Submitted By: Team

IKka
Submitted To: Prof.
Sunil Sangra

Team members:
Mr. Chirag Madan
220163
Mr. Vishal Saini
220246
Mr. Apoorv Costa
220154
Ms. Parool Kapoor
220241
Ms. Jaya Jain
220152
Ms. Mohit Gupta
PURPOSE OF BUSINESS & DIFFERENT 220085
Mr. Ujjwal Singh
220065
MINDSET

Diagram Source: Web

 MINDSET
“Mindset” is the term that one believes is limited to the attitude, behaviour, action, result and
performance. But the term mindset is much more beyond these limitations. It is basically changing the
way one think to fulfil one potential. There are few mindsets that we are going to discuss here. Few
mindsets are as follows:  "The Growth Mindset, "Exponential", "Creativity & Imagination",
"Collaborative" and "Entrepreneurial Mindset".

ENTREPRENEURIAL MINDSET
Let’s start our journey of understanding mindset in a very easy way. To begin with let’s see what
Entrepreneurial mindset actually means and how it changes the perspective of a human being and bring
in positive changes in one life. Before understanding the definition of entrepreneurial mindset lets first
understand what entrepreneurial mindset is with an illustration. Let’s consider the strategy of two
organizations from bicycle industry. One of the organizations belong to my friend that is, Bhattacharjee
bicycle and another belong to my family business that is, Banerjee bicycle.

Both organizations were making good profits few years back. But now, my friend's organization profit
margin has reduced and is in state of deterioration. Whereas my family's organization profit margin is
increasing day by day.

The reason for such condition of my friend organization was analyzed. It was found that few years back,
his point of view or general attitude towards his organization was fixed. He feared about uncertainty and
avoid new experiences. He also had narrow repertoire towards the customer needs. He understood
customer only as data, which lead him to find only a few incremental ideas by managing risk through
analysis. He was into placing big bets slowly and which lead him to fail more often in new situations. This
all occurred because he had fixed mindset.

Whereas in my family case, it was found that they believe, life is a journey of learning therefore accept
the uncertainty and seek new challenges. We build broad repertoire and develop customer empathy.
We detect multiple hidden growth opportunities and manage the risk through actions. We rather placed
small bets quickly and succeed more often in new situations. This type of mindset is known as
Entrepreneurial Mindset

So, with above two illustration one can easily understand the importance of entrepreneurial mindset in
this era of globalization. It can be therefore defined as the mindset which require a certain set of skills.
The skills which can motivate a person, organization or society as whole to explore out of the box.

Entrepreneurial mindset is set of skills which help a person (as an individual) or a group (in an
organization or society) to succeed in variety of settings. To succeed one should have an ability to
identify and make most of the opportunities, learn and overcome from the setbacks.

To achieve entrepreneurial mindset a person should also inculcate growth mindset within themselves.
Therefore, lets next discuss about growth mindset.
 GROWTH MINDSET

As we have learnt about entrepreneurial mindset, now let’s focus on what does growth mindset means.
Apart from meaning one will also understand the relation between both entrepreneurial mindset and
growth mindsets.

Growth mindset means the ability of an individual to grow and adapt according to different stimuli in his
surroundings.

A person having a growth mindset always strives to broaden his horizons, he/she adapts themselves
according to change in the environment.
They always try to learn and improve themselves; failures are learning opportunities for them.
Their main focus is to learn, adapt and improve. They believe that learning and hard-work are their way
to success, they accept their weaknesses and work hard to overcome them.

With the increase in population and rapid pace of development it is crucial for any individual or
organization to adapt to these changes to ensure long term growth and survival and for that reason
growth mindset is necessary to ensure constant development and the ability to respond and adapt to
changes. Growth mindset can be developed but it ultimately depends on the person as developing a
growth mindset means incorporating the values and influencing our thought process. 

For ex: - Person without a growth mindset gives up when he/she faces impossible odds but a person
with a growth mindset despite failure tries to learn as much as he/she can from the process itself, failure
or success are both learning opportunities. Similarly, a person without growth mindset may not be able
to cope up with the constant changes in his/her surroundings but a person with growth mindset actively
seeks out challenges and learning opportunities to develop his/her skills and become a driving force for
change in the environment. They bring growth opportunities for both themselves and their
surroundings.

