Team Name: Trojan Horse Division:3

Assignment by: Shubham Sachan(220A3010043)

Rakshit Chauhan(220A3010155)
Sushant Choudhary(220A3010182)
Sarthak Mittal(220A3010128)
Kaushik Jain(220A3010214)
Ajay Kumar(220A3010005)

Q1- Based on the last three weeks of classes, which are the mindsets that will work
well for a manager in the 21st century? What do they mean? Why are they
important and how can they be developed? How will they help you in the planning
and controlling of business processes and outcomes?

Answer- The mindset of the 21st century, that’ll will help manager are:
 Entrepreneurial Mindset
 Creativity And Imagination
 Collaborative Mindset
 Exponential Mindset
 Growth Mindset

Entrepreneurial thinking
What does Entrepreneurial Thinking mean?

Entrepreneurial mindset a way of thinking that allows you to overcome challenges, be

decisive and accept responsibility for your results. This type of thinking consists of traits
that help them be a successful manager as well as a successful businessperson. It is a
process of continuous improvement in society and for the welfare of others in society. It's a
constant need to improve your skills, learn from your mistakes, and constantly act on your
ideas. Anyone who is willing to do work for the betterment of people and solve their
problem for the betterment of the world can develop an entrepreneurial mindset. People
who have adopted this mindset see challenges as opportunities. They see failure as an
opportunity to learn and let their actions be driven by vision, not perfectionism.

What is the importance of entrepreneurial thinking?

An entrepreneurial mindset will allow you to better adapt to the rapid changes in
today's job market. It provides skills such as self-confidence, resilience and enthusiasm
that give the impetus for success and can lead to increased happiness at work and at
home. Adopting an entrepreneurial mindset allows for the development of these skills, so it
is possible to work better and feel happier at work and at home.

How to develop an entrepreneurial mindset?

 It's hard to develop an entrepreneurial mindset without conviction, you have to dig
deeper into your soul and find out if you have the passion to be an entrepreneur, because
if you have conviction, you can develop an entrepreneurial mindset. A few important
aspects for developing an entrepreneurial mindset are: Set clear goals, Practice
decisiveness, Learn from failures, Face your fears and Stay curious.

How will the Entrepreneurial Mindset help in planning and controlling business
processes and results?

An entrepreneurial mindset can also be important in building a professional career—

even if you don't intend to become a business owner anytime soon. It can help you become
more resourceful, flexible and ready to adapt no matter what the current situation is. An
entrepreneurial mindset will teach you how to deal with customers and also teach you how
to network with your peers and colleagues. Entrepreneurs are visionaries and can foresee
the right decisions before normal people think about it, which can help them in their
business or work in the field at the right time. All traits of an entrepreneurial mindset lead
you to better planning and control and help you make better decisions for the betterment
of the company and its employees.

"Those who are able to identify problems or opportunities and then work to create
creative solutions to those problems can also improve the situation in their personal lives."
~Livengood

Creativity and Imaginations

The word "imagination" refers to the act of imagining things, i.e. the ability to create
new images and feelings in the mind that are not perceived by senses such as sight,
hearing or other senses. Imagination basically means the ability to think about something
that is not currently happening around a person. Having an imagination is essential.
Imagination helps to apply knowledge in solving problems and thus enables to come up
with innovative solutions. It also helps to integrate the experience with the learning
process, thus helping to foster ideas.

Creativity, on the other hand, is the ability to create something. It can be anything,
such as an idea, a joke, a piece of literature, a painting or piece of music, an invention,
etc. Creativity allows you to be inspired by things around you and then use that
inspiration to create something. Basically, the main difference between imagination and
creativity is that imagination is the act of imagining or thinking about things that do not
exist, whereas creativity is the act of using imagination to create something. For example:
you start to imagine something, a vacation, a story, a dream, etc. However, this gives you
an idea, and then you use it to create something, for example, to write a story or a novel.
So you use your imagination to facilitate your creativity. Creativity and imagination are
important:

1. Accompanied by innovation
There are two requirements for something to be innovative: It must be new and useful.
While creativity is essential for generating ideas that are unique and original, they are not
always useful in and of themselves. However, innovative solutions cannot exist without an
element of creativity.
2. Increases productivity
 Creativity gives you room to work smarter rather than harder, which can increase
productivity and combat stagnation in the workplace. Routine and structure are incredibly
important, but they shouldn't be implemented at the expense of improvement and growth.
3. Enables adaptability
Sometimes internal and external events can disrupt the structure of an organization.
In such cases, imaginative thinking and innovation are essential to sustain business
operations.
4. It is necessary for growth
If business leaders don't take the time to clearly understand the circumstances they
face, foster creative thinking, and act on the findings, their company can become numb to
one of the biggest barriers to growth.
5. It's an on-demand skill
Creativity and innovation are skills that are commonly sought after in high-end
industries, including healthcare and manufacturing. This is largely because every industry
has complex challenges that require creative solutions.

