Lesson 2: Entrepreneurial Mind PDF

# Lesson 2: Entrepreneurial Mind ## MODULE 1: INTRODUCTION OF ENTREPRENEURSHIP ### Entrepreneurial Mind Frame - An entrepreneurial mind frame allows the entrepreneur to see things in a very positive and optimistic light in the midst of crisis or difficult situations. - The Chinese word "crisis" i...

# Lesson 2: Entrepreneurial Mind ## MODULE 1: INTRODUCTION OF ENTREPRENEURSHIP ### Entrepreneurial Mind Frame - An entrepreneurial mind frame allows the entrepreneur to see things in a very positive and optimistic light in the midst of crisis or difficult situations. - The Chinese word "crisis" is composed of two characters: "danger" and "opportunity". - The character for danger can be interpreted as “danger” while the 2nd character means “opportunity” - This means that a crisis is an opportunity to learn and grow. - Entrepreneurs often see crisis as a potential opportunity to innovate and create new value. ### Passion - **Passion** is a great desire to achieve a vision or fulfill a mission. - It is about wanting something so much that a person would be willing to totally devote oneself to the quest. > “people with passion can change the world for the better.” > – Steve Jobs ### Entrepreneurial Heart Flame - The entrepreneurial heart flame is also about emotional intelligence (EQ) or the ability to understand and manage one's own emotions and the emotions of others. - This is often manifested in the entrepreneurs' efforts to nurture relationships with customers, employees, and suppliers. - Entrepreneurs with strong heart flame often have good communication skills and are able to build trust and rapport with others. - They lead by example and inspire others to follow their vision. ### Entrepreneurial Gut Game - The entrepreneurial gut game refers to the ability of the entrepreneur to sense without using five senses. - This is also known as intuition. - The gut game also connotes courage or "lakas ng loob" in Filipino. - This is a key characteristic that allows entrepreneurs to make decisions in the face of uncertainty and take risks. ### New Product Development - Successful new products spring from the convergence of: 1. **The Creative Mind:** conceptualizes and designs a product that consumers find some use for. It also produces a product that is pleasing to see, touch, smell, hear, and taste. 2. **The Technical Mind:** is the technology originator. The entrepreneur may not necessarily have the technical mind but it drives him or her to convert new knowledge into something highly functional and operational. 3. **The Business Mind:** harnesses the potentials of new products by creating the market space for them. It also organizes sufficient forces and resources to develop, launch, and commercialize the new product in order to maximize its market value. ### 5 Essential Characteristics of The Entrepreneurial Mind: 1. **Creativity:** The seed of entrepreneurship is the ability to see things differently. Whether it’s with new products or new processes, entrepreneurs are driven by the uncanny knack to see holes in the marketplace and devise innovations to fill them. 2. **Suspicion of Predictability:** Entrepreneurs tend not to labor under the assumption that data is the sole predictor of an outcome. Especially in new markets and with new products where data is largely interpretive or extrapolated, entrepreneurs are undaunted by the typical predictors that may put off fainter hearts. 3. **Comfort with Uncertainty:** Similarly, a distrust of prediction and analysis creates an atmosphere where uncertainty rules. Indeed, uncertainty is the very essence of entrepreneurship. 4. **Openness to Experimentation**: A comfort with experimentation goes beyond educated trial and error. The ability to experiment with products, processes and outcomes, no matter where the results may lead, is the key element of this quality. 5. **Functional Humility**: Egos can destroy the very best ideas. Entrepreneurs who are committed to solving a business problem or reinventing a product or service display a functional humility.