The Entrepreneurial Mind

ENRICHMENT EXERCISE
 Enrichment Exercises
Read and analyze each statement then give your
mindset about it.

1.How does a college education

help aspiring entrepreneurs?
5 pts.
 Enrichment Exercises
Read and analyze each statement then give your
mindset about it.
1. How does a college education help aspiring entrepreneurs? 5 pts.

2.Which one is more preferable,

business or education? Explain.
10 pts.
 Enrichment Exercises
Read and analyze each statement then give your
mindset about it.
1. How does a college education help aspiring entrepreneurs? 5 pts.
2. Which one is more preferable, business or education? 10 pts.

3.Differentiate fixed mindset and

growth mindset. 5 pts.
 Enrichment Exercises
Read and analyze each statement then give your
mindset about it.
1. How does a college education help aspiring entrepreneurs? 5 pts.
2. Which one is more preferable, business or education? 10 pts.
3. Differentiate fixed mindset and growth mindset. 5 pts.

4.In which mindset do you

belong. Explain. 5 pts.
 Enrichment Exercises
Read and analyze each statement then give your
mindset about it.
1. How does a college education help aspiring
entrepreneurs? 5 pts.
2. Which one is more preferable, business or
education? 10 pts.
3. Differentiate fixed mindset and growth mindset. 5 pts.
4. In which mindset do you belong. Explain. 5 pts.
 The Entrepreneurial Mind

Appraising yourself for

an Entrepreneurial Career
 OBJECTIVES
• Identify important characteristics or
entrepreneurial competencies which you have
to develop or strengthens
• Enumerate guidelines that are important in
entrepreneurship
• Identify the tools and behaviour associated
with successful entrepreneurship
 The Entrepreneurial Mind

2. Appraising yourself for

an Entrepreneurial Career
 2.1 Attributes, Qualities and Characteristics of
an Entrepreneur

• Do you have
what it takes
to be an
entrepreneur
?
1. Creativity
• Creativity gives birth to something new.
For without creativity, there is no
innovation possible. Entrepreneurs
usually have the knack to pin down a lot
of ideas and act on them. Not necessarily
every idea might be a hit. But the
experience obtained is gold.
1. Creativity
• It helps in coming up with new solutions
for the problems at hand and allows one to
think of solutions that are out of the box. It
also gives an entrepreneur the ability to
devise new products for similar markets to
the ones he’s currently playing in.
2. Profesionalism
• It is a quality which all good
entrepreneurs must possess. An
entrepreneurs mannerisms and
behavior with their employees and
clientele goes a long way in developing
the culture of the organization.
2. Profesionalism
• Along with professionalism comes
reliability and discipline. Self-
discipline enables an entrepreneur to
achieve their targets, be organized
and set an example for everyone.
3. Risk-Taking
• A risk-taking ability is essential for an
entrepreneur. Without the will to explore the
unknown, one cannot discover something
unique. And this uniqueness might make all the
difference. Risk-taking involves a lot of things.
Using unorthodox methods is also a risk.
Investing in ideas, nobody else believes in but
you is a risk too.
3. Risk-Taking
• For exploring in the unknown, one must be
bestowed with a trump card; a good
entrepreneur has one, always. Also,
evaluation of the risk to be undertaken is
also essential. Without knowing the
consequences, a good entrepreneur
wouldn’t risk it all.
Elon Musk
Known for his ambitious goals, Musk
is the co-founder of PayPal, Tesla,
SpaceX, and Solar City.

Jeff Bezos
The founder of Amazon, Bezos took
significant financial risks to start his
company.
Richard Branson
The founder of Virgin Mobile, Virgin Atlantic,
and Virgin America, Branson has said that
failure is part of his success.

Iya Jimenez Cua

The co-founder of Bun Appetit, a fast-casual
seafood restaurant in Makati, Philippines.
 Reading References:
• https://dqventures.com/entrepreneurs-risk-takers-vs-risk-
averse/

• https://www.wowwoman.com/entrepreneur-risktaker-
manila-philippines
4. Passion
• Your work should be your passion. So
when you work, you enjoy what you’re
doing and stay highly motivated.
Passion acts as a driving force, with
which, you are motivated to strive for
better.
4. Passion
• At the beginning of every
entrepreneurial venture or any
venture, there are hurdles but your
passion ensures that you are able to
overcome these roadblocks and forge
ahead towards your goal.
5.Planning

