The Entrepreneurial Mind PDF

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Learning Module on The Entrepreneurial MindLearning Module No. 1The Entrepreneurial MindSTUDENTName: Student Number: Program: Section: Home Address: Email Address: Contact Number:LEARNING MODULE INFORMATIONI. Course Code TEM II. Course Title The Entrepreneurial Mind III. Module Number 1 IV. Module T...

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The Entrepreneurial Mind Learning Module No. 1

STUDENT Name: Student Number: Program: Section: Home Address: Email Address: Contact Number:

PROFESSOR Name: Raven Justice F. Arcega Academic Department: Department of Arts and Science Consultation Schedule: 2:00-4:00 pm / Tuesday-Thursday Email Address: [email protected] Contact Number: 09053661127

LEARNING MODULE INFORMATION I. Course Code II. Course Title III. Module Number IV. Module Title

TEM202 The Entrepreneurial Mind 1 Entrepreneurial Mindset and Resources for Idea Transformation and Knowledge Pursuit

Learning Module on The Entrepreneurial Mind

V. Overview of the Module

VI. Module Outcomes

VII. General Instructions

This module will discuss the characteristics of an entrepreneurial mindset and how an aspiring entrepreneur should think. This module will also discuss about entrepreneur’s resources for transformation of idea and pursuit of knowledge which are essential for a successful entrepreneurship. Students are expected to learn how the mind of an entrepreneur works and apply it personally. It is also expected that the students will identify resources that can help them turn their ideas into action or expand their knowledge as an entrepreneur. You must allot the necessary time to complete the lessons each week. If you choose not to complete the lesson using the schedule provided, you must understand that it is your full responsibility to complete them by the last day of completion. The module is designed to assess student understanding of the assigned lessons found within the associated content of the midterm period of the course. The assessment part of the module is composed of varied types of questions and activities. Pay attention to the answer to the assessment questions as you move through each lesson. After each module you will be given a summative test. Your responses to the assessment parts of the module will be checked and recorded. Because the assessment questions are available within the whole completion period and because you can reference the answers to the questions within the content modules, we will not release the answers within modules. However, your professors are happy to discuss the assessments with you during their consultation time. Good luck. You may not work collaboratively. This is independent work.

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Lesson 1: CRITICAL THINKING SKILLS OF ENTREPRENEUR

Lesson Objectives: At the end of this lesson, you will be able to:   

Identify the critical thinking skills of an entrepreneur Explain why an entrepreneur should think critically Discuss the characteristics of an entrepreneurial mindset

Getting Started: Do you think critically? In what situation must we have critical thinking skills? How would you define your current mindset?

Discussion: Welcome to TEM 202 or The Entrepreneurial Mind! You are one of the fortunate students who have the opportunity to be a better individual. This course will inspire you to do more in your life and help you build your own career path despite all the life circumstances. It aims to develop young students like you to think entrepreneurially and innovatively. The entrepreneurial journey of one person starts with his or her mind. And an aspiring entrepreneur must possess critical thinking skills. Critical thinking is the ability to apply reasoning and logic to new or unfamiliar ideas, opinions, and situations. This important skill allows people to look past their own views of the world and to better understand the opinions of others. The ability to think critically is essential as it creates new possibilities in problem solving. Being “open-minded” is a large part of critical thinking. We must not only seek out all possible answers of a problem, but to also accept an answer that is different from his or her expectations. Open-minded thinking means not assuming that your views or perspectives are always right. An entrepreneur must be ready for all types of ideas and opinions.

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Another aspect of critical thinking is the ability to approach a problem or situation using rational considerations. Rationality requires analyzing all known information and making judgments or analyses based on fact or evidence rather than opinion or emotion. Critical thinking often relies on empathy or the ability to view the world in a way that does not focus on the self. Empathizing with a person usually involves a thinker trying to put himself or herself in the place of someone else. Communication skills, teamwork, and cooperation are typically improved through empathy, which makes it valuable in many professional fields. Effective critical thinking often begins with a thinker analyzing what he or she knows about a subject, with extra effort made to recognize what he or she does not know about it. This forms an initial knowledge base for consideration. When someone applies this approach to his or her own life, he or she often places more emphasis on finding prejudices and preconceived notions he or she holds. Someone struggling with a fear of heights, for example, might strive to determine the cause of this fear in a rational way. By doing so, he or she might be able better able to deal with the root cause directly and avoid emotional responses that could prevent self-improvement. Critical thinking is used in many situations. Members of a debate team frequently think critically about a subject to form a strong argument and anticipate points their competitors might make. Many people use open-mindedness and empathy in their professional lives, allowing them to work better with others and complete tasks more effectively. Develop Critical Thinking Skills Skills in critical thinking bring precision to the way you think and work. You will find that practice in critical thinking helps you to be more accurate and specific in noting what is relevant and what is not. Critical thinking involves the development of ancillary skills such as: 

