Entepreneurial MInd | W1

entrepreneurs

refers to a broad variety of people who look for business possibilities with an eye towards innovation and expansion.

Entrepreneurial Mind/Mindset

• Is a set of cognitive (thinking) processes that triggers the individuals to act or to behave entrepreneurially.

• Sometimes it is called entrepreneurial talent or mentality

Critical Thinking, Open Minded Thinking, Rationality, Empathy

the 4 entrepreneurial journey of one person that starts with his or her mind

Critical Thinking

the ability to apply reasoning and logic to new or unfamiliar ideas, opinions, and situations.

Open Minded Thinking

means not assuming that your views or perspectives are always right.

Rationality

requires analyzing all known information and making judgments or analyses based on fact or evidence rather than opinion or emotions.

Empathy

The ability to view the world in a way that does not focus on the self.

Ancillary Skills

Critical thinking involves the development of observation, analysis, reasoning, judgement, decision-making, persuasion

At the level of Practical Decision Making, Meaningfulness, Concepts

3 Levels of Thinking

At the Level of Practical Decision Making

This is thinking about the means to use to accomplish our goals.

At the Level of Meaningfulness

Learning to think critically also helps people deal with the much larger issues of living their life.

At the Level of Concepts

We think in terms of _, and these inevitably shape our life to considerable degree.

Fixed and Growth

Two different types of mindset according to Dr. Carol Dweck from Standford University.

fixed mindset

people believe that their basic qualities, like their intelligence or talent, are simply fixed traits (rigid). They spend their time documenting their intelligence or talent instead of developing them. They also believe that talent alone creates success without effort.

growth mindset

people believe that their most basic abilities can be developed through dedication and hard work-brains and talent are just the starting point. This view creates a love of learnings and resilience that is essential for great accomplishment. Virtually all great people (including entrepreneurs) have had these qualities.

Entrepreneurial mindset

the ability to quickly sense, take action, and get organized under uncertain conditions. This also includes the ability to persevere, accept, and learn from failure, and get comfortable with a certain level of discomfort.

Passion

an intense positive emotion, which is usually related to entrepreneurs who are engaged in meaningful venture or tasks and activities, and which has the effect of motivating and stimulating entrepreneurs to overcome obstacles and remain focused on their goals.

Habit

sometimes unconscious pattern of behavior that is carried out often and regularly.

habit loop

good habit can be learned through a process by which our brain decides whether or not a certain behavior should be stored and repeated.

Classic or Small Business Entrepreneur

The urge to start and manage their own small enterprises drives these company owners. They prioritize stability and independence while concentrating on delivering products or services to satisfy local market needs.

Scalable Startup Entrepreneur

Building scalable, high-growth enterprises with the ability to disrupt markets is the goal of this sort of entrepreneur. They look for innovative ideas and make use of technology of develop goods or services that can be widely adopted and quickly scaled up.

Social Entrepreneur

Taking on social or environmental issues inspires social entrepreneurs. They create company plans that put social impact ahead of long-term financial viability. Their business endeavors often incorporate nonprofit or hybrid organizations and are aimed at bringing about constructive social change.

Serial Entrepreneur

Serial business owners are those who launch and expand several enterprises on a regular basis. They like the thrill of starting new businesses and use their connections and expertise to see possibilities and overcome obstacles.

Lifestyle Entrepreneur

Entrepreneurs that lead a lifestyle are more concerned with their own happiness and independence than with achieving speedy development. In search of flexibility and work-life balance, they launch enterprises that are in line with their interests and dietary preferences.

Corporate Entrepreneur

These people work for reputable organisations and promote internal innovation and expansion. To effect good change and promote organizational success, they identify possibilities, suggest fresh ideas, and negotiate corporate frameworks.

Innovative Entrepreneur

He considers invention to be the most crucial task of an entrepreneur. An important player in the growth process is the creative entrepreneur. He has great skill, drive, and the ability to see chances that may be beneficial. The entrepreneur is a problem solver, and innovations need issue resolution.

innovator

makes fresh discoveries about processes and materials.

Adoptive or Imitating Entrepreneur

distinguished by its willingness to accept successful innovations developed by entrepreneurs who are themselves innovators.

Fabian Entrepreneur

distinguished by extreme caution and scepticism while putting any change into practice.

Drone Entrepreneur

uses conventional manufacturing techniques. He will never alter the manufacturing system he has established. Even when they experience losses, many business owners refuse to embrace and use new techniques. They persist in using their outdated methods of operating, which makes them laggards. They are often forced out of the market as a result of their items losing their marketability and their operations becoming unprofitable.

Genuine entrepreneur

one who has above-average organizational and coordination skills for managing the numerous other production aspects.

Mental Ability

Intelligence and original thought are components of mental capacity.

Clear Objectives

An entrepreneur should have a specific purpose on the form of the company, the kind of items to be produced, and the supporting activities to be carried out.

Business Secrecy

An entrepreneur has to have the ability to protect trade secrets.

Human Relations Ability

His emotional stability, interpersonal relationships, compassion, and tactfulness are his most crucial business qualities.

Effective Communication

A successful entrepreneur has to have the "gift of the gab".

Technical Knowledge

The challenges the business owners are dealing with entail complex technologies.

Making decisions

Making choices is a necessary part of running a company. An entrepreneur should thus be able to evaluate the many components of the firm before making a choice.

Energy

An entrepreneur has to have the energy to work hard for extended periods of time since the proper operation of the firm requires regular attention.

Accepting risk

"No risk, no gain" or "no risk, no business." Every company involves some level of risk, therefore an entrepreneur has to be ready to take failure in its correct context and see it as a challenge and an opportunity.