The Entrepreneurial Mindset PDF

The Entrepreneuria l Mindset Prepared by: Ms. Jamea A. Cadiz  Topics + What is Entrepreneur? + Core Competencies in Entrepreneurship + Personality Traits + Career and Job Opportunities of an Entrepreneur + Social Entrepreneurship + Causes of Business Fa...

The Entrepreneuria l Mindset Prepared by: Ms. Jamea A. Cadiz  Topics + What is Entrepreneur? + Core Competencies in Entrepreneurship + Personality Traits + Career and Job Opportunities of an Entrepreneur + Social Entrepreneurship + Causes of Business Failures 2   What is an  How to develop entrepreneurial an entrepreneurial mindset? mindset? Anyone can learn how to act like a way of thinking that an entrepreneur, build the habits, enables you to and learn some business hacks to fearlessly create a business overcome challenges, or start a side hustle. You can work towards starting a be decisive, and business and earning passive accept responsibility income without quitting your job, for your outcomes. without knowing how to code, and without a million-dollar idea. 3 Having a proven online business  +An entrepreneur is generally defined as an individual who organizes or operates a business A. Who is an or businesses. Entrepreneur? +Also entrepreneurs is an individual who sets up business, identifies and solve problems, creative, innovative, opportunists, risk-taker, self-starter, and open- minded with the hope of making a profit from the enterprise. 4 According to Forbes, here is a list of great Entrepreneurs of our time; 1. Bill Gates – Microsoft 2. Larry Page and Sergey Brin – Google 3. Mark Zuckerberg – Facebook 4. Michael Bloomberg – Bloomberg 5. Masayoshi Son – SoftBank 6. Elon Musk – SpaceX 7. Terry Gou – Hon Hai Precision Industry 8. Larry Elison – Oracle 9. Robin Li – Baidu 10. Aliko Dangote – Dangote Group  Qualities of An Entrepreneur To be an Entrepreneur, you must possess most of these qualities; 2. Problem 4. Confident 1. Be open- identifier and 3. Passionate and minded solver disciplined 6. A constant 8. 5. Risk-taker 7. Creative flow of ideas Competitive 10. 9. Determinatio Opportunist n (Strong- willed) 6  Functions of An Entrepreneur Sales Risk Taker Goal Setter Person Identifies Decision A Leader and Solves Maker Problem 7  The Entrepreneurial Core Competency is defined as the combination of B. Core entrepreneurial concepts and principles, Competencies in entrepreneurial character traits and Entrepreneurship entrepreneurial skills that provide and become the ultimate source of competitive advantage of the entrepreneur. 8 Competitive Advantage -refers to the strategic position and condition of the entrepreneurial venture that; 1. provides the necessary attributes to outperform competitors, 2. distinguishes the venture from competitors, 3. achieves superior performance in the industry, and 4.produces a product or develops production methods that can hardly be copied by competitors. 9 Total Perspective of a Successful Entrepreneur 1. Fully understands entrepreneurial concepts and principles 2. Equipped with character traits --------> Core Competencies defining competitive advantage among successful entrepreneurs 3. Acquires, develops, and sharpens entrepreneurial skills 10 C. Personality Traits of Entrepreneur 11 To succeed as an entrepreneur, you must gain the ability to look at a problem or situation, digest all available data (at that point in time), and make a confident decision to move forward. Your ability as a decision-maker will make or break your future successes. When you can’t decide what to do, you delay taking action. In other words, you do nothing. Think about how many dreams (and businesses) failing to take action has killed. You learn to act with confidence, the second characteristic of the entrepreneurial mindset. And one the of the most important qualities of an entrepreneur. It is essential that you get used to the uncomfortable feeling of knowing that you don't know what you’re doing. The difference between appearing good or bad at something is often a matter of acting confidently. The entrepreneurial mindset comes from taking responsibility for your actions and outcomes. The entrepreneurial mindset requires you to take complete control and hold yourself accountable to your outcomes – both good and bad. As an entrepreneur, you will need to learn to deal with making mistakes and failing. They are inevitable and a part of your growth. If every misstep plummets you into self-doubt, you have to change the way you look at being wrong. This mindset shift takes resilience and is foundational to the entrepreneurial mindset. Humility is freedom from pride or arrogance, and it ties all of the characteristics of entrepreneurship. From decisiveness to confidence, humility will keep you focused and centered. From accountability to resilience, you will continue to move forward through failure, mistakes, and upsets. This is accomplished with humility. D. Career and Job Opportunities of an Entrepreneur 17 Careers in Entrepreneurship:  Gain experience 1. Individual can join some start-up company first and understand the functioning and challenges faced by the owners 2. Work with entrepreneurship network in a city to get experience 3. Work in incubation centres in colleges and institutes 4. Shadow the new age entrepreneur working in the company 5. Join the organization which promote ‘Intrapreneurship’ 18  Here are few suggestions, if you wish to start your own venture 1. Start technology-based venture. Technologies considered here, are – Artificial intelligence, ERP, Machine learning, Analytics, Big data and Robotics. 2. Start financial consulting firm. 3. Going for a Partnership with new small businesses. 4. Service oriented start-ups: service oriented startups are getting a strong hold and recognition in market, so thinking of starting a business that caters to service industry is a very brilliant idea. 5. Innovate new product by studying the market and start a new business 6. Participate in business plan competition and network with angel investors and start your own business. 7. Start an e-commerce company. 19  E. Social Entrepreneurship An approach by individuals, groups, start-up companies or entrepreneurs, in which they develop, fund and implement solutions to social, cultural, or environmental issues. 20  This concept may be applied to a wide range of organizations, which vary in size, aims, and beliefs.  For-profit entrepreneurs typically measure performance using business metrics like profit, revenues and increases in stock prices. Social entrepreneurs, however, are either non-profits, or they blend for-profit goals with generating a positive "return to society". Therefore, they use different metrics. Social entrepreneurship typically attempts to further broad social, cultural, and environmental goals often associated with the voluntary sector in areas such as poverty alleviation, health care and community development. 21 G. Causes of Business Failures 23 Outline of Major Causes of Business Failure 1. Not Seeking Professional Advice 2. Lack of Good Customer Care 3. Copying Others 4. Lack of Experience 5. Unaccountability 6. Lack of Personal Growth 7. Poor Location 8. Lack of Focus 9. Wrong Expectation 10. Quitting Too Soon 24 25