Entrepreneurial Mindset

and
Thinking Skills
1. Identify the critical
thinking skills of
entrepreneur
2. Learn and evaluate
the entrepreneurial
problems and
Objectives
opportunities Entrepreneurial Mindset
3. How to implement
entrepreneurial ideas and Thinking Skills
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Critical thinking is the
ability to apply reasoning
and logic to new or
unfamiliar ideas,
opinions, and situations.

Skills involve are:

1. Open-minded
approach Critical Thinking Skills
2. Rational
considerations
3. Empathy
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Being “open-minded is
a large part of critical
thinking, allowing a
person to not only
seek out all possible
answers to a problem,
but to also accept an
answer that is different
from what was
Open-Minded Approach
originally expected.
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Rationality requires
analyzing all known
information, and
making judgments or
analyses based on fact Rational Considerations
or evidence, rather
than opinion or
emotion.
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Empathizing with a
person usually involves
a thinker trying to put Empathy
himself or herself in
the place of someone
else.
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1. Observation
2. Analysis
3. Reasoning Ancillary Skills
4. Judgement
5.
6.
Decision Making
Persuasion
Critical Thinking
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One of the great things
about critical thinking
is its versatility. It is
valuable at all levels of
our thinking.
1. At the level of
practical decision
making
2. At the level of HIGHER LEVELS
meaningfulness
3. At the level of
concepts
Critical Thinking
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Critical thinking helps
when we are simply
trying to deal with
ordinary tasks such as
how to study
efficiently, decide on
what kind of clothes to
Practical Decision Making
buy. It is problem
solving of the most Levels of Critical Thinking
authentic kind.
TREY
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Learning to think
critically also helps
people deal with the
much larger issues of
living their life.
Examples of which are
finding a life partner or
a new occupation,
developing reasonable Meaningfulness
attitudes towards self,
towards others, Levels of Critical Thinking
towards your values,
etc.
TREY
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We think in terms of
concepts, and these
inevitably shape our
life to a considerable
degree. Reaching a
deep level of critical
thinking by examining
our concepts critically,
becoming more aware Concepts
of the way individual
concepts help us or Levels of Critical Thinking
hurt us, limit us or free
us. TREY
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MINDSET
THE ENTREPRENEURIAL MIND

TREY
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The established set of
attitudes held by
someone. It is a good
description of how our
mindset operates.
Depending on our What is Mindset?
mindset, we will
choose one path or The Entrepreneurial Mind
the other.
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 2Types
1. Fixed Mindset
MINDSET
2. Growth Mindset
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In fixed mindset, people
perceive their talents
and abilities as set traits.
They believe that brains
and talent alone are
enough for success and Fixed
go through life with the
goal of looking smart all MINDSET
the time.
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They take any
constructive criticism of
their capabilities very
personally, and tend to
attribute others’
success to luck or some
sort of unfair advantage.
People with a fixed
mindset will tell Fixed
themselves they are no
good at something to MINDSET
avoid challenge, failure
or looking dumb.
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People believe that
their abilities can be
developed through
dedication, effort and
hardwork. They think
brains and talent are
Growth
not the key to lifelong
success, but merely the
MINDSET
starting point.
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People with growth
mindset are eager to
enhance their qualities
through lifelong
learning, training and
practice. They see
failure as an
opportunity to improve
Growth
their performance, and
to learn from their MINDSET
mistakes
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Fixed and Growth
MINDSET
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Fixed and Growth
MINDSET
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An entrepreneurial
mindset is the ability to
quickly sense, take
action, and get
organized under
certain conditions.
This also includes the
ability to persevere,
accept and learn from MINDSET
failure, and get
comfortable with a For ENTREPRENEURSHIP
certain level of
discomfort.
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Cognitive strategies
are the ways in which
people solve problems
such as reasoning,
analysing,
experimenting and so
forth.

MINDSET
For ENTREPRENEURSHIP
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Metacognition is the
way in which we
understand our own MINDSET
performance or the
process of “thinking For ENTREPRENEURSHIP
about thinking”.
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Illustrative Figure
METACOGNITION
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PASSION
THE ENTREPRENEURIAL MIND

TREY
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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
ventures or tasks and
activities, and which has the
effect of motivating and What is Passion?
stimulating entrepreneurs
to overcome obstacles and
remain focused on their
The Entrepreneurial Mind
goal.
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It is possible to become
blinded by passion and so
obsessed by an idea or new
venture that we fail to heed
the warning signs or refuse
to listen to negative
information or feedback.
This type of negative Negative Passion
passion can actually curb
business growth and limit
the ability to creatively
The Entrepreneurial Mind
solve problems.
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1. Founder Misalignment
2. Missing the Market
3. Rose-colored Planning 6 Negative Impacts
(or none at all)
4. Unforgiving Strategies
5. Reality Distortion
Entrepreneurial Passion
6. Evaporating Runway
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This is a poor fit between the
founder’s skills and what the
new venture requires. More
often than not, startup
founders fail to honestly
assess how well their
capabilities and motivations
match up with what it will
take to successfully launch
their idea. They end up
floundering in an ill-suited role,
1. Founder Misalignment
and the idea doesn’t get the
right mix of talent around it to Negative Impacts
drive success.
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Somewhere out there in the
cosmos is a massive graveyard
of “great” business ideas. One
of the most common by-
products of entrepreneurial
passion is the founder’s
assumption – even certainty – 2. Missing the Market
that customer demand is high
when, in fact, little or none
exists. An idea isn’t great until
Negative Impacts
the market says it is.
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More often than not, strong
belief in an idea leads to
overly rosy projections on
the part of the founding
team. It’s very typical – even
on the part of seasoned
entrepreneurs – to over-
estimate early sales and
underestimate costs and 3. Rose-colored Planning
timelines. This leads to cash
crises that consume and
distract founders at the
Negative Impacts
worst possible moment.
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Over-confident founders
sometimes put the bulk of
their resources into a single
business strategy, essentially
putting all of their eggs in 4. Unforgiving Strategies
one basket, rather than
preserving flexibility to
experiment and iterating
Negative Impacts
their way to profitability.
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 5. Reality Distortion
Bad news is avoided or Negative Impacts
glossed over, and tough
issues are rarely tackled.
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Some or all of the above
dangers can lead to a rude
awakening for founders who
are caught in the passion
trap. What was assumed to 6. Evaporating Runway
be a lengthy startup “runway”
evaporates quickly as the
venture runs out of cash and
Negative Impacts
time.
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 ThankYou

Business and Entrepreneurship

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