16-37 - you have little resilient mind

38-59 -you are easily defeated but plenty of room for improvement
60-80 -congratulations, you are a resilient team member.

What is mindset
• Mindset is a mental attitude or inclination (Merriam-Webster)
• Mindset is the sum of your knowledge-beliefs and thoughts about the world and
yourself. (Thum, 2012)
• Mindsets can be shaped by an intentional awareness but are also driven by our
experiences. A mindset is a habit that requires practice (Bosman & Fernhaber, 2018)

What is entrepreneurial
• Undertaker- Richard Cantillon
• Creates value- Jean Baptiste Say
• Change agent/creative destruction- Joseph Schumpeter
• Resourcefulness and uncertainty- Howard Stevenson
• Opportunity-Peter Drucker

What is entrepreneurial mindset

• The inclination to discover, evaluate and exploit opportunities. (Bosman, Lisa;
Fernhaber, Stephanie).
• Entrepreneurial mindset refers to a specific state of mind which orientates human
conduct towards entrepreneurial activities and outcomes. Individuals with
entrepreneurial mindsets are often drawn to opportunities, innovation and new value
creation. (http://markets.ft.com/research/Lexicon)

• The entrepreneurial mindset is about a certain way of thinking

• It is what you need to propel yourself forward.
• If you want to cultivate an entrepreneurial mindset, you have to embrace
challenges. You have to seek them out.
• the entrepreneurial mindset is about thinking differently than the rest.
• The truest entrepreneurial mindset is about providing value. Entrepreneurs are on a
quest to help the customer in some way and to continue to make their service better
and better. They identify problems and solve them. (Arash Asli, forbes.com)

• A set of cognitive (thinking) processes that triggers the individuals to act or to

behave entrepreneurially.
• Sometimes it is called entrepreneurial talent or mentality
• This mindset, talent or mentality can be changed and modified over time
• The basis for the individual behavior

The Importance of Entrepreneurial Mindset

• To build an entrepreneurial society
• Developing the right mindset at a very early age
• Inculcation process needs to be implemented thru various programs and activities
• Entrepreneurs as agents of change at every level of the society
• Entrepreneurship as a way of life

Property of and for the exclusive use of SLU. Reproduction, storing in a retrieval system, distributing, uploading or posting online, or transmitting in any form or by any
means, electronic, mechanical, photocopying, recording, or otherwise of any part of this document, without the prior written permission of SLU, is strictly prohibited. 33
 McGrath and MacMillan’s 5 characteristics of entrepreneurial mindset
(Bosman & Fernhaber, 2018)
1. They passionately seek new opportunities
2. They pursue opportunities with enormous discipline
3. They pursue only the very best opportunities and avoid exhausting themselves and
their organizations by chasing after every option.
4. They focus on execution-specifically, adaptive execution.
5. They engage the energies of everyone in their domain.

ENTREPRENEURIAL MIND ATTRIBUTES

1. The Independent mind
• Individuals who are independent minded are inclined to decide for themselves
what to believe and do rather than simply accept things because others say they
should.
• Being independent minded doesn’t necessarily mean that your opinions are always
different from others and that you never consult with other people; it means simply
that you hold opinions because they make sense to you.
• Individuals who are independent minded aren’t afraid of having a different opinion
but don’t simply pick an opposing view just to be different.
• Individuals who are independent minded are typically willing to stand up publicly for
what they believe.
• Has an internal locus of control
• Is interested in being perceived as unique; prefers acting in unique ways
• Desires to work with a high degree of independence
• Prefers tasks and situations with little formal structure
• Believes in one’s capability to successfully achieve goals

2. The growth-oriented mind

• Is open to change and willing to adapt to change
• Is open to consistently learn from one’s context and environment
• Is receptive to feedback
• A growth mindset is simply the belief that our basic abilities can be developed and
improved through dedication and hard work. It's not so much that this belief is some
kind of magic.
3. The goal-oriented and effectuating mind
• Desires to achieve at a high level
• Is determined to achieve stretch goals
• Shows initiative, makes decisions quickly, and feels impatient for results
• Desires to translate ideas into actionable plans and to execute these plans
• Desires to do one’s work well and thoroughly, and to be careful, meticulous, and
rigorous while doing so
• Understands that earnest, strenuous efforts are required to achieve goals and
overcome challenges and uncertainties
4. The risk-managing mind
• Has the propensity to take calculated risks

Property of and for the exclusive use of SLU. Reproduction, storing in a retrieval system, distributing, uploading or posting online, or transmitting in any form or by any
means, electronic, mechanical, photocopying, recording, or otherwise of any part of this document, without the prior written permission of SLU, is strictly prohibited. 34
 •Considers not just the potential benefits and returns of an opportunity, but also its
costs and risks before pursuing it
• Considers the long-term viability of an opportunity by looking beyond the immediate
situation and considering the future carefully
• Is willing to pursue a desired goal even when the probability of succeeding is low, as
long as the relative value (return less risk; opportunity for learning) is favorable
• Includes the overcoming, or at least the mitigation, of risks in pursuing goals
The Entrepreneur’s Confrontation with Risk
• Financial risk versus profit (return) motive varies in entrepreneurs’ desire for wealth.
• Career risk—loss of employment security
• Family and social risk—competing commitments of work and family
• Psychic risk—psychological impact of failure on the well-being of entrepreneurs

5. The resilient mind

• Maintains a generally positive attitude about various aspects of one’s life and the
world
• Sees every failure as an opportunity for improvement and personal mastery
• Bounces back quickly from disappointments
• Remains persistent in the face of setbacks
• Is inspired by and celebrates the successes of others instead of feeling threatened
by or being jealous of them
• Resilience is important because it keeps us on track to achieve our goals, regardless
of the setbacks or problems that we may experience. According to Cary Cooper, Jill
Flint-Taylor, and Michael Pearn, resilience has four essential elements:
1. Confidence.
2. Social support.
3. Adaptability.
4. Purposefulness

