph 2 below for the graphical representation of results:

Table 2.

Graph 2.

3. Please, specify your professional experience as an entrepreneur.

Refer to the table 3 and graph 3 below for the graphical representation of results:

Table 3.

Graph 3.

4. How many businesses do you have?

Refer to the table 4 and graph 4 below for the graphical representation of results:

Table 4.

Graph 4.

5. Do you operate online or offline?

Refer to the table 5 and graph 5 below for the graphical representation of results:

Table 5.

Graph 5.

6. How many target customers do you have?

Refer to the table 6 and graph 6 below for the graphical representation of results:

Table 6.

Graph 6.

7. How many employees do you have?

Refer to the table 7 and graph 7 below for the graphical representation of results:

Table 7.

Graph 7.

8. Which business tasks do you consider the most important for entrepreneurs?

Refer to the table 8 and graph 8 below for the graphical representation of results:

Table 8.

Graph 8.

9. What personal characteristics are the most valuable for any SME?

Refer to the table 9 and graph 9 below for the graphical representation of results:

Table 9.

Graph 9.

10. What professional qualifications are the most significant for any SME?

Refer to the table 10 and graph 10 below for the graphical representation of results:

Table 10.

Graph 10.

11. What are the essential elements of an entrepreneurial mindset?

Refer to the table 11 and graph 11 below for the graphical representation of results:

Table 11.

Graph 11.

12. Which fundamentals of an entrepreneurial psychology are crucial for any SME?

Refer to the table 12 and graph 12 below for the graphical representation of results:

Table 12.

Graph 12.

13. Please, select the best motivation practices that work for your business daily?

Refer to the table 13 and graph 13 below for the graphical representation of results:

Table 13.

Graph 13.

14. Do you agree that proper goals and relevant actions could develop entrepreneurial mindset?

Refer to the table 14 and graph 14 below for the graphical representation of results:

Table 14.

Graph 14.

15. Do you ponder that resourcefulness and positive attitude help business people to achieve success as entrepreneurs?

Refer to the table 15 and graph 15 below for the graphical representation of results:

Table 15.

Graph 15.

16. Do you agree that independence and emphasis on what matters lead to entrepreneurial achievements?

Refer to the table 16 and graph 16 below for the graphical representation of results:

Table 16.

Graph 16.

17. Do you believe that learning from failures and rapid recovering are the most demanded skills of entrepreneurs?

Refer to the table 17 and graph 17 below for the graphical representation of results:

Table 17.

Graph 17.

18. Do you agree that entrepreneurs should welcome change and face business challenges to grow personally and professionally?

Refer to the table 18 and graph 18 below for the graphical representation of results:

Table 18.

Graph 18.

19. Do you consider that listening to other people and analysing cash flow is vital to generate high annual revenues?

Refer to the table 19 and graph 19 below for the graphical representation of results:

Table 19.

Graph 19.

20. Do you agree that conscience approach to business development, exploration of new opportunities, and timely actions are essential for SMEs?

Refer to the table 20 and graph 20 below for the graphical representation of results:

Table 20.

Graph 20.

21. Do you think that intuition, open-mindedness, faith, and creativity are necessary for developing an entrepreneurial psychology?

Refer to the table 21 and graph 21 below for the graphical representation of results:

Table 21.

Graph 21.

22. Do you agree that being reflective to business, paying your customers forward, and reinventing oneself are critical for entrepreneurial success?

Refer to the table 22 and graph 22 below for the graphical representation of results:

Table 22.

Graph 22.

23. Do you believe that scepticism, being adaptable to business, and asking the right questions can help business people to think as successful entrepreneurs?

Refer to the table 23 and graph 23 below for the graphical representation of results:

Table 23.

Graph 23.

24. Do you agree that personal growth and self-recognition can serve as the best motivation practices for entrepreneurs?

Refer to the table 24 and graph 24 below for the graphical representation of results:

Table 24.

Graph 24.

25. Do you admit that personal approach to details can play a crucial role in achieving success for SMEs?

Refer to the table 25 and graph 25 below for the graphical representation of results:

Table 25.

Graph 25.

26. Do you agree that small and measurable goals serve as high motivation for entrepreneurs?

Refer to the table 26 and graph 26 below for the graphical representation of results:

Table 26.

Graph 26.

27. Do you contemplate that individual business rituals help entrepreneurs to scale businesses more efficiently?

Refer to the table 27 and graph 27 below for the graphical representation of results:

Table 27.

Graph 27.

28. Do you agree that public commitments of entrepreneurs motivate them for obtaining better results?

Refer to the table 28 and graph 28 below for the graphical representation of results:

Table 28.

Graph 28.

29. Do you acknowledge that mentorship and coaching are critical for motivating entrepreneurs in business?

Refer to the table 29 and graph 29 below for the graphical representation of results:

Table 29.

Graph 29.

