CHAPTER 1

INTRODUCTION TO
ENTREPRENEURIAL
MINDSET

MS. ALLIAH MAE M. GAMUROT

INSTRUCTOR
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Table of Contents

What is Entrepreneurship?
Key Characteristics of Successful Entrepreneurs
Importance of a Positive Mindset

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Entrepreneurship
Entrepreneurship is the process of
identifying, creating, and pursuing
opportunities to establish and manage a
new business or venture, involving
innovation, risk-taking, and the creation of
value.

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Entrepreneurs
the word “entrepreneur” comes from the
french verb entreprendre meaning to
“undertake” it is an individual who initiates
and manages a business venture, taking on
financial and other risks in order to do so.
Entrepreneurs are typically characterized by
their willingness to innovate, their ability to
identify and seize business opportunities,
and their readiness to navigate challenges
and uncertainties.
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 GEED 16 Three thinkers were central to the inclusion of
Entrepreneurs:

Joseph Schumpeter
He was an Austrian Economist known for his
work on economic development and innovation.
He introduced the concept of “creative
destruction,” highlighting the role of
entrepreneurs in driving economic progress
through the introduction of new technologies and
methods.

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 GEED 16 Three thinkers were central to the inclusion of
Entrepreneurs:

Frank Knight
was an American economist who made
significant contributions to the field of economics.
He is particularly known for his work on the
“Theory of Entrepreneurship” and the
distinction between risk and uncertainty. Knight
ideas have had a lasting impact on economic
thought, especially in understanding the role of
Entrepreneurship in a dynamic economy.

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 GEED 16 Three thinkers were central to the inclusion of
Entrepreneurs:

Israel Kirzner
is an economist known for his work on
entrepreneurship and market processes. Born on
February 13, 1930, in London, His notable
contribution is the development of the theory of
entrepreneurial discovery, where
entrepreneurs recognize and act on previously
unnoticed profit opportunities.

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Key Characteristics
of Successful
Entrepreneurs

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Key Characteristics of Successful Entrepreneurs

Visionary Thinking
involves the ability to conceptualize and plan
for the future with creativity and foresight. It
goes beyond short-term goals, focusing on
long-term strategies and innovative
approaches to achieve a desired outcome.

Passion
is an intense and driving emotion or
enthusiasm towards something, often
accompanied by a strong desire to pursue
and engage in it wholeheartedly.

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Key Characteristics of Successful Entrepreneurs

Commitment
is the unwavering dedication and loyalty to a
cause, relationship, or goal, demonstrated
through persistent effort and a willingness to
overcome challenges or obstacles in order to
fulfill obligations and promises.

Adaptability
is the ability to adjust and thrive in changing
circumstances, demonstrating flexibility and
resilience in the face of new challenges or
environments.

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Key Characteristics of Successful Entrepreneurs

Flexibility
is the quality of being adaptable and
versatile, allowing for easy adjustment to
different situations or requirements.

Risk-Taking Propensity
refers to an individual's inclination or
willingness to engage in situations or
decisions with uncertain outcomes, often
seeking opportunities despite potential
negative consequences.

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Key Characteristics of Successful Entrepreneurs

Resilience
the capacity to bounce back from adversity,
setbacks, or challenges, displaying
toughness and the ability to recover and
adapt positively in the face of adversity.

Persistence
It involves the ability to maintain focus and
work diligently over an extended period to
overcome challenges and reach desired
outcomes.

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Key Characteristics of Successful Entrepreneurs

Decision-Making Skills
refer to the capacity to make timely and effective
choices that impact the success of a business.
encompass the ability to gather relevant
information, analyze it systematically, and evaluate
potential options to make informed choices.

Effective decision-makers consider the short and

long-term consequences, weigh risks and benefits,
and align their decisions with overarching goals.
These skills also involve adapting to changing
circumstances, learning from past experiences, and
incorporating feedback to continually refine
decision-making processes.

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Key Characteristics of Successful Entrepreneurs

Key Components of Good Decision-Making Skills

Analytical Thinking - is the ability to systematically assess and break down complex problems or
situations into smaller components, enabling a deeper understanding of their underlying structures.
Problem-solving - involves analyzing the situation, identifying the root cause of the problem,
exploring alternative strategies, and implementing measures to address and resolve the issue.
Risk Assessment - involves the systematic evaluation of potential risks, uncertainties, or hazards
associated with a particular decision, action, or situation.
Time Management -is crucial for optimizing efficiency and ensuring timely and effective choices. It
involves allocating appropriate time to analyze information, assess options, and make decisions
without unnecessary delays.
Emotional Intelligence - It involves being aware of emotional cues, regulating one's emotional
responses, and utilizing emotions to facilitate effective communication and interpersonal
relationships.
Strategic Thinking - involves the ability to envision the big picture, anticipate future trends, and
formulate innovative plans to achieve long-term objectives.
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Key Characteristics of Successful Entrepreneurs

Innovative Thinking
It involves fostering creativity, embracing ambiguity, and being open to
exploring unconventional paths to address challenges or seize
opportunities.