Observation



Analysis



Reasoning



Judgment



Decision-making

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

Persuasion

It is likely that you already possess some or all of these skills in order to cope with everyday life or work However, the more advanced the level of study or the professional area, the more refined theses skills need to be. So you need to have a realistic selfappraisal to know your current skill level and where you should improve. Developing critical thinking should also include emotional self-management. Critical thinking sounds like a dispassionate process but it can engage emotions and even passionate responses. Being able to manage your emotions under such circumstances is a useful skill. If you can remain calm, and present your reasons logically, you will be better able to argue your point of view in a convincing way. Need for Critical Thinking One of the great things about critical thinking is its versatility. It is valuable at all levels of our thinking. At the Level of Practical Decision Making. This is thinking about the means to use to accomplish our goals. It is problem solving of the most authentic kind. This is an important level of critical thinking, one that addresses all those ordinary decisions we make. At the Level of Meaningfulness. Learning to think critically also helps people deal with the much larger issues of living their life. At the Level of Concepts. We think in terms of concept, and these inevitably shape our life to a considerable degree. Mindset It has traditionally been defined as “the established set of attitudes held by someone.”

Two Different Types 1. Fixed mindset, people perceive their talents and abilities as set traits. They believe that brains and talent alone are enough for success and go through life with the goal of looking smart at all time. They take any constructive criticism of their capabilities very personally, and tend to attribute others’ success to luck or

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some sort of unfair advantage. People with a fixed mindset will tell themselves they are no good at something to avoid challenge, failure, or looking dumb. 2. Growth mindset, people believe that their abilities can be developed through dedication, effort, and hard work. They think brains and talent are not the key to lifelong success, but merely the starting point. People with a growth mindset are eager to enhance their qualities through lifelong learning, training, and practice. Unlike people with fixed mindsets, they see failure as an opportunity to improve their performance, and to learn from their mistakes. Despite setbacks, they tend to persevere rather than giving up.

The Mindset for Entrepreneurship Entrepreneurial mindset is the ability to quickly sense, take action, and get organized under uncertain conditions. This also includes the ability to persevere, accept, and learn from failure, and get comfortable with a certain level of discomfort. The entrepreneurial mindset involves employing numerous cognitive strategies to identify opportunities, consider alternative options, and take action. Because working in uncertain environments “goes with territory” in entrepreneurship, the entrepreneurial mindset requires constant thinking and rethinking, adaptability, and self-regulation—the capacity to control our emotions and impulses.

Passion and Entrepreneurship In the context of entrepreneurship passion can be defined as an intense positive emotion, which is usually related to entrepreneurs who are engaged in meaningful venture or tasks and activities, and which has the effect of motivating and stimulating entrepreneurs to overcome obstacles and remain focused on their goals.

Entrepreneurship as a Habit A Habit is a sometimes unconscious pattern of behavior that is carried out often and regularly. Good habit can be learned through a “habit loop”- a process by which our brain decides whether or not a certain behavior should be stored and repeated. Application:

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Reflect on and answer this question: What kind of mindset do you have -- fixed or growth? Explain why you think this is your mindset. You may want to share a few experiences that support your answer. Summary of the Lesson: Critical thinking is the ability to apply reasoning and logic to new or unfamiliar ideas, opinions, and situations. Critical thinking involves the development of an open-minded approach, empathy, and ancillary skills such as: Observation, Analysis, Reasoning, Judgment, Decision-making and Persuasion. Practicing critical thinking is valuable at the level of practical decision-making, meaningfulness and thinking in concepts. A mindset is the established set of attitudes held by someone—usually a choice between the “easy” way and the “right” way. The two types of mindset are: fixed mindset and growth mindset. In a fixed mindset, people believe that brains and talents alone are enough for success. In a growth mindset, people believe that their abilities can be developed through dedication, effort and hard work. The growth mindset is essential for an entrepreneur so that he is able to alter the ways of thinking in order to see the endless possibilities of the world.

Assessment: 1. All but which of the following is considered to be a myth associated with entrepreneurship? a. Successful entrepreneurs are born not made b. First ventures are always successful c. All entrepreneurs must willingly invest significant sums of money d. Successful entrepreneurs must have a break-through invention

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2. A/An ____________ is best described as any business that is independently owned and operated and does not dominate in its market. a. Strategic alliance b. Corporation c. Entrepreneurship d. Small business 3. For small business owners, one of the most important objectives is _______________. a. Market presence b. Growth c. Profitability d. Adaptability 4. Which of the following is not considered a common characteristic of an entrepreneur? a. Internal locus of control b. High need for achievement c. Self-confidence d. External locus of control 5. Bobby believes that what takes place within his new company is mostly the result of fate or factors that are outside of his control. It could be stated that Bobby possesses a/an _____________. a. Innovative spirit b. Intrapreneurship c. Internal locus of control d. External locus of control

6. The entrepreneur who is committed to the entrepreneurial effort because it makes good business sense is classed as a/an ___________.

