Module 1&2

INTRODUCTION OF
ENTREPRENEURIAL MIND AND
THE CONCEPTS

Prepared by:
GLENDA LOPOY
Faculty
Institute of Arts & Sciences

Cover photo: The main building of the Camiguin Polytechnic State College Balbagon Campus
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INTRODUCTION OF ENTREPRENEURIAL MINDSET AND THE CONCEPTS

Overview

The adjective “entrepreneurial” is used in a host of

varying contexts and embodies a wide variety of
meanings and implications. For instance,
“entrepreneurial knowledge,” as J.J. Kao points out
in The Entrepreneurial Organization, can be
referred to the concepts, skills, and mindset
associated with operating large corporations with
greater flexibility, innovation, and responsiveness.

However, for our discussions, entrepreneurial

knowledge is restricted to the concepts, skills, and
mindset that individual business owners must
employ in the process of starting and operating
high-growth-potential ventures

Entrepreneurial Management --- Entrepreneurship

is about overcoming ambiguity, risk and failure,
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INTRODUCTION OF ENTREPRENEURIAL MINDSET AND THE CONCEPTS

embracing it, and learning from it. This course will

explore entrepreneurship and identify and many
contexts in which entrepreneurship manifests,
including start-up, corporate, social, and public
sector. It will prepare students for starting and
succeeding in an entrepreneurial venture. The main
course deliverable is a complete business plan and a
presentation to an outside group of investors. This
course will enable participants to sharpen their
ability to find and evaluate opportunities for a new
venture, as well as to think creatively and solve
problems in highly unstructured situations. A
broad range of topics essential to entrepreneurial
ventures will be covered, including idea generation,
feasibility analysis, raising capital, marketing
strategies, financial modeling, attracting a capable
team, creating a culture, and preparing for growth.
In addition, the course will cover buying a business,
franchising, and family business.

LEARNING OUTCOMES:

1. Understand the nature of entrepreneurship.

2. Understand the function of the entrepreneur in the
successful, commercial application of innovations.
3. Identify possible sources of new business
opportunities.
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INTRODUCTION OF ENTREPRENEURIAL MINDSET AND THE CONCEPTS

.
CONTENT

Entrepreneurship is an open and external activity, linked with the

economic, social, political, cultural and physical environment. The
entrepreneurs take the risk of producing improving and making
changes in the products or services. “Entrepreneurship is the
creative response to every external condition.”
An entrepreneur management plan establishes how the
entrepreneur will balance their personal risk with their role within
the company. Learning how to balance personal risks can help
entrepreneurs better prepare for unexpected issues.
Entrepreneurs may possess qualities that help them establish a
new business, such as innovation and passion. To provide a new
business venture with a more detailed direction, entrepreneurs can
study entrepreneurial management. Understanding the structure
needed to manage your own company can help you be successful
as your business progresses. In this article, we discuss the
practice known as entrepreneurial management along with why it's
important to have an entrepreneur management plan.
Within an entrepreneur management plan, you establish the goals
you want to achieve with your startup. This includes short-term
goals, such as launching your first product, and long-term goals,
like generating a certain number of sales. Having clear goals can
help everyone involved with the startup stay motivated, as they'll
know what they're working to achieve. In addition, it helps you
determine what actions you need to take to reach those goals.
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INTRODUCTION OF ENTREPRENEURIAL MINDSET AND THE CONCEPTS

Definitions of term:

1. What is an Entrepreneurial Mindset?

An entrepreneurial mindset is a set of skills
that enable people to identify and make the
most of opportunities, overcome and learn from
setbacks, and succeed in a variety of settings.
Research shows that an entrepreneurial
mindset is valued by employers, boosts
educational attainment and performance, and is
crucial for creating new businesses.
2. What is Mindset?
We all have a mindset, yet often we are not
consciously aware of it or the profound effect it
has on our lives. Our mindset is the underlying
mechanism that can expose opportunities and
ignite our ambition, engaging our faculties in
ways that enable us to flourish and thrive. Yet,
our mindset can also blind us to opportunities
and hinder our ability to learn and grow, keeping
us tethered to familiar, yet unproductive patterns
of thought and action.
3/ Business mindset:
It is a way of thinking that enables you to
uncover and see problems as opportunities, and
then turning those opportunities into a business.
It is an understanding that everything around us
is the result of someone ha7ving an idea and
then executing it.
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INTRODUCTION OF ENTREPRENEURIAL MINDSET AND THE CONCEPTS

