Introduction to Entrepreneurial Mind Flashcards
Who is an entrepreneur? Enumerate the five characteristics of an entrepreneur.
- Starter
- Driver
- Accountable and Responsible
- Risk taker
- Innovator
What characteristic of an entrepreneur does the statement below refer to:
An entrepreneur is an initiator, a challenger, and a driver
A starter
What characteristic of an entrepreneur does the statement below refer to: The entrepreneur is the person in charge, the leader, and the person to look to for leadership.
A driver
What characteristic of an entrepreneur does the statement below refer to: The entrepreneur is the ultimate responsible for the destiny of its venture, which can be a company, a project, or any other endeavor.
Accountable and responsible
True or False: Being an entrepreneur is not directly related to having an equity stake in a company
True
True or False: Being an entrepreneur showcases the leadership-related points
True
True or False: Entrepreneurship is less than financial gains.
False
The great desire to attain a vision or fulfill a mission
Passion
About wanting something so much that a person would be willing to totally devote oneself to the quest; the real drive
Passion
True or False: An entrepreneur possesses an interior fuel and stamina that drives his or her actions
True: Passion
True or False: Anyone can be an entrepreneur and behave like one- regardless of whether or not they happen to be an equity holder.
True
Allows the entrepreneur to see things in a very positive and optimistic light in the midst of crisis or difficult situations
Entrepreneurial mind frame
In Chinese writing, what two characters is the word crisis composed of?
Danger and Opportunity
Emotional intelligence or EQ; is often manifested in the entrepreneurs’ efforts to nurture relationships with customers, employees, and suppliers
Entrepreneurial Heart Flame
Creates a caring culture within the organization that brings about synergy among the people working toward a common vision
Entrepreneurial Heart Flame
Refers to the ability of the entrepreneur to sense without using the five senses
Entrepreneurial Gut Game
Also known as intuition; connotes courage or, in the local dialect, “lakas ng loob” (strong intestinal fortitude).
Entrepreneurial Gut Game
Successful new products spring from the convergence of the creative mind, the technical mind, and the business mind
New Product Development
Conceptualizes and designs a product that consumers find some use for.
Creative mind
True or False: The creative mind produces a product that is not pleasing to see, touch, smell, hear, and taste.
False
The technology originator
Technical Mind
True or False: All entrepreneurs possess the technical mind
False
What drives an entrepreneur to convert new knowledge into something highly functional and operational?
The technical mind
Harnesses the potential of new products by creating the market space for them
The business mind
Organizes sufficient forces and resources to develop, launch, and commercialize the new product in order to maximize its market value
The business mind
What are the five essential characteristics of the Entrepreneurial Mind?
- Creativity
- Suspicion of Predictors
- Comfort with uncertainty
- Openness to experimentation
- Functional humility
The seed of entrepreneurship is the ability to see things differently. Whether it’s with new products or new processes, entrepreneurs are driven by the uncanny knack to see holes in the marketplace and devise innovations to fill them.
Creativity
Entrepreneurs tend not to labor under the assumption that data is the sole predictor of an outcome. Especially in new markets and with new products where data is largely interpretive or extrapolated, entrepreneurs are undaunted by the typical predictors that may put off fainter hearts.
Suspicion of predictors
A distrust of prediction and analysis creates an atmosphere where uncertainty rules; uncertainty is the very essence of entrepreneurship.
Comfort with uncertainty
A comfort with experimentation goes beyond educated trial and error. The ability to experiment with products, processes, and outcomes, no matter where the results may lead, is the key element of this quality.
Openness to experimentation
Egos can destroy the very best ideas. Entrepreneurs who are committed to solving a business problem or reinventing a product or service display a _____.
Functional humility
