L1 -ENTREPRENEURIAL MIND_copy.pdf

CITY COLLEGE OF SAN JOSE DEL MONTE ENTREPRENEURIAL MIND CODE: GE ELECT 1 Prof. Jonathan B. Magallanes COURSE DETAILS COURSE: ENTREPRENEURIAL MIND COURSE CODE: GEELECT 1 CLASS POLICIES 1. The attendance in this course is in contingen...

CITY COLLEGE OF SAN JOSE DEL MONTE ENTREPRENEURIAL MIND CODE: GE ELECT 1 Prof. Jonathan B. Magallanes COURSE DETAILS COURSE: ENTREPRENEURIAL MIND COURSE CODE: GEELECT 1 CLASS POLICIES 1. The attendance in this course is in contingent with the student compliance to the online activities and assessments. 2. Submission of activities, written exams/quizzes/task sheets, and project/case study should be on time or ideally much earlier than the deadline for any further revisions. Students will be given sufficient time to complete an assigned task based on the timetable of deliverables. 3. Attendance and participation in the synchronous discussion via Google Meet are required. 4. Presentation of the final project/case study is required via on-site meeting or Google Meet.  GRADING SYSTEM Grade Component Mid Term (1/2) Final Term (1/2) Written Outputs 30% 30% Performance Tasks 30% 30% (Including Attendance) Major Exam 40% 40%  Lesson 1 Entrepreneurial Mindset 1. Fixed and Growth Mindset growth mindset views intelligence, abilities, and talents as learnable and capable of improvement through effort. fixed mindset views those same traits as inherently stable and unchangeable over time.  4 REASONS ENTREPRENEURS NEED A GROWTH MINDSET 1. It Allows You to Move into New Fields When you have a growth mindset, your past doesn’t define your future. This can be an asset if you have expertise and experience in another field and want to pursue entrepreneurship. For example, Indya Wright, former commercial banker and deputy clerk at the Washington, D.C. Superior Court, launched her own public relations and production firm, Artiste House. Rather than let her previous career define her potential, she knew she could learn the language of the startup world through hands-on experience and taking Entrepreneurship Essentials. “You need to find ways to equip yourself with the skills necessary to sustain your business,” Wright says. “You’re investing in your own success.”  4 REASONS ENTREPRENEURS NEED A GROWTH MINDSET 2. It Fosters Resilience Resilience—the capacity to recover from and move through difficult situations—is critical in the entrepreneurial world. When challenges, setbacks, and failures inevitably arise, your business’s survival depends on your ability to persevere and learn from difficult situations. In one of Dweck’s studies, her team analyzed students’ brain activity while reviewing mistakes they made on a test. Those with a fixed mindset showed no brain activity when reviewing the mistakes, whereas the brains of those with a growth mindset showed processing activity as mistakes were being reviewed. A fixed mindset can physically prevent you from learning from mistakes, while a growth mindset can empower you to perceive mistakes as learning opportunities.  4 REASONS ENTREPRENEURS NEED A GROWTH MINDSET 3. It Enables You to Iterate on Your Product “It’s most productive to think of entrepreneurship as an iterative process—a way of managing that involves continually searching for a winning combination of opportunities and resources,” Sahlman says in Entrepreneurship Essentials. This continual process of testing an idea, learning from the results, and reiterating the product is only possible with a growth mindset. An entrepreneur with a fixed mindset is likely to view negative feedback as a sign they don’t have the ability to make a valuable product. This can result in avoiding feedback for fear of rejection, untested products and bad product-market fit, or giving up on a venture altogether.  4 REASONS ENTREPRENEURS NEED A GROWTH MINDSET 4. It Keeps You Humble Finally, a growth mindset constantly reminds you that there’s always more to learn. By knowing you have the capacity to improve, a growth mindset can keep you humble throughout your entrepreneurial journey. This can be especially useful in combating stagnation. People’s needs, attitudes, and motivations change over time, so periodically reassess your product-market fit. If you get too comfortable with your initial knowledge, you could miss opportunities to grow with your target audience and meet their needs as they arise. Growth Mindset, Risk Taking, Creativity and Innovation What is innovation? With innovation, many think of technological inventions. That is logical. There are numerous definitions of innovation. Most of them boil down to developing or applying new technologies in products, services, and processes. However, innovation can also be social, societal, or (business) process-oriented. In short, a renewal or regeneration. Yet, it is meaningless when it doesn’t impact the lives of people. So, to whom is it new? For example, when there is a new treatment that saves the life of just one person, who else would die, has a substantial impact on that person and his family. So, our definition of innovation is: “Innovation is renewal with impact” The innovative mindset Everyone can innovate. The only thing you need is an innovative mindset. It consists of three ingredients: creativity, knowledge of ‘the business,’ and perseverance. And, anyone can improve inventiveness, see below. Moreover, founder of creative mv Mariël Voogel quoting creative minds, says it is 10% inspiration and 90% transpiration. Less innovative mindsets are limited in their way of thinking, keep thinking about problems and objections. You could also call it a fixed mindset. Moreover, they are less anxious to experiment because of the fear that it could go wrong. Hence, they keep holding on to the status quo. However, that doesn’t make them less creative, but risk-averse and lazy instead. an innovative mindset is: playful highly energetic sensitive to problems in society and surroundings broadly interested and displays curiosity able to judge objectively open to new experiences focused on similarities instead of differences capable of bringing opposites together fully committed to realizing a new idea Entrepreneurial Mindset The state of mind or lens is influenced by multiple factors that include: 1. what people know or do not know (Related to their knowledge) 2. what people have done or not have done - related to their experience 3. what people can do or believe they can do - related to the level of competencies and self belief. 