4. Entrepreneurship is the creation or extraction of

economic value. With this definition, entrepreneurship is
viewed as change, generally entailing risk beyond what is
normally encountered in starting a business, which may
include other values than simply economic ones.
5. Entrepreneur is an individual who creates a new business,
bearing most of the risks and enjoying most of the rewards.
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
6. Manager- Managers exist at many different levels of an
organization, from the CEO to a manager of an initiative or
small team within a department. The term “manager” can
refer to managing people in a leadership role, or managing
projects and tasks.
Whether you’re interviewing for the position of manager or
simply wondering what a management position entails, it’s
helpful to understand the scope of this role. In this article, we
discuss common management responsibilities and a
manager’s role within a business.
7. Leadership- is the ability of an individual or a group of
individuals to influence and guide followers or other
members of an organization
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INTRODUCTION OF ENTREPRENEURIAL MINDSET AND THE CONCEPTS

5 Ways to Cultivate an
Entrepreneurial Mindset
I've got news for you: developing an entrepreneurial mindset
doesn't require an MBA.

Some people seem to be born with the entrepreneurial spirit –

that drive to start something new, solve the problems they see in
the world, and strike out on their own.
Others work really hard at developing that mindset and keeping
it strong.
Whether you're hoping to start your own business in the near
future or years down the road, sharpening your entrepreneurial
mindset can have an enormous impact on your life. It'll help you
keep learning, growing, and stretching yourself to your greatest
potential. (And that's always a positive, no matter where your life
takes you.)
Here are five ways you can work on cultivating an
entrepreneurial mindset.
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1. Prioritize learning and growth

It's all too easy to look at a successful entrepreneur and
assume they've got it all figured out. But the most successful
entrepreneurs readily acknowledge that they'll NEVER know it all.
They're constantly pursuing new knowledge and new ideas.

2. Set goals (and make daily progress on them)

Successful entrepreneurs don't accomplish great things by
accident – they set thoughtful goals they care about and work
towards them. Small achievements day in and day out accomplish
big goals. And nothing's more empowering than achieving a goal.
It helps you get used to the idea that you have control over your
life and that you have the ability to accomplish anything you put
your mind to. (Because you do!)

Set goals each day. Each night before I go to sleep, I

prioritize the 3 things I need to accomplish the next day. This can
be anything from following up on a deal I'm working on, reaching
out to a friend to have a scheduled lunch or writing a chapter of my
new book. Big or small, professional or personal, significant or a
little silly, you should always have a few goals you're working
toward. If you set a small goal, accomplish it quickly and move on
to the next. If you set a larger goal, break the path into small,
achievable, realistic steps – ones you can make daily progress on.

3. Get comfortable being uncomfortable

Honestly? There's nothing comfortable about being an
entrepreneur. It involves loads of rejection, risk, failure,
embarrassment, anxiety, criticism, tears, doubt… you know,
the sort of stuff nobody particularly enjoys. But it's the price
we pay for the creative freedom and fulfillment that can't
come any other way. If you let your discomfort keep you from
moving forward, you'll miss out on so many opportunities.

Put yourself in new and unfamiliar situations that force you to

grow. Try something you've never done before. Get rejected.
It's scary, but it's also thrilling.
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4. Embrace risk

Whenever you take a risk, you've got two possible outcomes:

you'll either win or you'll learn. And failure is the best teacher
there is. It's an opportunity to grow, adapt, and learn new
strategies for next time. Don't avoid failure, embrace it. Fail
fast and fail often. It'll set you up for success in the long run.

In my life, I use failure as a bit of a benchmark – if I'm not

failing or getting rejected enough, I'm clearly not taking
enough risks. Sure, failure can be scary, but regret is way,
way scarier.

5. Spend time with other entrepreneurs

The most significant factors in your life are the people around
you. If you surround yourself with negative people who
complain there's nothing they can do to improve their
circumstances, you'll eventually find yourself feeling the
same way. But if you surround yourself with energizing,
inspiring relationships, their optimism will rub off on you.

Build relationships with entrepreneurs who have been in your

shoes. Learn from their successes and failures. Find mentors
or other experts who you can learn from through courses or
one-on-one coaching.

