EGE 311 The Entrepreneurial Mind Lecture Notes PDF

EGE 311 The Entrepreneurial Mind Rizamae S. Palen 1. How do you define “entrepreneurship”? 2. If you’re planning to be an entrepreneur: A. what are your considerations in choosing your start-up product/services? B. are you going to venture it alone or with others? Why?...

EGE 311 The Entrepreneurial Mind Rizamae S. Palen 1. How do you define “entrepreneurship”? 2. If you’re planning to be an entrepreneur: A. what are your considerations in choosing your start-up product/services? B. are you going to venture it alone or with others? Why? C. do you think it is easy to be an entrepreneur? Why? 3. What are the values you think you need to adhere for you to become a successful entrepreneur? Entrepreneurship is the ability and readiness to develop, organize and run a business enterprise, along with any of its uncertainties to make a profit. The most prominent example of entrepreneurship is the starting of new businesses. The entrepreneur is defined as someone who has the ability and desire to establish, administer and succeed in a startup venture along with risk entitled to it, to make profits. The entrepreneurs are often known as a source of new ideas or innovators and bring new ideas in the market by replacing old with an invention.  Increase Standard of Living Creation of Employment Innovation Impact on Society and Community Development Supports research and development What can you learn from Jeff Bezos? Start small, grow big. He initially sold books through Amazon.com (which was only available for US audiences). Within 30 days after launching Amazon, it was doing $20,000 per week in sales. Then he started selling other things including CDs, toys, gadgets, clothes, and so on. It literally went from being the “bookstore” to an “everything store” in no time. If you’re just getting started, instead of going for too many things at once, focus on one thing. Start small, be consistent, and grow big. That’s what you can learn from one of the world’s richest people: Jeff Bezos. Here’s some entrepreneurship advice from Jeff Bezos. “If you decide that you’re going to do only the things you know are going to work, you’re going to leave a lot of opportunity on the table. Companies are rarely criticized for the things that they failed to try. But they are, many times, criticized for things they tried and failed at.” What can you learn from Bill Gates? Be your own boss and start early: One of the primary reasons Bill Gates had huge success was that he started early. Believe it or not, he was only 13 years old when he started working with computers. He had that passion for computers at an early age and that’s what helped him achieve massive success in the later years by starting Microsoft. Bill Gates became his own boss (although he partnered up with dozens of people including Paul Allen) at an early age. He didn’t waste any time working for others, so if you want to be like Bill Gates, start early and work on your own dreams. What can you learn from Mark Zuckerberg? Don’t chase money: Mark Zuckerberg never set out to acquire wealth. Here’s what he said once: “My goal was never to just create a company. A lot of people misinterpret that as if I don’t care about revenue or profit or any of those things. But what not being ‘just’ a company means to me is building something that actually makes a really big change in the world.” So what does it mean? Money comes as a by-product. Don’t chase money, instead, focus on creating an amazing product or service that improves the lives of others. Then you’ll eventually make money just like Mark Zuckerberg. What can you learn from Larry Page And Sergey Brin? Invention and marketing are the keys to success: Here’s what Larry Page once said: “Invention is not enough. Tesla invented the electric power we use, but he struggled to get it out to people. You have to combine both things: invention and innovation focus, plus a company that can commercialize things and gets them to people.” What can you understand from this? Google has succeeded because of two reasons: it satisfied the searcher’s needs (by giving the best possible results), and it also became the synonym most people use for the word “search”. If you want to succeed as an entrepreneur, find ways to market your products so they reach a wider audience. Just inventing new things is not going to help you in this crowded marketplace, as you’ve to go out and market yourself to bring more exposure and customers to your products or services. What can you learn from Steve Jobs? Put a dent in the universe: Here’s what Steve Jobs meant when he said: “put a dent in the universe”. The “dent” is leaving your own mark and impacting the lives of the people in our universe, even if that change may be as small as just a “dent”. Steve Jobs is known for his creativity and he literally changed the future of how we use our smartphones. Not only did he come up with the ideas for iPhone, iPad, and so on, but he also crafted them so beautifully that everyone seems to like them. What can you learn from Elon Musk? Take risks: Elon Musk is someone who’s famous for taking risks. What would you do if you had around $200 million from selling a company? Most of us would think that we’re settled in life, buy a big mansion including expensive cars, travel around the world, sit back and relax for the rest of our lives, right? Here’s where Elon Musk stands out from the crowd by taking risks. There’s one quote that sums it up all when Elon said “My proceeds from the PayPal acquisition were $180 million. I put $100 million in SpaceX, $70m in Tesla, and $10m in Solar City. I had to borrow money for rent.” If you want to be like Elon Musk, don’t be afraid to take risks. Even if the odds are not in your favor if something is worth