Book Cover Analysis

• These notes cover the first chapter of the book "Entrepreneurial Mindset" by Prof. Angelita Ong Camilar-Serrano

The Practice of Entrepreneurship

• Entrepreneurship has traditionally been linked to starting new businesses
• Entrepreneurship has been considered an important life skill beyond just starting ventures
• It equips individuals to handle vague and undefined futures, especially in business
• Entrepreneurship combines mindsets and skill sets, empowering individuals to identify and act on opportunities
• Acting and thinking like an entrepreneur does not require starting a business

Entrepreneurship Views

• Older and newer views exist around entrepreneurship
• The older view, or predictive approach, sees entrepreneurship as a linear process with predictable steps and outcomes
• The recent view, known as the creation approach, considers entrepreneurship a mindset and method for unpredictable situations
• Traditional entrepreneurship aligns with the predictive approach
• The predictive approach is most useful in times of ambiguity when sufficient information is there to base decisions
• Established companies benefit from predictable goals, clear problems, and dependable data when using the predictive approach
• Predictive approaches aren't always guaranteed to succeed despite planning
• Entrepreneurs using the creation approach define goals based on available resources, and act quickly despite resource scarcity
• Small businesses often start with the creation approach, and gather information later to make predictions
• At first, creation is more crucial than prediction when entering into a business
• Combining both approaches is best for new ventures

The Start of Entrepreneurship in the Philippines

• High poverty rates in the Philippines make it challenging for the growth of entrepreneurs
• The Philippine government views entrepreneurship as a means to address poverty through job creation, wealth creation, and social empowerment
• Entrepreneurial ventures are encouraged in the country to help uplift the quality of their lives

The Philippine Constitution and Entrepreneurship

• The 1987 Philippine Constitution recognizes entrepreneurship as vital for economic growth
• The role of private enterprises is emphasized as a support distribution of income and wealth, and to satisfy production of goods and services
• Government focuses on economic development, job creation, investment, and trade to strengthen entrepreneurship and competitiveness

The Evolution of Entrepreneurship

• Influenced by fast economic integration and market globalization
• Traditionally, entrepreneurship was to support factors of production
• Entrepreneurship requires the capacity to recognize opportunities, to generate ideas, and to efficiently allocate resources to develop ventures internationally
• In the Philippines, the Philippine Chamber of Commerce and Industry (PCCI) advocates for entrepreneurship via the Philippine Center for Entrepreneurship (PCE)

Go Negosyo Communities

• PCE has created "Go Negosyo Communities" through collaboration between academia, business, and government
• Professors, entrepreneurs, industry experts, and venture capitalists collaborate to network, mentor, and create a feasible business environment
• All communities have the resources to continuously create new ventures

Entrepreneurship in Education

• Entrepreneurship is integrated into school curricula to cultivate a culture of enterprise
• Senior high introduces entrepreneurial mindsets, while colleges offer full Entrepreneurship degrees
• Entrepreneurship is becoming a way of thinking in the country and is not just an economic term

Important skills in Entrepreneurship

• Creation helps entrepreneurs develop skills to manage uncertainty through action
• Entrepreneurs learn best by doing and putting an idea into motion
• Learning through action is key to a more entrepreneurial life

The Skill of Play

• Entrepreneurs who possess the skill of play allows their imagination to explore new opportunities and potentials
• Playfulness makes one more attentive, excited, and involved
• Entrepreneurs can benefit and enjoy doing creative things that boost relations, solve problems, foster ideation, and encourage exercises

The Skill of Experimentation

• Acting to learn is key for entrepreneurs
• Experimentation means making an action, learning from the action, and structuring said learning for the future
• Experimentation can include conducting surveys in person, asking real time questions, confirming assumptions, and consider all of its detail

The Skill of Empathy

• Empathy is being sympathetic to others' feelings, situations, purposes, and wants
• Allows them to connect with others when placed in similar situations
• It completely helps understand the realities of becoming an entrepreneur
• It helps gain meaningful relationships with stakeholders based on how their needs are met

The Skill of Creativity

• Being open and letting loose of one's ability to create is an open display of creative thinking
• Studies suggest entrepreneurship students are more creative than others
• Creativity is used to not only discover but to form new ideas and opportunities

Creating Opportunities

• Depends on one's desire to learn, interest, and willingness to apply ideas
• Opportunities become successful with resources, cooperation, determination, relationships and understanding on how much one can afford to lose
• Overcoming fear is possible with creativity, allowing one to take action despite risks

The Skill of Reflection

• Reflection organizes all four skills and is the most important
• Analyzing feelings and experience results in new perspectives
• The discomfort handled, the feelings felt, and the knowledge possessed gives new perspectives and allow for more assessment of the results
• One can reflect by describing what happened, emotional responses, insights and feedbacks, rationalizing skills from the experience, evaluating what was learned, and considering one's role in the situation

