Module 2: Entrepreneurial Mindset PDF

ENTREPRENEURIAL MINDSET Presented by Aira Mae A. Andan What is mindset? MINDSET It is the established set of attitudes held by someone. A person's way of thinking and their opinions (Cambridge Dictionary) 2 TYPES OF MINDSET 1. FIXED MINDSET 2. GROWTH MINDSET FIXED MINDSET peo...

ENTREPRENEURIAL MINDSET Presented by Aira Mae A. Andan What is mindset? MINDSET It is the established set of attitudes held by someone. A person's way of thinking and their opinions (Cambridge Dictionary) 2 TYPES OF MINDSET 1. FIXED MINDSET 2. GROWTH MINDSET FIXED MINDSET people perceive their talents and abilities as set traits. They believe that brains and talent alone are enough for success and go through life with the goal of looking smart all the time. FIXED MINDSET They take any constructive criticism of their capabilities very personally, and tend to attribute others’ success to luck or some sort of unfair advantage. People with a fixed mindset will tell themselves they are no good at something to avoid challenge, failure or looking dumb.  GROWTH MINDSET People believe that their abilities can be developed through dedication, effort and hardwork. They think brains and talent are not the key to lifelong success, but merely the starting point. People with growth mindset are eager to enhance their qualities through lifelong learning, training and practice. They see failure as an opportunity to improve their performance, and to learn from their mistakes ENTREPRENEURIAL MINDSET is a state of mind interested in the pursuit of opportunity with scarce, uncontrolled resources. The goal is to create user defined value at various multiples of the existing competitive offering through the deployment of innovation.  ENTREPRENEURIAL MINDSET is the ability to quickly sense, take action, and get organized under certain conditions. This also includes the ability to persevere, accept and learn from failure, and get comfortable with a certain level of discomfort.  8 P’S OF ENTREPRENEURIAL MINDSET  1. PASSION It is the key source of energy, motivation and hard work. It is the driving force for every entrepreneur. 2. PERCEPTION is the organization, identification, and interpretation of sensory information in order to represent and understand the presented information or environment. 3. POTENTIAL generally refers to a currently unrealized ability. having or showing the capacity to become or develop into something in the future. latent qualities or abilities that may be developed and lead to future success or usefulness. 4. PEOPLE Every entrepreneur, leader or manager with a vision needs a team that supports its vision to make it a reality. It is up to the ability of entrepreneurs to find the right people, to communicate the vision, to attract talent, to invest in building and sustaining their skills set, their energy, attitude and positivity. 5. PERSISTENT LEARNING It means learning anytime, anywhere from everyone. Outstanding entrepreneurs are able to absorb valuable information and knowledge for everyone. 6. PERMANENT CHANGE means a change for an indefinite period of time with an intent to relinquish the original point of diversion, place of use, or purpose of use. Successful entrepreneurs are flexible, they can adapt and change quickly. The ability to perceive change as a positive thing, to react and adapt to it is one of the most powerful skills.preneurs are able to absorb valuable information and knowledge for everyone. 7. PERSEVERANCE continued effort to do or achieve something despite difficulties, failure, or opposition. persistence in doing something despite difficulty or delay in achieving success 8. PROACTIVENESS tending to initiate change rather than reacting to events. Successful entrepreneurs initiate - they see the bigger picture and foresee the circumstances. They are proactive instead of reactive, they play offense, instead of defense. CRITICAL THINKING SKILLS is the ability to apply reasoning and logic to new or unfamiliar ideas, opinions, and situations. the objective analysis and evaluation of an issue in order to form a judgment. SKILLS INVOLVED ARE: OPEN MINDED APPROACH Being “open minded” is a large part of critical - thinking, allowing a person to not only seek out all possible answers to a problem, but to also accept an answer that is different from what was originally expected. RATIONAL CONSIDERATION Rationality requires analysing all known information, and making judgments or analyses based on fact or evidence, rather than opinion or emoti on. EMPATHY Empathizing with a person usually involves a thinker trying to put himself or herself in the place of someone else. What is PASSION? PASSION In the context of entrepreneurship, passion can be defined as an intense positive emotion, which is usually related to entrepreneurs who are engaged in meaningful ventures or tasks and activities, and which has the effect of motivating and stimulating entrepreneurs to overcome obstacles and remain focused on their goal. NEGATIVE PASSION It is possible to become blinded by passion and so obsessed by an idea or new venture that we fail to heed the warning signs or refuse to listen to negative information or feedback. This type of negative passion can actually curb business growth and limit the ability to creatively solve problems. NEGATIVE IMPACTS 1. FOUNDER MISALIGNMENT 2. MISSING THE MARKET 3. ROSE-COLORED PLANNING (OR NONE AT ALL) 4. UNFORGIVING STRATEGIES 5. REALITY DISTORTION 6. EVAPORATING RUNWAY 1. FOUNDER MISALIGNMENT refers to a situation in which the founders of a company have differing or conflicting visions, goals, values, or strategies for the business. This misalignment among the founders can create challenges and tensions within the company, hindering its ability to operate effectively and achieve its objectives.  2. MISSING THE MARKET is a business term that refers to a situation where a product or service fails to meet the needs or expectations of the target market, resulting in low demand, poor sales, or limited market penetration. When a company misses the market, it means that its offerings do not resonate with customers or fail to address a significant problem or opportunity in the market effectively.  3. ROSE COLORED PLANNING is a term that refers to the tendency to approach future plans or strategies with overly optimistic or idealistic assumptions, often ignoring potential risks or challenges. It stems from the idiom "to see through rose-colored glasses," which means to view things in an overly positive or optimistic light, overlooking potential drawbacks or obstacles.  4. UNFORGIVING STRATEGIES Over-confident founders sometimes put the bulk of their resources into a single business strategy, essentially putting all of their eggs in one basket, rather than preserving flexibility to experiment and iterating their way to profitability.  5. REALITY DISTORTION refers to the phenomenon where entrepreneurs exhibit an optimistic and often exaggerated perception of their venture's potential success, sometimes diverging from objective facts or evidence. This term became well-known through its association with Steve Jobs and his ability to inspire and persuade others to achieve ambitious goals beyond what might seem feasible.  6. EVAPORATING RUNWAY "Evaporating runway" in entrepreneurship refers to the situation where a startup or a new business rapidly consumes its available financial resources, leaving it with a limited amount of time before it runs out of capital. The term "runway" is often used metaphorically to represent the period of time that a startup has before it exhausts its funding and faces the risk of failure. THANK YOU!