Entrepreneurial Mindset Review PDF

ENTREPRENEURIAL MINDSET your skills can make a difference for your team and your community. Aspiring Humanistic Scientist Entrepreneur...

ENTREPRENEURIAL MINDSET your skills can make a difference for your team and your community. Aspiring Humanistic Scientist Entrepreneur You’ll have a stronger sense of self MINDSET With an entrepreneurial spirit, you take Thoughts ownership of your ideas, goals, and dreams. Behaviors You understand your purpose, skills, and Attitudes weaknesses and develop a strong sense of Positive identity. This self-awareness will not only Negative boost your self-esteem but also elevate your team's performance ENTREPRENEURIAL MINDSET "An entrepreneurial mindset is a set of skills heavily THINK LIKE AN ENTREPRENEUR T5 relying on positive and resilient thinking. People with CHARACTERISTICS OF AN ENTREPRENEURIAL this mindset see opportunities where others see only MIND risks. They constantly generate ideas to solve everyday problems and are unafraid Independence to advocate for their views or pursue their ideas Self-directed learning is essential to independently." achieving any goal, whether personal or professional. You are your best cheerleader THE IMPORTANCE OF HAVING AN and asset when it’s time to act. While it’s ENTREPRENEURIAL MINDSET wise to partner with others and seek support, a certain level of independence and belief in "An entrepreneurial mindset isn’t exclusive to your abilities is necessary to keep high-level business executives. This progressing. characteristic can benefit anyone—whether you’re working in an entry-level role, are Accountability mid-career at a large corporation, or striking out on Taking ownership of both your successes your own. This perspective is all and mistakes is a key trait of any good about professional development, embracing your entrepreneur. This empowers you to reflect mistakes, and turning them into on how your actions impact yourself and motivation and hustle to reach new heights. others, what you’ve learned from your errors, and what you’ve achieved. You’ll learn to overcome challenges Being entrepreneurial means identifying Goal-oriented challenges and overcoming them. It also The best entrepreneurs are focused involves learning new skills, and expanding individuals who prioritize their goals and your toolbox to solve problems. Not only follow an action-oriented path to achieve does Forbes recognize resilience as a top them. Knowing what you want to accomplish skill valued by employers, but it will also is the first step toward success. benefit you in both your personal and professional life. Resilience Mistakes and failures are part of the You’ll think outside the box entrepreneurial journey. Bouncing back and Sometimes, the best way to overcome a continuing to move forward despite challenge is to break away from conventional challenges will help you grow, learn, and wisdom. By developing your creativity, you develop your problem-solving skills. can solve problems in ways you may not have considered before. You can influence and inspire people You don’t have to change the world to make an impact. As an entrepreneurial person, Willingness to experiment Face your Fears Playing it safe can only take you so far. Fear is inevitable in both your professional People with an entrepreneurial mindset and personal life. Engaging with situations aren’t afraid of failure. Even when outside your comfort zone helps you grow. experiments don’t yield ideal outcomes, By addressing and analyzing what worries they’re still valuable. Testing business plans, you, you’ll get one step closer to achieving gathering feedback, and making tough your goals. Remember: vulnerability is a sign decisions are part of the process. of growth and strength. Sometimes, you need to shift focus to a different project or angle you hadn’t Remain Curious previously considered. Let your inner child be free and inquisitive. Stay curious about your competition, current HOW TO DEVELOP AN ENTREPRENEURIAL trends and events, new technologies, and MINDSET fresh business ideas. Sign up for webinars, Anyone can cultivate the right mindset. Seeking listen to industry podcasts, and continuously like-minded individuals, exploring new ventures, and seek knowledge. Before you know it, you’ll continuing to expand your knowledge in this area is a find yourself among the successful great place to start. businesses and leaders you admire. Set Clear Goals Manifesting your dreams on paper or out THE BENEFITS OF AN ENTREPRENEURIAL MIND loud can provide the spark you need to get IN THE WORKPLACE started. Outlining where you plan to go acts Encouraging an entrepreneurial mindset can do as a visual reminder of your goals and wonders for your workplace. encourages reflection on your A work