Entrepreneurial Mindset

and
Thinking Skills
1. Identify the critical 
thinking skills of an 
entrepreneur
2. Learn and evaluate 
the entrepreneurial 
problems and  Objectives
opportunities Entrepreneurial Mindset 
3. How to implement 
entrepreneurial ideas and Thinking Skills
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Critical thinking is the 
ability to apply reasoning 
and logic to new or 
unfamiliar ideas, 
opinions, and situations. 

Skills involve are:
1. Open-minded 
approach Critical Thinking Skills
2. Rational 
considerations
3. Empathy
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Being “open-minded is 
a large part of critical 
thinking, allowing a 
person to not only 
seek out all possible 
answers to a problem, 
but to also accept an 
answer that is different 
from what was  Open-Minded Approach
originally expected.
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Rationality requires 
analyzing all known 
information, and 
making judgments or 
analyses based on fact  Rational Considerations
or evidence, rather 
than opinion or 
emotion.
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Empathizing with a 
person usually involves 
a thinker trying to put  Empathy
himself or herself in 
the place of someone 
else.
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How to apply it?
Critical Thinking Skills of Entrepreneur

Essay Activity/Assignment:

Access your Moodle Account on Friday, 
September 11, 2020 and write a 300-word  
narrative of your experience wherein you 
apply the critical thinking skills of an 
entrepreneur.
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1. Observation
2. Analysis
3. Reasoning
4.
5.
Judgement
Decision Making
Ancillary Skills
6. Persuasion
Critical Thinking
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One of the great things 
about critical thinking 
is its versatility.  It is 
valuable at all levels of 
our thinking.
1. At the level of 
practical decision 
making
2. At the level of  HIGHER LEVELS
meaningfulness
3. At the level of 
concepts
Critical Thinking
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Critical thinking helps 
when we are simply 
trying to deal with 
ordinary tasks such as 
how to study 
efficiently, decide on 
what kind of clothes to 
Practical Decision Making
buy.  It is problem 
solving of the most  Levels of Critical Thinking
authentic kind. 
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Learning to think 
critically also helps 
people deal with the 
much larger issues of 
living their life. 
Examples of which are 
finding a life partner or 
a new occupation, 
developing reasonable 
attitudes towards self, 
Meaningfulness
towards others,  Levels of Critical Thinking
towards your values, 
etc. Business and
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We think in terms of 
concepts, and these 
inevitably shape our 
life to a considerable 
degree. Reaching a 
deep level of critical 
thinking by examining 
our concepts critically, 
becoming more aware  Concepts
of the way individual 
concepts help us or  Levels of Critical Thinking
hurt us, limit us or free 
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MINDSET
THE ENTREPRENEURIAL MIND

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The established set of 
attitudes held by 
someone. It is a good 
description of how our 
mindset operates.  
Depending on our  What is Mindset?
mindset, we will 
choose one path or  The Entrepreneurial Mind
the other.
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 2 Types
1. Fixed Mindset
MINDSET
2. Growth Mindset
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In fixed mindset, people 
perceive their talents 
and abilities as set traits.  
They believe that brains 
and talent alone are 
enough for success and  Fixed
go through life with the 
goal of looking smart all  MINDSET
the time.
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They take any 
constructive criticism of 
their capabilities very 
personally, and tend to 
attribute others’ 
success to luck or some 
sort of unfair 
advantage. People with 
a fixed mindset will tell 
themselves they are no 
Fixed
good at something to  MINDSET
avoid challenge, failure 
or looking dumb. Business and
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People believe that 
their abilities can be 
developed through 
dedication, effort and 
hardwork.  They think 
brains and talent are 
Growth
not the key to lifelong 
success, but merely the 
MINDSET
starting point.
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People with growth 
mindset are eager to 
enhance their qualities 
through lifelong 
learning, training and 
practice.  They see 
failure as an 
opportunity to improve  Growth
their performance, and 
to learn from their  MINDSET
mistakes
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Fixed and Growth
MINDSET
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 Identification
FIXED & GROWTH Exam
MINDSET 10 Items ( 30 points)

