GROUP 1 The Entrepreneurial Mindset The Entrepreneurial Mindset Barachina | Bobiles | Doblas | Domingo | Julian | Manlusoc | Potente 1 GROUP 1 The Entrepreneurial Mindset Outline ● What is mindset? ● What is entrepreneurial mindset? ● Mindset and behavior ● The importance of entrepreneurial mindset ● Characteristics of having the right entrepreneurial mindset ● Building off an entrepreneurial society ● Effective/Ineffective entrepreneurial mindset 2 GROUP 1 The Entrepreneurial Mindset What is Mindset? Mind + Set 3 GROUP 1 The Entrepreneurial Mindset Mind ● The ability to think and imagine ● Mind refers to the aspects of intellect and consciousness manifested as combinations of thought, perception, memory, emotion, will and imagination, including all of the brain's conscious and unconscious cognitive processes. 4 GROUP 1 The Entrepreneurial Mindset Set ● A set is a group of things that belong together ● A set contains elements or members, which can be mathematical objects of any kind 5 GROUP 1 The Entrepreneurial Mindset What is Mindset? ● A mindset refers to a set of assumptions, methods or notations held by one or more people or groups of people which is so established that it creates a powerful incentive within these people or groups to continue to adopt or accept prior behaviors, choices or tools. 6 GROUP 1 The Entrepreneurial Mindset “Where attention goes, Energy flows And results, show.” 7 GROUP 1 The Entrepreneurial Mindset “Your thoughts become your words and your words become your action and your action becomes into reality.” - Cong TV 8 GROUP 1 The Entrepreneurial Mindset Fixed Mindset 9 GROUP 1 The Entrepreneurial Mindset What is Fixed Mindset? ● In a 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. 10 GROUP 1 The Entrepreneurial Mindset Sample of Fixed Mindset ● Challenges - Avoid ● Obstacles - Give up ● Effort - No point ● Success of others - Feel threatened ● Criticism - Deflect 11 GROUP 1 The Entrepreneurial Mindset Growth Mindset 12 GROUP 1 The Entrepreneurial Mindset What is Growth Mindset? ● In 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 learning and a resilience that is essential for great accomplishment. 13 GROUP 1 The Entrepreneurial Mindset Examples of Growth Mindset ● Challenges - Embraces ● Obstacles - Fortitude ● Effort - Work hard ● Success of others - Celebrates ● Criticism - Learns 14 GROUP 1 The Entrepreneurial Mindset Faces of Successful Entrepreneurs 15 GROUP 1 The Entrepreneurial Mindset Elon Musk is the founder and CEO of the 3 most innovative companies, Tesla Inc, SpaceX, and SolarCity. He is one of the world’s wealthiest people, with a fortune of $182.9 Billion US dollars. “The first step is to establish that something is Elon Musk possible then probability will occur.” - Elon Musk’ 16 GROUP 1 The Entrepreneurial Mindset 17 GROUP 1 The Entrepreneurial Mindset SpaceX’s first successful Falcon 1 launch 18 GROUP 1 The Entrepreneurial Mindset Jeffrey Preston Bezos is an American entrepreneur, businessperson, and investor. He is the richest person alive in the world, with a fortune of over $170 billion. Jeff Bezos has occupied the #1 spot in the “world’s richest man,” and he’s the founder of the giant eCommerce platform- Amazon. “I believe you have to be willing to be Jeff Bezos misunderstood if you’re going to innovate.” - Jeff Bezos 19 GROUP 1 The Entrepreneurial Mindset 20 GROUP 1 The Entrepreneurial Mindset Bill Gates was the world’s richest person till 2019 before Jeff Bezos, and now he is the second richest person in the world with a fortune of 110 billion US dollars. He is one of the best-known entrepreneurs and pioneers of the microcomputer revolution of the 1970s and 1980s. He founded Microsoft Paul Allen in 1975. Bill Gates “We all need people who will give us feedback. That’s how we improve.” - Bill Gates 21 GROUP 1 The Entrepreneurial Mindset 22 GROUP 1 The Entrepreneurial Mindset Mark Zuckerberg is co-founder and CEO of a widely popular social-networking website Facebook. He is