Unit Ii

UNIT II
ENTREPRENEURIAL
MINDSET
& OPPORTUNITY
INTRODUCTION For several decades now there has been a constant debate
whether entrepreneurs are self-made or they possess unique gifts.
Sometimes, people have mistaken entrepreneurs as those born
with exceptional genes. Today, entrepreneurial mindset makes
entrepreneurs move forward even during difficult situations.
Entrepreneurial mindset makes possible innovations and taking
risks and the ability to accept failures. Thus, entrepreneurial
mindset is important for business.
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MINDSET – ITS
CHARACTERISTICS
AND ESSENTIALS
MINDSET – ITS CHARACTERISTICS
AND ESSENTIALS
A mindset is a belief that qualities like

intelligence and talent are fixed or
changeable traits. The word mindset was
coined by Carol Dweck in her book “Mindset”.
It was based from her research about
personalities of successful people. She found
out that successful people have different
mindsets which are a fixed growth mindset.
MINDSET – ITS CHARACTERISTICS AND
ESSENTIALS
In reality, there are numerous mindsets, but fixed and growth
mindsets are her important discoveries for people living in
today’s fast changing and very complex world. Take the example
of abundance versus scarcity as an example of mindset. A
mindset of abundance will consider that there is plenty of
resources for everybody and that resources will not run out
because they are replaceable. However, a mindset of scarcity
shall think that there is inadequate amount of things around,
so some people can either benefit or lose them.
ESSENTIALS
People with a fixed mindset perceive that their talents and abilities
are set. They consider their brains and talents are sufficient to become
successful and endure life by becoming smart. They personally take
positive criticisms of their capabilities. A fixed mindset sees the world
in a “either/or” perspective. For people with fixed mindset, success is
based on luck or possibly from some sort of prejudicial advantage. They
always want to avoid challenge, failure and tell themselves they do
not have expertise. People with a fixed mindset believe that these
qualities are inborn, fixed, and unchangeable.
ESSENTIALS
On the other hand, people with a growth mindset trusts that traits can
be changed, developed and strengthened by working on them. These
people are certain that their abilities could be developed by
commitment, determination and obviously hard work. For them, brains
and talents are simply the starting point of the lifelong success of
everyone. People with growth mindset see failure as an opportunity
to enhance their performance and take mistakes as lessons.
Instead of giving up, they to proceed to what they wanted to do despite
failures.
CHARACTERISTICS
OF AN
ENTREPRENEURIAL
MINDSET
CHARACTERISTICS OF AN
ENTREPRENEURIAL MINDSET
Entrepreneurship is a challenging and rewarding path.
Based on research, there is no distinct set of traits
signifying success although there are several characteristics
often common to successful entrepreneurs.
1. Curiosity
2. Commitment
3. Optimism
4. Flexibility
5. Ownership
6. Leadership
7. Connection
8. Self-respect
1. Curiosity – Being curios is really shared among successful
entrepreneurs. Curiosity leads to questions, and
questions lead to answers. This trait strengthens the
ability to understand things with a new standpoint. Nobody
really knows everything, and curious people are conscious
of this. Being humble and open-minded lead to greater
knowledge, and greater knowledge allows more detailed
reflection.
2. Commitment – This is continuing to keep going and
persist amidst problems. Rejection and disappointments
are essential elements of an entrepreneur’s life which
needs to be endured. Lessons must be taken from
rejection and should not affect the confidence of an
entrepreneur. The focus should be on achievements
because it would motivate the entrepreneur to persevere
as he moves forward and continues to harvest good
outcomes.
3. Optimism – Tough attitude towards challenges makes up
successful entrepreneurs. Every time a situation happens,
the entrepreneur should be hopeful in exploring its many
learning opportunities. For a successful entrepreneur there
is always a solution to every problem.
4. Flexibility – entrepreneurship is a challenging field with
its unpredicted demands and continuous problems. It
helps to be supple to deal with a series of difficult
situations, solve problems easily and make progress
from obstacles. A successful entrepreneur usually makes a
journal and timeline to overcome this difficulty.
5. Ownership – Successful entrepreneurs always trust that
their success comes from their own ability. Simply they
have high internal locus of control. Whatever life throws at
them, they will be able to make or to break them
through their own actions and decisions. It has always
been their attitude to be responsible, for things that they
do. They are very confident that they can always fulfil their
dreams.
6. Leadership – A successful entrepreneur always guides,
motivates and empowers his team. It is usual for him to
