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Entrepreneurial Mindset

A way of thinking, reasoning, and having a perspective on seizing an opportunity, adopting a holistic approach, and building on leadership.

Entrepreneur

An individual who establishes a business to make a profit, runs it through risks, and enjoys rewards; creates something new like a product or service.

Entrepreneurship

A proactive process of developing a business venture to make a profit, seeking opportunities, managing risks and rewards.

Societal Benefits of Entrepreneurship

Creates more jobs, amplifies economic activities, introduces innovations, improves living standards, and disperses economic power.

Common Competencies of Entrepreneurs

Seeking opportunities, preparing for risks, maintaining flexibility, and developing social relations.

Skill of Reflection

Examining how you observe, think, and act, making you aware of your beliefs and responses.

Selective Perception

The tendency to pay attention to information consistent with one’s own expectations, potentially causing biases.

Experimentation

Taking concrete actions to test approaches, learning through experience and adjusting based on results.

Skill of Creativity

The ability to innovate and differentiate products or services for competitive advantage.

Empathy

The ability to understand others' needs and perspectives, tailoring offerings accordingly.

Skill of Play

Injecting fun and joy into tasks, maintaining focus, and improving well-being.

Design Thinking

A human-centered approach to problem-solving, involving empathizing, defining needs, ideating, prototyping, and testing solutions.

Empathize (Design Thinking)

The starting point focusing on human needs in business ventures.

Define (Design Thinking)

Identifying and addressing specific problems or needs of a target group.

Ideate (Design Thinking)

Generating and developing new ideas collaboratively to solve identified problems.

Prototype (Design Thinking)

Creating a sample of the product/service that includes desired features for testing.

Test (Design Thinking)

Trying out the prototype with users to gather feedback for improvements.

Commercial Entrepreneurship

Income-generating enterprises established primarily for profit.

Social Entrepreneurship

Income-generating enterprises focused on social impact and welfare of disadvantaged groups.

Corporate Entrepreneurship

Creating new products or initiatives within large organizations by employees or managers.

Start-Up Entrepreneurship

Creating new small businesses to capitalize on opportunities for profit.

Buying a Franchise

Purchasing a license to trade under an established business name, reducing risks.

Franchise

A license allowing an entrepreneur to operate under the established business name.

Buying a Small Business

Acquiring an existing business to leverage its benefits like location and reduced startup anxiety.

Social Change (Social Entrepreneurship)

Acting on important social needs with a focus on sustainability for the underprivileged.

Innovation

Creating something new or improving existing products/services for competitive advantage.

Leadership

The ability to guide and inspire others in the pursuit of a vision or goal.

Opportunity Seizing

The capacity to identify and act on favorable conditions to create potential value.

Holistic Approach

Considering the whole system while analyzing a situation or making decisions.

Risk Management

Identifying, assessing, and preparing for potential risks in business.

Networking

Building and maintaining mutually beneficial relationships for business success.

Creativity in Business

Using imagination to develop new ideas and solve problems in profitable ways.

Customer Needs

Understanding what consumers lack or desire to effectively provide solutions.

Competitive Advantage

An attribute that allows an organization to outperform its competitors.

Sustainability in Business

Operating a business in a manner that meets present needs without compromising future generations.

Human-Centered Design

Designing products and services around the needs of the users.

Design Challenge

A situation where a specific problem needs to be solved collaboratively.

Collaborative Discussion

Engaging multiple perspectives to generate ideas and resolve design challenges.

Value Creation

The process of producing goods or services that have meaningful benefits for customers.

Innovation Cycle

The ongoing process of creativity, experimentation, and improvement in business practices.

Feedback Loop

A process where output from users is used to improve future designs or concepts.

Job Creation

The process of developing new employment opportunities through entrepreneurship.

Economic Independence

The state of having sufficient economic resources to operate without reliance on others.

Holistic Business Model

A business structure that integrates various aspects to address comprehensive needs.

Proactive Opportunity Seeking

Actively looking for and pursuing new business opportunities.

Resiliency in Business

The ability to recover quickly from difficulties and adapt to change.

Market Trends

Patterns or movements in the marketplace that influence business decisions.