pursuing, do it instead of thinking about possible failures. Here’s one bit of advice from Elon Musk about entrepreneurship: “It is important to view knowledge as sort of a semantic tree: make sure you understand the fundamental principles – the trunk and big branches – before you get into the leaves/details, or there is nothing for them to hang on to.” What can you learn from Oprah Winfrey? Your personal brand matters a lot: Millions of people watch “The Oprah Winfrey Show” because of Oprah. She hustled since childhood and built a billion-dollar fortune from scratch. She is also often described as the most influential woman in the world because of her charisma and personal brand. If there’s one thing you can learn from Oprah, it is to build and grow your personal brand. Put 100% of your focus into growing your personal brand. You can build a huge business if people trust your brand. What can you learn from Jack Dorsey? Think about what the world uses every day: Millions of people use Twitter every single day. From the US presidents to almost all Hollywood actors, top politicians, and world leaders – everyone uses Twitter. Twitter is exceptionally easy to use. Jack knew what the world really wanted since everyone has lower attention spans, so he created a micro-blogging network called Twitter, where users can interact with others using “Tweets”. If you want to become a successful entrepreneur like Jack Dorsey, be visionary and create something that everyone can use. What can you learn from Jack Ma? Get used to failure: Did you know that at KFC, 24 people applied for the job, while 23 were hired — he wasn’t one of them. Also, after finishing his graduation from college, Jack Ma applied for 30 jobs and he was rejected by everyone (including KFC). Now, he’s worth more than 50 billion dollars. What can you learn from his story? Get used to failure. Don’t give up when someone rejects you (or your idea). Focus on your vision. Most budding entrepreneurs often get discouraged when they don’t see much growth early on in their careers. They quit before they even start. Get used to rejection and failure. Focus on long-term goals. That’s how you’ll succeed as an entrepreneur in the long run. Henry Sy Father of Philippine Retail Shoe Mart, or SM for short, is one of the country’s retail behemoths, and far more than just a mall. Tony Tan Caktiong The cheerful tagline “langhap sarap” – a Jollibee trademark – is well-known among Filipinos. Socorro Ramos Better known as Nanay Coring is a well-known businesswoman who is most known for founding the National Book Store. John Gokongwei Jr. Known as “Big John,” was a well-known businessman and philanthropist. His founding of Universal Robina Corporation (URC), which is today one of the biggest and most prosperous food and beverage companies in the Philippines and is known for its well-known brands like Jack ‘n Jill, C2, and Robina Farms, is one of his most famous accomplishments. Edgar Sia The founder of the wildly popular Mang Inasal chain, Edgar “Injap” Sia II, is a true example of the effectiveness of tenacity and creativity. Sia, who comes from a lowly family in Iloilo, the Philippines, launched his first Mang Inasal location when he was 20 years old in Iloilo City. Mariano Que Mercury Drug, the biggest chain of pharmacies in the nation, was founded by Mariano Que. During World War II, Que began selling medicines from a pushcart to support his family, which sparked his business zeal. Ironically, entrepreneurship rarely follows such a perfect pitch scenario. In reality, entrepreneurial endeavors are full of roller coaster rides before achieving success. Who do you think is the primary culprit of why things often don’t go as planned by an entrepreneur? Because of the entrepreneur himself/herself.  Entrepreneurs fail because he fails to know oneself and to identify one’s personality pillars. According to Huret (2018), there are two sets of posts one can count on: >First, the values. Our values are things that we consider as absolute certainties in our lives. These values can be formed in either a positive or a negative way. For instance, as a CEO: "loyalty is more important than anything else"; thus, it is a positive value. In contrast, a CEO "never wants a subordinate to make excuses for repeated inaccuracies" is the same value but in a negative way. It is imperative then that one must get to know his benefits and be able to rank them because our values serve as our guides. >Second, is the one’s "intrinsic personal programs." 3 Categories of Values Inherited Values. These are values that have been consciously or unconsciously passed on to you by your parents, guardians, teachers, and people close to you during your childhood. Compensatory Values. These are values that you have developed as an opposition to situations you had to face during your childhood. Self-Generated Values. These are values that you have developed, usually in a later part of your life, by yourself. They are neither inherited nor compensatory. 3 Categories of Values Inherited Values Values that are passed down from generation to generation, often through family, culture, or religion. They are ingrained in our upbringing and can significantly influence our worldview. Family tradition - A Japanese family might pass down the value of respect for elders from generation to generation. This is evident in their daily interactions, where younger family members often bow to older ones as a sign of respect. Cultural values - A person raised in a collectivist culture might inherit values such as loyalty to the group, harmony, and respect for elders. Religious values - A person raised in a Muslim family might inherit values such as compassion, charity, and submission to Allah. 