The Entrepreneurial Mind The creative mind conceptualizes and designs a product that consumers find some use for. It likewise produces a product that is pleasing to see, touch, smell, hear and taste. Passion is the great desire to attain a vision or fulfill a mission. It is about wanting something so much that a person would be willing to totally devote oneself to the quest. The word entrepreneur is derived from the French word entreprendre which means 'to undertake or to try'. [Richard Cantallion 1775] a common definition of an entrepreneur is someone who establishes a new entity to offer a new or existing product or service into a new or existing market, whether it is for a profitable or non-profitable outcome. DEFINITION OF ENTREPRENEUR Entreprenuerial Heart Flame The entrepreneur also looks after the interests of his or her people by motivating and encouraging them to be the best that they can be. This creates caring culture within the organization that brings about synergy among the people working toward a common vision. Entrepreneurial gut game refers to the ability of the entrepreneur to sense without using five senses. This is also known as intuition. “LAKAS NG LOOB” New Product Development 1 The creative mind 2 The technical mind 3 The business mind Creative Mind – conceptualizes and designs a product that consumers find some use for. It likewise produces a product that is pleasing to see, touch, smell, hear, and taste. Technical Mind- the technology originator. Convert new knowledge into something hughly functional and operational. Business mind- harness the potentials of new products by creating the market space for them. 5 Essential Characteristics of the Entrepreneurial Mind Ceativity- ability to see things differently. Suspicion of predictors- tend not to labor under the assumption that data is the sole predictor of an outcome. Comfort with uncertainty-Similarly, a distrust of prediction and analysis creates an atmosphere where uncertainty is the very essence of entrepreneurship. Openness to Experimentation- A comfort with experimentation goes beyond educated trail and error. Functional Humility- Egos can destroy the very best ideas. ``````````````````````````````````````````````````````````````````` DEFINITION OF ENTREPRENEUR An enterpreneur is an individual who is able to perceive an opportunity for a business and create an organization to develop and manage that business successfully. An entrepreneur is an individual who organizes, manages and assumes the risks of a business (Kuratko & Hodgetts, 2001) Differences between an enterpreneur and a small businessman • Time • Nature of job • Decision making • Effort and commitment • Risk taker • Goal The Roles and Social Responsibilities of Entrepreneur toward: Customers -sell quality products at fair prices. Society/community- job creation and environmental observation. A Suppliers-be fair with his suppliers by paying them on time as agreed upon. Staff- promote the welfare of his employees. Competitors- observe business ethics with his competitors Country- must pay the correct amount of taxes to the government. COMPETENCIES OF ENTERPRENEURS 1.Personal initiative 2. Seize opportunities 3.Endurance 4.Information-seeker 5.High work quality 6.Commitment towards work agreements 7.Efficient 8. Systematic Planning 9. Creative Problem Solving 10.Self Confidence 11.Assertion 12.Persuasion 13. Power and Authority ``````````````````````````````````````````````````````````````````` Successful entrepreneurs do not need someone who holds them accountable or forces them to be efficient and productive. 2. Creative-ideas should be attractive to potential clients or customers. 3. INTUITIVE. • • • Entrepreneurs do not become successful due to luck. Every successful entrepreneur created his own path with his intelligence, creativity and intuition. The most successful entrepreneurs understand how fast current trends change. 4. Authoritative- There is need to take advice or opinions, but in the end, you must make decisions that will better your company. Entrepreneurship has for a long time been considered as a last resort with people only pursuing this career option when they fail to get salaried employed. Entrepreneurship Is a process of identifying and starting a business venture, sourcing and organizing the required resources and taking both the risks and rewards associated with the venture. Is a person who makes money by starting or running businesses, especially when this involves taking financial risks.( Hornby, 2010). PRINCIPLES OF ENTREPRENEURSHIP 1. Commit oneself to entrepreneurship. 2. Find the right opportunity 3. Build successful teams 4. Make sure that execution is critical Entrepreneurship is difficult even when the idea is great, the team is good and conditions are ideal. 5. Be aware of your impact Many successful entrepreneurs don't change their standards of living. 