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Fixed and Growth
MINDSET
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An entrepreneurial 
mindset is the ability to 
quickly sense, take 
action, and get 
organized under 
certain conditions.  
This also includes the 
ability to persevere, 
accept and learn from 
failure, and get 
MINDSET
comfortable with a  For ENTREPRENEURSHIP
certain level of 
discomfort. Business and
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Cognitive strategies 
are the ways in which 
people solve problems 
such as reasoning, 
analysing, 
experimenting and so 
forth.

MINDSET
For ENTREPRENEURSHIP
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Metacognition is the 
way in which we 
understand our own  MINDSET
performance or the 
process of “thinking  For ENTREPRENEURSHIP
about thinking”.
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Illustrative Figure
METACOGNITION
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PASSION
THE ENTREPRENEURIAL MIND

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In the context of 
entrepreneurship, 
passion can be defined as 
an intense positive 
emotion, which is usually 
related to entrepreneurs 
who are engaged in 
meaningful ventures or 
tasks and activities, and 
which has the effect of  What is Passion?
motivating and stimulating 
entrepreneurs to overcome 
obstacles and remain 
The Entrepreneurial Mind
focused on their goal.
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It is possible to become 
blinded by passion and so 
obsessed by an idea or new 
venture that we fail to heed 
the warning signs or refuse 
to listen to negative 
information or feedback.  
This type of negative  Negative Passion
passion can actually curb 
business growth and limit 
the ability to creatively 
The Entrepreneurial Mind
solve problems.
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1. Founder Misalignment
2. Missing the Market
3. Rose-colored Planning  6 Negative Impacts
(or none at all)
4. Unforgiving Strategies
5. Reality Distortion
Entrepreneurial Passion
6. Evaporating Runway
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This is a poor fit between the 
founder’s skills and what the 
new venture requires. More 
often than not, startup 
founders fail to honestly 
assess how well their 
capabilities and motivations 
match up with what it will 
take to successfully launch 
their idea. They end up 
floundering in an ill-suited 
1. Founder Misalignment
role, and the idea doesn’t get 
the right mix of talent around  Negative Impacts
it to drive success.
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Somewhere out there in the 
cosmos is a massive graveyard 
of “great” business ideas. One 
of the most common by-
products of entrepreneurial 
passion is the founder’s 
assumption – even certainty –  2. Missing the Market
that customer demand is high 
when, in fact, little or none 
exists. An idea isn’t great until
Negative Impacts
the market says it is.
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More often than not, strong 
belief in an idea leads to 
overly rosy projections on 
the part of the founding 
team. It’s very typical – even 
on the part of seasoned 
entrepreneurs – to over-
estimate early sales and 
underestimate costs and  3. Rose-colored Planning
timelines. This leads to cash 
crises that consume and 
distract founders at the 
Negative Impacts
worst possible moment.
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Over-confident founders 
sometimes put the bulk of 
their resources into a single 
business strategy, essentially 
putting all of their eggs in  4. Unforgiving Strategies
one basket, rather than 
preserving flexibility to 
experiment and iterating 
Negative Impacts
their way to profitability.
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 5. Reality Distortion
Bad news is avoided or  Negative Impacts
glossed over, and tough 
issues are rarely tackled.
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Some or all of the above 
dangers can lead to a rude 
awakening for founders who 
are caught in the passion 
trap.  What was assumed to 
be a lengthy startup 
6. Evaporating Runway
“runway” evaporates quickly 
as the venture runs out of 
Negative Impacts
cash and time.
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 ZOOM / GOOGLE MEET
VIDEO CONFERENCING
Graded Oral
Recitation on For those without
Examples of Senior Senior High OJT/
High OJT/ Immersion Immersion: As future
Establishments where entrepreneurs, how
you observed can you motivate and
entrepreneurs stimulate yourselves
motivating and to overcome
obstacles and remain
stimulating themselves focused on your goal.
to overcome obstacles
and remain focused on
their goal.

