Entrepreneurial Mindset And Development Module 1 PDF

05/09/2024 Module 1: Entrepreneurial Mindset and Development Entrepreneur Comes from the French origin means “to undertake” – means commit oneself to begin with Take initiation for profits lik...

05/09/2024 Module 1: Entrepreneurial Mindset and Development Entrepreneur Comes from the French origin means “to undertake” – means commit oneself to begin with Take initiation for profits like trademark, brand, business Entrepreneur (person)- who searches for change and responds to it by starting an enterprise. Entrepreneurship (process) - who set up a business or a set of business for taking financial risk in hope of profits. Enterprise (outcome) – an entrepreneur who introduce new idea, carries new activities, coordinates the factor production and describes how business run. 1  05/09/2024 Advantages and disadvantages of being an entrepreneur Advantages Get paid for what you are worth for You are your own boss Personal flexibility Disadvantages Requires a lot of capital There will go time before you will get paid Different income You have to be available 24hrs a day Obstacle in building a business  Financing- the management of money  Overcoming bureaucracy- is a management system that emphasizes structured organization with well-defined authority and positions that handles the day-to-day business of a government. It is an important pillar in modern governance.  Hiring talent  Finding customer  Product promotion 2  05/09/2024 Attributes Qualities And Characteristics of an Entrepreneur 05 Self-Awareness He knows who he is, what he is good at, and what he likes to do. He start his business based on his expertise, and focuses on his involvement in a area he thoroughly enjoys 06 3  05/09/2024 Self-motivated - One of the most important personality traits of an entrepreneur - It is what gives him the tenacity and confidence to call a potential client, even though he has heard “NO” 07 three times Demand for efficiency and quality -Setting high but realistic standard - Always strive to find ways to do things better, faster and at lower costs. 8 4  05/09/2024 Drive classic camel hue Genuine leather sandal in a - One must believe in his goal and be determined to succeed Risk taker -Not foolhardy as to undertake activities where they know nothing at all possibilities for success Innovative -Love to explore the unknown 09 Courage - The willingness to take chance Confidence - It is achieve because of positive thinking Positive thinkers - Thinking of success and bright sides - Remember: Wealth does not always come to the most intelligent of the most ambitious individuals, but those individuals 10 who think money 5  05/09/2024 Systematic Planning - Sets what to be accomplished Persuasion and Networking - Establishes a network of personal and business contacts around him 11 - Power is required to achieve his objectives Patience classic camel hue Genuine leather sandal in a - There will be times that he feels like the roof is craving in, especially when customers demand seem to be unrealistic Decisiveness -A process of making one fast decision after another Experience -A primary reason why business falls within few weeks years of start-up because of lack of business experience 12 6  05/09/2024 Knowledge - Knowing about business basics, it may be the product or services, the industry he is in and the consumer market Information seeking - Seeks for relevant information Perseverance - 90% of the battle to succeed. 13 Opportunity Seeking -Will seize unusual opportunities to tap resources like 14 finances, equipment, land workspace and business information 7  05/09/2024 The Big five (5) Personality Profile Openness is an interest in ideas and aesthetics. Meaning, it is the culmination of I.Q. and creativity Consciousness is associated with duty, precision, and responsibility. That means orderly people who like procedures and rules don’t generally start companies because it’s a creative process. Extraversion- he general tendency to experience positive emotions, as well as by traits such as sociable, lively, and active. Agreeableness- is primarily about care for others. Neuroticism is a trait that reflects a person's level of emotional stability. MINDSET Is a pattern of thinking or behavior of one or more individuals or groups (Argyris, 2004). Two kinds of mindset: Fixed mindset: leads a desire to look smart Growth mindset: leads to a desire to learn. 15 8  05/09/2024 Dimension of mindset 1. What people know or do not know (related to their knowledge); 2. What people have done or have not done – (related to their experience); 3. What people can do or believe they can do- related to their level of competency and self belief; 4. Who they are (related to their personality, values attitudes and beliefs ) Note: This dimension revealed 11 characteristics of having an entrepreneurial mindset (Orbis, 2011). They are the ff: 16 1. Lifelong learning and openness to change; 2. Engagement in a complex and uncertain world; 3. creative and innovative approaches to problem solving; 4. Belief and confidence in one’s own capacity and capacity and competency to be entrepreneurial; 5. Desire, motivation and intention to practice entrepreneurship and behave entrepreneurially; 6. Taking initiative and personal responsibility for actions; 7. Pursuit of goal-attainment through personal mastery and value-creation; 8. Recognizing opportunities 9. Grit and perseverance in the face of challenges 10. Taking risks that lead to learning, growth and value, and 11. Belief in one’s ability to influence 17 9  05/09/2024 Entrepreneurial Development Stone Age (5million-10,000 B.C) Also know as Paleolithic Age, came with the appearance of Homo habilis. The earliest stage of entrepreneurship began when early humans developed hunting tools. The exchanged of goods during this time was rare as has no organized trading system 18 Entrepreneurial Development Agricultural Revolution (10,000 B.C – 5,000B.C During this time they learned to raised plants by sticking to the natural process with some improved tools along with domestication of wild animals. This ushered om the second wave of entrepreneurial innovation- which is agriculture 19 10  05/09/2024 Entrepreneurial Development Industrial Revolution (1800-1950 A.D) That invention created the third wave of innovation which applied in the textile industry The population quadrupled from 750 to 2.5 billion and life expectancy rose from 20-35 years. Direct impact of technological progress on daily life of most people is unemployment and rising of inequality 20 Middle class group of people emerged. Entrepreneurial Development Information Age This era characterized information as commodity and easily available with computer technology 21 11  05/09/2024 “When everything seems to be going against you, remember that the airplane takes off against the wind, not with it.”- Henry Ford References: Paurom, A. et.al. Entrepreneurial Mind. Mindshapers,Co.Inc.2021 23 12