6. Be aware of your social and economicrole Successful entrepreneurs have a specific mission which is to work for a better world. CHARACTERISTICS OF A SUCCESSFUL ENTERPRENEUR 1. Self-motivated 5. Strong-willed- Successful entrepreneurs pass through difficult times by being strong-willed. ``````````````````````````````````````````````````````````````````` What are entrepreneurial practices? ✓ Strategic orientation; ✓ Commitment to opportunity; ✓ Commitment of resources; ✓ control of resources; ✓ Management structure ✓ Reward philosophy. ✓ Strategic orientation; - Strategic Orientation is acting in accordance with the organizational priorities, strategies or vision. Core motivation: To contribute to the organization's direction. ✓ Commitment to opportunity; - All people are treated as individuals without judgements being made of them based on stereotypes. Understanding, appreciating and valuing all staff members' different sets of skills and abilities, and utilizing their differences for the best personal and organizational results. ✓ Commitment of resources; - defined as the willingness to provide needed materials and support to achieve the stated goals of the firm. There are two types of resource commitments: managerial and financial. ✓ control of resources;- means being capable of locating thetools and materials that would be considered useless by other organizations in similar circumstances and utilizing these sources in order to avert the possible negative outcomes. ✓ Commitment of resources; - defined as the willingness to provide needed materials and support to achieve the stated goals of the firm. There are two types of resource commitments: managerial and financial. ✓ control of resources;- means being capable of locating thetools and materials that would be considered useless by other organizations in similar circumstances and utilizing these sources in order to avert the possible negative outcomes. ✓ Commitment of resources; - defined as the willingness to provide needed materials and support to achieve the stated goals of the firm. There are two types of resource commitments: managerial and financial. ✓ control of resources;- means being capable of locating the tools and materials that would be considered useless by other organizations in similar circumstances and utilizing these sources in order to avert the possible negative outcomes. ✓ Management structure-determines how the roles, power and responsibilities are assigned, controlled, and coordinated, and how information flows among the different levels of management. - A management structure describes how a company organizes its management hierarchy. In almost all organizations, a hierarchy exists. ✓ Reward philosophy- A total rewards strategy is a system implemented by a business that provides monetary, beneficial and developmental rewards to employees who achieve specific business goals. The strategy combines compensation and benefits with personal growth opportunities inside a motivated work environment. What is Prevalence? -Prevalence is the proportion of a population who have a specific characteristic in a given time period. How does Gender affects our business? - Gender inequality in the workplace takes many forms — unequal pay, disparity in promotions, incidents of sexual harassment, and racism. Often, it presents itself in more nuanced ways, like fewer opportunities for women who are mothers and a higher incidence of burnout in women. APPRAISING YOURSELF FOR AN ENTREPRENEURIAL CAREER DEVELOPING YOURSELF FOR ENTREPRENEURSHIP A. BE CREATIVE To be creative is to generate ideas and images in your head in order to come up with solutions and alternative solutions to problems. Creativity involves moving around ideas, spitting them, combining them with other ideas; thus arriving at new ways of doing things. B. ACTIVELY SEEK OPPORTUNITIES A successful entrepreneur actively seeks opportunities. He looks at a situation and thinks, "What is in here that can be turned in to a business," or if he is already in business, he ask himself, "what's in here that will be good for my business or will improve it?" Opportunity seeking is actively going after Ideas which can be turned into opportunities. C. TAKE MODERATE RISKS The successful entrepreneur take risks, but before doing so, he is able to recognize, assess, and minimize this risks. This is known as calculating. moderating, or controlling the risks. In business, calculating the risks is checking if you will make or lose money in the process of doing business. D. Practice Persistence Trying and trying again until you succeed is what persistence is all about. Persistence is also trying to do something even if other people say that you are likely to fail. It means not being afraid of hard work. It also means not being afraid to fail because you can try again. E. BE COMMITTED TO WHAT YOU SET OUT TO DO You can practice behavior that will lead to strong commitment to work contact. You need to do this if you are to succeed as an entrepreneur. Keeping your promises and commitments is at the very heart of entrepreneurs. F. SET HIGH STANDARDS OF QUALITY AND EFFICIENCY No matter what you are doing, you can strive for quality and excellence. Good entrepreneurs demand quality and efficiency not only form their worker and suppliers, but also from themselves. They set an example of excellence that expects the people who works with them to follow. In this way, they make sure that the product and services they sell are of good quality. This means good business. G. SEEK INFORMATION Knowledge is power. You need information to get wind of business ideas and opportunities. You need information to determine whether your business idea will be profitable or not, to find out whether are people who will buy your products, and at what price. H. BELIEVE IN YOURSELF Entrepreneurs are rather self-confident people. They believe that they can achieve their goals. So must you. If you do not have faith in yourself, no one else will.
