Handout 2 Flashcards
Entrepreneurial Traits
- Entrepreneurs Have an Empowering Perspective of Failure
- Entrepreneurs Know a Little About a Lot
- Entrepreneurs Give and Receive Praise Correction
- Entrepreneurs Fly with Eagles
- Entrepreneurs Look into The Future
Entrepreneurs that Changed the World
- Tony Tan Caktiong (Jollibee)
- Angeline Tham (Angkas Ride Sharing App)
- Howard Schultz (Starbucks Coffee Company)
- Phil Knight (Nike)
- Reed Hastings (Netflix)
- Amancio Ortega (Zara)
- Walt Disney (The Walt Disney Company)
- Mark Zuckerberg (Facebook)
- Steve Jobs (Apple)
- Elon Musk (SpaceX)
- Anne Wojcicki (23andMe)
- Larry Page and Sergey Brin (Alphabet)
explains how entrepreneurs create
value through a venture
Entrepreneurial Value Creation Theory
involves making undesirable matters go away
Problem-solving
consists of bringing something
into reality
Creating
EXAMPLE: The traditional school system trains children to close their books and not ask for help when taking exams. Assessments are usually labeled as either pass or fail. Along the way, old-fashioned teachers also train students to believe that failure is bad. In reality, failure is simply feedback. Failure is the way people learn and grow. For most people, failure is not a correction but a rejection.
Entrepreneurs Have an Empowering Perspective of Failure
the opportunity to begin again in a new and better way. It is inevitable and educational
Failure
feedback from the real world, and one of the first benefits a person can gain from it is the knowledge that he took action.
Failure
EXAMPLE: Smith once heard a story about a CEO having a meeting with an external visitor. During the meeting, an employee burst in and said, “We’ve got a problem. We’ve got to handle this right now!” The CEO calmly looked at the employee and said, “Remember rule number five (5).” The employee thought for a second, smiled, relaxed, and said, “Right – rule number five (5). Thank you,” and then turned and walked out of the room. The CEO resumed his conversation, and within minutes another employee came running in and said: “Something has just come up that requires your immediate attention.” Once again, the CEO calmly looked at the employee and said, “Remember rule number five (5).” The employee visibly relaxed and said, “Oh yeah – rule number five (5). Sorry, I forgot.” Then he smiled and walked out of the room.
Entrepreneurs Know a Little About a Lot
Rule number five (5):
Don’t take yourself so seriously
EXAMPLE: A karate teacher uses a powerful tool to get the best from his students and himself. It’s called “PCP,” which stands for Praise, Correct, and Praise. Rather than criticizing or correcting errors
immediately, when the instructor spots a mistake during a student’s training, he uses the PCP strategy to get better results, first praising or complimenting the student on what he did right, then correcting the mistake, and then praising the improvement. For instance, if a child halfheartedly kicks his leg instead of kicking with force, the instructor might say, “Great, excellent, you got your leg moving in the right direction. Now let’s do it with more strength.” When the child kicks harder, the instructor gives him a high five and says, “That’s it, good job!” Praise, then correct, then praise again.
Entrepreneurs Give and Receive Praise Correction
EXAMPLE: Ken Krogue, a writer at Forbes, had his friend, Troy Fullmer, experience a slight inconvenience during their meal together. He asked the waitress for a little change in how his meal was prepared, and the waitress responded with, “Oh, we can’t do that, I’m sorry.” Troy replied, “Can I talk to your manager?” The manager came out, and Troy immediately received the slight change he requested. It was possible.
Entrepreneurs Fly with Eagles
Great entrepreneurs use vision to create a balanced approach to productivity. People balance their time by planning for the future and taking action in the present. Most entrepreneurs spend very little time looking into the past. It does not mean hindsight is unimportant–it can be used to develop good foresight (Smith, 2012).
Entrepreneurs Look into The Future
Jollibee
Tony Tan Caktiong
Angkas Ride Sharing App
Angeline Tham