By incorporating optimism, initiative and drive to go above and beyond what's expected as habits in his
daily life a person can slowly develop a growth mindset. 

After understanding about both e m and g m we can easily relate each other. By now one can
understand the importance of growth mindset.

Now let’s focus on other mindsets, such as “Exponential", "Creativity & Imagination", "Collaborative".
 EXPONENTIAL MINDSET

A leader is said to have possessed exponential mindset if he/she is futuristic, looking for avenues to get
success through innovation and creativity, willing to take risk without fear of failure and have patience
to get results. In organizational context Exponential mindset means ability of a leader to think of future
trajectory of an organization through which it can disrupt the existing market structure to create a niche
for business, while keeping in mind the past performance of the organization.

As the nature of business are changing due to changing economic, political and social conditions, a
leader need to have exponential mindset so that he/she can withstand any forthcoming challenge which
can affect the organization’s growth prospect and profitability. Nowadays major threat to the business is
disruptive technological developments which can at any time make some businesses redundant and
prove to be a boon for others like the increased use of robots in industries. So, to remain relevant in
industry a leader must think ahead of time to bring fortune to the organization by taking the first mover
advantage, that’s the power of exponential mindset.

Exponential mindset is must for the leaders to chalk out the growth path for an organization, but it’s not
necessary that all leaders have it inherently. Though it is possible to imbibe an exponential mindset for
which an individual needs to be open minded, willing to take suggestions from others inconsiderate of
hierarchy, good at planning, adapt to changes happening around, have risk taking ability and must be
aware of his/her strengths. Once the leader of the organization develops the exponential mindset it
encourages and enhances the confidence of the employees towards the management and organization
which in turn further boosts the productivity and bring innovative ideas to make the organization stand
out from the rest.

Planning is crucial for success of every organization, which involves charting out the strategy for taking
on the upcoming certainties and uncertainties. To make a realistic and futuristic plan Exponential
Mindset of the leader is must to figure out the upcoming opportunities and threats and plan
accordingly. An organization which plans well, have high chances of success.

Apart from planning, to keep an eye on the business process, controlling is of utmost importance, which
makes the role of a leader of great significance. A leader with exponential mindset can understand the
challenges that come in the path of organization’s growth and can patiently turn the unforeseen
situations into an upcoming opportunity through his/her foresightedness.
 COLLABORATIVE MINDSET

A shift from “Me’’ to “We” is what collaborative mindset is. So, it is a management practice of working
together towards the enterprise objectives. Collaborative mindset is the key to synchronization of the
diverse ideas and directing the people towards a common target. A person cannot work towards
achieving organizational goals in isolation, he needs to be supportive and at the same time collaborative
to achieve the targets.

An organization has a pool of resources including diverse human resource having different skillset and
knowledge which can be applied by collaborating with each other. Having an open mind and
encouraging a free flow of communication helps in bringing better and innovative ideas. Such a
workplace environment brings willingness to participate and employees are satisfied.

E.g., Roadster, as they also collaborated with Myntra and they grew exponentially. Similarity, Tata Adv
System Ltd collaborated with Tata Motors to provide high end vehicle mobility solutions to the Indian
army forces.

Sometimes it may happen that in certain decisions, there may be conflict of interests but the manager
has to be cooperative enough to handle the situations.

Delhi daredevils an IPL team sold its 50% stakes to JSW. Now both the organizations collaborated and
decided to rebrand the team as Delhi capitals. In this scenario the managers and leaders of both the
organizations collaborated and improved the branding and profit of the team. The team improved its
auction strategy and reached finals in 2020.

Collaborative mindset will help in planning and controlling of business processes and outcomes because
of trust among the employees and management which will help in smooth functioning of management.
Openness and inclusion of management and employees in decision making not only helps in improving
interpersonal relations but also helps in achieving efficiency. By sharing ideas and creating a pool of
ideas, one connects better and easily expresses the idea.