30. Do you agree that the ability to face fears is a powerful motivation for entrepreneurs?

Refer to the table 30 and graph 30 below for the graphical representation of results:

Table 30.

Graph 30.

4.2. Analysis of Results

The study represents the findings approaching the entrepreneurial mind, entrepreneurial psychology, and motivation. It corresponds to the entrepreneurs considering their occupation in the SME sector. The results of the study take advantage of interviews with six entrepreneurs from the UK. Three of them are women, and the other three are men. Gender has a strong influence on success in any business. The researcher selected both categories of respondents to cover their psychological differences. The primary concerns are the entrepreneurial mindset, business psychology, and motivation of business people.

The age groups of the research participants range between 30and seventy years old. Thirty-three percent of entrepreneurs are between thirty and forty years old. It refers to business people between forty and fifty years old. Seventeen percent of respondents are between fifty and sixty years old. It corresponds to the age group between sixty and seventy years old. The target entrepreneurs have enough business experience to contribute to the given study.

Their professional experience differs to a great extent. Seventeen percent of respondents have from one to five years of working experience. It relates to business people with acknowledged experience between eleven and twenty years. Fifty percent of entrepreneurs have from six to ten years of expertise in their field of interest. Such statistics denotes a high level of competence in the particular business area.

Professionalism defines the number of firms that entrepreneurs own in the United Kingdom. The research participants have a broad range of occupation areas based on their qualifications. Seventeen percent of them have several businesses. Thirty-three percent of entrepreneurs have three companies. Fifty percent of business people have four businesses. Such information proves their professional experience and competencies in entrepreneurship.

In 2016, entrepreneurs should consider working online. They can continue running offline businesses to support their online stores. The respondents are professional since they take advantage of both online and offline sales. In particular, thirty-three percent of business people have online stores, offline ones and both. Such approach to scaling a business is competitive in the current nature of marketing. In fact, online sales exceed offline earnings of stores globally.

The next point of analysis is the number of target customers of the respondents. It is important to acknowledge that they operate all over the world. It means they have enough target customers to support their lifestyles. Seventeen percent of entrepreneurs have from 1000 to 5000 target customers. The same seventeen percent of business people have from 10000 to 50000 customers. Thirty-three percent of them have from 5000 to 10000 customers. Thirty-three percent of entrepreneurs have from 50000 to 100000 target customers. These entrepreneurs could contribute to the given study.

Another question presents the number of employees. It is one of the indicators of stability and sustainability in any business. Thirty-three percent of entrepreneurs have from ten to a hundred employees. Fifty percent of them have from a hundred to five hundred employees. Finally, seventeen percent of respondents have more than five hundred employees. These findings illustrate ample experience of entrepreneurs in business.

The next part of the study answers the most important questions. In particular, an entrepreneurial mindset, business psychology, and motivation. The first question relates to the business tasks of entrepreneurs. Fifteen percent of respondents focus on organizing the working processes. Ten percent of them find the need to supervise employees in the workplace. Twenty percent of entrepreneurs take advantage of controlling business operations. Thirteen percent of participants consider taking risks and responsibility. Twenty-five percent of them capitalize existing business offers. Finally, seventeen percent of entrepreneurs pursue new commercial opportunities to scale their businesses.

The other question is about the personal characteristics of entrepreneurs. It corresponds to applying them in the SME sector. The respondents focus on a variety of similar features that are important. Fifteen percent of research participants think that generating innovative ideas is important. Ten percent of them focus on critical thinking. Twenty-five percent of entrepreneurs strive to inspire and encourage people. The same percentage refers to improving self-discipline. Twenty percent seek to make challenging decisions. Finally, five percent of respondents attempt to have a work-life balance.

The following question is about professional qualifications of entrepreneurs. The expertise of entrepreneurs is the foundation of their business. The answers of the respondents are also different. Seven percent of entrepreneurs seek to create employment. Fifteen percent of them strive to add more value to the society. Twenty percent of respondents focus on educating employees. Ten percent of entrepreneurs have a keen interest to establish a corporate culture. Eight percent of respondents try to predict business risks. Nine percent of them pursue a proactive approach to solving problems. Fifteen percent of entrepreneurs find it significant to adopt new business strategies. Five percent of the research participants invest in different charity projects. Finally, eleven percent of entrepreneurs always search for various sources of income. All the aspects have a high impact on the professional development of business people.

The essential elements of an entrepreneurial mindset are the most important questions to consider. The research participants have different opinions since their experience also differs. But they have similar thoughts about many viewpoints. Eight percent of entrepreneurs generate energy by delivering more value to people. Ten percent of them discover the ways to attract target customers first. Nineteen percent of entrepreneurs find new target markets for existing business offers. Seventeen percent of respondents use networking to build a financial community. Sixteen percent of entrepreneurs offer to test drive services for free. Six percent of the research participants maintain an individual business vision to achieve success. Nine percent of them keep control of quality to deliver the most value to the target customers. Ten percent of respondents consider customer loyalty to build brands. Finally, five percent of entrepreneurs take ownership of all their business implications. Such elements are of great importance for developing an entrepreneurial mindset.

