Entrepreneurial Mindset

Entrepreneurial Intentions
Entrepreneurial Intentions: Motivational factors

Entrepreneurial Self-Efficacy

Perceived Desirability
 Background and
Characteristics
Education

Age

Work History

Role models and Support Systems

Moral- Support Network

Professional Support Network

 Business Success or Failure

Sixty-seven percent of new businesses survive at least

two years.

Forty-four percent of new businesses survive at least

four years.

Success rates can be enhanced if businesses

 have adequate capital

 are large enough to have employees
Businesses may fail if
The owner lacks business knowledge

Having an idea for a product or service is different than

knowing how to run a business.
 Characteristics of Successful
Entrepreneurs
Successful entrepreneurs are:

independent

self-confident

determined

goal-oriented

achievement-oriented with high standards

Characteristics of Successful
Entrepreneurs
Creative and be able to act quickly

Technologically current
 Assess Your Interests

Choose a field that:

 Interests you

 You will enjoy

 Assess the Advantages of
Entrepreneurship
 Entrepreneurs

 are their own bosses

 can choose a business that interests them

 can be creative

 can make large sums of money

 Assess the Disadvantages of
Entrepreneurship
Disadvantages of entrepreneurship include:
 Risk

 Uncertain and irregular incomes

 Long hours

 All decisions are made independently

Characteristics of Good Team
Members
Good team members display the following traits:

 commitment
 competency
 communication  cooperation
 creativity
 Look for Ideas

Opportunities
{possibilities that arise from existing conditions
o Ideas

thoughts or concepts that come from creative thinking

 Look for Ideas
Ideas come from a variety of sources including:

 Hobbies and Interests  Past Experiences

 Discovery or Invention
 Set Goals
Goals can be financial and non financial

Goals should be SMART

 Financial Goals
Financial goals should be:
 realistic
 measurable
 easily attainable in the time allotted
 Non Financial Goals
Nonfinancial goals may include:

Nonfinancial goals may include:  personal satisfaction

 serving a community need
 doing something you like

 enjoying personal independence

 Problem Solving Skills
Communicate
 communicate clearly and confidently  be a good
listener

Brainstorming
 a creative problem-solving technique
 generates a large number of fresh ideas

*Learn from Mistakes

 Problem Solving Model
Define the problem

Gather information

Identify various solutions

Evaluate alternatives and select the best option

Take action

Evaluate the action

 THINK CRITICALLY

THINK CRITICALLY

Why must entrepreneurs look at future trends when

making business decisions?

Why should entrepreneurs look beyond current

technology trends when making business decisions?

How are entrepreneurs affected by a global economy?