GEC Elective 1- ENTREPRENEURIAL MIND
LESSON 2: BENEFITS, IMPORTANCE, CHARACTERISTICS & DEVELOPING
ENTREPRENEURIAL MIND / MINDSET
Benefits & Importance of Having an Entrepreneurial Mindset
An entrepreneurial mindset is not exclusive to high-business executives or business owners.
This characteristic can benefit anyone, whether working at an entry-level role, mid-career at a
large corporation or striking out on your own.
Its perspective is all about professional development and embracing failures turning it into
motivation to reach higher goals.
Embracing an Entrepreneurial Mindset
Anyone can embrace an entrepreneurial mindset and it doesn’t have to be specifically running a
business to be an entrepreneurial person. To be an individual with an entrepreneurial mindset is
about taking ownership and responsibilities of their work and using their abilities to tackle
challenges and make an impact.
Benefits of embracing an entrepreneurial mindset:
● You will learn to overcome challenges. Being entrepreneurial means identifying
challenges and overcoming them. It also means learning new skills to be able to fix
problems.
● You will think outside the box. The best way to overcome a challenge is to ditch
conventional knowledge or wisdom. This means being creative and developing creativity
can solve problems in ways one hasn't thought of before.
● You can influence and inspire people. An individual doesn’t have to change the world
to make an impact. An entrepreneurial person’s skills can make a difference in a team
and community.
● You will have a stronger sense of self. Having an entrepreneurial spirit is taking
ownership of one’s ideas, goals, and dreams. Knowing your purpose, skills and
weaknesses and having a strong sense of identity. With this kind of self awareness will
boost self esteem and elevate your team.
The Importance of an Entrepreneurial Mindset in the Workplace
Encouraging an entrepreneurial mindset can do wonders in the workplace. A work culture
based on having an entrepreneurial mind among work members is—
● More resilient wherein everyone is willing to try new things and learn. This means
everyone is ready to adapt to rapidly-changing work environments.
● Collaborative wherein entrepreneurial people are curious, and ask a lot of questions.
Having this kind of people in a team will work like a fine-tuned machine.
● Solutions-oriented which means no problem is insurmountable. An entrepreneurial work
culture thrives on a good challenge.
● High -performing wherein work people are on the cutting edge. With an entrepreneurial
mindset, a team will constantly expand their skills so they can rise to new heights.
The Importance of Entrepreneurial Mindset to Students
Employability is rapidly changing within industries and employment opportunities. Future jobs
will require tremendous adaptability and it is necessary to prepare the students for this future
endeavors.
The entrepreneurial mindset will help students work better with teams, communicate more
effectively, listen to stakeholders, and understand the needs of others.
It gives students a framework to build confidence and to persevere through their educational
challenges; while It teaches students to learn from failure.
It has a profound impact on the mindset of the youth , building confidence, self-efficacy and
adaptability to compete and thrive in the future economy.
It not only teaches the students the skills to manage a business, it also enhances their
career-preparedness.
Entrepreneurial Mindset Characteristics
Having an entrepreneurial mindset may determine one’s success or failure and learning to
cultivate the following characteristics will help an individual absolutely reach their goals and find
success—
1. A positive mental attitude. Cultivating a positive attitude is not about sticking your
head in the sand and ignoring things that could go wrong; it is about learning how to
mentally reframe the response because there is no point in wallowing mistakes. Look
always on the positive side but learn from the negative ones instead of avoiding them.
2. A creative mindset. Creativity is needed for entrepreneurial success; try out creative
tactics and make changes for the better. Might be creativity is gifted to some or a learned
trait but still, there are ways to learn to cultivate a creative mind.
3. Persuasive communication ability. While some people are more naturally persuasive
than others, persuasive communication skills can be learned and practiced. Learn to
communicate and present your ideas.
4. Intrinsic motivation and drive. Staying motivated is the key to set high quality goals.
Formulating long range goals and plans keeps you motivated.
5. Tenacity and ability to learn from failure. Cultivate and use failure to come out even
more successful. Do not always expect to be perfect in the pursuit of success because
every setback and failure can be the best chance to learn how to do something right.
Developing an Entrepreneurial Mindset
Some tips to help develop an entrepreneurial mindset:
1. Set clear goals. Manifesting dreams and outlining plans can act as a visual reminder of
one’s goals. These goals could mean business, career or personal life; entrepreneurial
skills help realize goals.
2. Practice being decisive. Everyone makes decisions daily. It is an all but mandatory life
skill; make up the mind to make progress.
3. Adapt mental wellness. This will improve performance and lead to self-love and will
help forget what failure ever meant.
4. Face your fears. Fear is inevitable in one’s professional and personal life. Engaging
with situations outside of one’s comfort zone helps an individual grow.
5. Remain curious. Always be curious about competition, current trends and events, new
technologies, new people and new ideas.