The entrepreneurial psychology is the second most important attributes of successful entrepreneurs. This aspect of any business is critical for achieving success in the SME sector. The elements of entrepreneurial psychology are different for every entrepreneur. But many aspects are common to the vast majority of business people. The following attributes are crucial to surpass the competing companies in the target market. Sixteen percent of entrepreneurs refer to the talent management. Twenty percent of them use training and personal growth. Eighteen percent of respondents develop leadership competencies. Fifteen percent of the research participants consider human-machine interaction. Seventeen percent of entrepreneurs think of employee communication and morale in the workplace. Finally, fourteen percent of respondents attempt to design a favourable working environment. All these psychological traits are significant to scale businesses in the SME sector.

The best motivation practices are the assets of any entrepreneur. Today, many motivation strategies are effective, but not all fit every particular company. It is important to use several motivation practices to boost productivity at work. Refer to the most challenging of them used by successful entrepreneurs. Thirteen percent of respondents create a positive working environment. Seventeen percent of them provide regular incentives in the workplace. Thirty percent of entrepreneurs strive to recognise all the accomplishments, even small ones. Twenty-one percent of the research participants share their annual profits. Finally, nineteen percent of entrepreneurs provide professional empowerment to increase business performance. These motivation principles are primary to consider by the start-ups and existing entrepreneurs.

The next part of the study presents answers to the Likert scale questions. These questions focus on different implications about entrepreneurship. The primary concerns are about an entrepreneurial mindset, entrepreneurial psychology, and motivation for business. The first aspects to consider are setting appropriate goals and taking relevant actions. These efforts should help entrepreneurs to build an entrepreneurial mindset. Such outcomes result of the answers of respondents. Sixty-five percent of them have a strong position for this statement. The other entrepreneurs agree with this declaration. There is a small percent of respondents who have doubts or disagree with this observation.

The resourcefulness and positive attitude of entrepreneurs are two more aspects of interest. According to the respondents, these characteristics can help entrepreneurs to achieve success in business. In fact, all the research participants have already achieved certain entrepreneurial success. To prove, fifty-two percent of respondents replied with an affirmative answer to this question. Thirty-three percent of entrepreneurs are confident about the given statement. In other words, resourcefulness and positive attitude are significant for entrepreneurs to achieve success.

Another contemplation refers to independence and emphasis on what matters. The idea is to achieve entrepreneurial success. The next research question confirms this statement based on the experience of entrepreneurs. The answers are positive with a slight difference in certainty about the declaration. Forty-five percent of respondents have a high assurance about this statement. The other twenty-nine percent also have an affirmative response. Independence and emphasis on what matters could help entrepreneurs to achieve success in business.

The next question to about learning from failures and rapid recovering. These are the demanded skills of entrepreneurs considering the viewpoints of the research participants. The vast majority of them have a definite answer to this question. In particular, sixty-seven percent approved this statement based on their entrepreneurial experience. Learning from failures and rapid recovering are the demanded skills of business people.

Successful entrepreneurs claim that welcoming change is an essential element of a business growth. It refers to facing challenges, which helps entrepreneurs to develop their professional competencies. The research participants have a similar attitude to this statement. Their responses to this questions are also affirmative, which is fifty-seven percent. Twenty-six percent of the respondents are keen about this declaration. The ability to welcome changes and face business challenges can help entrepreneurs to grow as personalities and professionals.

The other aspect of concern is listening to other people and analysing cash flow. Such approach to business is vital to generate high annual revenues. The research participants have positive considerations towards this statements. In fact, fifty-two percent of respondents are confident about these business concepts. The other thirty-nine percent of entrepreneurs have an affirmative reply to this question. Listening to other people and analysing cash flow helps to generate high annual revenues.

Conscience approach to business development, exploration of new opportunities, and timely actions are necessary. It especially makes sense for SME sector in the UK. This claim applies to every successful entrepreneur in the UK. The research participants have a positive opinion about this statement. But some of them have doubts about such approach to business. Forty-four respondents strongly agree with the declaration. Thirty-three of them agrees it is true for many entrepreneurs. The other research participants are uncertain or disagree with such statement. Business development, exploration of new opportunities, and timely actions are important for SMEs. But these implications are not primary to become successful in business.

Intuition, open-mindedness, faith, and creativity are necessary for developing an entrepreneurial psychology. This statement is famous among business people in the UK. The same refers to the research participants. They consider it correct from the position of business. But not all the aspects align with the personal experiences of entrepreneurs. The feedback from many respondents is affirmative. Forty percent of the research participants approve the statement. Thirty-one percent of the entrepreneurs think the statement is true. At the same time, some entrepreneurs are uncertain. Besides, the vast majority of respondents claim the statement applies in the business setting. The intuition, open-mindedness, faith, and creativity are essential for developing an entrepreneurial psychology.