share his vision with his team to inspire these people.
Through convincing communication and involving his team,
an effective entrepreneur is able to attain his visions. He is
able to create his own vision by constantly being the model
of his team.
7. Connection – in the entrepreneurship creating a
network is very important. Entrepreneurs must choose
those people that would form his collective links so that he
could breed his idea. There should be both emotional and
financial bonds. Investment is terms of relationship so that
later this bond could be used for support when needed.
8. Self-respect – In business, it is also vital to take care the
body, mind and spirit. Taking care of oneself daily through
rest, exercise and diet is essential. Always have ample rest
and sleep for renewing one’s energy. Take time to exercise
and do whatever one enjoys. Eating healthy choices and a
few treats to nourish the body is basic too.
Essentials of the
Entrepreneurial
Mindset
Although living with entrepreneurial
mindsets is really transformative,
knowing them is amazing.
Entrepreneurial mindsets appear to be
like common, yet they are not common
practice. There are essential things in
order to really employ and initiate
successful mindsets.
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Essentials of the Entrepreneurial
Mindset
1. PASSION FIRST
2. EVERYTHING IS POSSIBLE
3. 100% ACCOUNTABLE
4. WE ARE CONNECTED
5. LIVE LIFE TO GIVE
6. ATTITUDE OF GRATEFULNESS
7. THE TIME IS NOW
Mindset
1. Passion first – Real entrepreneurs look for what really
are important to them, what they truly wanted to, and
then bring together their business around those things.
Most of the times a company has so many problems. The
best way to be involved and continue doing business
during difficult times is to have a sense of meaning and
purpose. This is the intention for starting businesses
according to the entrepreneur’s passion.
Mindset
2. Everything is possible – this mindset is about believing
that entrepreneurs are capable of accomplishing
unexpected results. They trust that an idea could be
possible to turn into reality. Usually entrepreneurs
examine first their goals and set things bigger. Nothing
could serve as hindrance for an entrepreneur to realize
his potentials.
Mindset
3. 100% accountable – In life it is easier to blame others
especially when things became out of hand. Entrepreneurs
always believe that because they have this 100% Accountable
mindsthey have the power to choose their responses to any
circumstance et. For entrepreneurs though they cannot turn
back the hands of time, they need to build a new start and form a
different conclusion.
Mindset
4. We are connected – Entrepreneurs believe they can achieve
their dreams not by being alone though they love to be
independent. They wanted to lead by helping other people to do
their tasks and fulfil their dreams without seeking anything in
return. This mindset is activated by synergies in every
relationship. Entrepreneurs take honor in competition because
they believe that working with, for and through others pushes
their potentials.
Mindset
5. Live life to give – Most of the people now especially business people
wanted to offer their time and resources for a valuable cause. As
people in business profit more, they tend to give more. This is known
today as corporate social responsibility. Embracing this mindset
means incorporating the daily works with the philosophy they
believe in. Entrepreneurs believe that life is a cycle, hence those
people with so much need to give to people with less. Giving back
assures entrepreneurs of giving forward.
Mindset
6. Attitude of gratefulness – Most people also focus much of their
thoughts on what they do not possess. Seldom do people give their
thoughts on what they do not possess. Seldom do people give their
attention to their accomplishments and their present experiences
except for entrepreneurs. This mindset provides the recognition of all
positives in every experience and be thankful for these. Even during
problematic situations which entrepreneurs recognized as
opportunities to learn and grow, they are still gratefulness about
these situations.
Mindset
7. The time is now – this mindset for entrepreneurs refers to
recognizing that all their powers exist in the moment.
Entrepreneurs believe that they cannot change history and the
future is uncertain. Hence, the important thing is to take action
now. These should be purposeful action not just being busy. It is
best to take action than simply waiting on a perfect plan which
does not exist. Entrepreneurs give their best effort and make
their adjustments of their action as necessary.
ENTREPRENEURSHI
P AS A HABIT
ENTREPRENEURSHIP AS A HABIT
A habit is an unconscious behaviour done often and
regularly. Good habits can be acquired using “habit loop”.
This habit loop is a process wherein the brain makes
decision whether to store or repeat such behavior.
Rewarded behaviour is most likely repeated. There are
three habits that required most to be nurtured and be
practiced for an entrepreneurial mindset.
ENTREPRENEURSHIP AS A HABIT
1.The Self-Leadership Habit

