TOPIC 1: EMPOWERING ENTREPRENEURS Flashcards by Jasmine Faith Cruz

WHAT IS BEING DEFINED?

-involves the ability to rapidly sense,
act, and mobilize, even under uncertain conditions
-inclination to discover, evaluate, and exploit opportunities
-ability to quickly sense, act, and get the organized under uncertain conditions.

Entrepreneurial Mindset

How well did you know this?

Not at all

Perfectly

What is the trait being described?
-always ask “what if” and “why” and seek new and creative ways of learning and
doing.

Curiosity

How well did you know this?

Not at all

Perfectly

What is the trait being described?
-recognize their potential for learning and achieving anything and the power
to stretch their brains and sharpen their minds.

Growth Mindset

How well did you know this?

Not at all

Perfectly

What is the trait being described?
-dare to step out their comfort zone/s to accomplish great things.

Courage

How well did you know this?

Not at all

Perfectly

What is the trait being described?
-learn to work through failure to create solutions for the problems they are passionate about.

Persistence and Grit

How well did you know this?

Not at all

Perfectly

What is the trait being described?
-actively observe, identify, and act on circumstances where they can
innovate or solve a problem.

Opportunity-seeking

How well did you know this?

Not at all

Perfectly

What is the trait being described?
-proactively develop creative solutions to the problems around them

Problem-solving.

How well did you know this?

Not at all

Perfectly

What is the trait being described?
-see failure as a learning opportunity and a launchpad for their next success
or discovery.

Redefining Failure

How well did you know this?

Not at all

Perfectly

What is the trait being described?
-need to be confident in their ability to innovate and in their potential for making an
impact.

Optimism

How well did you know this?

Not at all

Perfectly

What is the trait being described?
-develop quick and clever ways to overcome challenges.

Resourcefulness.

How well did you know this?

Not at all

Perfectly

What is the trait being described?
-make smart changes when challenges arise without losing heart or giving up

Adaptability

How well did you know this?

Not at all

Perfectly

What is the trait being described?
-think about other people’s needs and feelings and keeping these in mind when
solving a problem.

Empathy

How well did you know this?

Not at all

Perfectly

What entrepreneurial skillset is being described?
-being bold and imaginative and not limiting their thinking to what is already been done.

Creativity

How well did you know this?

Not at all

Perfectly

What entrepreneurial skillset is being described?
-seek out teams with diverse perspectives, skills, and talents.

Teamwork

How well did you know this?

Not at all

Perfectly

What entrepreneurial skillset is being described?
-The more ideas the better. Wildly and silly ideas are also welcome.

Idea Generation

How well did you know this?

Not at all

Perfectly

What entrepreneurial skillset is being described?
- look for and analyze different patterns and trends to see if an idea will be successful and if it is the right time to get started

Opportunity Analysis

How well did you know this?

Not at all

Perfectly

What entrepreneurial skillset is being described?
- It is important to gather information about the potential clients or customers. Entrepreneurs turn the customers idea into something that they will want.

Market Research and Customer Validation

How well did you know this?

Not at all

Perfectly

What entrepreneurial skillset is being described
-to develop effective solutions, entrepreneurs need to put the user first and seek out
feedback to design with users in mind.

Design Thinking

How well did you know this?

Not at all

Perfectly

What entrepreneurial skillset is being described?
-simple models to explain their idea, get feedback, and learn how their product can be improved.

Prototyping

How well did you know this?

Not at all

Perfectly

What entrepreneurial skillset is being described?
-What will it cost to make your product?
-What should you charge?

Business Model Methodology.

How well did you know this?

Not at all

Perfectly

What entrepreneurial skillset is being described?
-It is critical to rally the entrepreneur’s idea to people

Pitching

How well did you know this?

Not at all

Perfectly

What entrepreneurial skillset is being described?
-When the entrepreneur has opportunities to speak about his/her idea, he/she want to do so
as effective as possible.

Public speaking

How well did you know this?

Not at all

Perfectly

______________ are the ways in which people solve
problems such as reasoning, analyzing, experimenting, etc.

Cognitive strategies

How well did you know this?

Not at all

Perfectly

Because working in uncertain environments “goes with the territory” in entrepreneurship, the entrepreneurial mindset requires
constant thinking and rethinking, _________ and ___________ the capacity to control our emotions and
impulses.

adaptability, self-regulation

How well did you know this?

Not at all

Perfectly

__________the way in which to understand one’s performance or the process of thinking about thinking

Metacognition

______________is part of the mindset, and it is not something that we are both with. It can be developed over time through continuous practice.