culture based on entrepreneurism is: accomplishments and direction. These goals can apply to your business, career, or More resilient personal life. While entrepreneurial success Everyone is willing to try new things and often relates to business owners, learn from their mistakes. This means your entrepreneurial skills will help you achieve team is prepared to adapt to rapidly any ambition. changing work environments. Practice being decisive Collaborative Entrepreneurs, students, parents, and Entrepreneurial people are curious, ask everyone in between must make decisions many questions, and know how to seek input daily. It’s an essential life skill. If you can’t from others. When you fill your team with make up your mind, you won’t make people like this, they work together like a progress. Fortunately, decision-making is a well-tuned machine. skill you can practice— start small, such as ordering at a restaurant, and gradually work Solutions-oriented your way up to more significant decisions. No problem is insurmountable. An entrepreneurial work culture thrives on Redefine Failure tackling challenges head-on. You can’t avoid failure, and life is full of setbacks. The key is to face challenges High-performing head-on and turn them into learning These individuals are on the cutting edge. experiences. While it takes time, making a With an entrepreneurial mindset, your team conscious effort to shift your mindset will will continuously expand their skills, enabling dramatically benefit you in the long run. This them to reach new heights mental shift will improve your performance, foster self-compassion, and ultimately help you redefine what failure means EXAMPLES OF AN ENTREPRENEURIAL MINDSET AND THINKING IN THE REAL WORLD THOMAS EDISON J.K. ROWLING A historical example of entrepreneurial Entrepreneurship requires creativity, and behavior is Thomas Edison. He creating fiction can be an entrepreneurial demonstrated creativity and adaptability endeavor. J.K. Rowling demonstrated this when he invented the lightbulb. Seeing a when she wrote the popular Harry Potter need for a compact lighting solution that series, inspiring a generation of readers. used very little electricity, he created a Despite her first book being rejected by 12 product that didn’t yet exist. different publishing houses, she persevered. Despite planning to complete his invention in Had she given up after the first rejection, the three to four months, it took him over a year world might never have experienced the to make it work. Many would have given up magic of Hogwarts. after six months, but as Edison famously Rowling, speaking through her character said, “I have not failed. I’ve just found 10,000 Ginny, reminds us, “Anything's possible if ways that won’t work.” you've got enough nerve.” STEVE JOBS THE PEOPLE YOU DON’T HEAR ABOUT After being fired from Apple—the company While Rowling, Mandela, Jobs, and Edison he co-founded —Steve Jobs could have exemplify the entrepreneurial mindset and its given up. Instead, he became the co-founder potential to change the world, many others of Pixar Animation Studios, revolutionizing impact their communities without making animated filmmaking. headlines. Upon returning to Apple, he led the creation Consider the boss who inspires her team, of the iPod and iPhone, products that revived the volunteer who starts a fundraiser to help the company and made it a tech sick children, or the family running your powerhouse. favorite local restaurant. These individuals Jobs’ story reinforces one of his well-known don’t wait for opportunities; they actively quotes: “It’s impossible to fail if you learn address needs while pursuing their own from your mistakes. Don’t give up.” goals and dreams. ANYONE CAN EMBRACE THE NELSON MANDELA ENTREPRENEURIAL MINDSET It takes an entrepreneurial spirit to enter You don’t have to run a business to be an politics, especially when opposing a system entrepreneur. The entrepreneurial mindset is that suppresses human rights. Nelson about taking ownership of your work and Mandela exemplified this when he led a using your abilities to tackle challenges and youth equal rights group against the make an impact. Apartheid policies in South Africa. Later, as As an aspiring entrepreneur, you can start President, he implemented policies to heal today. Examine your workflow and ask, “How and unite his country. can I do this better?” Listen to your Mandela’s approach to entrepreneurship was colleagues: What do they complain about, different but impactful. He saw the potential and how could their problems be solved? Or, for a better future and worked to build if you’re feeling bold, make a plan for that it—something we can all strive to do. online business of your dreams. As Mandela said, “One of the most difficult things to do is not to change society but to change yourself.  