Entrepreneurial Mindset and the Success of Minority Entrepreneurs in Arkansas

Abstract

This research contributes to the literature on entrepreneurial mindset by evaluating its relationship with the success of minority entrepreneurs in Arkansas. To develop a measurement of an entrepreneurial mindset, this study relies on a questionnaire that scores characteristics commonly associated with the mindset of an entrepreneur. An entrepreneurial mindset includes a focus on entrepreneurial leadership and orientation skills. This mindset comprises traits such as passion, persistence, vision, proactiveness, innovation, and risk-taking. This way of thinking can influence the way an entrepreneur develops strategies, completes projects, and forms business ventures. After analyzing input from minority entrepreneurs in Arkansas, this article finds limited evidence of an association between an entrepreneurial mindset and the success of minority entrepreneurs in Arkansas. The evidence mostly points to demographics and education levels as the predictors of entrepreneurial success.