Being reflective to business is a great advantage for many entrepreneurs. Paying the customers forward is significant to establish customer loyalty. The ability to reinvent oneself is crucial for entrepreneurial success. Such considerations are beneficial for many successful entrepreneurs. The difference is in the application of this statement in business. The experiences of entrepreneurs also differ. Some entrepreneurs may apply these stems and become successful. The others could use them without positive business outcomes. The same refers to the research participants. Forty-five percent of them strongly agree with the statement. Thirty-two percent of entrepreneurs agree the statement is correct for their business. Some entrepreneurs think it may be untrue, and some of them disagree with the declaration. Thus, being reflective is an important rule for many business owners. Paying the customers forward is important to attract their attention to business. Finally, reinventing oneself is quite important for entrepreneurial success. These items are not critical but important for every business owner.

Some entrepreneurs think that scepticism is one of the important qualities of successful people. Being adaptable to business is essential to achieve success in entrepreneurship. Asking the right questions works for many business people. The idea is whether these perceptions could help entrepreneurs to think like successful people. For some business people, it is true whereas it does not work for others. It refers to the research participants. Thirty-eight percent of them are sure this statement is correct. Thirty-three percent of respondents are confident about this declaration. The other entrepreneurs consider they cannot apply such notions in their businesses. The scepticism, being adaptable to business, and asking the right questions are quite important. But these aspects of the entrepreneurial psychology might not impact all the entrepreneurs.

Many successful entrepreneurs think that personal growth and self-recognition are the best motivation practices. It is also faithful to the target UK market. Most business experts claim that professionalism depends on constant personal development and self-recognition. It applies to the research participants. The vast majority of them agree with this statement. They have a successful application of this declaration in their businesses. The findings claim that sixty-six percent of respondents strongly agree with the given statement. Nineteen percent of them agree it is faithful in their companies. The minority of entrepreneurs are neutral or negative about this declaration. The entrepreneurs could consider personal growth and self-recognition as the best motivation practices.

The personal approach to details can play a crucial role in achieving success for SMEs. This statement applies to many business owners in the UK. It corresponds to the research participants. Seventy-three percent of them claim their personal approach to details helped to avoid bankruptcy. It is also effective to boost productivity and increase business performance. Many entrepreneurs agree with this statement and apply it to their business practices. A personal approach to details has a substantial positive impact on business development.

The next point of concern is setting small and measurable goals. It is one of the ways to motivate entrepreneurs for success. For some business people is turns out to be effective. For others, it does not have any positive impact on business development. The research participants have different arguments both in favour and against this statement. Thirty-one percent of entrepreneurs strongly agree with this declaration. Twenty-eight percent are confident and apply it in their business practices. Twenty-one percent of respondents somewhat agree with this statement due to their personal considerations. Thirteen percent are not sure if it is correct for their companies. Finally, seven percent of the research participants disagree with the given declaration. Setting small and measurable goals could motivate some entrepreneurs. But it may not be practical for other business people.

Some entrepreneurs have individual business rituals that make business processes useful to scale businesses. The others do not apply any rituals and remain productive in the workplace. Such statement is two-fold for many entrepreneurs depending on their professional experience. The research participants have a similar point of view. Fifty percent of them use individual business rituals to help them scale their businesses. Thirty-two percent of them also use business observances to increase sales and business performance. The minority of entrepreneurs are neutral and negative about this statement. It is evident that such statement is practical for the half of successful entrepreneurs. Entrepreneurs could use this principle to improve organizational processes and scale businesses.

Public commitments of entrepreneurs can also motivate them to achieve better results. It is one more statement of interest to consider. In fact, there are many arguments around it both in favour and against this declaration. It applies to the respondents with diverse experiences related to public commitments. Forty-one percent of respondents strongly agree with this statement. Thirty-two percent of them agree that public commitments are sufficient. The other entrepreneurs think they are not practical enough to motivate them to succeed. Fourteen percent of the research participants disagree with the given statement. Seven percent of entrepreneurs are uncertain about whether it works for their business. Public commitments could help some entrepreneurs, but they might not motivate all of them.

Business people believe that mentorship and coaching are critical for motivating them in business. The findings show that it is correct for some entrepreneurs and does not work for others. Forty-six percent of respondents consider that mentorship and coaching are important. The idea is to motivate the entrepreneurs for work. Twenty-eight percent of entrepreneurs also agree with this statement. The others are not sure or do not believe it will help them. Both mentorship and coaching could be effective for entrepreneurs to motivate them for achievements. In case it does not work, there is a need to search for the alternative methods of motivation.

