The Entrepreneurial

Mindset
 Who are Entrepreneurs
• Self renewing agents
• Risk takers
• Uniquely optimistic
• Hard driving
• Committed individuals
• Derive great satisfaction from independence
 Who are Entrepreneurs
• Combines sound judgment, planning and risk
taking to ensure success of his own business
• Work hard driven by intense commitment and
determined perseverance
 Who are Entrepreneurs
• Optimist who sees things as half full rather
than half empty
• Strive for integrity
• Burn with competitive desire to excel
• Use failure as a tool for learning
 Who are Entrepreneurs
• They have enough confidence in themeselves
that they can make a difference in the final
outcome of their ventures
 Common characteristics
associated with Entrepreneurs
• Total commitment, determination and
perseverance
• Drive to achieve and grow
• Opportunity and goal orientation
• Taking initiative and personal responsibility
• Persistent problem solving
• Realism and sense of humor
• Seeking and using feedback
• Internal locus of control
• Calculated risk taking and risk seeking
• Imaginaion, flexibility and willingness to
accept risk
• Low need for status and power
• Integrity and reliability
• See figure 2.1 page 31
• Inner control
• planning and goal setting
• Risk raking and innovation
• Reality perception and use of feedback
• Decision making, human relations and
independence
• Individuals who are not afraid to fail
 Commitment, Determination and
Perseverance
• Do you feel excited to overcome setbacks?
• Do you like winning odds which others
consider insurmountable?
• Can you compensate for personal
shortcomings?
• Can you mortgage something? Take a pay cut?
Sacrifice family or personal time? Reduce
standard of living?

• Investors shall measure you by this standards

 Drive to achieve
• Self starters who appears to others to be
internally driven by a strong desire to
compete, to excel against self imposed
standards and pursue and attain challenging
goals
• Moderate risk takers. As they examin the
situation and determine who to increase the
odds of winning
 Opportunity Orientation
• Focus on opportunity rather than resources,
structure or strategy.
• Constant awareness of taking advantage of
events that can enhance ones strenghts
• They are goal oriented who knows to sort out
priorities, measure how they are performing
and know how to say no.
 Initiative and Responsibility
• Self reliance and takes charge and makes things
happen
• Puts themselves in the situation to be
responsible for the success or failure of the
operation
• They take the initiative in solving problem or in
filling a vacuum when no leadership exists
• Like situtions when their personal impact can be
measured
 Persistent Problem Solving
• Difficuilty is not intimidating
• Impossible just takes a little longer
• Not aimless nor foolhardy in their relentless
attack on a problem or an obstacle that is
impeding business operations
 Persistent Problem Solving
• Simple problems bore them, unsolvable
problems do not warrant their time
• Relentless but realistic what they can and
cannot do
 Seeking feedback
• Quick learners
• Strong desire to know how they are doing and
how they might improve their performance
• Hence seek out feedback
 Internal Locus of Control
• They believe in themselves
• Fate, luck or similar forces are hallucinations
• Accomplishments and setbacks are within
their own control and influence.
• Can affect their own actions
 Tolerance for Ambiguity
• Uncertainty and the the uncertainty brought
about by changes in the entrepreneurial
environment can be dealt with
 Calculated risk taking
• They participate in ventures in a calculated
well thought-out manner
• They do everything to get the odds to their
favor
• Avoid taking unnecessary risk
• Bargaining power with creditors, suppliers and
the like
 Integrity and Reliability
• The ability to deliver services on time
• Respect for other peoples time and resources
• The ability to deliver results as agreed upon
 Tolerance for failure
• Failures are learning experiences
• Anticipate diffuculties and learn from setbacks
experienced due to to this difficulties
• They are not disspointed, discouraged or
depressed by set backs
• They look for opportunity when others look
for problems
 High Energy
• The extra ordinarywork loads and stressful
demands put a premium on the energy level
of entrepreneurs
• Diet, exercise and leisure sustains
entrepreneurial energy
 Creativity and innovativeness
• Ability to think out of the box and provide
unique alternatives and solutions

Vision
• Entrepreneurs where they’re going and can
set a direction how to get there
 Self confidence and optimism
• Unwavering belief in what they can do, and
lets others know especially in down periods
• Makes others sustain their own optimism and
enthusiasm
 Independence

• Gets frustrated with rigid rules,

• wants to make a difference with his own way.
• Wants authority to make decisions
 Team Building
• Looks for likeminded people
• They have and retain highly motivated people
around to help achieve their goals