CHAPTER 1_THE ENTREPRENEURIAL MIND Flashcards
ENTREPRENEURSHIP
- The Creation or extraction of economic value in ways that generally entail beyond the minimal amount of risk, and potentially involving values besides simply economic ones.
- The pursuit of starting, managing, and scaling a business with a combination of innovation, skills and vision to develop new products services that meet the market demand
THE IMPORTANT SKILLS IN ENTREPRENEURSHIP
- The Skills of Play
- The Skills of Experimentation
- The Skill of Empathy
- The Skill of Creativity
- The Skill of Reflection
Allowing imagination to explore, expose his/her mind to opportunities
The Skills of Play
Attempting to do something and learning from such attempts
The Skills of Experimentation
Being sympathetic with the feeling, situation, purposes, opinions and wants of other people
The Skill of Empathy
Being open-minded and letting loose ones ability to create, discover opportunities and resolve problems
The Skill of Creativity
Taking time to reflect, ask and assess what is going on
The Skill of Reflection
THE SKILL OF REFLECTION
- Narrative
- Emotional
- Perceptive
- Analytical
- Evaluative
- Critical
description of what happened
Narrative
centers on the feelings of the people involved
Emotional
focuses on ones insights and feedbacks
Perceptive
rationalizing the skills and relating to theory
Analytical
assessing what went well or wrong
Evaluative
considering the role played, the approach applied, lessons and queries encountered
Critical
FACTS ABOUT ENTREPRENEURSHIP
- Not Solely for Startups
- Entrepreneurs don’t have Exceptional Personality Qualities
- Can be Taught yet Entails Practice
- Entrepreneurs are not so much Risk-Takers
- Entrepreneurs work in partnership more than they compete
- Entrepreneurs are more on doing than planning
- Entrepreneurship is truly a life skill
- Resillience
- Agility
- Negotiating
- Problem Solving
- Relationship Building
Startups are small and primarily funded and operated by a few founders or one person
Not solely for Startups
There is no required personality qualities to become entrepreneur
Entrepreneurs Don’t have exceptional personality qualities
since everything is unpredictable in it, skills stated earlier must be applied. Faults and mistakes can be improved through practice
Can be taught yet entails practice
they are but they usually measure the loss that may be experienced
Entrepreneurs are not so much Risk-Takers
they want to learn from shared experiences and usually wants support
Entrepreneurs work in partnership more than they compete
not all of them follows the formal business plan
Entrepreneurs are more on doing than planning
offering methodological way of thinking, opportunity identification, prolem-solving, adaptation and governing one’s goals
Entrepreneurship is truly a life skill
being able to deal with setbacks
Resilience
responding speedily
Agility
ensuring good relationship; setting boundaries
Negotiating
creating solutions
Problem solving
give and take relationship
Relationship building
TYPES OF ENTREPRENEURSHIP
- Intrapreneurship
- Entrepreneurs Inside
- Buying a Franchise
- Buying a Small Business
- Social Entrepreneurship
- Family Business
- Serial Entrepreneurs
A system within a company allowing employees to act like entrepreneurs
Intrapreneurship
A person within corporation who takes direct responsibility for turning an idea into a profitable finished product through innovation
Entrepreneurs Inside
Buying license to operate and run the branded business
Buying a franchise
Buying out the existing owner and takes the management and operations
Buying a Small Business
Pursuing innovative applications to address the problems of community
Social Entrepreneurship
Owned and managed by members of the family
Family Business
Constantly crops up with fresh ideas and starts new businesses
Serial Entrepreneurs
FIVE PRINCIPLES IN EFFECTUATION in ENTREPRENEURSHIP
- Bird in Hand
- Affordable Loss
- Crazy Quilt
- Lemonade
- Pilot in the Plane
Creating solutions using available resources
Bird in Hand
Investing what he/she is willing and can afford to lose
Affordable Loss
Entering new partnership – creating opportunities and reduces uncertainty
Crazy Quilt
Turning bad outcomes/mistakes as new opportunities
Lemonade
Total control on entrepreneurial activities
Pilot in the Plane
COMPONENTS OF THE ENTREPRENEURSHIP METHOD
- Identify Desired Impact
- Begins w/ Means in Hand
- Describe the Idea Today
- Estimate Affordable Loss
- Reflect & Be Honest
- Take Small Action
- Network & Enjoin Others in the Journey
- Build & Learn from What has Been Learned
Determining your goal
Identify Desired Impact
focus on current resources
Begins with Means at Hand
Desired impact and current resources will bring you this
Describe the Idea Today
controlling the loss that may happen
Estimate Affordable Loss
Know the real status, accept and do something
Reflect and Be Honest
Taking small actions is getting going.
Take Small Action
Sharing ideas and finding connections
Network and enjoin Others in the Journey
evaluate and assess to improve the things needed/performance required
Build and Learn from What Has been Learned
- Uses information and data for decision making
- Used by big companies where goals are planned
Managerial Thinking
- The ability to identify opportunities in the marketplace and discover the most fitting ways and time to take advantage of them
Entrepreneurial Thinking
