Entrepreneurship Chapter 1

GE Elec 3
The Entrepreneurial
Mind
The Entrepreneurial Mind Frame
The entrepreneurial mind frame allows the

entrepreneur to see things in a very positie and
optimistic light in the midst of crisis of difficult
situations.
in fact, in Chinese writing, the word crisis is
composed of two characters. The first character
means danger while the second character means
opportunity.
Entrepreneurial Mind Frame
 Passion is the great desire to attain a

vision or fulfull a mission. it is about
wanting something so much that a
person woud be willing to totally devote
oneself to the quest.
Entrepreneurial Heart Flame
The entrepreneurial heart flame is also

about emotional intelligence or EQ, which
is often manifested in the entrepreneurs’
efforts to nurture relationships with
customers, employees, and suppliers.
Entrepreneurial Heart Flame
The entrepreneur also looks after the interests of

his or her people by motivating and encouraging them
to be the best that they can be.
This creates caring culture within the organization
that brings about synergy among the people working
toward a common vision.
Entrepreneurial Gut Game
The entrepreneurial gut game refers to the

ability to sense without using five senses. this
is also known as intuition.
The gut game also connotes courage or in

the local dialect, “lakas ng loob” (strong
intestinal fortitude)
New Product Development
Successful new products spring from the

convergence of:
1. the creative mind
2. the technical mind; and
3. the business mind.
The Entrepreneurial Mind
The Creative Mind conceptualizes and

designs a product that consumers find
some use for. it likewise produces a
product that is pleasing to see, touch,
smell, hear, and taste.
The technical mind is the technology
originator. the entrepreneur may not
necessarily possess the technical mind but
this is what drives him or her to convert
new knowledge into something highly
functional and operational.
The business mind harnesses the potentials of new

products by creatng the market space for them. It
also organizes sufficient forcess and resources to
develop, launch, and commercialize the new product
in order to maximize its market value.
5 Essential Characteristics of the
Entrepreneurial Mind
Creativity
the seed of entrepreneurship is the ability to see
things differently. Whether its with new products or
new processes, entrepreneurs are driven by the uncanny
knack to see holes in the marketplace and devise
innovations to fill them.
5 Essential Characteristics of the Entrepreneurial Mind
Suspecion of predictors
Entrepreneus tend not to labor under the assumption
that data is the sole predictor of an outcome. Especially
in new markets and with new products where data is
largely interpretive or extrapolated, entrepreneurs are
undaunted by the typical predictors that may put off
fainter hearts.
Comfort with uncertainty

Similarly, a distrust of prediction and analysis creates an
atmosphere where uncertainty rules. Indeed, uncertainty is
the very essence of entrepreneuship.
Idia generation - Screening - Research - Design - Testing -

Launch
Openness to experimetation
A comfort with experimentation goes beyond educated
trial and error. The ability to experiment with products,
processes and outcomes, no matter where the results may
lead, is hte key element of this quality.
Functional humility
Egos can destroy the very best ideas.
entrepreneurs who are committed to solving a
business problems or reinventing a product or
service display a functional humility.
Entrepreneur
 Is the individual who conceptualized and

operates the business.
 Oftentimes referred to as the innovators.
What is Entrepreneurship?
 Entrepreneurship is an undertaking or activity

where one or more individuals decide to
create or operate a business, usually through
innovative ideas, either entirely new or
improvised ideas, assuming a high level of risk
money-wise.
Profile of a successful
entrepreneurs
 Passionate, Visionary, and Focused
Entrepreneurs talk of ideas, improvement
of a product or service, and share with the
audience why there is a need for innovation.
 Resilient
To move forward despite hardships and
obstacles.
 Updated with the Present Market Situations
They come up with the idea generation to
fill-in the gap between what is available and
what the customers would want.
 Great Sense of Foresight

Along with their knowledge of the market,
they consolidate their technical know-how and
the financial aspects of the project.
Critical success factors
 Market Knowledge, Product Acceptability,

and Timing
They capitalize on untapped markets or
unsatisfied customers.
 Capable of Taking a High level of Risk
Entrepreneurs are willing to take on a risk
especially on financial matters.
 Effective Problem Solver
Entrepreneurs adapt to problem situations
and flexible enough to solve various problems.
 Possess a High Level of Initiative
They will seize the opportunity that brings
them closer to their goals.
 Technical Know-how
To enhance the chance of success, the
project may have unique advantages in how the
product or service is created.
 Organization and Leadership

Successful organizations tend to have very
functional organizational set-up with a very
skilled and talented leaders.
Why They go Into Business?
 Low paying job.
 Paving the way to start a small business.
 Convenience as the business can be done at
home.
 Lucrative on-line internet business.
 Trying their innovative ideas which cannot be
accommodated with their present job.
Financial Capability
Most entrepreneurial projects which performed

well in the industry had sufficient financial
banking, coupled with management’s capability
to control cost while generating sales.
Entrepreneurial process
The process usually starts with idea generation,

then preparation of the business plan, then
implementation of the project, and finally, constant
review and improvement of the project.
Idea Generation and Selection
The process starts with the entrepreneurial,
scanning the environment and identifies the
business opportunity he/she wants to go into.
Preparation of the Business Plan
Once the idea has been selected, the
entrepreneur documents the plan through the creation
of a business plan. It is the document that integrates
the market, operational, and financial plans in order to
set the direction towards the desired objective.
Project Implementation
Here, the proponent starts the groundwork
for setting up the organization, selecting the
right people, and moving towards achieving the
plans. This should be backed up by financial
resources so that the activities will set in place.
Review and Improvement
The final step involves comparison of the actual
implementation against the plans documented in the
business plan. It is in this stage where one evaluates
and decides on the future of the products as to its
marketability, operational, organizational, and
financial aspects.
Idea Generation
The
Preparation of the
Entrepreneurial
Business Plan
Process
Project Review and

Implementation Improvement
The Entrepreneurial Flowchart

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GE Elec 3

The entrepreneurial mind frame allows the

 Passion is the great desire to attain a

The entrepreneurial heart flame is also

The entrepreneur also looks after the interests of

The entrepreneurial gut game refers to the

The gut game also connotes courage or in

Successful new products spring from the

The Creative Mind conceptualizes and

The business mind harnesses the potentials of new

Comfort with uncertainty

Idia generation - Screening - Research - Design - Testing -

 Is the individual who conceptualized and

 Entrepreneurship is an undertaking or activity

 Great Sense of Foresight

 Market Knowledge, Product Acceptability,

 Organization and Leadership

Most entrepreneurial projects which performed

The process usually starts with idea generation,

Project Review and

The Entrepreneurial Flowchart

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