Exploring Enterprise Context Session 2 Subject: Entrepreneurial Mindset Prepared by: Prof. Princess Ronielisa L. Nicolas At the end of this module, you are expected to:  Provide an answer to the question: "How do we best transform our business processes for the 21st century?"  Identify the types of enterprises.  Explain the spectrum of enterprises and the creation flow.  Differentiate between the Push and Pull-based systems.  Understand what community management is.  Understand the local culture and identify the steps in enabling change at the three cultural levels. Business Process It is a collection of linked tasks that result in the delivery of a service or product to a client. A process is also defined as a set of activities and tasks that, once completed, will accomplish an organizational goal. The process must involve clearly defined inputs and a single output. These inputs consist of all the factors that contribute (either directly or indirectly) to the added value of a service or product. The factors of a business process's inputs can be categorized into: 1. Management Processes: These involve planning, monitoring, and decision-making activities that guide the organization toward its goals. 2. Operational Processes: These are the core activities that produce the main product or service of the business. 3. Supporting Business Processes: These are the background functions that help sustain the business, such as IT support, HR, and finance. Transforming Business Processes for the 21st Century To stay competitive in the modern world;  Businesses must adapt and transform their processes for the 21st century.  In today’s dynamic environment, companies need a process of continual transformation. This requires a shift in mindset for both aspiring and current entrepreneurs and managers.   Key areas to focus on include Strategic Management/Intent, Organizational Missions, the Technology Revolution, Globalization, and Future Challenges. These must be carefully considered to create an effective and efficient business process. The general types of business enterprises commonly seen worldwide include the following: Sole Proprietorship A sole proprietorship is a business owned by one individual, without any partners. The owner may work alone or hire employees.  Main advantage: It offers complete control to the owner, allowing for quick and efficient decision-making.  Main disadvantage: As the business grows, it may become harder to manage and require more time. Partnership A partnership is a formal arrangement where two or more parties collaborate to manage a business.  Partnerships may involve equal sharing of liabilities and profits, or some partners may have limited liability.  Not all partners are actively involved in the day-to-day operations (e.g., a "silent partner").  A written agreement is often recommended to resolve potential disputes and, in some cases, may be legally required. Corporation A corporation is a legal entity separate from its owners, meaning it enjoys similar rights to an individual, such as entering contracts, hiring employees, and paying taxes.  The key feature of a corporation is limited liability, where shareholders can earn profits but are not personally liable for the company’s debts. 2 Sides of the Enterprise Spectrum:  Purely Philanthropic- Organizations prioritize social impact and rely on donations and volunteers. They do not charge for their services. a. Mission-driven, focused on social value and appealing to goodwill. b. People or organizations pay nothing for the services or products.  c. Funded by donations and grants. d. Operated by volunteers. e. Supports the cause by making in-kind donations (non-cash contributions).  Purely Commercial- Businesses focus on profit and operate based on market demands, charging standard prices and paying employees accordingly. a. Market-driven, focused on economic value and appealing to self-interest. b. Products or services are sold at market-rate prices. c. Funded through market-rate capital (investments). d. Workers receive market-rate compensation (salaries). e. Pricing follows market standards. Push vs. Pull Based System  Push: A method of controlling information or processes in business that directs the flow in one straight or fixed direction.  Pull: An interconnected flow where each step reacts to the others, creating a dynamic and responsive process to achieve completion. Community Management & Culture  Enterprise Community Management (ECM) goes beyond supporting just one team or community within an organization.  It involves the responsibility of building and sustaining a community across the entire organization.  