Entrepreneurial Mindset
Entrepreneurial Mindset
a way of thinking that enables you to overcome challenges, be decisive and accept
responsibility for your outcomes. It is a constant need to improve your skills learned from your
Industrious
Innovative
Honest
Persistent
Caring
Helpful
Confident
Honest
Entrepreneurs must be honest with themselves about everything that is happening in their
company.
Industrious
is characterized by persistence and hardiness, the ability and DESIRE to overcome obstacles.
Innovative
Being able to come up with new and original products, strategies and methods in order to
adapt to any challenges, increase efficiency, and reduce risks.
Persistent
Caring
Caring allows an individual to connect with others, respecting human dignity and responding
with compassion
Helpful
Allows successful individuals to make a mark on the world through their kindness and over-
delivering service.
Faith-Is a great trust in something or someone that leads a person to keep on doing what he
thinks is right.The goodness-The quality or state of being good, moral, and virtuous.
Confident
Allows us to challenge norms and step into the unknown without fear. It gives us a feeling of
certainty and the ability to take action
Comfort Zone
Discouragement
Rejection
Fear
Anxiety
Laziness
Low Self-Esteem
Doubts
Comfort Zone
Discouragement
Rejection
THE FEAR
Anxiety
Laziness
Low Self-Esteem
Business size is one factor that does not prevent one from engaging in
entrepreneurship.
SMALL BUSINESS
TWO APPROACHES
MARKET SHARE
Small business may be defined as one which is independently owned and operated
TOTAL ASSETS
Small business may be defined under the total assets approach as one having total
(1) manufacturing
(2) service
(3)wholesaling
(4) retailing
Service businesses are those that provide service in one way or another
RETAILING
Retailing covers all activities involved in the sale of goods and/or services to
the final consumers. The bulk of retailing activities are performed by small businesses.
Wholesailing
The prospective small business owner can choose from several business
opportunities that he would like to take advantage of. If, after a few years, he thinks that the
business is not worth operating any more, then he can dissolve it and open a new one. This
The employee will do his work based on prescribed targets which may only require
less than his full potential. This is not so with the small business operator. His freedom to act is
limited only by his potential and he can revise or amend his targets within short notice.
The employee will do his work based on prescribed targets which may only require
less than his full potential. This is not so with the small business operator. His freedom to act is
limited only by his potential and he can revise or amend his targets within short notice.
Entrepreneurs who make innovative products available to the public are recognized
properly by society.
DISADVANTAGES OF OPERATING A SMALL BUSINESS
uncertainty of income
complete responsibility
Ethics is the study of moral obligation involving the distinction between right and
wrong.The rules about how entrepreneurs ought to behave are referred to as BUSINESS
ETHICS.
the public
interest groups like the Society of Prevention of Cruelty to Animals
business organization
the situation
reward system
it
individual differences
eople are different from one another and that includes differences in reacting to specific
situations.
other factors
When a person is in competition with others, and he wants to be sure of winning, he is more
Code of Ethics
The code of ethics is a formal document indicating the entrepreneurship's adapted principles of
appropriate behavior. It serves as a basic reference for employees who make big or small
decisions. A code of ethics can be made effective if the following requirements are met:
It should refer to specific unethical practices like receiving gifts, avoiding warranty
For many people, the code of ethics may not be enough to motivate them to act ethically. If the
entrepreneurship wants to have some measure of control over the behavior of its personnel, a
Conflicts arise, even when ethical conduct of personnel is concerned. Internal programs for
resolving conflicts may include an instance where a subordinate may appeal a superior's
To encourage ethical behavior, the entrepreneurship may create an ethics review commitee.
The committee is usually composed of company employees as well as some who are not
It gives advice to the entrepreneur and his staff concerning sensitive ethical issues.
Company personnel who are exposed to activities that are ethically charged must be provided
with sufficient training in ethics.Ethics training is more appropriate for persons occupying
sensitive positions in purchasing, waste disposal, personnel, research and development, sales,
and manufacturing who have undergone special training in ethics. It gives advice to the
BETWEEN THE COMPANY AND THE INVESTORS AND THE FINANCIAL COMMUNITY
is a strategic responsibility whereby organizations manage communications between their
executive leadership and the financial community
will be harmful to them. Entrepreneurs should provide support for consumer rights which are
as follows:
Consumers expect that the products and services they buy will do them no harm. They also
expect to be free from bodily harm when they are inside the entrepreneur's business premises.
the right to be informed
The quality of consumers' purchasing decisions will depend on whether or not they are properly
informed.
Firms that intend to adhere to business ethics should strive to protect consumers' right to
choose, what products and services they need and intend to purchase.
Customers have the right to communicate their concerns to entrepreneurships they patronize.
This right may be used to express appreciation about what the company is doing, or to provide
There is always the possibility that business firms, including entreprenuerships, will commit
unethical acts towards their employees. Since entreprenuers and their staff make decisions on
various business activities like hiring, promotion, trasnfer, compensation, and dismissal. An
example is the ethical question faced by a manager in deciding wheather or not to give hiring
Workplace safety
Avoiding discrimination
Workplace safety
Avoiding Discrimination
suppliers
agents
In the course of business transactions between the players mentioned and the firms, some
ethical questions may come into fore.Bribery and prioritizing delivery orders for a favored
company or trader are examples of unethical practices that must not be allowed to happen in a
The degree of trust is maintained at a high level if investors and the financial community feel
that business firms practice good business ethics, especially if they think that their investments
are well protected. If that is so, the desired level of investment is maintained.However, trust
company's financial health, land swindles, embezzlement, and misleading reports about non-
existent assets are some unethical and illegal practices that undermine our country's financial
stability.
ENTREPRENEUR’S PERSONALITY
Every person has a personality that is unique and different from others. Each personality type
has a corresponding type of job that fits it.
PERSONALITY
• refers to the pattern of characteristics it concludes the person trait, values, motives,
genetic blue prints, attitudes, emotional reactivity, abilities l, self image, intelligence,
and behavior patterns.
CHARACTERISTICS OF ENTREPRENEURS
DRIVE
• it is the tension that occurs when a need is not met; it means that if an entrepreneur
fails in the first attempt, he/she makes another attempt and repeats those attempts
until he/she succeeds.
Thinking Ability
• involves solving problems and making decisions; meaning, an entrepreneur finds the
correct solutions to the problems that confront him/her and then makes decisions to
become closer to realizing his/her goals
Ability to Communicate
Technical Knowledge
• - when a person starts a new venture, he has already begun to assume the risk of
business failure. Entrepreneurs, however, normally do not assume unreasonable risks.
Self-Confident
• A person cannot achieve much unless he has sufficient confidence in himself. In any
undertaking, including entrepreneurship, a person's belief in his ability leads him to
actual performance and eventual success
Goal Setter
• Goals are very useful motivational tools, especially those related to accomplishing the
objectives of entrepreneurs
Accountable
Innovative
Also called promoter Feels confident of his ability to seize a business opportunity regardless
of his resources under his control