Entrepreneurial Mindset and Opportunity

Flashcards covering the entrepreneurial mindset, fixed and growth mindsets, habits of entrepreneurs, and the IDEATE model for opportunity recognition.

According to Carol Dweck, what is the definition of a mindset?

A belief that qualities like intelligence & talent are fixed or changeable traits.

How do individuals with a Fixed Mindset typically perceive their world and success?

They see the world in an ‘either/or’ perspective and believe success is based on luck or prejudicial advantage.

How does a person with a Growth Mindset view failure?

They see failure as an opportunity to enhance their performance and take mistakes as lessons.

In an entrepreneurial mindset, which characteristic involves understanding things from a new standpoint and being humble enough to realize one does not know everything?

Curiosity

Which characteristic of the entrepreneurial mindset is associated with a high internal locus of control?

Ownership

What are the three ways an entrepreneur practices the 'Self-respect' characteristic daily?

Rest, exercise, and diet.

What is the 'Live life to give' essential of the entrepreneurial mindset known as today?

Corporate social responsibility

What are the three elements of the Habit Loop?

1. The trigger (cue), 2. the routine (behavior), and 3. the reward.

What three habits are required most to be nurtured for an entrepreneurial mindset?

The Self-Leadership Habit, The Creativity Habit, and The Improvisation Habit.

What are the three important strategies of Self-Leadership Habits?

Behavior-Focused, Natural Reward, and Constructive Thought.

Under the 'Behavior-Focused' strategy, what does 'Self-cuing' involve?

Making lists and notes or writing motivational posters as reminders of planned goals.

How is 'Improvisation' defined in the context of entrepreneurial habits?

The unstructured way of creating something in the absence of planning.

In opportunity recognition, what does 'Environmental Value' represent?

The opportunity to preserve the natural surrounding.

Which structured strategy for forming ideas involves breaking a problem into details or looking at it in a common way to improve products?

Analytical

Which structured strategy for forming ideas involves dropping restrictions to produce fantasies or 'make believe' situations?

Imagination based

What are the four criteria for promising opportunities in the pathways to opportunity identification?

Fit, Valuable, Rare, and Expensive to copy.

In the 'DESIGN' pathway of opportunity identification, what are 'latent needs'?

Needs that customers do have but do not know they need.

In opportunity recognition, what term refers to identifying relationships between seemingly isolated things or occasions?

PATTERN RECOGNITION

What does the acronym IDEATE stand for in the IDEATE Method?

Identify, Discover, Enhance, Anticipate, Target, and Evaluate.