3 Categories of Values Compensatory Values Values that develop in response to perceived deficiencies or unmet needs. They can be a way to cope with negative experiences or to compensate for something that is lacking. Need for control - A person who grew up in a chaotic or unpredictable environment might develop a strong value of control to compensate for their past experiences. Desire for approval - A person who was constantly criticized or rejected as a child might develop a strong value of seeking approval from others to compensate for their feelings of inadequacy. Overcoming adversity - A child who grows up in poverty might develop a strong value of hard work and determination to compensate for their circumstances. This could manifest in their dedication to education or their pursuit of a successful career. Healing from trauma - A person who has experienced abuse might develop a value of compassion and empathy to help others who have gone through similar experiences. This could lead them to become a therapist, social worker, or advocate for survivors of abuse. 3 Categories of Values Self-Generated Values Values that individuals create for themselves, often as a result of personal experiences, reflections, or philosophical beliefs. They are unique to each individual and can evolve over time. Personal growth - A person who has overcome a significant health challenge might develop a value of self-care and well- being. This could lead them to adopt healthy habits, practice mindfulness, or pursue hobbies that promote their physical and mental health. Environmental activism - A person who has witnessed the negative impacts of climate change might develop a strong value of environmental sustainability. This could lead them to volunteer for environmental organizations, reduce their carbon footprint, or advocate for policies that protect the planet. Mastery of Emotions Emotion Refers to a spirit or the breath of life Emotions are complex states involving both physical and psychological changes that, in turn, influence our mood and behavior. An emotion is sparked by a particular event or object, which causes a physiological response in the body – both happiness and sadness can make us cry, fear makes our heart race, anger makes us feel hot. Then we change our behavior in accordance with the emotion. Why do we need to master our emotion? He/she who masters his/her feelings can master his/her action, and the one who can learn operation can master all the future realities. When you know how to master your emotions, you can catch them before they affect your behavior. 1st story: The first character is Alexander. He believes that there are two types of people in the world- the conquerors and the conquered. If you want to be great, you must become a conqueror. This is a world of the fittest. Alexander, as a kid, fell in love with Greek heroes who displayed the highest virtues courage and bravery. They were leaders and not followers. He didn’t have much as a kid and had to work hard to survive. This leads him to believe that a person’s life is the outcome of their actions, and they must take responsibility for what happens to them. Physically and intellectually, he held himself to a highly incredible standard. …cont. of 1st story: There is no one that he wanted to conquer more than himself. One day he encountered a homeless man. The homeless man asked him for some money. Alexander knew what he had seen - an oppressed being. How could this be allowed others to conquer so severely? How many mistakes must he have made to end up in this position? He is trying to take from those who worked hard. Those who have made the right decisions should not be punished by those who have made bad decisions. Alexander knew that if a man wanted to eat, he needed to learn how to get fish and not the fish be given to him. He became enraged with man’s weakness. “This man won’t get money from me,” he told himself. That will only enable his destructive behavior and poor attitude toward life. By suffering, he’ll learn, or he’ll die. That is how the world works. 2nd story: This is Joseph; he believes there are two kinds of people in the world - those who can help and those who need help. His father told him that the highest good is to serve those who have nothing and to lift them. As a kid, he idolized various spiritual leaders who lived to love and serve. He grew up from a well-off family and would always feel indebted to those less fortunate. He felt lucky to have everything. …cont. of 2nd story: One day he encountered a homeless man. The man asked him for some change. Joseph knew what he saw – a man abandoned by society, wholly abandoned by society. Joseph was weeping. Imagine how we failed as a society to let someone get to this point, he thought to himself. He grabbed some money from his pocket and handed it to the man. Both men had unique world views shaped by their past experiences. They both perceived the same man in a different perspective where one saw a weak man and other a forsaken being. What led them to feel mixed emotions are their perceptions. Their feelings were profoundly affected by how they interpret things. In reality, both Alex and Joseph knew nothing about the man, and both of them had no idea what led him to this position. This is often the case in real life. From a young age, both men are bound by invisible structures referred to as culture or environment. The knowledge they grab from the structure allows them to navigate from the real world. For both men, emotions are tools. For Alex’s world, anger will enable him to become firm, which is his top ideal. In Joseph’s world, compassion is a useful tool that allows him to become a giver – his highest model. The one who mastered one’s emotions, therefore, is the one who can adjust the invisible structure around them and allows them to see the same scenario in different ways. There will be neither Alexander nor Joseph. There will be both personas. Once they have the mastery of emotions, they can see a different worldview now. They can find new ways of seeing or interacting with all the things, and all they need to do is listen to the world and its many forms. Had they listen to one another’s perspective or a homeless man’s perspective, they might have seen the whole situation in a new light. How does one master the emotion? 