Leadership Skills

Essential capabilities required to effectively direct and coordinate a team.

Empathic Marketing

A marketing approach that focuses on understanding and fulfilling customer needs.

Capacity Building

Developing skills and knowledge to enhance the abilities of individuals or organizations.

Social Impact

The effect of an organization's actions on the well-being of the community.

Venture Creation

The process of starting a new business or enterprise.

Business Model Innovation

Developing new strategies for generating value in the business.

Capital Formation

The accumulation of funds for investment in business ventures.

Market Research

The process of gathering, analyzing, and interpreting information about a market.

Value Proposition

The unique value that a product or service offers to customers.

Customer Feedback

Insights provided by customers about their experiences with a product or service.

Entrepreneurial Ecosystem

The environment consisting of various dimensions that support entrepreneurship.

Sustainable Business Practices

Operational methods that do not deplete resources or harm the environment.

Small Business Management

Overseeing and controlling a small enterprise’s operations and resources.

Financial Planning

The process of budgeting and forecasting financial outcomes for a business.

Strategic Planning

Defining an organization’s direction and making decisions on allocating resources.

Exit Strategy

A plan for how an entrepreneur intends to withdraw from their business investments.

Market Segmentation

The process of dividing a target market into smaller, more defined categories.

Customer Retention

Strategies used by businesses to keep their existing customers over time.

Business Ethics

Principles of right conduct that guide the behavior of businesses.

Stakeholder Engagement

The process of involving individuals or groups that have an interest in the business.

Exit Strategy in Entrepreneurship

A plan for how an entrepreneur will leave their investment in a business.

Consumer Behavior

The study of how individuals make decisions to spend their resources.

Brand Recognition

The extent to which consumers can identify a brand by its attributes.

Product Development

The complete process of bringing a new product to market.

Business Continuity Planning

Preparation and response plan for maintaining essential functions during disruptions.

Return on Investment (ROI)

A measure used to evaluate the efficiency or profitability of an investment.

Competitive Analysis

A strategy for assessing competitors to understand their strengths and weaknesses.

Networking Events

Meetings where entrepreneurs and professionals build connections and relationships.

Crowdfunding

The practice of raising funds from a large number of people, typically via the internet.

Scaling a Business

The process of expanding a business's capacity to handle increased production or sales.

Business Seasonality

Patterns of fluctuations in business activity due to seasonal changes.

Customer Acquisition

The process of gaining new customers to grow a business.

Market Entry Strategy

The plan for how to enter a new market or industry.

E-commerce

Buying and selling goods or services over the internet.

Business Innovation

The process of implementing fresh ideas to improve the business.

Industry Analysis

The examination of a specific industry to understand its dynamics and opportunities.

Entrepreneurial Process

A series of steps involving finding, evaluating, and developing business opportunities.

Four Phases of Entrepreneurial Process

1. Identify and evaluate opportunity, 2) Develop a business plan, 3) Determine resources required, 4) Manage or implement the enterprise.

Identify and Evaluate Opportunity

The first phase of the entrepreneurial process where potential business opportunities are recognized.

Develop a Business Plan

Phase 2 of the entrepreneurial process requiring careful analysis to secure a business opportunity.

Resources Required

The third phase of the entrepreneurial process focused on determining and acquiring the necessary resources.

Manage or Implement the Enterprise

The final phase of the entrepreneurial process involving the execution of the business plan.

Potential Market

A specific need or problem recognized by an entrepreneur as a business opportunity.

Business Opportunity

A specific need or problem where action can be taken to generate profit.

Finding Approach

An opportunity identification method that involves scanning the environment for business ideas.

Building Approach

An opportunity identification method focused on creating business ideas internally within the entrepreneur.

Macro Environmental Factors

External factors that affect the overall economy and state of business.

Micro Environmental Factors

Factors that directly impact specific industries.

Opportunity Screening

The process of assessing and selecting the best business opportunities.

Viability

The potential for a business opportunity to start, grow, and survive.

Economic Value

The ability of a commercial enterprise to generate profits.

Opportunity Attractiveness Matrix

A framework for evaluating the appeal of various business opportunities.

Market Potential

The likelihood of attracting enough customers to sustain a business.