1. What are the 5 Dimensions of an Entrepreneurial mindset?

The 5 Dimensions of an Entrepreneurial mindset are:

1. High self-efficacy beliefs, means believing firmly in our ability to navigate life and
achieve the goals we set for ourselves. And the more mastery experience we have,
the more robust our sense of self-efficacy becomes.

2. An internal locus of control, have deeply held beliefs that fate, luck, circumstance
or powerful beings somehow control the event in their lives, having a “if it is to be,
it’s up to me” belief.

3. A growth mindset, is having mindset that learning and intellectual growth is

constantly changing/growing and not stagnant on a certain level, as long as one
goes the extra mile.

4. Intrinsic motivation, is a motivation derived from one’s inner desire and not from
external/extrinsic reward. Extrinsically driven motivations tend to fail in the long
run as compared to an intrinsically driven motivation.

5. High level of resilience, means being able to survive and thrive despite the
circumstances. This means being optimistic even in dyer circumstances.

2. Explain what it means to have an  Entrepreneurial mindset.

Having an entrepreneurial mindset means having a mindset that actively involves

creativity, communication, and high motivation for success yet open to risk and
failure. Often times the success or failure of a business comes down to the
characteristics of the entrepreneur themselves. It takes a unique aggregate of
characteristics to meld one big idea into a fully functional thriving business. Although
there are no perfect formula for a successful business, however there are certain
characteristics which all aspiring entrepreneur should cultivate to dramatically boost
their own odds for success. An entrepreneurial mindset may mark the difference
between a lucrative business and one which shutters the doors before the first year is
over.
3. Describe what is meant by  Entrepreneurial  spirit or passion.

Entrepreneurial spirit is an attitude and approach to thinking that actively seeks out
change, rather than waiting to adapt to change. It is a mindset that embraces critical
questioning, innovation, service, and continuous improvement. It is also a way of
approaching situations where you feel empowered, motivated, and capable of taking
things into your own hands. Someone with an entrepreneurial spirit has:

1. Has passion and purpose

2. Has ambition, dreamer, big thinker
3. Takes action – is a doer
4. Is a leader, had a vision and foresight – ability to relate and inspire others.
5. Takes calculated risk – high tolerance for risk, courage
6. Is always learning and growing
7. Is highly adaptable – can face challenges, bounces back quickly from failure
8. Is opportunistic
9. Is resourceful
10. Is critical
11. Has a positive and optimistic outlook.