The Entrepreneurial Mind PDF

WELCOME TO SY 2024-25 SECOND SEMESTER THE ENTREPRENEURIAL MIND Who is the father of entrepreneurship? Joseph Alois Schumpeter is regarded as the father of entrepreneurship. He introduced the concept of entrepreneurship. What is entrepreneurship?  At its most basic level, entrepreneurship ref...

WELCOME TO SY 2024-25 SECOND SEMESTER THE ENTREPRENEURIAL MIND Who is the father of entrepreneurship? Joseph Alois Schumpeter is regarded as the father of entrepreneurship. He introduced the concept of entrepreneurship. What is entrepreneurship?  At its most basic level, entrepreneurship refers to an individual or a small group of partners who strike out on an original path to create a new business. An aspiring entrepreneur actively seeks a particular business venture and it is the entrepreneur who assumes the greatest amount of risk associated with the project. As such, this person also stands to benefit most if the project is a success. What is an entrepreneur? An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship. Entrepreneurs play a key role in any economy, using the skills and initiative necessary to anticipate needs and bring new ideas to market. Entrepreneurship that proves to be successful in taking on the risks of creating a startup is rewarded with profits and growth opportunities. - Investopedia Who is an entrepreneur?  Entrepreneurship is a way of thinking, reasoning and acting that is opportunity obsessed, holistic in approach and leadership based.  - Jeff Timmons, late professor at Harvard University and Babson College Nature and Development of an Entrepreneur Being an entrepreneur:  1. Involves creation process – one who sees an opportunity/problem through the customers eyes and the community needs  2. Willingness to invest time and effort  3. Risk taker  Calculate risk and not gamble risks  Finds the resources to implement the innovation  Creates and builds a business or other enterprise  Willingness to make changes  4.Understanding what rewards do they seek for being an entrepreneur The impact of entrepreneurship to our economy 1.Increased competition from entrepreneurs challenges existing firms to become more competitive. 2.Entrepreneurs provide new job opportunities in the short and long term. 3.Entrepreneurial activity raises the productivity of firms and economies. Author: Alexander S. Kritikos Publish Year: 20142.  Entrepreneurship can fuel economic growth under the right conditions and when people become entrepreneurs for the right reasons. It is not, however, a magic bullet for growth, particularly in less-developed economies.  An entrepreneurial mindset encompasses 7 key factors: 1. Vision: The ability to see possibilities and imagine a different future. 2. Initiative: The drive to take action and make things happen. 3. Resilience: The capacity to bounce back from setbacks and learn from failures. 4. Adaptability: The flexibility to pivot and adjust strategies as needed. 5. Risk tolerance: The willingness to step out of one’s comfort zone and embrace uncertainty. 6. Curiosity: An insatiable desire to learn, explore, and question the status quo. 7. Problem-solving orientation: The instinct to see challenges as puzzles waiting to be solved.  - Vanessa Van Edwards Entrepreneurial Mind Frame  The entrepreneur sees things in a very positive and optimistic light in the midst of crisis or difficult situations.  Estimated Net Worth: 140.80 Billion USD WARREN BUFFET Concept of Ideation Exercise No. 1  Write an essay.  Ifyou are to have a business, what would it be and why?