Creative and imaginative business ideas differentiate companies from each other.
Without creativity and innovation, every company would follow the same patterns in
marketing/promotion, technology or even the goods and services they can sell. Creativity
is key for businesses today, especially when the market is dependent on innovative
breakthrough technologies. The collaboration of creative minds can bring creative business
ideas to reality. Once your business brain can think outside the box, the possibilities are
endless.

Collaborative mindset
Collaboration means working together towards a common goal.
As a human we have never lived our life alone so why do we worry when it comes to our
professional work. We can solve many problems by ourselves, but with others it is like
doing things with a smile on our face. Enjoyment is something we have often forgotten,
and work begins to feel like a burden. As we grow older, we begin to close our ears and
lose ourselves in our own imagination (there is nothing wrong with thinking or imagination
as an individual, but sometimes we ignore the ideas of others) and we begin to emphasize
our thoughts and ideas. thoughts to others without listening to what they say. This
ignorance often leads to rifts in the team and the overall performance of the group, what if
someone else has an idea for the dough than you.

Why cooperation is needed:

We versus me:- take the example of our class when the group activity falters
(marshmallow), what I did was try to do things my way instead of doing it in a group and
listening to others, which in turn ended up collapsing. If I had listened to my team, the
result could have been different. As an individual, 1+1 is 2, but in a 1+1 team, there are 4.

Sharing:- so let's take another example of when we have to give a presentation about the
future of the education system, there I learned that if you don't know the subject it's hard
to reach others because you never know how much information they hold and you only get
access to them by approaching them.
Common goal:- whenever the same or one goal is to be achieved, it requires cooperation as
it helps to work efficiently.

How to develop collaborative thinking?

Clarity:- When working collaboratively, the conversation should be clear because you are
required to present your idea clearly, whatever your ideas are, make sure they are specific.

Active listening: - Because working in a group required you to listen to other ideas as they
may have good or creative ideas about the project.

Accountability: - Always be accountable for the work that you and your team have done,
whether or not you are doing that part of the work.

How does a collaborative Mindset help in planning and controlling business

processes and results?

Since planning and control takes a lot of time and cannot be done by just one person
because he will think in a certain way and for effective and efficient planning and control,
the group must be heard to come up with a specific idea.

Exponential Mindset
Launch, Grow, and Expand are the three stages of a company's journey, and the roles
of incremental and exponential thinking are different in each.

Start: Uncertainty and vision

The team must create and refine the business model throughout the startup. The best
practice is to test, iterate and pivot using the Lean Startup methodology.

But you also need to think correctly. Do you approach growing your company
incrementally or exponentially?

The future and the present are directly linked by a sequential mentality. With the help of a
"good" incremental trading strategy, you can see your progress. However, exponential
models are not linear. They work similar to a curve that prevents you from seeing around a
corner, except that in this case the curve is up.

Build: Patience and Courage

Many businesses these days can navigate the startup phase successfully by adopting an
exponential approach. Despite not being able to see around the bend, they control their
stage fright, take the leap and begin the trip. Envy of unicorns and fear of disruption are
strong motivators. But then something happens. Or to be more precise, nothing happens.

Look at the graph up there. You don't see much difference during the initial build phase.
The line starts to curve only in the second section. That's how exponential change works.
Before something happens fast, it happens extremely slowly. It wouldn't be a problem if it
was the only world we knew. However, we were raised with an incremental view. Therefore,
the comparison of exponential and incremental paths cannot be avoided. And that leads to
trouble.

We are used to measuring development in linear and incremental steps. We assume we

should be 30% of the way there if 30% of the time has passed. That's how it works in the
real world when we're moving towards a goal. However, this is not how exponential models
work.

Growth: Agility and control

You've successfully navigated the insecurities of the beginning and the impatience of the
mid-term and are now safely "on the curve" during the third phase. Growth happens too
fast for you to understand. The gradual approach at this stage is to try to regulate and
control things. But to do so would be wrong. If you want to sustain growing returns, you
need to change your perspective on how to mobilize and manage resources.

