Entrepreneurial Ventures (EV)

“The Mindset of the

Entrepreneur”
Speaker Notes

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“Entrepreneurship is the process of producing innovations by managing risks and

identifying business opportunities to satisfy human needs and wants,” says Joseph
Schumpeter. Good morning, I’m Roobi and I am grateful to take this opportunity to go
through entrepreneurship.

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These are my content for today’s presentation and we will be discussing in depth in
upcoming slides.

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Entrepreneurs play a key role in any economy, using the skills and initiative
necessary to anticipate needs and bring good new ideas to market. The process of
setting up a business is known as entrepreneurship. The entrepreneur is commonly
seen as an innovator, a source of new ideas, goods, services, and business/or
procedures.

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If you’re looking to make your mark on the world or advance society—or even break
free from the exhausting and inflexible 9-to-5 job, you just might be an entrepreneur
in the making. Trust, follow instincts, and always have a mind open to learning and
exploring new opportunities that come your way. It is often instructive to analyze the
experiences that have formed our attitudes toward entrepreneurship. A recent study
showed that 70% of business startups were by a person who had an entrepreneurial
parent.

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The most evident similarity between the ventures is that they all have the purpose of
creating Value and they all have the element of innovation. It is essential that these
ventures revolve around innovative ideas because otherwise, the ways to provide
value will remain limited. For example: before eBay, no one was able to sell their
products unless they know a lot of people and one of them was interested in the
product. Now because of eBay’s innovative invention of the online marketplace,
anyone can place an ad on the internet.

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An individual who starts a business in their local area by acting as the wheels of the
economic growth of the country. By creating new products and services, they
stimulate new employment, which ultimately results in the acceleration of economic
development

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Otara Gunewardene is a businesswoman and philanthropist from Sri Lanka. She is

dedicated to ethical business practices and philanthropy in Sri Lanka through her
activities. Otara's ambition is to set an example and set the standard for peaceful
progress on the island, connecting people from all walks of life and using compassion
as its motivating force. She is fully committed to serving the interests of the nation in
whatever she does. Otara Del Gunewardene was born in Colombo, Sri Lanka, on
August 30, 1964. Otara, Delysia and Norman's youngest child and only daughter, laid
the groundwork for a very Sri Lankan tale via her life and soul.

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Curiosity is a distinguishing personality quality of successful entrepreneurs that sets

them apart from other corporate leaders. Entrepreneurs need to be curious and have
a grasp of controlled experimentation. An entrepreneur must conduct tests on each
new opportunity to decide whether it's worthwhile to pursue. The corporate
environment is dynamic. Since entrepreneurship is an iterative process, there are
always fresh obstacles to overcome and chances to seize. Although it is practically
impossible to be ready for every eventuality, effective company leaders must be
flexible. A certain amount of comfort with failure is necessary for entrepreneurship, in
addition to risk management and thoughtful decision-making. Entrepreneurs must
concentrate on the entire process from start to finish to achieve long-term success
because entrepreneurship is a long-term activity (Miller, 2020).

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Slide No: 09

No matter wherever in the world, with the use of technology, the ability to work
beyond the borders through communication with any other country in the world.
Distribution of goods and services successfully from one place to all over the world to
supply products for fulfilling identified consumer needs and wants of each country is
harvesting the yield of entrepreneurship globally. Ex-Google, Microsoft

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Bill Gates, full name William Henry Gates III, is an American computer programmer
and entrepreneur who cofounded Microsoft Corporation, the largest personal
computer software firm in the world. He was born in Seattle, Washington, on October
28, 1955 (Levy, n.d.).

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Bill gates is a great example of a global entrepreneur who sparked the tech
breakthrough where his characteristics and mindset are defined to successfully
deliver the services from one place to all over the world and achieve the success
point within a time frame.

When Bill Gates created his first computer program for playing tic-tac-toe at the age
of 13, his aptitude and agility were very much on display. On April 4, 1975, he and his
friend Paul Allen founded Microsoft. When Bill Gates was in school, he used to boast
to his professors that he would become millionaire by the age of 30, and by the time
he turned 31 years old, Bill Gates had become a billionaire. Therefore, Bill Gates'
personality trait of being farsighted may be evident in his early years (Anon., 2019).

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Slide No: 12

Engage in innovations to solve social problems with the intention of social service.
The aim of social entrepreneurship is to make the world a better place. Ex -
Microfinance institutions that provide banking services to unemployed or low-income
individuals.

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Jeffrey Holland is an example of a social entrepreneur who is widely known for

Seven Generations Inc. which focuses on producing and selling more eco-friendly
household products which contributed to environmental sustainability. He also
strongly believed that corporate social responsibility should be practiced by all
businesses to achieve economic sustainability and all should have social equality as
well.

