Chapter 1 Flashcards
What is mindset?
An underlying mechanism that can expose opportunities and ignite our ambition, engage our faculties in ways that enable us to flourish and thrive
Mindset refers to the way how people think.
What is the entrepreneurial mindset?
A set of skills that enable people to identify and make the most of the opportunities available
It drives one’s entrepreneurial behaviour and can be developed through experiences.
List three characteristics of an entrepreneurial mindset.
- Future-focused
- Optimistic
- Lifelong knowledge seekers
What does the 80/20 rule refer to?
The Pareto Principle
It suggests that roughly 80% of effects come from 20% of causes.
What are the three elements of the entrepreneurial mindset?
- Beliefs
- Focus
- Attitudes
Why is strategy essential for entrepreneurial success?
It is important to focus on your mindset first and train your psychology to create and seize opportunities
This helps in persevering no matter what.
What does the Iceberg Illusion represent in personal growth?
It symbolizes the unseen factors that contribute to success, such as hard work and perseverance
Only a small part of the effort is visible, while most is hidden beneath the surface.
What is the first secret of the Entrepreneur Mindset?
Understand themselves, others, and the world around them
What is the second secret of the Entrepreneur Mindset?
They clearly define what it is they want to do
What does it mean to protect and prioritize time in entrepreneurship?
It means to manage time effectively to focus on what is important for achieving goals
What is emphasized by the phrase ‘Deals with fact, NOT FLUFF’ in the entrepreneurial mindset?
The importance of focusing on realistic and actionable information rather than distractions
What does ‘live to provide value and services’ imply for entrepreneurs?
It suggests that successful entrepreneurs focus on creating value for others
What does performing a Mind Makeover involve?
Changing one’s mindset to foster a more positive and productive outlook
What is the significance of success by association in entrepreneurship?
It highlights the importance of surrounding oneself with successful and positive influences
True or False: Taking personal responsibility is one of the secrets of the Entrepreneur Mindset.
True
What role does gratitude play in the Entrepreneur Mindset?
It fosters a positive outlook and helps maintain motivation
Fill in the blank: The mind is a ______ thing. It can take you through walls.
powerful
