Entrepreneurial Mindset and Opportunity

• Entrepreneurial mindset and opportunity are crucial in business.

Mindset

• Mindset is the belief that qualities are either fixed or changeable.
• Carol Dweck coined the term "mindset."
• A fixed mindset is the perception talents and abilities are set.
• A growth mindset is the belief traits can change and develop through work.

Characteristics of an Entrepreneurial Mindset

• Curiosity leads to questions, which in turn, lead to answers.
• Commitment involves persistence amidst problems, enduring rejection and disappointment.
• Optimism is a tough attitude towards challenges, crucial for entrepreneurs to explore learning opportunities.
• Flexibility is being able to solve problems easily and make progress from obstacles.
• Ownership is when successful entrepreneurs trust their success comes from their own abilities with a high internal focus of control.
• Leadership involves sharing vision, inspiring, guiding, motivating, and empowering a team.
• Connection is entrepreneurs choosing people to form collective links, creating a network.
• Self-respect is to take care of body, mind, and spirit.

Essentials of the Entrepreneurial Mindset

• Passion comes first, with real entrepreneurs pursuing what is important to them and building their business around it.
• "Everything is possible" is believing one can accomplish unexpected results.
• Being 100% accountable is believing you have the power to choose a response to any circumstance.
• Entrepreneurs believe they are connected and achieve their dreams not alone, despite valuing independence.
• Living life to give is when business people offer time and resources for a valuable cause, often giving more as they profit.
• An attitude of gratefulness focuses on what one possesses, paying attention to accomplishments and experiences.
• "The time is now" refers to recognizing all powers exist in the present moment.
• A habit is an unconscious behavior done often and regularly.
• It is a process where the brain decides whether to store or repeat a behavior.

Habits to Nurture for an Entrepreneurial Mindset

• Self-leadership involves influencing and controlling one's behavior, action, thinking, and feeling.
• The creativity habit is the capacity to turn fresh ideas, insights, inventions, products, or artistic objects into reality.
• The improvisation habit is creating something without planning through rational ability to sense and change direction quickly in an uncertain environment.

Opportunity Recognition Using Mindset

• An opportunity is generating profits via unique, innovative, and desirable products or services not yet found in the market
• The idea should be able to create value for it to be feasible.
• Opportunity recognition is using one's entrepreneurial mindset to establish new businesses or ideas.
• It is done using continuous brainstorming to find innovative ways of solving problems.

How to Start Ideas

• Analytical involves breaking a problem into details or looking at it in a common way to innovate.
• Search links personal experiences that are significant to an existing problem.
• It illustrates resourcefulness in finding connections between seemingly unrelated objects.
• Imagination-based: Interrupting doubts and restrictions to produce fantasies or make-believe situations that makes the impossible plausible.
• Habit breaking is deporting from the usual patterns to stimulate creative insights by doing the opposite of something.
• Relationship-seeking is making unconscious links between concepts that would fuel the mind to make connectivity that seems to be unnoticed.
• Development is modifying existing concepts to make improved choices and new potentials which can be done via brainstorming.
• Interpersonal includes brainstorming with other people to generate ideas

Pathways to Opportunity Identification

• Find pathway assumes opportunities exist and are waiting to be found.
• Example: "I saw a problem and developed a solution."
• Search pathway is when entrepreneurs are unsure what type of business to start.
• Example: "I know I wanted to start a business but was unsure to what business to start. I intentionally searched for different opportunities.”
• Effectuate uses skills, knowledge, and abilities to unearth an opportunity
• Example: "I thought about what I know, my skills, experiences, and abilities and developed an idea that matched me. I created something & just started testing it".
• Design pathway is focusing on the unsatisfied need of the market to create value.
• Example: "I wanted to create something innovative. I started looking around, observed and talked to some people and identified new unmeet needs. Then I created something to Met these needs."

A,P,&PR

• Alertness is the ability to easily pinpoint opportunities in the environment.
• Prior knowledge is the information gathered from combined life and work experiences.
• Pattern recognition identifies relationships between seemingly isolated things, pinpointing and creating opportunities.

From Idea Generation to Opportunity Recognition

• IDEAT method is an ideation process to help entrepreneurs recognize problems, cultivate innovative solutions, and choose the best entrepreneurial idea.
• Identify is to determine what customers are trying to solve, are spending money to solve, but it is still unsolved to the satisfaction of customers.
• Discover is actively searching for ideas in problem-rich environments with social, demographics, technological, political, regulatory, and/or industry structure changes.
• Enhance is taking ideas and expanding to new applications or adding innovative twists.
• Anticipate is to analyze future scenarios related to social, technological, and other global changes and trends.
• Target: Define and understand a target market, and validate new ideas with early adopters.