• “If you
fail to
plan, you
plan to
fail.”
5. Planning
• Planning is strategizing the whole
game ahead of time. It basically sums
up all the resources at hand and
enables you to come up with a
structure and a thought process for
how to reach your goal.
6. Knowledge
• Knowledge is the key to success. An
entrepreneur should possess
complete knowledge of his niche or
industry. For only with knowledge can
a difficulty be solved or a crisis is
tackled.
6. Knowledge
• It enables him to keep track of the
developments and the constantly changing
requirements of the market that he is in. May it
is a new trend in the market or an
advancement in technology or even a new
advertiser’s entry, an entrepreneur should
keep himself abreast of it.
6. Knowledge
• Knowledge is the guiding force when it
comes leaving the competition behind.
New bits and pieces of information
may just prove as useful as a newly
devised strategy.
7. Social Skills
• A skillset is
an arsenal
with which an
entrepreneur
makes his
business
work
7. Social Skills
Overall, these make up the qualities
required for an entrepreneur to function.
• Social Skills involve the following:
• Relationship Building
• Hiring and Talent Sourcing
• Team Strategy Formulation
8. Open-mindedness towards learning,
people, and even failure
• An entrepreneur should be
determined. He should face his losses
with a positive attitude and his wins,
humbly. Any good businessman will
know not to frown on a defeat.
 8. Open-mindedness towards learning,
people, and even failure
• Try till you succeed is the right mentality.
Failure is a step or a way which didn’t
work according to the plan. A good
entrepreneur takes the experience of this
setback and works even hard with the
next goal in line.
 8. Open-mindedness towards learning,
people, and even failure
• Learning with an open mind lets you look
at your faults humbly. New information
always makes an entrepreneur question
his current resolve. It also provides a new
perspective towards a particular aspect.
Open-mindedness also enables you to
know and learn from your competition.
9. Empathy
• Keeping a workplace light and happy is
essential. For without empathy, an
entrepreneur cannot reach the hearts of
employees nor the success he desires.
Empathy is one of the most important
characteristics of an entrepreneur.
10. Customer
• A good entrepreneur will always know
this; a business is all about the customer.
How you grab a customer’s attention is
the first step. This can be done through
various mediums such as marketing and
advertising.
10. Customer
• It is also important that you know the
needs of your customers. The product or
service which is being created by your
organization needs to cater to the needs
of your consumers. Personalizing a
business for consumers will also boost the
sales.
10. Customer
• The ability to sell yourself in front of a
potential investment when it comes in
the form of a customer is also
required. Being ready with the
knowledge to please a customer, is a
way to have a successful business.
Reading Reference:
• https://brentfinnamore.wordpress.com/2021/01/04/
the-5-realizations-of-a-customer-focused-
organization/
 The Entrepreneurial Mind

Personal Entrepreneurial
Competencies (PECs)
Self-rating Questionnaire
2.2 Assessing your personal entrepreneurial
competencies

• How are your

PECs?
 The PEC’s Self Rating Questionnaire
• The PECs questionnaire provides a self-
assessment tool on how each one sizes up to the
common competencies identified by Management
Systems International (MSI). Understanding your
PECs will be of great help in the detection and
analysis of your strong and weak points. Thus,
these behavioural indicators are said to be useful in
strengthening entrepreneurial potential.
 The 10 Entrepreneurial Characteristics
• Opportunity seeking
• Persistence
• Commitment to work https://
• Demand for quality and efficiency www.youtube.
• Risk taking
• Goal setting
com/watch?
• Information seeking app=desktop&
• Systematic planning and monitoring v=kdRLqIJpD
• Persuasion and networking BQ
• Self-confidence
• For
demonstration
purposes.

• Do not print.
2.3 Developing yourself for
entrepreneurship

• Build your skills and knowledge

• Become more self-aware
• Network
2.3.1 Build your skills and knowledge

1.Learn continuously
2.Improve your interpersonal skills
3.Develop positive life skills
2.3.2 Become more self-aware

• Observe your actions

• Find out what drives you
• Be true to yourself
2.3.3 Network

• Connect with other entrepreneurs

• Build your network
2.3.4 Other ways...
• Practice resilience
• Seek mentorship opportunities
• Find and understand a market
• Design your business idea
• Secure funding
• Build your business
The PECs Questionnaire