Entrepreneurship and Mindset - AB

Vocabulary flashcards covering key terms and definitions from the lecture notes on entrepreneurship and the entrepreneurial mindset.

Entrepreneurship

The process of creating, launching and running a new business; bearing risks with the view of making a profit.

Entrepreneur

The person who creates a new enterprise and embraces every challenge of its development and operation.

Enterprise

A venture or business undertaking; enterprising also refers to an attitude to life—exploring, developing, leading and taking initiatives.

Mindset

A set of assumptions or beliefs that shapes thinking and behavior; can be fixed or growth.

Fixed mindset

Belief that abilities are static and unchangeable, often hindering learning from mistakes.

Growth mindset

Belief that abilities can be developed through effort, learning, and persistence.

Entrepreneurial Mindset

A set of cognitive processes that triggers individuals to act entrepreneurially; basis for behavior and adaptable over time.

Entrepreneural mindset right attitude

• Able to work without supervision

• Self- motivation

• Make quick decisions

• Handle stress

• Open minded and flexible

• Focused

Cognitive processes

Thinking processes that drive entrepreneurial action.

Paradigm

A dominant mental framework or model that guides analysis and decision-making.

Mental inertia

Resistance to change due to established beliefs or habits; part of cognitive bias.

Innovation

The creation of new ideas, products, or processes that add value and stimulate growth.

Attitude

A predisposition to act in a certain way; part of mindset with intrinsic and extrinsic aspects.

Intrinsic motivation

Internal drive (e.g., ambition, sense of responsibility) that fuels effort from within.

Extrinsic motivation

External rewards or recognition that encourage behavior.

Knowledge and skills

A mix of functional knowledge, entrepreneurial and managerial, technical, IT, engineering, and communication skills essential for entrepreneurship.

Entrepreneurial society

A society shaped by cultivating the right entrepreneurial mindset early, with entrepreneurs as agents of change and contributors to entrepreneurial capital.

Crisis communication

The practice of communicating during a crisis to manage challenges and maintain trust in an entrepreneurial context.

Importance of entrepreneural mindset

• To cope with the rapidly changing economy

• To build an entrepreneural society

• To spur/ encourage innovation and growth