Chapter 2: Activating an Entrepreneurial Mindset Flashcards
What is the 1st theme of the entrepreneurial mindset?
Mental Process
Related to cognitive strategies and techniques people use to solve problems (reasoning, analyzing, experimenting)
Fixed Mindset
- Talents and abilities are set
- Goal is to look smart all the
time - Take constructive criticism
personally - Attribute other’s success to
luck - Avoid challenges for “safety”
of not failing
What are the components of mental process (1st theme) ?
- Metacognition: Awareness of how we think and make decisions
- Entrepreneurial Self-Efficacy: Belief in ability to start new ventures, belief in ability to succeed, confidence
- Effort, persistence, perseverance
What is the 2nd theme of the entrepreneurial mindset?
Value Creation
Essence of entrepreneurship
Linked to sense of achievement
What is the 3rd theme of the entrepreneurial mindset?
Recognizing and Acting on Opportunities
Determining if there’s a way to solve an unmet need through new products or services.
What is the 4th theme of the entrepreneurial mindset?
Adaptability and Resilience
Capacity to withstand and positively recover from life’s challenges. Resilience is built over time, deal with setbacks and failures essential
What is the 5th theme of the entrepreneurial mindset?
Decision-Making with Limited Information
Taking small, quick actions to learn in hopes of limiting uncertainty and risk, uncertainty always present. Confidence, opening yourself to losses (risk taking)
What are the 5 habits to practice for an entrepreneurial mindset?
- The Creativity Habit
- The Improvisation Habit
- The Fear Management Habit
- The Self-Leadership Habit
- The Reflection Habit
“Why Statement”
North Star: Defines your purpose + guides your connection.
Connection of your internal passion with an external opportunity
Benefits of the Improvisation Habit
- Ability to react when
uncertainty is high (start-up
phase) - Helps manage fear
- Brain generates
unpredictable ideas - Links to idea generation
Benefits of the Fear Management Habit
- Fights against + manages fear
- Risk-taking: Financial, social,
psychic - Celebrating failure
Benefits of Self-Leadership Habit
- Self-goal setting
- Self-reward for achieving
goals - Internal locus of control
- Self-correcting
- Positive/constructive thought
patterns
Benefits of Reflection Habit
- Better understand emotions,
see big picture - Build courage to try new
things, be creative - Achieve personal growth
Reviewing and evaluating experiences
Growth Mindset
- Abilities can be developed
through hard work - Eager to enhance qualities
- Lifelong learning, training,
practice - See failure as opportunity to i
improve
