CHAPTER 2 – ENTREP MIND • A FLEXIBLE SCHEDULE

People who work reasonable hours are often more

productive than those stuck at work for nine hours or
DEFINITION OF ENTREPRENEUR longer each day. Entrepreneurship offers the chance to
develop your own personal schedule.
• A person who undertakes the risk of starting a new
business venture is called an entrepreneur. • FREEDOM TO CHOOSE THE PEOPLE YOU WORK WITH
• An entrepreneur creates a firm to realize their idea, Entrepreneurs have the privilege of selecting the clients,
known as entrepreneurship, which aggregates capital employees and partnerships they will pursue. You will be
and labor in order to produce goods or services for profit. dealing with people you are most comfortable with.
• Entrepreneurship is highly risky but also can be highly DISADVANTAGES OF BECOMING AN ENTREPRENEUR
rewarding, as it serves to generate economic wealth,
growth, and innovation. • UNCERTAIN INCOME

• Ensuring funding is key for entrepreneurs: Financing Entrepreneurs have no guaranteed paycheck especially
resources include Small Business Administration loans in the early days of their business venture.
and crowdfunding.
• INCREASED RESPONSIBILITIES
• The way entrepreneurs file and pay taxes will depend
Entrepreneurship requires dedicated people willing to
on how the business is set up in terms of structure.
bear the involved responsibilities.
CHARACTERISTIC OF AN ENTREPRENEUR
• HIGH STRESS LEVEL
• HARD WORK
The stress associated with entrepreneurship can be high
A successful entrepreneur is one who is willing to work because you spend much of your time striving to make
hard from the very beginning of future enterprise. An the most of every opportunity.
entrepreneur with his tenacity and hard work and
• DEMANDS ON YOUR TIME
persuasive perseverance can revive his business even
from on the verge of collapse. Most successful entrepreneurs work longer hours than
the average traditional employee. Depending on how
• BUSINESS ACUMEN AND SINCERITY
many employees you are able to hire, you may not have
Business acumen stands for Shrewdness and ability. the luxury of reducing your working hours.
Again the success of people behind Enterprise. If person
• COMPETITION WITH OTHER BUSINESSES
is sincere about his venture, he will move heaven and
earth make it a success. In a capitalistic society, competition between businesses
is an inevitable. When you start a business, there are
• PRUDENCE
likely going to be other companies that may provide a
A successful entrepreneur must be prudent in all his similar product or service.
dealings. He should have the ability to work out the
STRENGTHS OF AN ENTREPRENEUR
details of the venture from all angles, assess the
favourable factors and pitfalls and take suitable • PASSION AND DRIVE
measures to overcome the pitfalls.
Entrepreneurship requires immense dedication. Identify
ADVANTAGES OF BECOMING AN ENTREPRENEUR areas where you possess unwavering passion and a
strong work ethic.
• BEING YOUR OWN BOSS
• PROBLEM SOLVING SKILLS
Entrepreneurs have the freedom to make their own
decisions and completely control business operations. Entrepreneurs constantly face challenges. Assess your
ability to think creatively, analyze situations, and develop
• REAP FULL REWARDS
effective solutions.
Everything the business gains automatically becomes
• ADAPTABILITY AND RESILIENCE
yours. After paying your employees and covering other
expenses, you can pocket all the profits. The business landscape is dynamic. Evaluate your ability
to pivot, learn from setbacks, and persevere through
• CONTINUED GROWTH AND DEVELOPMENT
obstacles.
Entrepreneurship requires constant growth. You have to
be able to adapt as your business expands or the market
shifts.
• COMMUNICATION AND INTERPERSONAL SKILLS • Build a Strong Network

Building relationships with customers, investors, and • Focus on Customer Satisfaction

team members is crucial. Analyze your communication,
negotiation, and interpersonal skills. • Mater Financial Management

• FINANCIAL ACUMEN 4. Embrace Innovation and Adaptability

Understanding financial statements, managing cash • Stay ahead of the curve

flow, and making sound financial decisions are vital. • Embrace new technologies
Assess your financial literacy and decision-making
abilities. • Be open to change

AREAS OF IMPROVEMENT AS A POTENTIAL • Foster a culture of innovation

ENTREPRENEUR
5. Prioritize Self Care
• RISK TOLERANCE
• Main work life balance
Entrepreneurship involves inherent risks. Evaluate your
• Prioritize physical and mental health
comfort level with uncertainty and potential losses.
• Practice Mindfulness and stress
• TIME MANAGEMENT PRIORITIZATION

Juggling multiple tasks and deadlines is essential. Assess

your time management skills and ability to prioritize
effectively.

• DELEGATION AND TEAM BUILDING

As your business grows, you'll need to delegate tasks and

build a strong team. Evaluate your ability to trust and
empower others.

• SELF- DOUBT AND IMPOSTER SYNDROME

Self-doubt can hinder progress. Identify and address any

internal barriers that may limit your entrepreneurial
journey.

• CONTINUOUS LEARNING

The business world is constantly evolving. Evaluate your

commitment to lifelong learning and professional
development.

HOW TO IMPROVE AND GROW AS AN ENTREPRENEUR

1. Cultivate the Entrepreneurial Mind

• Embrace Growth Mindset

• Develop Resilience

• Embrace Risk

• Be patient and persistent

2. Focus on Continuous Learning

• Read Books and Articles

• Attend Workshops and Conferences

• Seek Mentorship

• Embrace Lifelong Learning

3. Build a Strong Foundation

• Develop a Solid Business Plan