The final question is on the ability of entrepreneurs to face fears. Many entrepreneurs think that overcoming fears could motivate them to achieve great results. It works for many entrepreneurs in the UK, including the research participants. Sixty-three percent of them strongly agree with this statement. Nineteen percent of respondents are confident that facing fears will boost their motivation. It works for them since they start to act as successful entrepreneurs. The others are either not sure or disagree with the given statement. The vast majority of entrepreneurs confront fears with pleasure to motivate them for success.

Chapter 5: Conclusions, Limitations, and Recommendations

5.1. Conclusions and Recommendations

A mindset of business people is a particular characteristic of start-ups and existing entrepreneurs (Kleiman 2011). Today, it is the greatest priority to become successful in the sphere of entrepreneurship (Kotler & Pfoertsch 2010). Business people should make efforts to build businesses (Locker & Kaczmarek 2010). It relates to investing time and resources to achieve success (Arthur 2013). Many business professionals take advantage of formulating their attitude to business first (Wolfe 2015). They should learn to take initiative and manage risks as a business owner (Rock Publicity 2012). Growing businesses resemble flexibility and determination (Frederking 2010). It considers a dedicated approach to business development and ability to deal with frustration (Scott 2011). Such approach to business is rather ambitious (Light, Kiddon, Till & Hecker 2012). But it helps entrepreneurs to cultivate certain habits (Svensson, Wood & Callaghan 2010). It is the best resource to develop an entrepreneurial mindset (Lee & Kotler 2011). The goal is to succeed in the desired market niche (Richey & Ponte 2011).

The business people do not succeed if they think of a single positive outcome (Kotler, Kartajaya & Setiawan 2010). Successful entrepreneurs always know their best offers based on listening to any customers’ feedback (Bo & Lu 2010). The ability of entrepreneurs to track business processes is a great asset (Lee & Kotler 2011). It is a powerful instrument to improve anticipated business products or services (Daniels, Radebaugh & Sullivan 2011). Delivering more value to the target audience is the only priority to successful entrepreneurs (Aubrey 2010). Entrepreneurs should run a business they understand in detail (Mueller 2011). It makes sense since learning about a sphere of no interest takes much time and efforts (Budelmann, Kim & Wozniak 2010). Moreover, it does not pay off (Millman 2012). Smart business people change all the time (Fortino & Nayak 2010). They improve their perceptions of business activities in response to the target market (Entrepreneur 2012). They consider the feedback of the target customers and strive to deliver more value (Krüger & Stumpf 2013). The idea is to improve every new business launch (Hill 2011).

Passionate entrepreneurs usually underestimate security concerns about their projects and activities (Locker & Kaczmarek 2010). Their mind works in a different way when they need to examine particular investments (Krüger & Stumpf 2013). It makes them feel afraid to face various business issues, which puts them in a winning position (Accardi-Petersen 2011). The reason is that a fear of losing makes entrepreneurs hyperactive (Crook, Todd, Combs, Woehr & Ketchen 2011). In such position, they do everything it takes to achieve success and finally succeed (Kotler & Pfoertsch 2010). Approaching the failure is an emotion that drives entrepreneurs to meet their business goals (Conaty & Charan 2010). They learn to predict business risks and develop their potential at the same time (Kleiman 2011). They are not afraid of any possible traps (Wolfe 2015). It is reasonable since they trust their investment and feel confident about their payoffs (Entrepreneur 2012). Optimism and ambitions help entrepreneurs to establish new business ventures with every business problem (Kotler, Kartajaya & Setiawan 2010).

Many motivational speakers teach entrepreneurs the way to do business both online and offline (Frederking 2010). The psychology of business lies in continuous engagement in the group of successful entrepreneurs (Budelmann, Kim & Wozniak 2010). Communication is the art of change (Locker & Kaczmarek 2010). It helps start-up companies to improve their performance by increasing the productivity of employees (Aubrey 2010). Such knowledge is vital to any business owner to establish a successful business entity (Kirchmer 2011). The next step is to develop a proactive corporate culture (Conaty & Charan 2010). The idea is to develop a work-life balance and motivate people for success (Kleiman 2011).

A business psychology is exceptional in its nature (Wolfe 2015). It considers the responsibilities of entrepreneurs considering a common goal (Deadrick & Stone 2014). They focus on the working environment as a place to grow the financial base for business (Greenberg & Kates 2013). Entrepreneurs examine the behaviour of employees to learn the ways to encourage them (Accardi-Petersen 2011). In fact, motivation plays a significant role in business development (Khan 2013). The entrepreneurial psychology is essential to find the best marketing strategies (Hill 2011). The goal is to promote the most sophisticated business offers (Budelmann, Kim & Wozniak 2010). Motivation is a contributing factor that accelerates the achievement of business objectives (Kotler, Hessekiel & Lee 2012).

