Understanding the Psychological Influence of Growth Mindset on Entrepreneurial Motivation for Entrepreneurial Success: A Conceptual Exploration

Abstract

Psychology and Entrepreneurship journey together as the entrepreneurial ventures require strong personality traits. Psychology is crucial in the growth of entrepreneurship as it helps to comprehend the psychological characteristics and motivations of entrepreneurs, facilitating the improvement of their resilience in overcoming difficulties, thinking creatively, and making effective decisions. In this article, the researchers have developed a conceptual framework for psychology and entrepreneurial motivation. It deals with the theories of motivation, the application of psychological theories, entrepreneurial motivation and the factors that contribute to entrepreneurial motivation, opportunities and challenges the entrepreneurs face, the need for achievement, emotional intelligence in entrepreneurship, motivational challenges, and the strategies to overcome them, psychological aspects in the existing literature and the implications for future which enhance growth mindset among the entrepreneurs. Elements of psychology and entrepreneurial ventures are significant and therefore the research scholars can do more research on this and come out with creative findings and solutions for the problems and challenges of entrepreneurs in the future.