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a. Inventor b. Opportunist c. Hacker d. Craftsman 7. Melissa is one of the newest and most successful entrepreneurs in the technology industry. She handles numerous dealings with other companies for the exchange of goods and services. Her primary goal is to ensure that all parties involved receive favorable and acceptable terms. Melissa is most probably excellent at the entrepreneurial skill of ______________. a. Negotiating b. Networking c. Leadership d. Analysis 8. The steps involved in an entrepreneurial endeavor include all but which one of the following? a. Business plan formulation b. Obtaining financing c. Selecting the type of legal structure d. Hiring a partner 9. The ideas for the new businesses that are obtained by entrepreneurs are derived from many sources. These various sources include all but ___________. a. Replication of an existing business b. Trade journals c. Trade shows d. Family members 10. Common reasons for entrepreneurial failure include all but which one of the following:

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a. Poor implementation b. Lack of capital c. Adequate financial support d. Faulty product design

Enrichment Activity: List down 3-5 negative Filipino attributes that stem from a fixed mindset. How do you think should these attributes be corrected? Explain further. Suggested Links (Optional): 1. Fixed mindset vs. Growth mindset https://www.developgoodhabits.com/fixed-mindset-vs-growth-mindset/#:~:text=In %20a%20fixed%20mindset%2C%20people,and%20effort%20is%20not %20required. 2. It Is Not That Easy to Switch to a Growth Mindset https://www.philippinesbasiceducation.us/2017/03/it-is-not-that-easy-to-switch-togrowth.html 3. Poor Kids Tend to Have a Fixed Mindset while Rich Kids Tendto Have a Growth Mindset https://www.philippinesbasiceducation.us/2016/08/poor-kids-tend-to-have-fixedmindset.html References/Attributions: 3G E-Learning. (2018). The Entrepreneurial Mind. New York, New York.

Lesson 2: EVALUATING PROBLEMS AND OPPORTUNITIES

Lesson Objectives:

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At the end of this lesson, you will be able to:  

Learn the problems an entrepreneur faces Evaluate entrepreneurial opportunities that best fits your mindset

Discussion: In general sense, the term opportunity implies a good chance or a favorable situation to do something offered by circumstances. In the same vein, business opportunity means a good or favorable change available to run a specific business in a given environment at a given point of time. The term ‘opportunity’ also covers a product or project. Hence, the identification of an opportunity or a product or project is identical and, therefore, all these three terms arose as synonyms. The process at times create a situation, or say, dilemma resembling ’Hen or Egg’ controversy. That is, at one point, the intending entrepreneur may find one product or project as an opportunity and may enchant and like it, but at the other moment may dislike and turn down it and may think for and find other product or project as an opportunity for him/her. To mention the important ones, the entrepreneurs selected their products or projects based on: a. Their own or partner’s past experience in that business line. b. The Government’s promotional schemes and facilities offered to run some specific business enterprises; c. The high profitability of products; d. Which indicate increasing demand for them in the market? e. The ability of inputs like raw materials, labor, etc. at cheaper rates; f. The expansion or diversification plans of their own or any other ongoing business known to them; g. The products reserved for small-scale units or certain locations.

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Idea Generation Sources of Ideas In a sense, opportunity identification and selection are akin to, what is termed in marketing terminology, ‘new product development.’ Thus, product or opportunity and selection process starts with the generation of ideas, or say, ideas about some opportunities or products are generated in the first instance. The ideas about opportunities or products that the entrepreneur can consider for selecting the most promising one to be pursued by him/her as an enterprise, can be generated or discovered from various sources- both internal and external. These may include: (i)

Knowledge of potential customer needs.

(ii)

Watching emerging trends in demands for certain products,

(iii)

Scope for producing substitute product,

(iv)

Going through certain professional magazines catering to specific interests like electronics, computers, etc.,

(v)

Success stories of known entrepreneurs or friends or relatives,

(vi)

Making visits to trade fairs and exhibitions displaying new products and services,

(vii)

Meeting with the Government agencies,

(viii) Ideas given by the knowledgeable persons, (ix)

Knowledge about the Government policy, concessions, and incentives, list of items reserved for exclusive manufacture in small-scale sector,

(x)

A new product introduced by the competitor, and

(xi)

One’s market insights through observation.

In nutshell, a prospective entrepreneur can get ideas for establishing his/her enterprise from various sources. Consumers

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An entrepreneur needs to know what the consumers actually want so that he/she can offer the product or service accordingly. Consumers’ wants can be known through their feedback about the products and services they have been using and would want to use in the future. Existing Products and Services: One way to have an enterprise idea may be monitor the existing products and services already available in the market and make a competitive analysis of them to identify their shortcomings and then, based on it, decide what and how a better product and service can be offered to the consumers. Many enterprises are established mainly to offer better products and services over the existing one. Distribution Channels Distribution channels called, market intermediaries, also serves as a very effective source for new ideas for entrepreneurs. The reason is that they ultimately deal with the ultimate consumers and, hence, better known the consumers’ wants. As such, the channel members such as wholesalers and retailers can provide ideas for new product development and modification in the existing product. Government At times the Government can also be a source of new product ideas in various ways. Besides, there are some Governmental agencies that assist entrepreneurs in obtaining specific product information. Such information can also become basis for enterprise information. Research a...