The intelligent of entrepreneurs makes them flexible to any business setting (Budelmann, Kim & Wozniak 2010). The common practice among business people is to adapt by illustrating achievements (Crook, Todd, Combs, Woehr & Ketchen 2011). It happens despite many difficulties and lack of resources (Krüger & Stumpf 2013). Many entrepreneurs support such ideas depending on their professional experience (Daniels, Radebaugh & Sullivan 2011). In fact, business intelligence develops by facing business changes (Aubrey 2010). It improves by enhancing human behaviours essential to deal with difficulties (Fortino & Nayak 2010). The contemporary business environment appears as an instrument used for personal and business development (Kleiman 2011).

Business psychology allows entrepreneurs to think and feel with empathy (Krüger & Stumpf 2013). Entrepreneurs examine the needs of the target customers before they produce any business offer (Daniels, Radebaugh & Sullivan 2011). The entrepreneurs act in line with their sensitivity to develop their competencies (Budelmann, Kim & Wozniak 2010). The emotional intelligence of entrepreneurs enhances with every new communication (Aubrey 2010). Entrepreneurs use their sensitivity to meet the needs of their target customers (Wolfe 2015). It comes as an opportunity to capitalize every business launch (Crook, Todd, Combs, Woehr & Ketchen 2011).

The recognition of the entrepreneurial status should be in line with financial resources (Khan 2013). The status of business people results in a more favourable approach to business (Arthur 2013). The outcomes of such motivation lead to the corporate sustainability in the target market (Budelmann, Kim & Wozniak 2010). The recognition of entrepreneurial achievements helps businesses to boost sales and productivity of employees (Bo & Lu 2010). Entrepreneurs should recognize their personal achievements with a special treatment of their business objectives (Aalst 2011). It is true for their subordinates (Frederking 2010). The entrepreneurs should acknowledge the accomplishments of employees when they outreach their performance (Kotler, Hessekiel & Lee 2012). It works as an excellent motivation that drives all the business parties to succeed (Locker & Kaczmarek 2010).

The best motivation for the entrepreneurs depends on the individual preferences of people (Wolfe 2015). It is different for both entrepreneurs and their employees (Kotler, Kartajaya & Setiawan 2010). The entrepreneurs should think of the various motivators for them and their subordinates (Aalst 2011). It is wise to consider the best aspects of motivation for every team member (Lee & Kotler 2011). Such approach illustrates an individual treatment of people in business (Conaty & Charan 2010). Many entrepreneurs use different sources of motivation at the same time (Kotler & Pfoertsch 2010). Thus, they motivate themselves in a way that is the most applicable to them (Aubrey 2010). The teams can also stimulate entrepreneurs while asking for the reward and public recognition (Entrepreneur 2012). Such approach should be continuous to scale the businesses in the target markets (Khan 2013).

5.2. Research Limitations

The first limitation of this study is the financial resources. It is better to buy reports on the best practices of entrepreneurship. Another limitation is time given to manage this research. It is not enough to complete an in-depth research study. The study considers both qualitative and quantitative research studies. It is also important to acknowledge that each research method has its limitations. The boundaries of each method will be minimal and will support the findings of one another. The outcomes of this study will be up-to-date and appropriate to apply by entrepreneurs. The other restrictions refer to the access to data limited for the given research topic.

 

 

 

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Appendix 1

Online Survey Questionnaire

1. Please, state your gender.

• Male;
• Female;

2. Please, select your age group.

• 30-39 years old;
• 40-49 years old;
• 50-59 years old;
• 60-69 years old;

3. Please, specify your professional experience as an entrepreneur.

• 1-5 years;
• 6-10 years;
• 11-15 years;
• 16-20 years;

4. How many businesses do you have?

• 1-2 businesses;
• 2-3 businesses;
• 3-4 businesses;

5. Do you operate online or offline?

• Online;
• Offline;
• Both;

6. How many target customers do you have?

• 1000-5000 customers;
• 5000-10000 customers;
• 10000-50000 customers;
• 50000-100000 customers;

7. How many employees do you have?

• 10 to 100 employees;
• 100 to 500 employees;
• More than 500 employees;

8. Which business tasks do you consider the most important for entrepreneurs?

• Organise working processes;
• Supervise employees;
• Control business operations;
• Take risks and responsibility;
• Capitalize existing business offers;
• Pursue new commercial opportunities;

9. What personal characteristics are the most valuable for any SME?

• Generate innovative ideas;
• Think critically;
• Inspire and encourage people;
• Make challenging decisions;
• Discipline oneself;
• Ensure work-life balance;

10. What professional qualifications are the most significant for any SME?

• Create employment;
• Adds value to society;
• Educate employees;
• Establish a corporate culture;
• Predict business risks;
• Be proactive to problems;
• Adopt new business strategies;
• Invest in charity projects;
• Use different sources of income;

