2.1 Entrepreneurial mindset
Entrepreneurial innovation has become the cornerstone for the success of various companies since it assists in enhancing their competitive advantage along with the capacity to thrive within their industries. An entrepreneurial mindset is the cornerstone of the value creation process despite whether value creation occurs within the social, environmental, or economic domain. Moreover, the mindset is habitually composed of various components, which consequently assist in shaping the entrepreneurial ideas. The first component of an entrepreneurial mindset is a judgment that typically assists in the discovery of early opportunities in the market place where the needs of the consumers are frequently changing. The changing needs of the consumers may be either explicit or latent. Entrepreneurial judgment as the component of entrepreneurial mindset has been acknowledged as the process where the latent consumer or market demand locates the prospect for opportunity creation or discovery, and it consequently capacitates an entrepreneur to discover the opportunity that would consequently assist in enhancing the performance of the company. Judgment and imaginative exercises that contribute to value creation habitually do not occur in isolation; rather, they need particular knowledge and unique experiences. Another component of an entrepreneurial mindset is decision making. The entrepreneurs are usually required to have the determination to convince and mobilize other resources to effectuate their idea. The components of an entrepreneurial mindset will, therefore, essential while the innovative idea of Solar technology to Resonix company since they would assist in the proper execution of the program to promote the market value of the company. Increasing the market value of the firm will enhance its competitive edge, which will consequently foster its ability to compete with the rivals in the industry effectively.