Metacognitive awareness

_____________ is an intense positive emotion, which is usually related to entrepreneurs who are engaged in meaningful ventures, or tasks and activities, and which has the effect of motivating and stimulating entrepreneurs to overcome obstacles and remain focused on their goals

Passion

__________ is a sometimes unconscious pattern of behavior that is carried out often and regularly

habit

__________is a process by which our brain decides whether a certain behavior should be stored and repeated.

habit loop

There are three habits that need to be cultivated for an entrepreneurial mindset:

self-leadership, creativity, and improvisation

___________is a process whereby people can influence and control their behavior, actions, and thinking to achieve the self-direction and self-motivation

self-leadership

__________________helps increase self-awareness to manage behaviors particularly when dealing with necessary but unpleasant tasks.

Behavior-focused strategies

___________________raises one’s awareness of how, when, and why we behave the way he/she do in certain circumstances

Self-observation

_______________ is the process of setting individual goals for ourselves.

Self-goal setting

_______________is the ways in which an individual compensate himself/herself achieve their goals.

Self-reward

__________________is a process that allows an individual to examine his/her own behaviors in a constructive way to reshape these behaviors

Self-punishment or self-correcting feedback

______________is the process of prompting that act as a reminder of desired goals and keeps an individual’s attention on what he/she are trying to achieve

Self-cuing

_____________the art of spontaneously creating something without preparation

Improvisation

_____________endeavors to make aspects of a task or activity more enjoyable by building in certain features, or by reshaping perceptions to focus on the most positive aspects of the task and the value it holds.

Natural reward strategies

_____________help to form positive and productive ways of thinking that can be benefit performance. It includes identifying destructive beliefs and assumptions and reframing those thoughts through practicing self-talk and mental imagery.

Constructive thought pattern

give 3 our of the six identified main emotional roadblocks preventing people from practicing creativity:

* fear * no appetite for chaos * preferences for judging over generating ideas * dislike for incubating ideas * perceived lack of challenged * inability to distinguish reality from fantasy

________________ is a feeling of confidence that something exists, is true, or is good. Beliefs can make ordinary people do great things.

Belief

It refers to the determination that governs how people think, act, and behave.

Resolve

We are taught never to challenge those beliefs, and eventually make them part of our logic. To succeed, we sometimes have to break these mental barriers and myths that may limit us.

Limiting Belief

Limiting beliefs about identity and capability.

I am too young? * Too old? * Not Talented? * Not smart enough? * Not qualified enough? * No luck for business? * Lack the drive?

Limiting beliefs about money

Money is difficult to earn. * To be rich, you must already be rich. * Money will lead to problems. * Impossible to access money. * Money is the root of all evil.

Limiting beliefs about relationships and people.

Don’t have motivation? * Lazy? * Not a good speaker? * Will never succeeds in business? * Not creative enough? * Cannot manage people? * I must socialize and drink before I can network. * People cannot be trusted. * Marriages never lead to happy endings. * “Perfect partner” for life is a myth.

Limiting beliefs about my career or business.

Market is too saturated. * My idea is already somewhere in the market. * Business is tough. * No one will trust my new idea. * Hard to make money in recession. * No opportunities out there. * I cannot expand my business. * Its hard to get a job if I quit. * My business has reached its growth limit.

Passion has been associated with wide range of positive effect such as:

strength and motivation, energy, drive, tenacity, strong initiative, resilience, love pride, pleasure enthusiasm and joy

WG HM WK HT WS

what is my goal how motivated am I? what do I already know about this? how much time will it take? what strategy works best

ABBREVIATION FOR ENTREPRENEURIAL TRAIT

CGC POP RO RAE

ABBREVIATION FOR ENTREPRENEURIAL SKILLSET

CTIO MD PBPP

____is not a predisposed condition

Mindset

The goal must be....

tangible, specific, measurable, attainable, result-oriented, timebound

Emotions like_____, ________, _______, and_____ hinders people from achieving success

fear, inertia, uncertainty and anxiety

Emotions like______, ________, and _______ make things happen.

enthusiasm, motivation and confidence

Being in denial does not solve the problem. It may eventually come up, and you will still be unable to face it. Typical quote: “I don’t think I can do this; I’m just not that kind of a person’.

. Pretend it never happened, or never try it at all

Feeling helpless and frustrated may stop you from taking further action, and you give up. You will reign in on your goals and believe that the goals are out of reach. Giving excuses and giving up still does not solve the problem. Typical quote: * “I don’t think I’m good enough.” * “I’m too young/old.” * “I’m not as lucky as you!” * “I always have it harder.” * I’ve never won in this game before, so I’m not playing anymore.”

Giving excuses, blaming others, and giving up.

Following the same strategy without examining your failure does not help in overcoming the problem at all. Typical quote: * “If I keep doing it, eventually I’ll succeed”. * “I don’t think I tried hard enough.”

. Keep repeating the same thing over again

Keep repeating the process until you succeed. You need to understand your failure, reanalyze the strategy, change it if necessary, and try out the new strategy, until you succeed. For example, Thomas Edison took almost 10,000 attempts before inventing the light bulb. He used 9,999 failures as his feedback to change his strategy to get to his goal.

Get Feedback, change strategy, and take action.