11. What are the essential elements of an entrepreneurial mindset?

• Generate energy by delivering more value;
• Discover the ways to attract target customers first;
• Find new target markets for existing business offers;
• Use networking to build a fanatical community;
• Offer test drive services for free;
• Maintain an individual business vision;
• Keep control of quality;
• Consider customer loyalty to build brands;
• Take ownership;

12. Which fundamentals of an entrepreneurial psychology are crucial for any SME?

• Talent management;
• Training and personal growth;
• Leadership development;
• Human-machine interaction;
• Employee communication and morale;
• Design of work environment;

13. Please, select the best motivation practices that work for your business daily?

• Creating a positive working environment;
• Providing regular incentives;
• Recognizing accomplishments;
• Sharing annual profits;
• Providing professional empowerment;

14. Do you agree that proper goals and relevant actions could develop entrepreneurial mindset?

• Strongly agree;
• Agree;
• Somewhat agree;
• Not sure;
• Disagree;

15. Do you ponder that resourcefulness and positive attitude help business people to achieve success as entrepreneurs?

• Yes, indeed;
• To an extent;
• Maybe;
• Not sure;
• Absolutely not;

16. Do you agree that independence and emphasis on what matters lead to entrepreneurial achievements?

• Strongly agree;
• Agree;
• Somewhat agree;
• Not sure;
• Disagree;

17. Do you believe that learning from failures and rapid recovering are the most demanded skills of entrepreneurs?

• Yes, indeed;
• To an extent;
• Maybe;
• Not sure;
• Absolutely not;

18. Do you agree that entrepreneurs should welcome change and face business challenges to grow personally and professionally?

• Strongly agree;
• Agree;
• Somewhat agree;
• Not sure;
• Disagree;

19. Do you consider that listening to other people and analysing cash flow is vital to generate high annual revenues?

• Yes, indeed;
• To an extent;
• Maybe;
• Not sure;
• Absolutely not;

20. Do you agree that conscience approach to business development, exploration of new opportunities, and timely actions are essential for SMEs?

• Strongly agree;
• Agree;
• Somewhat agree;
• Not sure;
• Disagree;

21. Do you think that intuition, open-mindedness, faith, and creativity are necessary for developing an entrepreneurial psychology?

• Yes, indeed;
• To an extent;
• Maybe;
• Not sure;
• Absolutely not;

22. Do you agree that being reflective to business, paying your customers forward, and reinventing oneself are critical for entrepreneurial success?

• Strongly agree;
• Agree;
• Somewhat agree;
• Not sure;
• Disagree;

23. Do you believe that scepticism, being adaptable to business, and asking the right questions can help business people to think as successful entrepreneurs?

• Yes, indeed;
• To an extent;
• Maybe;
• Not sure;
• Absolutely not;

24. Do you agree that personal growth and self-recognition can serve as the best motivation practices for entrepreneurs?

• Strongly agree;
• Agree;
• Somewhat agree;
• Not sure;
• Disagree;

25. Do you admit that personal approach to details can play a crucial role in achieving success for SMEs?

• Yes, indeed;
• To an extent;
• Maybe;
• Not sure;
• Absolutely not;

26. Do you agree that small and measurable goals serve as high motivation for entrepreneurs?

• Strongly agree;
• Agree;
• Somewhat agree;
• Not sure;
• Disagree;

27. Do you contemplate that individual business rituals help entrepreneurs to scale businesses more efficiently?

• Yes, indeed;
• To an extent;
• Maybe;
• Not sure;
• Absolutely not;

28. Do you agree that public commitments of entrepreneurs motivate them for obtaining better results?

• Strongly agree;
• Agree;
• Somewhat agree;
• Not sure;
• Disagree;

29. Do you acknowledge that mentorship and coaching are critical for motivating entrepreneurs in business?

• Yes, indeed;
• To an extent;
• Maybe;
• Not sure;
• Absolutely not;

30. Do you agree that the ability to face fears is a powerful motivation for entrepreneurs?

• Strongly agree;
• Agree;
• Somewhat agree;
• Not sure;
• Disagree;

Thank you for participating in the survey!

 

 

Appendix 2

Informed Consent Form 1

Interview Summary

Project Title: Entrepreneurial Mindset, Psychology, and Motivation Based on SMEs

Name of Applicant: Michael Hayman

Type: Skype Video Conference

Issues Discussed: The relationship between an entrepreneurial mindset, psychology, and motivation based on SMEs.

Research Question:

• Which aspects of an entrepreneurial mindset, psychology, and motivation are essential for success?

Research Goal:

• To understand the nature of an entrepreneurial mindset considering psychology and motivation.

Research Objectives:

• To explore the motivational structure and personality traits that constitute the entrepreneurial mindset;
• To examine and understand the characteristics and crucial determinants of an entrepreneurial mindset;

Interview Duration: 90 minutes.

Consent:

I, Michael Hayman, hereby give consent to the researcher to reveal collected information.

