Lecture in

Entrepreneurial
Minds
(3)

1
Entrepreneurship as a method
 Entrepreneurship is more than just a business
venture.
 A method, a way of thinking and acting that
involves identifying opportunities, marshaling
resources, and creating value.
 This method can be applied not only in starting
and running a business but also in a variety of
contexts, including social entrepreneurship,
intrapreneurship within existing organizations,
and even personal development.
Managerial and Entrepreneurial
Thinking
 Managerial thinking and entrepreneurial
thinking represent two distinct mindsets
that are crucial in the business world,
each with its own set of characteristics
and approaches
Managerial Thinking
 1. Structured and Analytical
 2. Risk-Averse
 3. Operational Efficiency
 4. Hierarchy and Delegation
 5. Stability and Control
 6. Long-Term Planning
Structured and  Characteristics:
Analytical Managers typically follow
established processes and
structures to achieve
organizational goals.
 Approach:
Analyze data, create plans, set
goals, and follow procedures to
ensure efficiency and consistency
in operations
Risk-Averse  Characteristics:
Managers often prioritize stability
and minimize risks to ensure the
smooth functioning of the
organization.
 Approach
Focus on risk assessment, risk
mitigation, and adherence to
established norms and protocols.
Operational
Efficiency  Characteristics:
Efficiency, productivity, and cost
effectiveness are emphasized to
achieve organizational objectives.

 Approach:
Optimize resources, streamline
operations, and monitor performance
to meet predefined standards and
targets
Stability and
Control
 Characteristics:
Aim to maintain a stable and controlled
work environment to reduce uncertainties.
 Approach:
Focus on policies, procedures, and
guidelines to manage and control
organizational activities
Hierarchy and  Characteristics:
Delegation Managers work within established
hierarchical structures and delegate
tasks and responsibilities to subordinates.

 Approach:
Assign roles, responsibilities, and decision-
making authority based on the
organizational hierarchy and individual
capabilities.
Long-Term
 Characteristics:
Planning Managers engage in strategic planning to
achieve the long-term goals of the
organization.
 Approach:
Develop long-term strategies, budgets, and
forecasts based on careful analysis and
predictions
Entrepreneurial
Thinking Thinking
 1. Innovative and Creative
 2. Risk-Tolerant
 3. Market Agility
 4. Flat Organizational Structure
 5. Intrinsic Motivation and Passion
 6. Short-Term Adaptation
Innovative and  Characteristics:
Creative Entrepreneurs are innovative thinkers who
seek new ideas, products, and services to
create value.
 Approach:
Encourage creativity, out-of-the-box
thinking, and exploration of uncharted
territories to discover novel solutions.
Risk-Tolerant  Characteristics :
Entrepreneurs embrace calculated risks
and view them as opportunities for growth
and innovation.
 Approach :
Take risks, experiment, and learn from
failures to adapt and improve strategies
and offerings.
Market Agility  Characteristics :
Agility and adaptability to changing market
dynamics and customer needs are vital for
entrepreneurial success.
 Approach :
Continuously monitor the market, respond
swiftly to changes, and pivot strategies to
align with market demands
Flat
Organizational  Characteristics:
Entrepreneurs often promote a flat
Structure organizational structure that fosters open
communication and quick decision-
making.
 Approach :
Encourage collaboration, teamwork, and
shared responsibility to achieve
organizational goals efficiently
Intrinsic
Motivation and
 Characteristics:
Passion Entrepreneurs are driven by passion,
intrinsic motivation, and a desire to make a
meaningful impact.
 Approach :
Align ventures with personal values and
aspirations, driving determination and
commitment to succeed
Short-Term
Adaptation  Characteristics :
Entrepreneurs adapt quickly and
iteratively based on immediate feedback
and changing market conditions.
 Approach :
Adopt an agile and iterative approach,
making frequent adjustments to
strategies and products to meet evolving
customer needs
Seven mastery skills of an Entrepreneur today?
 The road taken by the entrepreneur used to be the one
least travelled.
 The one where only the bold dared to tread and few
understood the risk or benefitted from the reward.
 Today, the road may be one travelled by many but it still
comes with challenges and obstacles that can trip up
the unwary.
 The best way to thrive, is to learn from other
entrepreneurs, using their learnings and mistakes to
sidestep the challenges and embrace the opportunities.
1. Vision  Know exactly what you want.
 Have a clear idea of your end goal.
 Write it down, verbalise it, embrace it.
 This is how you know exactly where your
steps will take you.
 Your vision is what defines the strategic
goals of your company and what helps you
create a business plan that will get you
where you want to go.
2. Ask questions
 Question yourself, your plans, your strategy, your
business plans and your decisions.
 This is a critical skill that will ensure that you are
constantly driving yourself to be better tomorrow
than you are today.
 By challenging yourself at every turn you will
refine your vision and ensure you are always on
the right path.
3. Passion and energy
 Nobody else is going to be passionate about your
business.
 Nobody else has the energy to take it where it has
to go. It is entirely up to you.
 This may sound extreme, but without these two
key qualities you will battle to take your business
through the complexities that lie ahead and
onwards into long-term success.
4. A work ethic
 Like passion and energy, a work ethic is critical.
This is your business and your vision so you need
to put in the hours. And there are a lot of hours.

 If you’re not prepared for the weekends, late

nights and unexpected holiday disruptions,
then you may not be ready for the demands of
being an entrepreneur.
5. Create an opportunity
While you may be the vision, the passion and the
workhorse of your business.
 It is important to remember that your company
can only go so far with only one person behind the
wheel.
 Learn how to build a team and focus your energy
on building something bigger than yourself.
 Your drive should not be just about building a
successful business, but creating opportunities
for others.
6. Communication
Throughout your journey you will need to share
your vision, ideals and business plans with your
employees and your executives.
 They have to buy into what you are planning, to be
fully engaged with the work that they do.
 This means you have to learn how to
communicate clearly and create a transparent
culture so people feel part of something and
committed to what it represents.
 Ultimately, you want your business to grow and
7. sales this means mastering the art of selling.
 Regardless of your business proposition, it is
likely you need customers to buy into your product
or service.
 So, learn how to sell.
 A large part of this magic formula is made up of
the passion, energy and work ethic you’ve already
mastered.
 The rest is all about relationships, communication
and hooking the clients.
ENTREPREPRENEURIAL
MIND
ENTREPREPRENEURIAL MIND

 "Entrepreneurship: The Practice and Mindset" by Heidi M. Neck, Christopher P. Neck, and
Emma L. Murray
 "New Venture Creation: Entrepreneurship for the 21st Century" by Jeffry A. Timmons
and Stephen Spinelli
 "Entrepreneurship: A Global Perspective" by Stephen Hunt, Andrew L. Stellman, and
Jennifer Greene
 "Technology Ventures: From Idea to Enterprise" by Thomas H. Byers, Richard C. Dorf, and
Andrew J. Nelson