In large organizations, ECM often requires multiple people due to its broad range of responsibilities. Such activities are likely to include:  Integrating all social and collaborative initiatives into a common platform.  Planning the new community’s strategic approach.  Promoting and supporting its use within training (both online and face-to-face, particularly during induction/onboarding).  Supporting its use for team knowledge and resource sharing.  Assisting individuals in building and maintaining communities of practice and other interest groups.  Developing an ongoing program of both face-to-face and online activities and events to encourage employee engagement on an ongoing basis.  Modeling social and collaborative working and learning behaviors as a crucial part of helping workers use the technology.   Building new personal and social skills required for productive collaboration within the organization.  Measuring the success of the community in terms of business performance (not just social activity). Whoever takes on these ECM responsibilities will have a significant influence and impact on the business. Therefore, the local culture and its effects due to changes from any enterprise must be considered very carefully. There are 3 Cultural Levels to consider: 1. Artifacts & Behaviors: o What we see—what a newcomer, visitor, or consultant would immediately notice. o Examples include dress code, organization charts, physical layout, degree of formality, logos, and the mission statement. 2. Norms & Values: o What they say—what people explain as the reasons for why things are the way they are. o This includes company philosophy, norms, and justifications for behaviors and practices. 3. Underlying Assumptions: o What they deeply believe—unconscious, taken-for-granted beliefs that drive actions. o These relate to fundamental views about the organization’s purpose, its work, and attitudes towards people, rewards, and more. References and Supplementary Materials: Books and Journals  Jorge A. Camposano, CPA, MBA, Ph, D.; 2007; Entrepreneurship for Modern Business; Mandaluyong City; National Bookstore  N. A. Orcullo, Jr., Ph. D.; 2000; Contemporary Entrepreneurship; Mandaluyong City; Academic Publishing Corporation  Mullins, J.W. (2006), The New Business Road Test, 2nd ed. FT/ Prentice Hall, Harlow  Worthington, I. and Britton, C. (2006) The Business Environment, 5th ed. FT/Prentice Hall, Harlow  Atrill, P. and McLaney, E. (2009), Financial Accounting for Non Specialists, 6th ed, FT/Prentice Hall, Harlow  Entrepreneurship and Value Creation Session 3 Subject: Entrepreneurial Mindset Prepared by: Prof. Princess Ronielisa L. Nicolas Learning Objectives: At the end of the discussion, students are expected to  Learn about value creation in terms of entrepreneurship.  Identify the difference between a. Entrepreneurs vs Businessman b. Entrepreneur vs Intrapreneur The Entrepreneurial Value Creation Theory states that the worth allocation capacity of an endeavor, or the viability of its dynamic abilities, can be evaluated by how quickly the product can be brought to market and how soon the endeavor can achieve positive income. Value Creation Business begins with value creation. This is the institution's purpose: to create and deliver value efficiently enough to generate profit after costs. Since value creation, whether good or bad, is the starting point for all organizations, it is a fundamental concept to understand. In this context of value creation, here’s what to consider:  Definition of Value: Understanding what value is and how it can be created.  Evolution of Value Creation: How value creation has changed throughout history and how it might evolve in the future.  Measurement and Management of Value: How to measure and manage the created value effectively. How Value is Created (Value Defined)  In the broadest terms, value is created through work. This work can be mechanical (e.g., cutting down a tree and turning it into lumber) or creative (e.g., designing a logo or writing a paper). Of course, not all work creates value.  A company's aim is to generate value (through work), sell or exchange it with clients, and capture some of that value as a benefit. Ways to Make Value Creation Core to Your Business 1. Value is Subjective- Experienced business people know that a business’s success ultimately depends on whether customers value what it offers. This valuation is based on the customer’s terms, not the business's. Value, in this sense, is purely subjective. Example: A luxury brand may be perceived as valuable by some customers due to its high price and exclusivity, while others may see it as overpriced and lacking in practical benefits. 