one of the world’s richest people, with a fortune of 90 billion US dollars. Mark Zuckerberg is an American internet entrepreneur and philanthropist who studied at Harvard University and started Facebook in 2004 at the age of 19. “The question isn’t, ‘What do we want to know about Mark Zuckerberg people?’, It’s, ‘What do people want to tell about themselves?” - Mark Zuckerberg 23 GROUP 1 The Entrepreneurial Mindset 24 GROUP 1 The Entrepreneurial Mindset Jack Ma established Alibaba, one of the largest eCommerce platforms in the world. He is one of the world’s richest people, with a net worth of 49 US dollars. In his early life, he got rejected from 30 different jobs. “Never ever compete on prices, instead of compete Jack Ma on services and innovation.” - Jack Ma 25 GROUP 1 The Entrepreneurial Mindset 26 GROUP 1 The Entrepreneurial Mindset 27 GROUP 1 The Entrepreneurial Mindset MINDSET AND BEHAVIOR 28 GROUP 1 The Entrepreneurial Mindset Mindset is a set of beliefs that shape how you make sense of the world and yourself. It influences how you think, feel, and behave in any given situation. 29 GROUP 1 Behavior is an action, activity, or process which can be observed and measured. Often, these actions, activities, and processes are initiated in response to stimuli which are either internal or external. The Entrepreneurial Mindset 30 GROUP 1 The connection between Behavior and Mindset is like bunjee spring, wherever the Mindset pulls, the Behavior springs back. The Mindset drives the Behavior The Entrepreneurial Mindset 31 GROUP 1 The Entrepreneurial Mindset References ● https://www.youtube.com/watch?v=h8a9fL8S ucs ● https://www.verywellmind.com/what-is-amindset-2795025 ● https://psychologydictionary.org/behavior/?fbc lid=IwAR0N4yU7etH6qboyJUglGZ89v55FyOSD GkXlV5ZSSGj_OuukNGuBOHr9Gb0 32 GROUP 1 The Entrepreneurial Mindset Characteristics of having the right entrepreneurial mindset 33 GROUP 1 The Entrepreneurial Mindset ● Passionately seeks new opportunity ● Pursues goals with enormous discipline ● Pursues only the very best opportunities ● Focuses on adaptive execution ● Engage the energies of everyone in their domain 34 GROUP 1 The Entrepreneurial Mindset PASSIONATELY SEEKS NEW OPPORTUNITY ● Stays alert and always look for the chance to profit from changes in the industry. ● New opportunities are often challenging especially if it is a new business model . ● New business models often come with revolutionary ways of doing business (profit, cost, operation, technology). ● Ex. Internet 35 GROUP 1 The Entrepreneurial Mindset PURSUES GOALS WITH ENORMOUS DISCIPLINE ● Does not only spot opportunity but makes sure to take action. ● Inventory or list of unexploited opportunities. ● Actions must only be done with right research and timing. ● Invests when the opportunity is ripe and the competition is attractive. 36 GROUP 1 The Entrepreneurial Mindset PURSUES ONLY THE VERY BEST OPPORTUNITIES ● Avoid exhaustion (both self and organization) by not chasing after every option. ● Limits the number of projects they pursue. ● They tightly link their strategy with their choice of projects, rather than diluting their efforts too broadly. 37 GROUP 1 The Entrepreneurial Mindset FOCUSES ON ADAPTIVE EXECUTION ● Execute— Acts on the project and work hands on instead of over analyzing new ideas. ● Adaptive— Able to change directions as the real opportunity, and the best way to take profit from it, evolves. 38 GROUP 1 The Entrepreneurial Mindset ENGAGES THE ENERGY OF EVERYONE IN THEIR DOMAIN ● Keeps involved with many people in pursuit of an opportunity. ● Sustains network of relationship ● Make the most of the intellect and resources other people have while helping them reach their goal as well. 39 GROUP 1 The Entrepreneurial Mindset References ● ● Carol C. Dweck (2006), Mindset: The New Psychology of Success, Random House McGrath R. G., & MacMillan I. (2000). The Entrepreneurial Mindset: Strategies for Continuously Creating Opportunity in an Age of Uncertainty. 40