2.The Creativity Habit
3.The Improvisation Habit
The book of Bryant and Kazan entitled “Self
Leadership – How to Become a More Effective,
and Efficient Leader from the Inside Out”
contains the definition of self-leadership. Self-
leadership from this book is the practice of
purposely influencing and controlling ones’
behaviour, actions, thinking and feeling.
Self-leadership is related to optimism,
happiness, consciousness and emotional
intelligence among others.
Self-leadership needs the implementation of three important strategies,
namely:
1)Behavior-focused – this strategy concerns enhancing self-awareness to
manage behaviors especially when dealing with essential but not-so-good
tasks. Here are the ways to accomplish this strategy:
a)Self –Observation – This increases the consciousness of how, when
and why entrepreneurs behave the way they do in some situations. Most of
the times entrepreneurs evaluate themselves on their
accomplishments, on what they have not accomplished, the situations
at hand and their feelings about these situations.
b. Self-goal Setting – This concerns the process of planning goals
of entrepreneurs.
c. Self –Reward – This is about paying oneself after
accomplishing the set goals with either tangible or intangible
rewards.
d. Self-Punishment – This is allowing entrepreneurs to evaluate
their behaviors in order to reform them. Entrepreneurs though
make mistakes must make effort not to repeat these things again.
e. Self-Curing – This is making lists and notes or writing
motivational posters as reminders of the planned goals.
2. Natural Reward – This is about making every tasks
enjoyable by emphasizing the positive aspects of
each task and its importance.
3. Constructive Thought – This means creating
positive and productive means of thinking that are
advantageous to the performance of entrepreneurs.
Identifying negative beliefs and assumptions and
reforming these are still part of constructive thought.
2. The Creativity Habit
Creativity is the capacity of turning fresh ideas,
insights, inventions, products or artistic objects that are
considered to be unique, useful and value to others
into reality. It is the ability to observe the world in
different and novel ways, to discover unseen patterns,
to make associations between apparently
unconnected phenomena, and to produce solutions.
2. The Creativity Habit
A good example of creativity habit is the story of The
Aristocrat, the famous restaurant for its world-
renowned Chicken BBQ & Java Rice combination. In
the 1930’s, Asiang Reyes started The Aristocrat as a
mobile canteen in Luneta, serving sandwiches filled
with adobo and other Filipino viands. Hotdog trucks
were in vogue (popular) at that time. Reyes created
her own version of merienda for park-goers. Reyes
was supposed to name the canteen “Andy” after her
eldest son, but changed it to Aristocrat instead. The
canteen prospered, and Reyes and her husband
decided to turn it into a full-time restaurant.
3. The Improvisation Habit
Improvisation is the unstructured way of creating something in
the absence of planning. It is the rational ability to promptly
sense, and change direction quickly. It requires improvisation to
function in the uncertain world of business. Hence, quickly
entrepreneurs must adjust to any situation they are in to realize
these plans. People with improvisation habit are always
prepared to face failures. Self-doubt is the common barrier
to improvisation. Fear is part of self-doubt which comes from
being unprepared.
Opportunity
Recognition Using
Mindset
An opportunity is a means to generate profits
by creating unique, innovative and desirable
products or services which are not being found
in the market yet. In order for an opportunity to
be feasible, the idea should be able to create
value.
However, nowadays it is also vital to consider
social value and environmental value. Social
value addresses a social need or provides
benefits to the society. Environmental value
is the opportunity to preserve the natural
surroundings.
Opportunity recognition is process by which
individuals and businesses makes use their
entrepreneurial mindset in order to establish new
business or ideas. This is using continuous
brainstorming to find new business concept or
possibly new products or services to satisfy
customers’ needs and expectations.
Entrepreneurs are able to see problems as
opportunities. They consider each problem, frustration, or
unmet need they face as possible opportunity. They are
able to understand the world using an emphatic
viewpoint, rather than concentrating on their own needs.
They change and focus their consideration to the broader
world around them to know the needs of others.
However, the right mindset is not utilized, then a
missed opportunity is expected.
How to Start
with Ideas
There are several approaches in forming ideas from the
not-so-formal to a more formal way of creating ideas. Here
are some structured strategies of forming ideas:
1.Analytical
2.Search
3.Imagination-Based
4.Habit-Breaking
5.Relationship-Seeking
6.Development
7.Interpersonal
1.Analytical – This is about breaking a problem into
details or looking at a problem in a common way to
produce ideas on improving or innovating products or
services. Only when thought analytically that correlation
of problems is seen.
2.Search – This involves linking personal experiences that
are significant to the existing problem. This also
illustrates the ability to be resourceful in looking for
connections between objects that appears to have no
obvious relationship at first.
3. Imagination-Based - This is interrupting doubts and dropping
restrictions to produce fantasies or make believe situations.
Sometimes, entrepreneurs need to be playful in their minds so
that they can think of ways that are impossible.
4.Habit-Breaking – Sometimes, the human mind needs to
depart from usual patterns to stimulate creative insights. In
order to explore a new perspective, entrepreneurs should link of
the opposite of something. The ideas of a person not part of a
situation could also be taken particularly those admirable
personalities.
5. Relationship-Seeking – This is establishing a
link between concepts that are not usually
connected. The intention here is to fuel the mind
into making connectivity that seems to be unnoticed.
6. Development – This employs the modification of
existing concepts to make improved choices and
new potentials. One way to do this is to brainstorm.
7. Interpersonal – This needs interaction with a
group to generate ideas. Brainstorming is also
commonly used to highlight creativity towards new
opportunities.

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UNIT II

A mindset is a belief that qualities like

1.The Self-Leadership Habit

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