2. Aim to Facilitate Value- Having a clear set of values helps your employees understand what you stand for. Your company values also guide their work and provide a sense of  security. As a result, employees are more likely to make the right decisions that help achieve the company's vision and goals. Example: A company that prioritizes sustainability may encourage employees to find eco-friendly solutions in their work, leading to innovative products that align with the company's mission. 3. You Benefit from Serving Your Customers- A significant aspect of an organization is customer support. Strong customer service leads to repeat buyers, increased revenue, and improved cash flow. The production of consistently stellar customer interactions plays a major role in growth, whether in a restaurant, hair salon, or another business. Example: A restaurant that focuses on exceptional service and quality food may see regular customers return frequently, boosting revenue and creating a loyal customer base. 4. Your Competitive Advantage is Valuable- A strategic advantage differentiates a company from its rivals. This leads to higher costs, more clients, and brand loyalty. Creating such an advantage is one of the most significant priorities for any corporation, as it is essential for business growth in today's world. Example: A tech company that develops innovative software with unique features that competitors do not offer can create a competitive advantage, attracting more customers and building brand loyalty ENTREPRENEUR VS BUSINESSMAN Which Path is Right for You? The decision between becoming an entrepreneur or a businessman depends on your inclination towards: Entrepreneurship: Venturing into new markets with fresh ideas, focusing on innovation and disruption. Business Management: Optimizing existing business processes, managing resources, and driving growth within established frameworks. Aspect Entrepreneur Businessman Definition An entrepreneur is an individual with A businessman is an individual a vision for a business idea who who manages an existing takes the initiative to turn that idea business, focusing on stability, into reality, venturing into new profitability, and sustaining markets and creating innovative success in a competitive business world.  solutions that contribute to economic growth. Characteristics - Risk-Taker: Willingness to take - Stability-Oriented: Focuses on calculated risks and venture into maintaining stability and uncharted territories. profitability. - Work Ethic: Passionate and - Analytical: Adept at identifying dedicated, investing long hours to opportunities within established turn visions into reality. markets. - Innovative: Seeks novel solutions - Resilient: Can weather and disruptive strategies. challenges while pursuing long- term success. Skills Needed - Market Analysis: Understanding - Financial Management: demand, competition, and trends. Understanding capital allocation and investment strategies. - Idea Generation: Conceptualizing innovative solutions. - Risk Management: Assessing potential threats and - Leadership: Instilling a clear opportunities. vision and guiding teams. - Market Positioning: Creating competitive advantages and branding strategies. Approach to Ideas Focuses on new and unique ideas for Works with existing ideas and fresh markets, often disrupting markets, optimizing and traditional markets with expanding established business groundbreaking products and models. services. Mindset Driven by innovation and a Prioritizes stability and efficiency, willingness to take risks, viewing aiming to refine established uncertainty as an opportunity for practices. growth. Taking Risks Inclined to take significant risks in Assesses risks within existing pursuing innovative ideas, often competition to sustain and grow diving headfirst into uncharted businesses, using calculated waters. precision.  Innovation and Thrives on innovation, seeking new Focuses on leveraging existing Creativity ideas and unconventional methods to ideas and structures for bring original concepts to market. continuous growth, prioritizing stability and efficiency. Goal-Setting Sets ambitious goals, focusing on Prioritizes goals aimed at growth, expansion, and market maximizing profits within existing dominance, often disrupting business structures, emphasizing industries. efficiency and sustainability. Adaptability Demonstrates high adaptability, Showcases adaptability by eager to explore new markets and leveraging existing markets and ideas, welcoming novel solutions. ideas for sustainable growth, navigating familiar territories effectively. Commonalities - Business Knowledge: Both demonstrate a deep understanding of market dynamics and strategies. - Leadership Skills: Essential for guiding teams and adapting to changes. - Networking Abilities: Building valuable connections and relationships. - Financial Management: Essential for driving profits and navigating complexities. ENTREPRENEUR VS INTRAPRENEUR An