4. who they are (related to their personality, values, attitudes, and beliefs) Characteristics of an Entrepreneur mindset 1. lifelong learning and openness to change 2. engagement in a complex and uncertain word 3. creative and innovative approaches to problem- solving 4. belief and confidence to one’s own 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. pursuits 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; 11. a belief in one’s ability to influence. Top 10 Entrepreneurship Skills Every Entrepreneur Should Have 1. Business Management Skills Business management skills are essential for entrepreneurs to effectively plan, organize, direct, and control the resources of an organization. These skills can build credibility, improve efficiency, manage risks, implement effective strategies, create a positive company culture, and grow a business. Business management skills include: Leadership Strategic thinking Budget management Business acumen Communication Top 10 Entrepreneurship Skills Every Entrepreneur Should Have 2. Communication and Listening Communication skills allow individuals to express thoughts, ideas, and feelings clearly through speaking, writing, and other forms of expression. Listening skills provide the ability to understand and retain information and respond appropriately. Both communication and listening are essential entrepreneurship skills that can make a difference in how you run your business as they help you to build trust, maintain relationships, resolve conflicts, understand needs and perspectives, and make informed decisions. Communication and listening skills include: Written communication Non-verbal communication Stress management Active listening Emotion control Top 10 Entrepreneurship Skills Every Entrepreneur Should Have 3. Critical and Creative Thinking Skills Strong critical and creative thinking skills are essential for entrepreneurs to build and expand their businesses. Critical thinking allows you to objectively analyze information using the evidence to make informed decisions and solve problems. Creative thinking provides a way to look at issues from various angles, consider alternative perspectives, and come up with original ideas. Critical and creative thinking skills include: Analysis Brainstorming Visualization Evaluation Research Top 10 Entrepreneurship Skills Every Entrepreneur Should Have 4. Strategic Thinking and Planning Skills Strategic thinking and planning skills allow entrepreneurs to analyze information, adapt, manage projects, solve problems, and make informed decisions. These entrepreneurship skills are vital in helping leaders overcome challenges and ensure efficient allotment of resources and achievement of goals. Strategic thinking and planning skills include: Analysis Implementation Flexibility Attention to detail Assertiveness Top 10 Entrepreneurship Skills Every Entrepreneur Should Have 5. Branding, Marketing, and Networking Skills In today’s competitive business environment, branding, marketing, and networking skills are essential for scaling the business and boosting opportunities. These skills enable entrepreneurs to promote and sell products or services. Branding creates a unique and memorable image of a product, service, or organization, and marketing promotes them to target consumers. Networking builds relationships and allows individuals to connect with potential customers, partners, suppliers, or colleagues. Branding, marketing, and networking skills include: Collaboration Communication Interpersonal skills Creativity Collaboration Top 10 Entrepreneurship Skills Every Entrepreneur Should Have 6. Entrepreneurial Skills in the Workplace The skills in the workplace refer to qualities that enable individuals to effectively create and manage their businesses, as well as drive innovation and growth within organizations. Entrepreneurial skills in the workplace include: Time management Finance skills Sales Adaptability Problem-solving Top 10 Entrepreneurship Skills Every Entrepreneur Should Have 7. Teamwork and Leadership Skills Teamwork and leadership are highly critical entrepreneurship skills that foster a positive and collaborative organizational culture, leading to increased employee satisfaction and improved performance. These qualities can enable leaders to effectively inspire, motivate, work in teams, and lead the company toward success. Teamwork and leadership skills include: Communication Emotional intelligence Empathy Delegation Conflict resolution Top 10 Entrepreneurship Skills Every Entrepreneur Should Have 8. Time Management and Organizational Skills Great leaders should know how to delegate and prioritize tasks, manage their time and resources, and maintain a well-structured and efficient work environment. Effective time management and organization skills can enable you to achieve goals, manage stress, maintain a healthy work-life balance, and improve well-being and satisfaction. Time management and organizational skills include: Prioritizing Goal setting Multi-tasking Decision making Collaboration Top 10 Entrepreneurship Skills Every Entrepreneur Should Have 9. Sales Skills Sales skills are vital for salespeople and valuable for entrepreneurs, as they need to know how to sell their businesses to potential customers and investors. Developing sales skills can help entrepreneurs make sales, pitch ideas, negotiate, and create great relationships with their customers, investors, and stakeholders to build a strong business. Sales skills include: Business acumen Negotiation Relationship-building Data analysis Social selling Top 10 Entrepreneurship Skills Every Entrepreneur Should Have 10. Stress Management Skills Leading a business can take a toll on an entrepreneur’s well-being. They need to know how to efficiently manage and cope with stress for themselves, their employees, and their business. Stress management skills allow leaders to maintain good physical and mental health, enhance personal and professional relationships, and improve the overall quality of life. Stress management skills include: Meditation Positive thinking Mindfulness Sleep hygiene Exercise QUIZ TIME ASSIGNMENT Assignment: 1. History of Entrepreneurial milestones 2. Types of Entrepreneurial competencies