Key Aspects of Innovative Thinking

Creativity - the ability to generate unique ideas, solutions, or

expressions through original thinking and imaginative processes.
Open-mindedness - the willingness to consider and embrace new
ideas, perspectives, or information without rigid preconceptions or
biases.
Curiosity - It involves a desire to understand, discover, and learn, often
leading to increased engagement and a broader understanding of
various subjects.
Collaboration - It involves effective communication, mutual respect,
and a willingness to compromise for the benefit of the team or project.

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Key Characteristics of Successful Entrepreneurs

Customer Centric Focus

It involves prioritizing the needs, preferences, and satisfaction of customers in all aspects of
business operations.

Key Elements of a Customer-Centric Approach

Understanding Customer Needs - Businesses should invest time and resources in

understanding their customers' preferences, expectations, and pain points.
Personalization - involves customizing products, services, or communication based on
individual customer preferences.
Feedback Incorporation -actively seek feedback from customers through surveys, reviews,
and direct communication channels.
Timely & Responsive Service - Providing timely and responsive service is crucial for
customer satisfaction.
Long Term Relationship -Loyalty programs, exclusive offers, and personalized
communication can help in nurturing long-term relationships
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Key Characteristics of Successful Entrepreneurs

Networking & Relationship Building

involve actively connecting with individuals or groups to establish and cultivate professional or
social connections. It encompasses building rapport, exchanging information, and fostering
mutually beneficial associations.

Key Aspects of Effective Networking & Relationship Building

Communication Skills - encompass the ability to convey information clearly, listen actively,
and engage effectively with others.
Authenticity - It involves expressing one's true thoughts, feelings, and values, without
pretense or artificiality, fostering trust and connection.
Reciprocity - is the mutual exchange or give-and-take relationship between individuals or
groups.
Consistency - involves ensuring that one's expressions, decisions, and responses align with
each other and with previously communicated information.
Professionalism - involves expressing oneself in a manner that is respectful, courteous, and
aligns with the norms and expectations of a given professional or organizational context.

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Key Characteristics of Successful Entrepreneurs

Continuous Learning
It involves a proactive and intentional
approach to education, often through formal
or informal means, to adapt to changes, stay
current, and enhance personal and
professional development. Embracing a
mindset of continuous learning fosters
adaptability, innovation, and a deeper
understanding of the evolving world.

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Importance of
Positive Mindset

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Mindset
refers to an individual's set of attitudes,
beliefs, and assumptions that shape their
approach to situations and influence their
behavior. What is your Mindset ?

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Entrepreneurial Mindset
It involves a proactive approach to
problem-solving, adaptability to change,
and a focus on innovation and continuous
improvement. Those with an entrepreneurial
mindset often exhibit resilience, a
willingness to learn from failures, and a
strong drive to turn ideas into tangible
outcomes.

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 Carol Dweck
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is a psychologist and professor of psychology at

Stanford University. She is best known for her
research on the mindset theory, particularly the
concept of "fixed mindset" and "growth mindset.

Her research has important implications for education,

parenting, and personal development, emphasizing
the importance of fostering a growth mindset to
enhance learning and achievement. Carol Dweck's
work has gained widespread recognition and has been
influential in various fields, including education,
business, and psychology.

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FIXED MINDSET
people believe that their abilities and
intelligence are fixed traits, leading
them to avoid challenges, give up
easily in the face of obstacles, and
feel threatened by the success of
others.
GROWTH MINDSET
involves the belief that abilities and
intelligence can be developed
through effort, learning, and
perseverance. They view the success
of others as an inspiration.
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Gilbert Gottlieb
a developmental psychobiologist and Neuroscientist.
Gottlieb was known for his research on gene-
environment interactions and the role of both nature
and nurture in shaping various aspects of
development, including intelligence. Intelligence to him
is being determined by a combination of genes and
environment .

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Importance of Positive Mindset

A positive mindset is crucial for fostering resilience, enabling
individuals to bounce back from setbacks and challenges. It
contributes to improved mental and physical health, reducing
stress and the risk of depression. Positivity enhances
motivation and productivity, encouraging individuals to set and
achieve goals with optimism. Furthermore, a positive mindset
promotes stronger relationships, better problem-solving skills,
and increased happiness, ultimately influencing one's overall
well-being and quality of life.

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Thank you for

your Participation
and Listening!
ENTREPRENEURSHIP