Hollender is a co-founder and the former CEO of Seventh Generation, a major

natural products company renowned for its integrity, openness, and forward-thinking
business methods. Unilever purchased Seventh Generation in 2016. Hollender
founded Sustain Natural, a company that creates and sells eco-friendly feminine care
products for women along with his wife Sheila and daughter Meika. Hollender
teaches sustainability and social entrepreneurship as an adjunct professor at New
York University's Stern Business School (Kurosky, 2019).

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Innovative with deep empathy, A holistic viewpoint, Sustainable Method, Participating

Changemakers are five essential characteristics of a successful social entrepreneur.
Social entrepreneurs certainly have different personalities, but they also have traits in
common that are essential for success, such as being realistic and willing to take big
risks and face a lot of uncertainty in order to make positive changes in places that
might be resistant to new ideas or approaches (CFI Team, 2022).

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As we look back on history, we see the success stories of many accomplished and
well-known entrepreneurs. If you read about them, you will realize no two stories are
the same. Everybody has their own path to success. However, there are a few traits
and characteristics that all successful entrepreneurs have. The primary characteristic
of being an enterprising person is to have few skillsets and the very first quality that
an enterprising person should possess is to be creative. Creativity is the way of
injecting imagination and uniqueness into the business, it needs skills to be able to
create that model and have the right strategies, and be ready in all aspects so you
can beat the competition. Next is to be dedicated where an entrepreneur will have to
work hard despite of day and time. When you understand how a plan will impact
people and make the world a better place, you become dedicated to a goal you can
visualize and make a reality. One of the traits of an entrepreneur that makes a
difference is determination. The determination to succeed destroys your fear of
failure by giving you resolve and fastening you to an outcome. When you have the
determination to achieve, nothing will stand in your way. Leadership quality involves
organizing and motivating a group of people to achieve a common objective through
innovation, risk optimization, taking advantage of opportunities, and managing the
dynamic organizational environment. Self-confidence is concerned with how a person

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feels about his ability. A successful entrepreneur believes in his abilities. He is not
scared to explore unchartered territories, take risks and take difficult decisions.

Slide No: 16

A collection of abilities known as an entrepreneurial mindset enables people to

recognize opportunities, seize them, learn from setbacks, and flourish in a range of
contexts. According to research, having an entrepreneurial mindset is important for
starting new firms, is highly regarded by employers, and improves success in school
(Anon., 2020).

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Slide No: 17

A positive attitude and outlook are a must for successful entrepreneurs. The mindset
of the head of the company sets the tone for the rest of the company and influences
corporate culture.

creativity is needed for entrepreneurial success. The mind of an entrepreneur is

always looking for novel ideas and innovations. The basic life cycle of any
entrepreneurial product stems from the conception of an idea followed by turning that
idea into a viable product or service.

The power of persuasion can help you negotiate, close a sale, or score a lower price
on your inventory. Not to mention, persuasive people tend to be inspiring leaders,
ergo they tend to be stellar bosses.

It’s true that success is wonderful, but failure is where growth and change happen.
The key to learning from failure is to actually learn and embrace your mistakes so
they make you better, not break you.

Learning how to embrace the entrepreneurial mindset and cultivate key

characteristics linked to success will help you build a thriving business.

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As an entrepreneur, learning from your mistakes and understanding where

something went wrong can be one of the best ways to move forward.

Networking with other entrepreneurs and exchanging ideas is key. You never know, it
could even lead to meeting your future business partner while studying.

Entrepreneurship isn’t always about coming up with an entirely new product or

service, it’s also about understanding what customer needs aren’t being met and how
to fill a gap in the market.

When developing an entrepreneurial mindset, understanding your long-term

intentions will help you overcome obstacles in the changing market and economy.

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“Committing to the year-long program has been invaluable for broadening my

horizons and learning what it really takes to become an entrepreneur,” he says Dan
Rogers

Today it is accepted that entrepreneurs of the same calibre can be produced through
teaching. But studies conducted on great entrepreneurs of the world have identified
certain common talents, personalities, and behavioral traits among them. Many such
types of research have concluded that entrepreneurs cannot be cloned or replicated
and thus that entrepreneurs cannot be made.

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References
Anon., 2019. 11 Personality Traits of Bill Gates. Business Alligators.
Anon., 2020. NFTE. [Online]
Available at: https://www.nfte.com/entrepreneurial-mindset/
[Accessed 9 Jnauary 2023].
CFI Team, 2022. Social Entrepreneur. CFI.
Kurosky, K., 2019. Jeffrey Hollender, Co-founder, Former CEO Of Seventh
Generation, Steps In As CEO Of The American Sustainable Business Council.
American Sustainable Business Council.
Levy, S., n.d. Encyclopedia Britannica. [Online]
Available at: https://www.britannica.com/biography/Steve-Jobs/Saving-Apple
[Accessed 9 January 2023].
Miller, K., 2020. Harvard Business School. [Online]
Available at: https://online.hbs.edu/blog/post/characteristics-of-successful-
entrepreneurs
[Accessed 9 January 2023].

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