The Entrepreneurial Mind 2nd Lecture (Autosaved)

THE
ENTREPRENEUR
IAL MIND
Mindset and behavior, Importance of the Entrepreneurial Mindset,
Development
THE ENTREPRENEURIAL
MINDSET
 What is mindset?
 What is entrepreneurial mindset?
 Mindset and behavior
 The importance of entrepreneurial mindset
 Characteristics of having the right entrepreneurial mindset
 Building of an entrepreneurial society
 Effective/Ineffective entrepreneurial mindset
WHAT IS MINDSET?
Mindset
– A mindset refers to a set of assumptions, methods or
notations held by one or more people or groups of people
which is so established that it creates a powerful incentive
within these people or groups to continue to adopt or
accept prior behaviors, choices, or tools.
WHAT IS MINDSET?
Mindset
– This phenomenon of cognitive bias is also sometimes
described as “mental inertia, “group think", or a
"paradigm", and it is often difficult to counteract its effects
upon analysis and decision making processes.
2 SETS OF MINDSETS
In a Fixed mindset,
- People believe that their basic qualities, like their
intelligence or talent, are simply fixed traits (rigid). They
spend their time documenting their intelligence or talent
instead of developing them. They also believe that talent
alone creates success—without effort.
2 SETS OF MINDSETS
In a Growth mindset,
People believe that their most basic abilities can be
developed through dedication and hard work—brains and
talent are just the starting point.
This view creates a love of learning and a resilience that
is essential for great accomplishment. Virtually all great
people (including entrepreneurs) have had these qualities.
2 SETS OF MINDSET
SUMMARY
Fixed Mindset Growth Mindset
- Talents and intelligence can be
-Talents and intelligence are developed
fixed Development of skills and
-Indulging only in talents with dedication
documentation of skills  Learning to further develop
-Only talent creates success talents
A MINDSET BE CHANGED
Everyone can change and grow through application and
experience.
The passion for stretching yourself and sticking to it, even (or
especially) when it’s not going well, is the HALLMARK of the
growth mindset.
Perceives failures as a challenge and an opportunity for
growth.
“Any obstacles is an opportunity for growth and development”
WHAT IS ENTREPRENEURIAL
MINDSET?
Is a set of cognitive (thinking) processes that triggers
the individuals to act or to behave entrepreneurially.
Sometimes it is called entrepreneurial talent or

mentality
–
WHAT IS ENTREPRENEURIAL
MINDSET?
This mindset, talent or mentality can be changed and
modified over time.
Effectuation – the idea that the future is unpredictable yet

controllable
“If it’s to be, It’s up to Me”

ENTREPRENEURIAL
MINDSET?
Having the right attitude:
– Able to work without supervision
– Able to self-motivate
– Able to make quick decisions
– Able to handle stress
ENTREPRENEURIAL MINDSET
Having the right attitude:
– Open-minded and flexible
– Focused
– Persistent
– Resilient
Serial Entrepreneurs (or habitual entrepreneurs): the type of
entrepreneurs who start several businesses, whether simultaneously
or one after the other.
MINDSET AND
BEHAVIOR
Conceptual approach
MINDSET AND
BEHAVIOR
• Functional • Intrinsic
•Intention
knowledge
• Entrepreneurial Knowledge •Spirit
Motivation •Responsibility
skills &
• Managerial Skills • Extrinsic:
•Role Model
skills
• Technical skills •Rewards
• Communication • Pro-active
skills Attitude • Positive values
• IT skills • Propensity to take risk
• Creative and innovative
• Inquisitive mind
Mindset affects the • Pursuing excellence
individual behavior at all
levels
KNOWLEDGE AND SKILLS
Functional knowledge
Entrepreneurial skills
Managerial skills
Technical Skills
Communication Skills
IT Skills
MOTIVATION
Intrinsic(Internal)
Intention
Spirit
Responsibility
Extrinsic(External)
Role model
Rewards
ATTITUDE
Pro- Active
Positive Values
Propensity to take risk
Creative and innovative
Inquisitive mind(Beginner’s Mind)
Pursuing Excellence
MINDSET AND BEHAVIOR
BEHAVIOR MINDSET
APTITUDE
18
THE IMPORTANCE OF
ENTREPRENEURIAL
MINDSET
THE IMPORTANCE OF
ENTREPRENEURIALMINDSET
To cope with the rapidly changing economy.
- Business/economic environment today has become fuzzy,
chaotic/messy, complex, uncertain and change very rapidly.
- To succeed in the midst of this chaos and uncertainty we
require the agility, creativity, flexibility, innovation,
interdependence and vision of entrepreneurs and their
enterprising units.
THE IMPORTANCE OF
To build an entrepreneurial society
- Developing the right mindset at a very early age
- Inculcation and acculturation process needs to implemented
through various programs and activities
- Entrepreneurs as agents of change at every level of the society
- Important contribution to entrepreneurial capital
- Entrepreneurship as a way of life
THE IMPORTANCE OF
To spur/encourage innovation and growth
- From creative people, comes creative products
- Innovation creates and adds value
- Finding new source of economic growth
- Change as process, not destiny
- Thinking “out of the box” becomes norms of the society
- Innovation in every part of the value chain
THE IMPORTANCE OF
Definition of terms:
Interdependence- dependence of entities such as people, countries
on each other
Inculcation- is the instilling of knowledge or values in someone,
usually by repetition.
Acculturation- cultural modification of an individual, group, or
people by adapting to or borrowing traits from another culture.
Building an
Entrepreneurial Society
ECONO ENTREPRENEURIAL
MIC
GROWTH ECONOMY
-Higher
-
-Higher income per
output
ENTREPRENEURIAL -
Vibrant
-Higher standard of
capita
CAPITAL -Added
Sustainable
-Full
living
-Job
value
employment -Human
ENTREPRENEURIAL -
creation
- Higher
productivit
SOCIETY
Knowledge y
-Risk- -Intellectual
ACCULTURATION
-
taker -Physical
PROCESS
-Innovativ -Financial
-Changing the -e
Creative -Social
-Building the
mindset Supportive
culture
21-03-2015
INEFFECTIVE
ENTREPRENEURIAL
MINDSET
 Wait and see
 Non-punctuality
 Subsidy Mentality
 Ask more, Give Less
“Subsidy Mentality” – always seeking of help or relying on
others.
DEVELOPING AN
EFFECTIVE
ENTREPRENEURIAL
MINDSET
Understand what motivates you
 Know what you love
 Challenge yourself
 Reversal thinking
 Change your habits (once in a while)
 Always believe that you can
 Break away from norms
QUIZ
1. Which importance of Entrepreneurial mindset do
you consider to promote awareness of
entrepreneurship to your fellow students?
2. Which ineffective mindset do you think that you
would avoid for hindrance of starting your
business?

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THE

Sometimes it is called entrepreneurial talent or

Effectuation – the idea that the future is unpredictable yet

“If it’s to be, It’s up to Me”

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