I am aware of all the relevant information and anticipated results of this study.

Signature: Michael Hayman

Date of Interview: August 2^nd, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Informed Consent Form 2

Interview Summary

Project Title: Entrepreneurial Mindset, Psychology, and Motivation Based on SMEs

Name of Applicant: Ian Welsh

Type: Skype Video Conference

Issues Discussed: The relationship between an entrepreneurial mindset, psychology, and motivation based on SMEs.

Research Question:

• Which aspects of an entrepreneurial mindset, psychology, and motivation are essential for success?

Research Goal:

• To understand the nature of an entrepreneurial mindset considering psychology and motivation.

Research Objectives:

• To explore the motivational structure and personality traits that constitute the entrepreneurial mindset;
• To examine and understand the characteristics and crucial determinants of an entrepreneurial mindset;

Interview Duration: 90 minutes.

Consent:

I, Ian Welsh, hereby give consent to the researcher to reveal collected information.

I am aware of all the relevant information and anticipated results of this study.

Signature: Ian Welsh

Date of Interview: August 3rd, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Informed Consent Form 3

Interview Summary

Project Title: Entrepreneurial Mindset, Psychology, and Motivation Based on SMEs

Name of Applicant: Duncan Cheatle

Type: Skype Video Conference

Issues Discussed: The relationship between an entrepreneurial mindset, psychology, and motivation based on SMEs.

Research Question:

• Which aspects of an entrepreneurial mindset, psychology, and motivation are essential for success?

Research Goal:

• To understand the nature of an entrepreneurial mindset considering psychology and motivation.

Research Objectives:

• To explore the motivational structure and personality traits that constitute the entrepreneurial mindset;
• To examine and understand the characteristics and crucial determinants of an entrepreneurial mindset;

Interview Duration: 90 minutes.

Consent:

I, Duncan Cheatle, hereby give consent to the researcher to reveal collected information.

I am aware of all the relevant information and anticipated results of this study.

Signature: Duncan Cheatle

Date of Interview: August 4^th, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Informed Consent Form 4

Interview Summary

Project Title: Entrepreneurial Mindset, Psychology, and Motivation Based on SMEs

Name of Applicant: Alison Edgar

Type: Skype Video Conference

Issues Discussed: The relationship between an entrepreneurial mindset, psychology, and motivation based on SMEs.

Research Question:

• Which aspects of an entrepreneurial mindset, psychology, and motivation are essential for success?

Research Goal:

• To understand the nature of an entrepreneurial mindset considering psychology and motivation.

Research Objectives:

• To explore the motivational structure and personality traits that constitute the entrepreneurial mindset;
• To examine and understand the characteristics and crucial determinants of an entrepreneurial mindset;

Interview Duration: 90 minutes.

Consent:

I, Alison Edgar, hereby give consent to the researcher to reveal collected information.

I am aware of all the relevant information and anticipated results of this study.

Signature: Alison Edgar

Date of Interview: August 5^th, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Informed Consent Form 5

Interview Summary

Project Title: Entrepreneurial Mindset, Psychology, and Motivation Based on SMEs

Name of Applicant: Elizabeth Varley

Type: Skype Video Conference

Issues Discussed: The relationship between an entrepreneurial mindset, psychology, and motivation based on SMEs.

Research Question:

• Which aspects of an entrepreneurial mindset, psychology, and motivation are essential for success?

Research Goal:

• To understand the nature of an entrepreneurial mindset considering psychology and motivation.

Research Objectives:

• To explore the motivational structure and personality traits that constitute the entrepreneurial mindset;
• To examine and understand the characteristics and crucial determinants of an entrepreneurial mindset;

Interview Duration: 90 minutes.

Consent:

I, Elizabeth Varley, hereby give consent to the researcher to reveal collected information.

I am aware of all the relevant information and anticipated results of this study.

Signature: Elizabeth Varley

Date of Interview: August 6^th, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Informed Consent Form 6

Interview Summary

Project Title: Entrepreneurial Mindset, Psychology, and Motivation Based on SMEs

Name of Applicant: Kanya King

Type: Skype Video Conference

Issues Discussed: The relationship between an entrepreneurial mindset, psychology, and motivation based on SMEs.

Research Question:

• Which aspects of an entrepreneurial mindset, psychology, and motivation are essential for success?

Research Goal:

• To understand the nature of an entrepreneurial mindset considering psychology and motivation.

Research Objectives:

• To explore the motivational structure and personality traits that constitute the entrepreneurial mindset;
• To examine and understand the characteristics and crucial determinants of an entrepreneurial mindset;

Interview Duration: 90 minutes.

Consent:

I, Kanya King, hereby give consent to the researcher to reveal collected information.

I am aware of all the relevant information and anticipated results of this study.

Signature: Kanya King

Date of Interview: August 7^th, 2016

Entrepreneurial Mindset, Psychology, and Motivation based on SMEs