Entrepreneurial Mindset Case Study

Entrepreneurial mindset is when an individual is attracted to new opportunities and creative innovations and is willing to take that leap of faith and all the risk and doubt that comes with making that decision ("Entrepreneurial Mindset Definition from Financial Times Lexicon," n.d.). Everyone thinks they can become that successful entrepreneur but without a strong- minded personality and the ability to handle frustrating situations the odds are not in your favor. According to Emerson (2015), there are seven ways to foster that mindset needed, always keep a positive attitude even in the most difficult times, learn from mistakes and keep going, do not get lost in the crowd by being safe, accept life-long learning, set reasonable and achievable

There are two types of contracts that can be negotiated with the key partner, the first one is an exclusive agreement where the two organizations cannot work with anyone else or a more lenient contract where each entity keeps their individuality and are able to form additional partnerships with other companies (Anastasia, 2015). The contract between the two entities should be well-defined with clear expectations and a win-win situation for both parties because this partnerships is a vital tool in the making or breaking of a business and it is important to maintain healthy and positive working relationships with your key partners and have the ability to see when the need for that partnership has changed because a business lifecycle can change over the years (Anastasia, 2015). Key activities is what the specific business must accomplish to make their business model work, these activities can range from producing a product or providing a service to the targeted customers ("Business Model: Key activities," n.d.). Every company has their own unique key activities based on the organizations Business Model Canvas that must be completed to meet the business plan (Anastasia, 2015). Alexander Osterwalder’s Business Model Canvas has