CHAPTER 3 – DEVELOPING AN
ENTREPRENEURIAL MINDSET
GROWTH MINDSET – is essential to a mindset for entrepreneurship.
► people believe that their abilities can be developed through
dedication, effort and hard work.
► brain and talents are not key to lifelong success, but merely the
starting point.
► eager to enhance their qualities through lifelong learning, training
and practice.
► they see failure as an opportunity to improve their performance,
and to learn from their mistakes.
► https://www.youtube.com/watch?v=3spUO9WRmnI Entrepreneurial Mindset
CHAPTER 3 – DEVELOPING AN
ENTREPRENEURIAL MINDSET
Entrepreneurial Mindset
► the ability to quickly sense, take action, and get organized under uncertain conditions.
► ability to persevere, accept and learn from failure, and get comfortable with a certain
level of discomfort.
► involves employing numerous cognitive strategies to identify opportunities, consider
alternative options and take action. (Cognitive strategies are ways in which people
solve problems such as reasoning, analyzing and experimenting).
► requires constant thinking and rethinking and has the capacity to control his/her
emotions and impulses.
► https://www.youtube.com/watch?v=jGbzdSSeA9o Entrepreneurs Vs. Employee
CHAPTER 3 – DEVELOPING AN
ENTREPRENEURIAL MINDSET
Passion and Entrepreneurship:
Entrepreneurial mindset is about understanding yourself, who you are and how you
view the world. It deeply connects to your desired impact which is your PASSION.
Passion is defined as an intense positive emotion which is usually related to
entrepreneurs who are engaged in meaningful ventures, or task and activities, and
which has the effect of motivating and stimulating entrepreneurs to overcome
obstacles and remain focused on their goals. (Pleasure of engaging in activities we
enjoy)
However, sometimes, we are blinded by passion and so obsessed by an idea or new
venture that we fail to heed the warning signs or refuse to listen to negative
information or feedback.
CHAPTER 3 – DEVELOPING AN
ENTREPRENEURIAL MINDSET
Entrepreneurship as a HABIT:
Habit – is a pattern of behavior that carried out often
and regularly.
Three (3) habits that need to be cultivated for an
entrepreneurial mindset: SELF-LEADERSHIP,
CREATIVITY and IMPROVISATION. All of these
habits require practice.
CHAPTER 3 – DEVELOPING AN
ENTREPRENEURIAL MINDSET
Entrepreneurship as a HABIT:
Habit of Self-Leadership.
Self-leadership – is a process whereby people can influence and
control their own behavior, actions and thinking to achieve the
self-direction and self-motivation necessary to build their
entrepreneurial business ventures.
Entrepreneurship requires a deep understanding of self and an
ability to motivate oneself to act.
CHAPTER 3 – DEVELOPING AN
ENTREPRENEURIAL MINDSET
Entrepreneurship as a HABIT:
Habit of Self-Leadership.
Three (3) strategies to improve self-leadership:
A. Behavior-focused strategies – help increase self-awareness to manage behaviors
particularly dealing with necessary but unpleasant tasks.
B. Natural reward strategies – endeavor to make aspects of a task or activity more
enjoyable by building certain features, or by reshaping perceptions to focus on the most
positive aspect of the task and the value it holds.
C. Constructive thought pattern strategies – help us to form positive and productive
ways of thinking that can benefit our performance
CHAPTER 3 – DEVELOPING AN
ENTREPRENEURIAL MINDSET
Entrepreneurship as a HABIT:
Creativity Habit.
Creativity – is the capacity to produce new ideas,
insights, inventions and products that are considered
to be unique, useful and of value to others.
CHAPTER 3 – DEVELOPING AN
ENTREPRENEURIAL MINDSET
Entrepreneurship as a HABIT:
Improvisation Habit
Improvisation – is the art of spontaneously creating something without preparation.
Improvisation is connected to the mindset because it help us develop the cognitive
ability to rapidly sense and act as well as change direction quickly.
Entrepreneurs may begin with certain idea or direction but obstacles can prevent them
from executing their plans. At this point, entrepreneurs need some improvisation habit
in which they have to find a way to quickly adapt to their circumstances, think on their
feet and create new plans to realize their vision.
