Question

Entrepreneurial thinking is described as one of the most relevant skills for the 21st-century workforce (Bacigalupo, Kampylis, Punie, & Brande, 2016).There are key differences in entrepreneurial thinking which are often drawn to making decision in highly uncertain environment, pursuing opportunities, innovation and new value creation. Explain.

Answer 1

Introduction: Entrepreneural thinking refers to the skill which makes a person to identify or discover the new opportunities in the market and find the ways to use those opportunities to grow by making profits.

In today's fast developing world only change is constant. The traditional ways of thinking like studying and giving interview and getting job in a well reputed company are no longer exciting the people in this 21st century due to the lack of job security and redundancy in work. They started thinking innovatively and wanted to build their own company.

Differences in Entrepreneural thinking: The key differences in Entrepreneural thinking depends upon the Risk appetite- how much risk a person can ready to take.

Decision making: Taking decision in this uncertain environment is a key aspect as it can make or break the business in a very short period. Hence extensive research and strategic thinking are very important not only to secure place in the market but also to use this uncertainty into opportunity and to gain competitive advantage.

Pursuing opportunities: One of the key aspect of entrepreneural thinking is pursuing opportunities and making ways and investing time to turn those opportunities to grow the business. Instead of sticking to one idea or using same kind of solutions will get you nowhere. Have to develop new ideas by simplifying the complex problems as per the customer's needs.

Innovation: Innovation always places an important role when it comes to servicing the customers of different needs. Innovation makes a way to establish competitive advantage over the others. To achieve this it is important to invest time and money in Research and development and accept innovative ideas from others and try to implement them.

New value creation: Value creation refers to adding high value to the product by customizing it as per the customer's needs. By bringing new product or service which can solve a multiple number of problems on one go adds value to the product. And it is new way in sustaining in a highly competitive environment. This can be achieved by using innovation and R &D which is the essential part of entrepreneural thinking.