Essential things to employ and initiate successful entrepreneurial mindset—
1. Passion first - the intention of starting a career or work plan according to one’s passion
2. Everything is possible - believing in one’s self, trusting that an idea could be turned to
reality
3. 100 percent accountable - fully responsible for their actions and dealings
4. We are connected - the belief that working with, for and through others pushes the
potentials
5. Live life to give - giving back to people with less
6. Attitude of gratefulness - provides recognition to achievements, and be thankful for all
of these
7. The time is now - it is best to take action than simply waiting on a perfect plan that does
not exist.
Famous People with great entrepreneurial mindset and thinking
These people embody the entrepreneurial mindset and exemplify how it can change the world.
They aren’t waiting for something to happen. They’re doing the work to address a need while
achieving their own goals, dreams, and aspirations.
Some examples of famous people to serve as inspiration:
● Thomas Edison
A historical example of entrepreneurial behavior. He modeled creativity and adaptability when
he invented the lightbulb. He saw a need for a lighting solution for the home, so he made it
happen. It took him over a year to make his product work, despite his plan to have it done in
three to four months. He didn’t give up. To quote Sir Thomas Edison himself, “I have not failed;
I have just found 10,000 ways that won’t work.”
Talking about this great man's positivity, creativity and resilience had brought the world to
experience a brighter light.
● Steve Jobs
Another example of an entrepreneurial mindset in action. After being fired from Apple—the
company he started, he could have given up. Instead he became the co-founder of Pixar
Animation Studios changing the face of animated film making. Upon his return to Apple he
spearheaded the creation of the iPod and iPhone—the products that brought the company back
from the brink and made it huge in the personal gadgets industry.
Jobs’ story adds weight to one of his favorite quotes, “It’s impossible to fail if you learn from your
mistakes. Don’t give up.”
Talking about this man’s tenacity and ability to learn from failure lead the world to experience
high end technology.
● John Gokongwei Jr.
A driven and motivated person, best describes an individual with an entrepreneurial mindset.
The heir to one of the wealthiest families in Cebu had experienced setbacks and difficulties
since the family fortune evaporated when his father died. He had to support his family by
peddling goods with bicycles in the streets of Cebu. Through perseverance and hardwork, he
began to trade by boat and truck until he began importing from the United States. The
Gokongwei family businesses keep on growing, his family is now one of the successful Filipino
business families and owns JGHoldings, Inc. JGHoldings subsidiaries includes Universal
Robina, Robina Land which owns Robinson Supermarkets and Department Stores, Robinsons
Bank and Gotyme Bank as well as the commercial airline Cebu Pacific.
Talking about Mr. Gokongwei’s tenacity, positivity, and intrinsic motivation and drive would be a
great inspiration for striving individuals to strive at all costs no matter what.
● Joanne Rowling known by her pen name J.K. Rowling
Creative fiction is an entrepreneurial endeavor. J.K. Rowling embodied this sentiment when she
created the popular Harry Potter book series, inspiring a generation of kids with her writing. But
sometimes a good idea isn’t good enough. Her first book in the series was rejected by 12
different publishing companies. Had she given up after the first book, the world would have
never experienced the magic of Hogwarts.
Talking about this lady’s creativity and tenacity. Rowling reminds us, “Anything is possible if
you’ve got enough nerve.”
● Colonel Sanders, Founder of Kentucky Fried Chicken (KFC)
Kentucky Fried Chicken (KFC) is one of the most popular fast food franchises in the world.
Colonel Harland David Sanders was the founder and the face of KFC. He previously held
various odd jobs before he came up with KFC.
He founded KFC at 56 years old and before a major restaurant picked up his “secret recipe” it
was allegedly rejected over 1000 times. When his original restaurant closed, he devoted his
time to franchising KFC.
Talking about the hard work, dedication and innovation of Colonel Sanders that we are still
enjoying up to this time the “finger lickin’ good” Kentucky Fried Chicken.
● Walt Disney, The Genius behind the Disney Theme Parks and Movies
Walt Disney’s story is one told over and over again. Like many of the stories in the Disney
Cinematic Universe, Walt himself had rough beginnings. Who would have imagined that a
person as creative, imaginative and visionary as Walt Disney was reportedly fired by an editor
because he lacked imagination and had no good ideas?
Walt Disney never let the editor’s opinion guide his path to succeed. He never gave up and had
these quotes said, “I can never stand still. I must explore and experiment. I am never satisfied
with my work. I resent the limitations of my own imagination.” “ If you can dream it, you can do
it.” “Laughter is timeless, imagination has no age, and dreams are forever.”
Talking about this man’s positivity and creativity, up until now this present generation has
enjoyed and experienced Disney Land, Disney World, and Disney Movies.
These people inspire people but let us not forget that there are some more people that do not
make the same headlines but impact their communities and society as well.
NOTE: the class should prepare for an assessment activity after the topic
presentation/discussion.
