Module 1: Entrepreneurial Mindset and Development
(Opportunity-Seeking and Innovation)
)
Learning Objectives:
Entrepreneur
Comes from the French origin means “to undertake” – means
commit oneself to begin with
Take initiation for profits like trademark, brand, business
Entrepreneur (person)- who searches for change and responds to it by
starting a enterprise.
Entrepreneurship (process) - who set up a business or a set of business
for taking financial risk in hope of profits.
Enterprise (outcome) – an entrepreneur who introduce new idea, carries
new activities, coordinates the factor production and describes how
business run.
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Advantages and disadvantages of being an entrepreneur
Advantages
• Get paid for what you are
worth for
• You are your own boss
• Personal flexibility Disadvantages
• Requires a lot of capital
• There will go time before
you will get paid
• Different income
• You have to be available
24hrs a day
Obstacle in building a business
Financing- the management of money
Oovercoming bureaucracy- is a management
system that emphasizes structured organization
with well-defined authority and positions that
handles the day-to-day business of a
government. It is an important pillar in modern
governance.
Hiring talent
Finding customer
Product promotion
Attributes
Qualities
And
Characteristics of
an Entrepreneur
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Self-Awareness
He knows who he is, what he is good at, and what he likes to do.
He start his business based on his expertise, and focuses on his
involvement in a area he thoroughly enjoys
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Self-motivated
- One of the most important
personality traits of an
entrepreneur
- It is what gives him the
tenacity and confidence to
call a potential client, even
though he has heard “NO”
07 three times
Demand for efficiency and quality
-Setting high but realistic standard
- Always strive to find ways to do things better, faster and at lower costs.
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Drive
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Genuine leather sandal in a
- One must believe in his goal and be
determined to succeed
Risk taker
-Not foolhardy as to undertake
activities where they know nothing at
all possibilities for success
Innovative
-Love to explore the unknown
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Courage
- The willingness to take chance
Confidence
- It is achieve because of positive thinking
Positive thinkers
- Thinking of success and bright sides
- Remember: Wealth does not always
come to the most intelligent of the most
ambitious individuals, but those individuals 10
who think money
Systematic Planning
- Sets what to be accomplished
Persuasion and Networking
- Establishes a network of personal and
business contacts around him
11 - Power is required to achieve his
objectives
Patience
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Genuine leather sandal in a
- There will be times that he feels
like the roof is craving in, especially
when customers demand seem to be
unrealistic
Decisiveness
-A process of making one fast decision
after another
Experience
-A primary reason why business falls
within few weeks years of start-up
because of lack of business experience
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Knowledge
- Knowing about business basics, it
may be the product or services, the
industry he is in and the consumer
market
Information seeking
- Seeks for relevant information
Perseverance
- 90% of the battle to succeed.
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Opportunity Seeking
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-Will seize unusual opportunities to tap resources like
finances, equipment, land workspace and business
information
The Big five (5) Personality Profile
Openness is an interest in ideas and aesthetics. Meaning, it is the
culmination of I.Q. and creativity
Consciousness is associated with duty, precision, and
responsibility. That means orderly people who like procedures
and rules don’t generally start companies because it’s a creative
process.
Extraversion- he general tendency to experience positive
emotions, as well as by traits such as sociable, lively, and active.
Agreeableness- is primarily about care for others.
Neuroticism is a trait that reflects a person's level of emotional
stability.
MINDSET
Is a pattern of thinking or behavior of one or
more individuals or groups (Argyris, 2004).
Two kinds of mindset:
Fixed mindset: leads a desire to look smart
Growth mindset: leads to a desire to learn.
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Dimension of mindset
1. What people know or do not know (related to
their knowledge);
2. What people have done or have not done –
(related to their experience);
3. What people can do or believe they can do-
related to their level of competency and self
belief;
4. Who they are (related to their personality,
values attitudes and beliefs )
Note: This dimension revealed 11
characteristics of having an entrepreneurial
mindset (Orbis, 2011). They are the ff:
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1. Lifelong learning and openness to change;
2. Engagement in a complex and uncertain world;
3. creative and innovative approaches to
problem solving;
4. Belief and confidence in one’s own capacity
and capacity and competency to be
entrepreneurial;
5. Desire, motivation and intention to practice
entrepreneurship and behave
entrepreneurially;
6. Taking initiative and personal responsibility for
actions;
7. Pursuit of goal-attainment through personal
mastery and value-creation;
8. Recognizing opportunities
9. Grit and perseverance in the face of challenges
10. Taking risks that lead to learning, growth and
value, and
11. Belief in one’s ability to influence
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Entrepreneurial Development
Stone Age (5million-10,000 B.C)
• Also know as Paleolithic Age, came with the
appearance of Homo habilis.
• The earliest stage of entrepreneurship began
when early humans developed hunting tools.
• The exchanged of goods during this time was
rare as has no organized trading system
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Entrepreneurial Development
Agricultural Revolution (10,000 B.C –
5,000B.C
• During this time they learned to raised
plants by sticking to the natural process
with some improved tools along with
domestication of wild animals.
• This ushered om the second wave of
entrepreneurial innovation- which is
agriculture
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Entrepreneurial Development
Industrial Revolution (1800-1950 A.D)
• That invention created the third wave of
innovation which applied in the textile
industry
• The population quadrupled from 750 to 2.5
billion and life expectancy rose from 20-35
years.
• Direct impact of technological progress on
daily life of most people is unemployment
20 and rising of inequality
• Middle class group of people emerged.
Entrepreneurial Development
Information Age
• This era characterized information as
commodity and easily available with
computer technology
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“When everything seems to be
going against you, remember that
the airplane takes off against the
wind, not with it.”- Henry Ford
References:
Paurom, A. [Link]. Entrepreneurial Mind.
Mindshapers,[Link].2021
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