TREY
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 Thank You
Younglin J. Hitutuane, MBA

Business and Entrepreneurship

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1. Identify the critical 
thinking skills of 
entrepreneur
2. Learn and evaluate
the entrepreneurial
problems and Objectives
opportunities Entrepreneurial Mindset 
3. How to implement 
entrepreneurial ideas and Thinking Skills
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Evaluate Problems
and
Opportunities
Younglin J. Hitutuane,  MBA
1. Their own or partner’s past 
experience in that business 
line
2. Govt.’s promotional schemes 
and facilities offered
3. High profitability of products
4. Increasing demand in the 
market
5. Availability of inputs like raw 
materials, labor, etc. at 
cheaper rates Factors in Identifying Opportunities
6. Expansion or diversification 
plans of business
7. Products reserved for small-
scale units
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1. Consumers
2. Existing Products and 
Services
3. Distribution Channels
4. Government
SOURCE OF IDEAS
5. Research and 
Development ENTREPRENEUR
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Consumers’ wants can be 
known through their  CONSUMERS
feedback about the 
products and services they 
have been using and would  SOURCE OF IDEA
want to use in future.
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 EXISTING PRODUCTS AND SERVICES
Many enterprises are 

SOURCE OF IDEA
established mainly to offer 
better products and services 
over the existing ones.
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Also called market 
intermediaries, ultimately  DISTRIBUTION CHANNELS
deal with the ultimate 
consumers and, hence, 
better known the  SOURCE OF IDEA
consumers’ wants.
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Government from time to 
time issues regulations on 
product production and 
consumption. These  GOVERNMENT
regulations become 
excellent sources for new 
ideas for enterprise 
formation.
SOURCE OF IDEA
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R & D activity suggests what  RESEARCH AND DEVELOPMENT
and how a new or modified 
product can be produced to 
meet the customers’  SOURCE OF IDEA
requirements.
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 METHODS
1. Focus Groups
2. Brainstorming
3. Problem inventory 
GENERATING IDEAS
analysis
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Focus group consisting of 6-
12 members belonging to 
various socio-economic  FOCUS GROUPS
background are formed to 
focus on some particular  METHODS OF GENERATING 
matter like new product  IDEAS
idea.
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This technique was originally 
adopted by Alex Osborn in 
1938 for encouraging 
creative thinking in groups 
of six to eight people.   BRAINSTORMING
According to him, 
brainstorming means using  METHODS OF GENERATING 
the brain to storm the 
issue/problem.
IDEAS
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 Category Brainstorming Focus Group

Improve Existing 
Purpose Generate Ideas
Ideas
A need to study 
A need to solve a 
Trigger and existing idea, 
problem
solution or process
Idea, solution or 
Condition Problem exists
process exist

# of Participants 6-8 6-12 BRAINSTORMING vs. FOCUS

Participant types Heterogeneous
Homogeneous or  GROUP
Heterogeneous
In depth  DIFFERENCE
Knowledge Not necessary knowledge of 
topic or discussion
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This differs from the focus 
group because this does not 
only generate ideas, but also 
identifies the problems the 
product faces.
2 steps:
1. Providing consumers a 
list of specific problems 
in a general product 
category PROBLEM INVENTORY
2. Identifying and  ANALYSIS
discussing the products 
in the category that,  METHODS OF GENERATING 
suffer from specific  IDEAS
problems. Business and
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 ZOOM / GOOGLE MEET
VIDEO CONFERENCING
Graded Oral
Recitation on : LET’S
BRAINSTORM
THE SEARCH FOR THE
NEXT BIG THING: HAS
EVERYTHING BEEN
INVENTED OR ARE
THERE STILL NEW
DISCOVERIES FOR THE
WORLD?

TREY
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 Thank You
Younglin J. Hitutuane, MBA

Business and Entrepreneurship

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