entrepreneur is someone who starts and runs a new business, taking on both the rewards and risks involved. In contrast, an intrapreneur applies their entrepreneurial skills to develop new projects within their existing company, reducing the risks associated with starting a business from scratch. Aspect Entrepreneurs Intrapreneurs Definition An entrepreneur is an individual An intrapreneur is an who designs, launches, and individual who develops new manages a new business, typically ideas and products within the starting as a small business. confines of their current Entrepreneurs take on the majority of business. This can include anyone the risks associated with developing in the company who applies a business but also reap most of the entrepreneurial skills, vision, and rewards. Entrepreneurs who forward-thinking. Intrapreneurs successfully bring a business to can work from an intern to the market are considered innovators. vice president of the company.  They regularly develop new ideas, Benefits of Being an services, goods, and businesses. Intrapreneur- Intrapreneurs enjoy the ability to Importance- Entrepreneurs are form new ideas and business goals crucial to the economy because their without the risks of starting a new skills help anticipate customer needs business. They usually have full and bring new ideas to market. control over their projects, which Although entrepreneurship is risky, significantly impact the company. potential rewards include fame, high Many intrapreneurs eventually profits, and numerous growth become entrepreneurs when they opportunities throughout their leave their companies to start their careers. The term "entrepreneur" own businesses. Intrapreneurs was first coined by French have access to company resources economist Jean-Baptiste Say, to ensure their projects are deriving from the French word effectively completed. meaning "adventurer" or "undertaker." Entrepreneur as a Resource- Entrepreneurship is considered a paramount resource for production, existing alongside labor, capital, and natural resources. The entrepreneurial process typically begins with creating a business plan detailing how a newly formed company will accomplish its goals. Entrepreneurs usually obtain financing, hire employees, and establish a leadership team to run the business. The main obstacles they face include finding the right hires and obtaining necessary resources. Shared Traits Both roles share several traits, Shared Traits Between Between including: Entrepreneurs and Entrepreneurs and Leadership: Effective leadership is Intrapreneurs Intrapreneurs crucial for turning ideas into successful products or changes. Adaptability: Successful entrepreneurs and intrapreneurs must adapt to challenges and roadblocks. Intelligence: Understanding necessary skills and tools is vital for success, and intelligence is often paired with vision to capitalize on emerging market opportunities.  Differences - Meaning: Develops their own - Meaning: An employee who business with a new concept. uses entrepreneurial skills within - Objective: To bring something new the business. to the market. - Objective: To enhance the - Primary Motives: Financial gain, sustainability and strength of their independence, and innovation. company. - Risk: All types of risks apply. - Primary Motives: To bolster - Capital and Resources: Raised company revenues and profits. entirely by the entrepreneur. - Risk: Most risk is taken on by - Works For: Operates separately to the company, though poor ideas become a market leader. may lead to termination. - Capital and Resources: Provided by the company. - Works For: Works within an organization but retains some entrepreneurial freedoms. Choosing Between If you excel at networking, problem-solving, and have time to run a Entrepreneur and company, entrepreneurship might be appealing. It allows freedom to Intrapreneur create new products but requires market knowledge. If you have entrepreneurial skills and want to innovate without starting a business, intrapreneurship may be the right path. Keep in mind that credit for ideas typically goes to the company. If interested in entrepreneurship, consider utilizing a wet-lab incubator for medtech or life sciences startups for a solid foundation. REFERENCES:  Entrepreneurship & Value Creation - Entrepreneurship and Value Creation The Entrepreneurial Value https://www.document/university-of-rizal-system/the- entrepreneurial-mind/entrepreneurship-value-creation/20252480  Dooley, J. (2024, January 30). Entrepreneur vs Businessman.https://www.linkedin.com/pulse/entrepreneur-vs-businessman-james- dooley-5oqye  University Lab Partners. (n.d.). Entrepreneur vs. Intrapreneur: What’s the Difference? https://www.universitylabpartners.org/blog/entrepreneur-vs-intrapreneur-whats-the- difference