Truths About Entrepreneurship

• Entrepreneurship is a commitment and there are no shortcuts
• A business does not remain to be a start up, it can develop and become something bigger
• Entrepreneurs are not only for Start Ups
• There is no evidence that entrepreneurs possess special personality qualities
• Academics are most focused with entrepreneurs actual characteristics instead of theoretical ideals

How Entrepreneurs Think

• Focus should be focused on how entrepreneurs think and act
• Anyone may change his way of thinking
• Entrepreneurship is not merely a list of processes
• New skills should continuously be introduced so that it can be available to all
• It is not a linear but unpredictable list of events needed to develop a new business
• To be successful, measure and calculate what each step will take when moving towards goals, they do not simply take risks

Partnership

• Entrepreneurs learn from others' shared experiences
• Community with like-mindedness is important
• Partnership is key to helping to support entrepreneurs in their future endeavors
• Partnership can further bring about more efficiency, create fresh ideas, and ingenuity innovation

Doing vs Planning

• Not all businesses have business plans, they typically act out what needs to be done
• People relate with customers and their actions help determine their networking skills

Creating Investors

• Want to see ability of an entrepreneur to maneuver difficult situations and provide positive feedback
• They make themselves available to be mentored
• Previously, it was understood that entrepreneurs would only lead start ups

Life Skill in Entrepreneurship

• Offers different ways of thinking, opportunity identification, specific ways for problem solving, adapting to new situations, and governing goals and ambitions in careers and other professions

Skills including:

• Resilience - being able to recover from failure
• Agility - adjust to new situations
• Negotiating - making sure boundaries are set for optimal business
• Problem solving - creating solutions for minor/major issues
• Relationship building - relationship with investors/employees
• Mindfulness - use breathing and meditation to deal with high-stress situations

Types of Entrepreneurship

• It is an innovative procedure with various activities

Intrapreneurship

• Encourages people to discover concepts through corporate organizations
• This concept allows workers to develop for a high- reward

Entrepreuneurs Inside

• Entrepreuneurs functions depend on various types of organizations small or large to function
• They act like any entrepreneur and want something of high value from consumers

Buying a Franchise

• Licenses are bought to become part of a brand (franchisee) from an existing business (franchisor) to conduct operations under that branch
• Access to brand logos, slogans, access, and other things related to it come with licensing
• Franchising is a ready made business to easily turn key" and open the business

Buying a Small Business

• The enterpreneur buys an existing owner and assumes operations of their small business
• Involves upfront costs and presents less risk than starting from zero
• Opportunity to acquire valuable patents/copyrights, may be involved in buying business to grow

Social Entrepreneurship

• Provides innovative applications to solve community problems to work on issues like education/poverty
• May focus on creating environmentally-friendly products and philanthropic endeavors
• They can often balance both financial and social goals

Family Business

• Entreprenurship occurs as each generation brings about new, innovative techniques
• The most influential are the SM group and DMCI holdings in the Phillipines (80% owned and controlled)
• Wealth does not typically surpass first three generations due to difficulty involving changes and are unwilling to embrace the changes as the business gets older

Serial Entrepreneurs

• Constantly are coming up with new ideas and fresh business
• They come up with a business one time only while the task of their employees is to have the full time responsibility and role of operations
• Oprah Winfrey and her famous business have become and are serial entrepreneur herself with being a medialeader and philanthropist
• The entrepreneurial method does not guarantee a persons sucess
• Entrepreneurship is not linear unlike a series of steps to take
• By thinking in specific terms that can be determined, businesses become predictable and not entrepreneurial
• The entrepreneurial method uses many different strategies and scientists to develop the most effective solutions

The Entrepreneurial Method

• By Saras Sarasvathi describes the logic used by some successful entrepreneurs
• It is best to create instead of predict business

The five principles behind this includes:

• Birds in Hand - Create solutions with resources
• Affordable Loss - Invest resources that can be afforded
• Crazy Quilt - Cooperating with other people/companies
• Lemonaide - Using Surprises to view new business opportunities
• Pilot In Plane - Expert entrprenuers make sure to get wanted results
• These components help form the system

The Components of the Entreprenuership Method

• Desired impact - Must combine curiosity to achieve a goal

Having Resources at Hand

• "Who am I" "what do I know" are the three essential questions to consider before hand

Evaluate affordable Losses

• Estimate and avoid possible losses that could harm the entrepreneur or business

Be Honest

• Determine your true goals, and evaluate progress

Take Action and Network

• Sharing is caring when starting a new business and makes a good idea better

Learn from success and failures

• Evaluate everything and make adjustments as needed

Managerial And Enterpenaurial Thinking

• Applies during times of certainty to make the best decisions
• Makes it easier to analyze a situation, and find optimal solutions

Entrepreneurial Mindset

• The ability to identify good fits that provide oppurtinies and solve problems

Entrepreneurship Requires Delliberate Practice

• Malcolm Gladwell speaks on the ability to perform craft for around 10,000 hours
• It is necessary to do the correct things again and again for ideal outcomes

Analyze the book cover. Questions focus on the title's subject, the illustration's depiction of a heart with business icons, the author's name, and the shape formed by two hands. Match the color with elements on the book cover.