Chapter 2: Entrepreneurial Mindset Flashcards
1
Q
What is a fixed mindset?
A
Belief that talents and abilities are fixed traits. Individuals with this mindset aim to look smart and avoid challenges that could expose their weaknesses.
2
Q
What is a growth mindset?
A
Belief that abilities can be developed through dedication and effort. These individuals embrace challenges and see failure as a chance to improve.
3
Q
What is the entrepreneurial mindset?
A
A mental process that helps individuals recognize and act on opportunities with incomplete information, staying resilient in complex and uncertain conditions.
4
Q
What are the 5 key themes of the entrepreneurial mindset?
A
- Mental Process
Entrepreneurs use cognitive strategies like metacognition (awareness of how they think) and entrepreneurial self-efficacy (belief in their ability to succeed). - Value Creation
Entrepreneurs focus on creating value, even when it’s difficult to define. - Recognizing and Acting on Opportunities
They are attuned to spotting opportunities to introduce new products or services. - Adaptability and Resilience
Entrepreneurs build resilience over time, helping them recover from failures and continue moving forward. - Decision Making with Limited Information
Entrepreneurs accept uncertainty and take small, quick actions to learn and move ahead.
5
Q
What are the 5 habits to cultivate an entrepreneurial mindset?
A
- Creativity Habit
Using knowledge in new ways to identify problems and create innovative solutions. - Improvisation Habit
Acting quickly and changing direction without full preparation, especially under uncertainty (“yes principle”) - Fear Management Habit
Managing fear by taking action and seeing failure as a part of the learning process. - Self-Leadership Habit
Influencing your own behaviour through behaviour-focused strategies, natural reward strategies, and constructive thought patterns. - Reflection Habit
Regularly reviewing and evaluating your experiences to learn from them and apply improvements in the future.