What is another word for mindset?

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INTRODUCTION OF ENTREPRENEURIAL MINDSET AND THE CONCEPTS

14 synonyms, antonyms, idiomatic expressions, and related

words for mindset, like: mentality, way of thinking,
outlook, ethos, psyche, mind-set, ideology, world-view,
thoughts, conservatism optimistic and worldview.

The 4 Characteristics of an Entrepreneurial

Mindset
Every entrepreneur is unique and no path to success is the same,
but all successful entrepreneurs share a specific skillset that allows
them to solve problems, overcome obstacles, and thrive in their
respective fields. Some of those skills include:

1. Ability to confront self-doubt: Teaching yourself how to think

means acting like your own coach or even cheerleader.
Entrepreneurial success will come from your ability to control your
own thoughts and confront your self-doubt, making it easier to
navigate the failures and disappointments inherent in going it on
your own.

2. Accountability: Having an entrepreneurial spirit includes

recognizing your responsibility for the outcomes and actions of
your business. When big things go wrong (and they will), the buck
stops with you. Even when outcomes are outside of your complete
control, entrepreneurial thinking requires you to avoid making
excuses and instead take actions to resolve the option.
3. Resilience: Mistakes are inevitable when attempting to launch
new ventures. Everyone from Silicon Valley billionaires to low-level
employees makes mistakes. That’s why resilience is one of the
most important life skills for an entrepreneur. Your ability to bounce
back from failure will help your business stay afloat and inspire a
team to follow your leadership.
4. Willingness to experiment: Whether you’re the co-founder of a
bourgeoning business or simply one of the many young people
trying to set out on a new career path, your road to sustained
success will lead you to many tough decisions. Entrepreneurs are
always willing to experiment when it comes to new products,
business plans, or problem-solving techniques. They test out
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different products and pricing, soliciting feedback from a core team

of trusted advisers, and they’re willing to abandon ideas when they
aren’t working

18 Nature and Characteristics of Entrepreneurship

The ability to establish the new enterprise, directing and controlling

it and adventure capacity to make changes and carrying out
various new improvements in the enterprise is called
‘entrepreneurship’ and there are many types of features of
entrepreneurship.
1. Risk Bearing Spirit- Entrepreneurship is the spirit or
capacity for bearing risks. Various types of risks are to be
faced, right from the establishment of the business enterprise
to its operation and entrepreneur is also required to possess
the strength to provide a guarantee against the uncertainty
In modern business, risk-bearing has become important, due
to increasing complications in the business.
2. Ability to Innovate
Entrepreneurship is an innovative activity, through which
creative ideas may be implemented. Entrepreneurs give
proper attention to new opportunities, new techniques, new
commodities, new raw material, new production or
distribution system, new trade, new machinery, new
management system, etc. In the developed economy.
3. A Lifestyle
Entrepreneurship is a systematic Lifestyle because every
person has to be imaginative and creative to achieve goals in
life. Not only that, but he has to also up possess the ability to
formulate plans, to take decisions and to implement the plans
and decisions.
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4. Environment Oriented Activity

Entrepreneurship is an open and external activity, linked with
the economic, social, political, cultural and physical
environment.
5. Universal Activity; Entrepreneurship is a Universal
activity because the enterprise is required in all walks of
life, like education, health, medical, politics, Army, sports,
etc.

Besides, it is equally required in all types of businesses,

whether big or small, and in all these works and activities,
risk-bearing, innovations, and leadership are required.

6. Motivational Activity
Entrepreneurship motivates the businessmen and
Industrialist to create new ideas, to implement them, to
search for various new opportunities and to make
constructive thinking.

7. Creation of Resource
Entrepreneurship transforms the un useful resources into useful products or
services.Like the transformation of raw materials and goods into resources.

8. Practice-Based on Knowledge
Entrepreneurship is a practice based on Knowledge because an entrepreneur
creates quality for the enterprise, on the basis of his knowledge and
experience and he attains high achievements.

9. Creative Activity
Entrepreneurship is a constructive and creative activity, the reason being that
it provides inspiration to persons for searching for new opportunities and also
for creative thinking and implementations thereof.
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Besides, in this activity, constructive activities are carried out also by making
changes in the resources of production, designs of the commodities, quantity,
and Markets of the commodities, etc.

