01 Entrepreneurial Mindset and Opportunity.pdf

SESSION OBJECTIVES Unit I. Entrepreneurial Mindset and Opportunity ➢ Financial Planning ➢ Entrepreneur or Employee Assuming you receive your allowance or salary, What is the first thing you have in mind that you want to buy? What are your common or worst mistakes in personal finance? ...

SESSION OBJECTIVES Unit I. Entrepreneurial Mindset and Opportunity ➢ Financial Planning ➢ Entrepreneur or Employee Assuming you receive your allowance or salary, What is the first thing you have in mind that you want to buy? What are your common or worst mistakes in personal finance? How will you save / earn / provide? ACTIVE INCOME EMPLOYMENT PASSIVE INCOME ENTREPRENEURSHIP Man at Work Money at Work Practical Financial Tips TIP #01 Be a Goal Setter Do you have a budget? Money is the root of all evils Money is not the root of all evils “For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs.” - 1 Tim 6:10 TIP#02 Snowball Cashflow TIP #03 Invest Your Nest Egg TIP #04 Build Your Network, Choose Your Associations SOP POP TOP TIP #05 Be a ChristOriented Person LIFE LEADERSHIP LIFE LEADERSHIP Your REALITY Results Actions Belief LIMITING BELIEFS Recognizing Self Limiting Beliefs and Replacing them with Self Building Beliefs BE RESILIENT Negative Self Talk Positive Spin I’ve never done it before It’s an opportunity to learn something new There’s not enough time Let’s re-evaluate some priorities There’s no way it will work I can try to make it work I don’t have the expertise I’ll find people who can help me It’s good enough There is always room for improvement It’s too radical to change Let’s take a chance No one bothers to communicate with me I’ll see if I can open the channels for communication I’m not going to get any better at this I’ll give it one more try I’m never going to learn how to manage my stress I’ll try to learn how to manage my stress DREAMS REALITY What is a Mindset? ENTREPRENEURSHIP According to Investopedia: 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 entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures. Businessman vs Entrepreneur “ENTREPRENDRE” ENTREPRENEURSHIP According to Harvard: Entrepreneurship is the pursuit of opportunity beyond resources controlled. OPPORTUNITY • • • • Truly Innovative Product New Business Model Better/Cheaper Version New Sets of Customers “Look for the opportunity that’s hidden in every adversity” WHY STUDY ENTREPRENEURSHIP? WHY BE AN ENTREPRENEUR? Entrepreneur VS Employee “There’s no way I was born just to pay bills and die” The Vision Board A dream board or vision board is a collage of images, pictures, and affirmations of one's dreams and desires, designed to serve as a source of inspiration and motivation, and to use the law of attraction to attain goals. (Wikipedia) The idea behind the vision board is that when you are surrounded by images or photos of who you want to be, what you want to have, what life you want to live, where you want to go, your life changes to match the image or photos. It describes our own future dreams A reminder of what we want to achieve. The Vision Board It inspires our choices, our activities and actions It gives directions towards our goals It presents prioritization of what we are doing. 1. Map out your dreams. Make at least 9. • To be / Explore / to have / to see / to give / to share / to thank 2. Identify your short term (within 5 years), medium term (within 5 years to 10 years) and a long term (10 years and beyond) dreams. Make at least 3 dreams for every term. 3. For each of your ST, MT, and LT goals, create a statement of completion that will serve as a caption for each image on your vision board. Vision Board Ex. I completed my degree program in Entrepreneurship at University of Santo Tomas in 2025 with flying colors. Vision Board Short Term Medium Term Long Term Vision Board Project My first business Coffe shop kiosk in 2025 My trip to Singapore in 2023 Graduated BS Entrepreneurship at UST 2024 Vision Board Project My Mercedez in 2035 My first business Coffe shop kiosk in 2025 My trip to Singapore in 2023 My Family house in 2030 Graduated BS Entrepreneurship at UST 2024 My Dine in Coffee Shop in 2028 MULTIPLE CAREERS & OPPORTUNITIES My interests Possible Identify Your Business Field and Type Business Fields My experience My business network Possible Business Types My preference Entrepreneurial Industry (Interest/Skills) Inventory Reflect on aspects of yourself that you might not have thought about for a long time. You might remember interest that you might have pursued in the past and forgot. You probably also have interests that you never thought about in relation to a business venture. Remember that the more you know about yourself, the better odds of achieving success in your career. Entrepreneurial Industry Inventory (Reflection) • What do you think about your skills inventory assessment result? Do the results between your interest and skills the same/different? • Why do you think the results between your interest and skills are the same/different? • Between your result from industry interest and skills assessment? What industry will you pursue, is it industry based on interest or skills? Why? • Given the time for self-assessment and reflection, how do you normally decide? Is it based on interest or experience? • Indicate a sample situation. Personal Entrepreneurial Competencies (PECs) https://beta.entrepreneurship.org.ph/2018/08/09/how-to-identify-your-personal-entrepreneurial-competencies/ Achievement Cluster • Opportunity-Seeking • Persistence • Commitment to work / Fulfilling Commitment • Demand for Efficiency and Quality • Risk Taking Planning Cluster • Goal Setting • Information Seeking • Systematic Planning & Monitoring Power Cluster • Persuasion and Networking • Self-confidence Personal Transformation (Self-mastery) KNOW THYSELF The Zuzunaga Venn Diagram of Purpose When we do find our ikigai, we find purpose in lives, meaning in what we do, freedom in our day to day living, and personal growth as we proactively engage with those around us. The Zuzunaga Venn Diagram of Purpose When we do find our ikigai, we find purpose in lives, meaning in what we do, freedom in our day to day living, and personal growth as we proactively engage with those around us. WHAT YOU LOVE WHAT PEOPLE NEED KNOW YOUR NUMBERS KNOW YOUR SKILLS Entrepreneurial Self-Assessments (PECs, Industry Inventory, etc.) (Due 08/26/2023) https://forms.gle/ukzfkrFnKyoKqdyb9 Proverbs 16:3 “Commit your work to the Lord, and your plans will be established.”