Mindset

1. Definition
- Mindset refers to a set of assumptions methods or notations held by one or more
people or groups of people which is so established that it creates a powerful
incentive within these people of groups to continue to adpot or accept prior
behaviors, choices or tools
- Fixed mindset – people believe that their basic qualities like their intellligence or
talent are simply fixed traits. They spend their time documenting their
intelligence or talent instead of developing them.
- Growth mindset – people believe that their most basic abilities can be developed
through dedication and hard work. Brains and talent are just the starting point.
This view creates a love of learning and a resilience that i essential for great
accomplishment.
2. The importance
- To cope with the rapidly changing economy. – business or economi environment
today has become fuzzy, chaotic, complex, uncertain and change very rapidly.
- To build and entrepreneurial society. – developing the right mindset at a very
early age. – inculcation and acculturization process need to implemented thru
various programs and activities of the society.
- To spur innovation and growth. – from creative people comes creative products.
– innocation creates and adds value. – finding new source of economic growth. –
thinking out of the box becomes norms of the society.
3. Developing an effective entrepreneurial mindset
- Understand what motivates you
- Know what you love
- Challenge yourself
- Reversal thinking
- Change your habit
- Always believe that you can
- Break away from norms
The entrepreneurial motivation

1. Definition
- Refers to the way in which urges, drives, desires, striving, aspiration or need
direct, control or explain the entrepreneurial behavior of human.
2. Models of EM
- Needs-based entrepreneurial motivation
. Need for achievement (n-ach) – attainment of realistive but challenging goals.
. need for authority and power (n-pow) – influential, effective and to make and
impact, personal status and prestige.
. Need for affiliation (n-aff) – friendly relationships and interaction with other
people.
. Need for security/safety (n-sec) – comfortable with secure employment and
unwillingness to take higher risk.
- A general model of entrepreneurial motivation
- Entrepreneurial intentions model enterprise formation model
- Model of entrepreneurial motivation and the entrepreneurial process.
3. Barriers to start up
- Lack of resources – lack of marketing skills, lack of management/financial
expertise, lack of information difficulty in obtaining finance.
- Compliance costs – high taces and feed, compliance with gorvernment regulation
problems finding suitable labour.
- Hard reality – assessment that rish are greater than expected, uncertainty and
fear of failure.
Risk-Taking

1. Concept
Risk is a concept that denotes a potential negative impact to an asset or some
characteristic of value that may aries from some present process or future event.
2. Type or risk
- Financial risk
- Business and operational risks
- Product and service liability
- Career risk
- Family and social risk
- Pshychic and health risk
- Polotical and govermental risk
- Unpredictable and uncontrollable risk
3. Risk management – process of identifying risk in advance, assesing their likely
occurence, and taking steps to reduce or eliminate them.
- Risk management in small busines
-
Resources skill

1. Types of recources
- Manpower
- Material
- Financial
- Technological
- Business premise
- Information
- Reputation
- Networks
- Organizational resources
2. Key factor
- Essentiality
- Availability of supply
- Cost
- Strategic
- Statutory/ legal requirements
- Quality vs quantitiy
Communication Skills

1. Defination
- Communitaion is the process by which information is exchanged between
individuals. It requires a shared understanding of symbol systems, such as
language and mathematics.
- Communication skill refer to the skill in using language effectively and
persuasively
2. Types of communication
- Verbal or oral communication – speaking, language, intonation, choice of word,
loudness, orator ship, clarity confidence
- Non-verbal of body language – gestures, body movement, physical movement,
restlessness, overwhermend
- Written communication – readable, convincing, short, precise, clear message,
non-grammatical error, standard formmating, using symbols