10. Management is the Tool of Entrepreneurship

In any enterprise, management is the vehicle of implementations of
entrepreneurial plans and decisions.

Changes and improvements in entrepreneurs are introduced only by

management.

Not only that, by increasing the use of management, in new activities, new
business, non-business organization entrepreneurship have developed.

11. It is Based on Principles, Not on Intuition

Entrepreneurship is based on certain principles. This is not only a spirit
emerging from intuition or inner inspirations of any individual.

nature and characteristics of entrepreneurship

12. Result of Different Changes

Entrepreneurship is not an economic activity or event alone, but is the result
of the following changes:

1. Social, political, scientific and Technical changes.

2. Changes in social values, government policies, organizations and
education.
3. Science, population, cultural and physiological events, etc.

Thus, as a result of the above changes, the approach and thoughts of people
are continuously changing and entrepreneurial tendencies are also
developing.

13. Business Oriented Attitude

Entrepreneurship is a business-oriented attitude because it provides
inspiration to interest taking individuals and organizations, for having
business-oriented imaginations, for making plans and for establishing
industries.
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INTRODUCTION OF ENTREPRENEURIAL MINDSET AND THE CONCEPTS

Besides, it also provides inspiration to people to become the entrepreneur and

establish any enterprise.

As a result, various new business enterprises established in society.

14. Result Oriented Behaviour

Entrepreneurship always puts emphasis on a result, and not on destiny.

Hence, every entrepreneur believes in achieving results through their efforts

and Labour.

Besides, they Pay attention to gaining achievements, through their result-

oriented behavior, strong plans, and sound decisions.

15. Professional Activity

In the present context, entrepreneurship is not inborn quality but an acquired
quality, because if someone desires to acquire this ability, he will have to
participate in entrepreneurial development programs organized by various
institutions and organizations.

This is now becoming a profession due to the following reasons:

 The ability of entrepreneurs is being enhanced and developed through

education and training.
 The government is also introducing various schemes to create interest
and attitude towards entrepreneurship.

Now entrepreneurship is not only a talent by birth, rather this is an earned

talent, but entrepreneurship is also thus emerging as a professional activity.

LEARNING EXPERIENCES & SELF-ASSESSMENT ACTIVITIES (SAA)

Assessment a. In your own words, Explain Entrepreneurial Mindset ,
Entrepreneurs, Ri Managers and Leadership? is.
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b. According to studies, why is business man /woman contribute a huge economic
development in one’s country?
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Conclusion
To be successful in sustainable business practices often requires
entrepreneurship and innovation. This chapter provides an overview of
entrepreneurship and innovation as it relates to sustainable business. The
discussion is most relevant to sustainable businesses focused on offering
new products and services in response to societal concerns. The
importance of entrepreneurship and innovation also applies to companies
that change how they produce products and services. The latter
companies can use innovative practices and entrepreneurship to establish
their brand name and to be market leaders in doing things that create
shared value for society and their companies and also, over time,
contribute to changes in practices in their industry.

TAKE AWAYS:
To be successful in sustainable business practices often requires
entrepreneurship and innovation.
Entrepreneurship and innovation are relevant in for-profit and nonprofit
ventures.
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Entrepreneurship can be viewed as recognizing change, pursuing

opportunity, taking on risk and responsibility, innovating, making better
use of resources, creating new value that is meaningful to customers, and
doing it all over again and again.
Being an entrepreneur requires taking on significant responsibility and
comes with significant challenges and potential rewards.
Entrepreneurship is a mind-set, an attitude; it is taking a particular
approach to doing things.
The motivations for becoming an entrepreneur are diverse and can
include the potential for financial reward, the pursuit of personal values
and interests, and the interest in social change.
For innovation to be relevant for sustainable businesses, it has to be
meaningful and affect a large number of stakeholders.
Successful entrepreneurship often requires creativity and innovation in
addressing a new opportunity or concern in a new way.

Book reference:
Business Model Generation
by Alexander Osterwalder (Goodreads Author) (shelved 2 times as
entrepreneurial-management)
Disciplined and hierarchical management of any business provides it with
a new dimension and paves the way towards progress.
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Zero to One: Notes on Startups, or How to Build the Future

(Hardcover)
by Peter Thiel (shelved 1 time as entrepreneurial-management)

Entrepreneurship in the Philippine Setting by Wenefreda Tesor