6. The opportunity-recognizing mind

• Is curious and inquisitive
• Is empathetic and sensitive to the beliefs, feelings, needs, and motivations of other
people
• Is sensitive to problems and desires to solve them
• Is sensitive to available, yet idle, resources
7. The designing mind
• Transcends traditional rules and patterns to create meaningful, fresh ideas,
interpretations, and solutions
• Generates multiple and novel ideas and finds multiple approaches for achieving
goals
• Is willing to experiment, to try new ideas over and over again, and learn from
mistakes

Unit 3: the Entrepreneurial Organization

The personal competencies and mindset are descriptions of entrepreneurial
individuals. Topic in Unit 3 covers the dimensions of an entrepreneurial firm. So when
individuals have possessed the competencies and mindset of an entrepreneur, they
become drivers for organizations to be entrepreneurial.

Property of and for the exclusive use of SLU. Reproduction, storing in a retrieval system, distributing, uploading or posting online, or transmitting in any form or by any
means, electronic, mechanical, photocopying, recording, or otherwise of any part of this document, without the prior written permission of SLU, is strictly prohibited. 35
 Learning outcomes:

The topic will enable you to:

1. Explain dimensions of entrepreneurial orientation (EO).
2. Appraise organizations that adopt EO and use EO in their future practice

Entrepreneurial Orientation (EO)

• Strategy- making practices that firms use to identify and launch entrepreneurial
ventures.
• Represents a frame of mind and a perspective toward entrepreneurship that is
reflected in a firm’s ongoing processes and culture.
• An entrepreneurial orientation involves:
- Strategy making practices used to identify & launch new ventures
- A unique frame of mind
- A perspective toward entrepreneurship
- Reflected in a firm’s ongoing processes
- Reflected in the corporate culture
- That permeates decision-making styles & practices of the firm’s members

Dimensions of Entrepreneurial Orientation

Entrepreneurial Orientation
12-51

Exhibit 12.3 Dimensions of Entrepreneurial Orientation

Sources: Dess, G.G. & Lumkin, G.T. 2005. The Role of Entrepreneurial Orientation in Stimulating Effective Corporate Entrepreneurship. Academy of Management
Executive, 19(1): 147-156; Covin, J.G. & Slevin, D.P. 1991. A Conceptual Model of Entrepreneurship as Firm Behavior. Entrepreneurship Theory & Practice, Fall: 7-25;
Lumpkin, G.T. & Dess, G.G. 1996. Clarifying the Entrepreneurial Orientation Construct and Linking It to Performance. Academy of Management Review, 21: 135-172;
Miller, D. 1983. The Correlates of Entrepreneurship in Three Types of Firms. Management Science, 29: 770-791.

Autonomy refers to a willingness to act independently in order to carry forward an

entrepreneurial vision or opportunity, and can be promoted by:
▪ Using skunk works to foster entrepreneurial thinking
▪ Designing organizational structures that support independent action

Problems can include:

▪ Duplication of effort
▪ Wasting of resources

Innovativeness refers to a firm’s efforts to find new opportunities & novel solutions, and can
be promoted by:
▪ Fostering creativity & experimentation

Property of and for the exclusive use of SLU. Reproduction, storing in a retrieval system, distributing, uploading or posting online, or transmitting in any form or by any
means, electronic, mechanical, photocopying, recording, or otherwise of any part of this document, without the prior written permission of SLU, is strictly prohibited. 36
 ▪ Investing in new technology, R&D, & continuous improvement
Problems can include:
▪ Waste of resources if no results
▪ Competitors may copy it more profitably
▪ The investment may not pay off

Proactiveness refers to a firm’s efforts to seize new opportunities, and can be promoted by:
• Introducing new products or technological capabilities ahead of the competition
• Continuously seeking out new product or service offerings

Problems can include:

• First movers are not always successful
• Brand extensions can go too far

Competitive aggressiveness refers to a firm’s efforts to outperform its industry rivals, & can
be promoted by:
▪ Entering markets with drastically lower prices
▪ Finding successful business models & copying them

Problems can include:

▪ Being overly aggressive & damaging a firm’s reputation
▪ Trying to decimate rather than just defeat the competition

Risk taking refers to a firm’s willingness to act boldly without knowing the consequences,
and can be promoted by:
▪ Researching & assessing risk factors, including business, financial & personal risk, to
minimize uncertainty
▪ Using techniques that have worked in other domains

Problems can include:

▪ Lack of forethought, research, & planning
▪ Failure to evaluate uncertainty

ACTIVITIES
Explain activity
Read: https://scottjeffrey.com/change-your-fixed-mindset/
visit:
https://www.youtube.com/watch?v=2zrtHt3bBmQ
https://www.youtube.com/watch?v=EoWLgWCcpWo
https://www.youtube.com/watch?v=OFKVoCuwl2s
https://www.youtube.com/watch?v=HWr2gE5IlPc
https://www.youtube.com/watch?v=BXyN0XSTaMg

Elaborate Activity: 70 points

The Philippine Start-up challenge 2023 encourages you, young
entrepreneurs, to develop innovative ideas that have potential for business ventures that
respond to the sustainable develop goal 3—good health and well-being
Task:

Property of and for the exclusive use of SLU. Reproduction, storing in a retrieval system, distributing, uploading or posting online, or transmitting in any form or by any
means, electronic, mechanical, photocopying, recording, or otherwise of any part of this document, without the prior written permission of SLU, is strictly prohibited. 37