1. One can learn his feelings by listening to new perspectives or that are contrary to their own. 2. To feel differently, they have to see differently, to see differently, they have to gain knowledge that they don’t have, and to gain an understanding that they don’t have, they have to experience new things. How to master your emotions in six steps? 1. Identify what you’re really feeling. 2. Acknowledge and appreciate your emotions, knowing they support you. 3. Get curious about the message this emotion suggests to you. 4. Get confident. 5. Get certain you can handle this not only today, but in the future as well. 6. Get excited and take action. What is emotional mastery? It is the ability to identify, use, understand, and master emotions in positive ways to relieve stress, communicate effectively, empathize with others, overcome challenges, and defuse conflict Why is it that emotional mastery is important? Why is it that emotional mastery is important? As we know, it is not the smartest people that are the most successful or the most fulfilled in life. You probably know people who are academically brilliant and yet are socially inept and unsuccessful at work or in their personal relationships. Intellectual Intelligence (IQ) isn’t enough on its own to be successful in life. Your IQ can help you get into college, but it’s your emotional mastery that will help you manage the stress and emotions when facing your final exams. Functions of Entrepreneurs 1. Develop new markets Functions of Entrepreneurs 2. Develop new sources of materials Functions of Entrepreneurs 3. Mobilize capital resources Functions of Entrepreneurs 4. Introduce new technologies, new industries and new products Functions of Entrepreneurs 5. Create employment Functions of Entrepreneurs 6. Provide taxes to the economy Functions of Entrepreneurs 7. Empower individuals Functions of Entrepreneurs 8. Enhance national identity and pride Functions of Entrepreneurs 9. Enhance competitive consciousness Functions of Entrepreneurs 10. Improves quality of life Functions of Entrepreneurs 11. Enhance equitable distribution of income and wealth Entrepreneurial Intrinsic Programs the second set of pillars you can use to get to know yourself similar to your lines of code or self- configuration that define who you are Intrinsic Programs Intrinsic Programs “move away from” “towards” person person This person is This person will be motivated to reach a motivated to do particular goal or everything just to get rid target. They usually of doing a particular have this line of the thing. They usually use statement “our aim...” the line “what we want or “what we want to to avoid..." or "we want to make sure that we do achieve.” not.” Intrinsic Programs “options” person “procedure” person This person tends The procedure person to have several wants to have a options as predefined set of options to minimize possible. Options choices. This type of people tend to use people would say “the the line “we have process is” or the several possibilities “system we have to put here.” in place is” Intrinsic Programs “in time” person “through time” person This group of people These people always tends to be fully set in mind “the engrossed with the present but tends to before” and “the forget what was before after” in their list and what lies ahead. but are less indulged These are people who often finished their in the present meetings late. moment. Intrinsic Programs “Detail” person “Global” person people tend to absorb at least one or This person looks two exact points into the big when considering picture and tends something and cannot move forward to understand the before they are sure entirety of they have correctly understood them something. Intrinsic Programs “Feeling” person “Thinking” person This person reacts first based A thinking person analyze the situation on how they feel in a very rational, about intellectual way something. Knowing your inner program would lead to a better understanding of your personality; thus, you could quickly assess your triggering and engaging points. Therefore, in your quest for entrepreneurship, you can efficiently deal with people considering their programs. CASHFLOW QUADRANT 4 Ways to Produce Income Some opt to be employees and, at the same time, self- employed or join in several independent positions. These people are called the “slashers.” The decision choice of entrepreneurship and its trade-offs entrepreneurship is also a life choice where risks are inevitable in every step you take, there will always be trade-offs When you start launching, the more time you and your partners invest, the more you will feel the sense of ownership. If you follow your passion, people might challenge your project and give comments, advice, and share their opinion. As an entrepreneur, you will enjoy the sense of freedom; however, during start-up, the changing business situations might continuously threaten you. An entrepreneur’s life is full of trade-offs. In every choice you make, you should be ready to forego other things instead of your opportunity. As you can see, the choice of being an entrepreneur is full of trade-offs. Always remember to make wise, calculated decisions when faced with trade-offs for you to grow as a person and for you to have a sustainable business model.