This approach of management helps in fostering innovation and more participation among employees.
While planning, if ideas are brainstormed together among groups, the chances of failure are reduced as
we engage in lot of discussions and various things are considered. Proactiveness is helpful in taking right
decision in right time. When we take collective decisions, we not only reduce the burden on decision
making but together better decisions are taken. It gives an opportunity for networking and enhancing
leadership qualities working with diverse aspects of job. Thus, collaborative mindset is crucial in today’s
scenario.
 CREATIVE MINDSET

No business can survive without creativity and imagination. A creative mindset can be defined as a
means to understand things and provide solutions to existing problems. It not only helps you to think
and express your thoughts creatively but it also helps you to discover new opportunities. When a
manager thinks creatively, he is able to bring all his creative ideas to the table which can be of great
usefulness for the organization.

In today’s era it is very important to have a creative mindset because the competition in the industry is
huge and one needs to be creative to come up with new ideas to survive in the market. Here we can
take an example of Tesla how it is capturing and ruling the market. There is a reason why Tesla is so
popular and that is because it started EV revolution which is something really out of the box.

If you have a creative mindset, you automatically open yourself to experiment and try out new things
this way one develops a good amount of knowledge which is not only good for an individual but also for
the organization as a whole since it helps you to look out for the problems and solutions from different
perspectives.

For example, there was a “Marshmallow Challenge” where a group of students were asked to build the
tallest freestanding structure with limited resources that will support the weight of a marshmallow. It
was basically all about idea generation, creativity and teamwork. To build the tallest structure, creativity
was one of the important aspects of it. Therefore, a creative mindset is of great importance and it is
required to do things in the most creative and effective way.

One can develop a creative mindset by observing and experiencing the trends and analyzing what
exactly the current trend is all about because this way a person would be able to think according to the
current demands of the population. It can also be developed by interacting with people of other fields
and then seeing things from their perspectives can be of great usefulness as it adds creative ideas which
ultimately helps in the proper functioning of the organization.

As mentioned earlier, we are living in an environment where changes are occurring every now and then
so creative mindset has a lot to do in planning and controlling of business processes and outcomes.
Often things don’t go as planned so the need of the hour in such situations is to think of alternatives and
that’s when all the rough ideas are turned into creative ideas and that can be done only through a
creative mindset. It is creative ideas that help in planning the structure of the goals and controlling all
the flow of work smoothly. That is why we can conclude that in 21 st century in order to ensure smooth
working in an organization, a manager must have a creative mindset because the success of an
organization somewhat depends upon creative mindset.
 PURPOSE OF BUSINESS
The very first question every organization has to ask them self why they are here and what is the reason
for their existence apart from making money? Is it to serve society ; do something for people or do
something for the environment?

1-To Fulfill the public’s needs and wants in the most efficient form possible.

That is the simple answer. Businesses popped up when one person became better at a task
or skill than others, and by doing so they were able to produce better goods and services.
We would not have TV or anything if there wasn't business behind it. It also gives the
standard person a place to work and trade time for money, which will then be spent at other
businesses. The standard of living is amazing today thanks to businesses; even lower classes
in developed countries live better than the upper classes hundreds of years ago. So the very
basic purpose of business is to provide the people whatever you have as a product or a
service that can solve a larger problem for all.

- Needs of society and customers as we know that business is from the society and by
society, so businesses exist to fulfill a specific social purpose and to satisfy a specific need
of social Businesses cannot exist outside of society and must satisfy a specific need in
order to stay in business, it has to create or add additional value to the community or
individuals. That’s why the real purpose of a business is to create customers because at the
last acquiring customer is the goal of an organization so that whatever they are producing
gets consumed and people are happy with their consumption. If a company is not focusing
on creating customers but just creating profit it cannot serve in long run , they can grow in
short term but not in long run and the reason is simple ,the purpose they have to work for
customer satisfaction and provide value to society. customer satisfaction is important as
you are creating things for customer only and if they are not satisfied, your purpose is not
achieved. Although you will make money but you will lose credibility and belief of
customer as well.

2-Profit maximization -although it may sound very cliche that a business wants to maximize
its profit and it is the purpose of the business but there are a lot of hidden facts behind this
and these are serving its stakeholders, paying employees and doing their part In the society
and trying to make people’s lives better with financial support.
As an organization, you have some duties for the people who work with you and for the
society. It is very simple if you want to do something for them you have to earn money and
make a profit, only then you can serve the people who are working with you and people
around you and the society as a whole.