Module 3: The Entrepreneurial Mindset
3.1 The Entrepreneurial Mindset
There are various kinds of entrepreneurs:
● Innovators - find new approaches, methods, or products
● Creators - make something new
● Market makers - innovate or reinvent their market
● Expanders and scalers - seek to expand on previously created methods, products, or processes
Regardless of their differences, they have one thing in common: They are able to identify an opportunity
and they choose to act on that opportunity.
Multiple opportunities for entrepreneurship exist.
● Most business ventures are innovative variations of an existing idea that has spread across
locations, such as restaurants.
○ Examples: Warby Parker, McDonald’s
● Being aware of your surroundings and the encounters in your life can reveal multiple
opportunities for entrepreneurship. You need to ask questions to find areas where
improvements could be made.
○ Examples: Uber, bike-sharing program in Pella, Iowa
The entrepreneurial mindset is a way of life and the lens through which you see the world.
● It is an awareness and focus on identifying an opportunity through solving a problem, and a
willingness to take action to advance that idea.
● The entrepreneurial mindset involves forward thinking, planning ahead, and continual “what if”
analyses.
This should allow you to see that anyone can become an entrepreneur.
3.2 Entrepreneurial Spirit and Passion
What does it mean to have an entrepreneurial spirit?
● A way of thinking
● Overcoming obstacles and meeting challenges
● A can-do attitude
● Presenting valuable and worthwhile ideas
● Thinking beyond established patterns and processes and simultaneously keeping in mind laws
and regulations
● Example: Airbnb
Passion in Entrepreneurship
● You need passion to drive the business long-term and to cope with challenges.
● However, passion for the sake of passion isn’t enough: Your passion needs to be informed by
your venture’s vision and mission.
● This will ensure the business stays on track.
3.3 An Entrepreneurial Mindset in Your Discipline or Field
Within your industry of interest or area of study:
● What are the challenges that create frustration?
● How can these be turned into opportunities?
● Example: Evernote
● Consider the agricultural industry and the insects, weeds, weather conditions, and the
challenges of harvesting crops. From an entrepreneurial perspective, what products could you
invent to support both organic farming and the problems of insects that damage or destroy
crops?
As you watch this video, think how you can challenge established habits and patterns with your industry.
The Need for Open-Mindedness in Entrepreneurship
● Tried and tested products and processes can be formidable obstacles to new ideas.
● It’s important to be open to new possibilities for success and failure.
● An entrepreneurial mindset includes creativity, problem-solving skills, and a propensity for
innovation - open mindedness supports this.
● Some innovations can lead to disruptions within the industry or even create a new industry.
The Innovator’s Dilemma
● Disruptive technology are are technologies that, once introduced, displace established patterns,
processes, and systems previously accepted as normal or accepted.
● They threaten the established way of doing things.
● They occur through identifying new and valuable processes and products.
● Do customers always know what they want and should we always listen to them?
● Example: Airbnb