The incremental mentality holds that more inputs must be provided to generate more
results. Teams will start looking for more resources in proportion to growth as it starts to
pick up speed. However, too many newcomers or too many resources can "flood the
engine" of development.

Growth Mindset
What does he mean?
People with a growth mindset, as defined by Stanford professor Carol Dweck in her book
Mindset, are those who believe that hard work and persistence are the keys to success.
Growth mind is the belief that abilities and intelligence can be improved through hard
work and persistence. They accept challenges, persevere through difficulties, absorb
criticism and seek inspiration from the successes of others.
People with a growth mindset believe that they can improve at anything if they put in the
necessary time, effort, and energy. The most important thing is the process and working
on the shortcomings, not the result. People who have a growth mindset think they can
achieve their goals with effort and time.

Why is a growth mindset important and how can it be developed?

Andrew Carnegie famously said, "I desire to have as my epitaph: Here dies a man who was
great enough to enlist in his service persons who know more than he."
Having a growth mindset is essential because it can help you overcome obstacles you
might encounter when learning a new concept or skill. A growth mindset understands the
importance of persistence and willpower.
By changing the way you think, you can change the way you learn. You can explore,
experience and achieve more in life when you realize that your abilities and intelligence
can be expanded.

Ways to develop a growth mindset are:-

Accept challenges. Debunking the myth that challenge is a bad thing is an essential part
of a growth mindset. Embrace problems and see them as valuable learning opportunities
that you might not otherwise have. The worst mistake in life, according to Elbert Hubbard,
is to live in constant fear of making mistakes. One of our favorite growth mindset phrases!
How does a growth mindset help in planning and controlling business processes and
results?
A growth mindset is primarily focused on intentional effort. This means that those who put
a lot of effort into developing strategies that meet the company's requirements are praised
and rewarded. It could be as simple as noticing that instead of labeling the person a failure
and firing them, the employee may just need more help or training.
However, strategic efforts can go beyond what the organization already has. Let's imagine
that Leilani's business is having trouble coordinating its many departments. He receives
plans from several co-workers. They intend to test a new method where teams are created
and dissolved for each project. These teams will consist of individuals.

Q2- Reflect on ‘What is the purpose of business?’

Purpose of Business
Corporate social responsibility:
Corporate social responsibility is a way of doing business that aims to increase a
company's social impact while meeting business goals such as growth and revenue
targets.
• Economic responsibility: According to Carroll, the responsibility of the firm was to
maximize profit on an ongoing basis. Of course, this definition has evolved to include
business practices that not only help maximize profits, but help make an impact.
• Environmental responsibility: Efforts by companies to adopt business practices with
regard to their impact on the environment. This could include companies that have
committed to reducing their carbon footprint or working in other ways to mitigate the
adverse effects of global warming and climate change.
• Ethical responsibility: Companies' efforts to adopt fair and ethical business practices.
This could mean anything from offering workers the same or better wages than minimum
wage to using ethically sourced ingredients.
• Philanthropic responsibility: Some companies may choose to donate a portion of their
earnings or management time to charitable or charitable causes.

Sincerity and honesty:

It is perhaps the most important purpose of business; the principle of leadership depends
on integrity because it requires truthfulness and honesty. Many companies and
organizations fail because they do not follow the principle of reality.
• Be honest to a fault: As a business, you have an obligation not only to tell the truth at
every turn, but also not to withhold information that could be considered useful to
employees and customers. And if you make a mistake, admit it!
• Fulfill every commitment: Whether you promise something or not, customers have
expectations. This means that your products and services work properly, solve a problem
and add value. Understand these types of commitments and keep them at all costs.
• Treat everyone the same: Do you tend to pay more attention to larger clients than smaller
ones? Remember that integrity means being the same person (or company) in every
situation. This means that everyone gets equal treatment regardless of how much they can
contribute to your bottom line.
• Show respect: At a basic level, be respectful and polite to people. Understand different
perspectives in terms of status, age, race, and cultural differences, and try to treat
everyone with kindness and respect.
Profit from work that benefits humanity:
The next transformation of businesses will be to create economic value that creates value
for society by addressing its needs and challenges. The next big evolutionary change will
be the realignment of business models with societal needs.

Companies create measurable business value by identifying and solving social issues that
intersect with their business. This is what is called "Creating Shared Value" (CSV).

Fundamentally, it is about understanding the transformative role that business can play
in social progress and economic development.
The concept of shared value goes beyond corporate social responsibility (CSR). Creating
shared value addresses the needs and challenges of society while generating profits. In
this way, businesses do good for society and make profits at the same time.