Lesson 1 - Entrepreneurial Mindset.ppt

Lesson 1 - Entrepreneurial Mindset.ppt - Lesson 1...

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ENTREPRENEURSHIP AND THE ENTREPRENEURIAL MIND-SET Lesson 1
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1-2 Nature and Development of Entrepreneurship Who are Entrepreneurs? People who: Want to be their own boss Pursue their own ideas Realize financial (or other) rewards
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1-3 Common Myths Among Entrepreneurs they are born -not made they are gamblers they are motivated primarily by money. they should be young and energetic they love the spotlight NOT TRUE!
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1-4 Nature and Development of Entrepreneurship (cont’d) Being an entrepreneur today: Involves creation process (sees an opportunity/problem through customers eyes) Requires commitment of time and effort. Involves understanding what rewards do they seek for being an entrepreneur. Takes Well Thought Out Risks, Calculated risks and not gamblers risks Finds the resources to implement the innovation. Creates and builds a business or other enterprise Makes change
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1-5 Who is an entrepreneur? Jeff Timmons: Entrepreneurship is a way of thinking, reasoning and acting that is opportunity obsessed, holistic in approach and leadership based. Jeff Timmons late Professor at Harvard and Babson Author: “New Venture Creation,” The Entrepreneurial Mind,” and others. - hofman/2008/04/remembering_an_entrepreneurial.html . pdf?sequence=2
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1-6 Characteristics of Entrepreneurs Passion for the Business Desire to change the World A Product/Customer Focus Steve Jobs was perhaps the epitome –although he did say that “A lot of times, people don't know what they want until you show it to them.” -BusinessWeek (25 May 1998) Tenacity Despite Failure Execution Intelligence Why does the World Care? Innovation –Change the World Job Creation
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1-7 Passion Drives Key Actions The ability to learn and repeat. A willingness to work hard for an extended time Ability to overcome setbacks and “nos.” Ability to listen to feedback on the limitations of the organization and yourself. Perseverance and persistence when the going gets tough
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1-8 How Entrepreneurs Think Entrepreneurs in particular situations may think differently when faced with a different task or decision. Given the nature of opportunities they are pursuing or challenges they are addressing, entrepreneurs are able to: Identify & Execute ideas. Be adaptable. Learn from failure.
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1-9 For an entrepreneur…. It all starts with a desired outcome. Focuses on the means to generate that outcome. Then it moves on to the execution process Understanding what one has (who they are, what they know, and whom they know).
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