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Unveiling the Entrepreneurial Mindset: Characteristics, Risks, and Rewards

Explore the nature, competencies, and decisions of entrepreneurs to understand the entrepreneurial mindset. Assess your business intention and compare being an employee vs. an entrepreneur. Discover the pros and cons of entrepreneurship and the shifts in the entrepreneurial landscape over time.

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Unveiling the Entrepreneurial Mindset: Characteristics, Risks, and Rewards

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  1. Lesson 2 Series - 2.0The ENTREPRENEURNature, Competencies, Decisions Tonie G. Tagulao, MAT

  2. Lesson 2 core Outcome: • Distinguishes characteristics, competencies, skills and manner of thinking that make up an entrepreneurial mindset by getting to know practicing entrepreneurs and assessing one’s self.

  3. Economic perspective… Is a producer, innovator Psychological perspective… Is a risk-taker, achiever, Boss Managerial perspective… Is a leader and opportunist The ENTREPRENEUR

  4. “EMPLOYEE OR ENTREPRENEUR?”

  5. Assess your BuSINESS INTENTION Go to p. 21 of your text Answer the assessment tool and add up your score Discuss with your seatmate the following points: (if scores reveal high intent) share with your seatmate what is pushing your desire to start business. (If score reveal uncertain/ low intent) share with your seatmate what is hindering your willingness to start business?

  6. EMPLOYEE VS. ENTREPRENEUR ENTREPRENEURS • Work for themselves • Gain stability through wise investment of time, money and effort • Lead according to the need and call of the times • Are rewarded through profit from business ventures, independence, personal fulfillment of goals, knowledge to have made social contribution EMPLOYEES • Work for someone else • Gain stability through consistent an/or progressive performance • follow someone’s leadership • Are rewarded through salary and attaining job satisfaction

  7. Who gains most in this scenario?

  8. Who can become an entrepreneur? James Altucher(venture capitalist & author) “Everyone is an entrepreneur. The only skills you need to be an entrepreneur: an ability to fail, an ability to have ideas, to sell those ideas, to execute on those ideas, and to be persistent so even as you fail you learn and move onto the next adventure.”

  9. The ENTREPRENEUR: Pros & ConS PROS • You make your own rules • Do work you enjoy • Create greater wealth • Render high impact contributions to the community CONS • Potential business failure • Unexpected obstacles • Financial insecurity • Long hours, hard work

  10. Shifts in the nature of ENTREPRENEURS: YESTERDAY & TODAY

  11. CAUSES of ShiFTS in entrepreneurs • SOCIAL CHANGES: social roles, family structure, values, trends, preferences • ECONOMIC CHANGES: standards of living, urbanization, prices, trade, resources • POLITICAL CHANGES: governments, policies, leadership, international relations • TECHNOLOGICAL CHANGES: Production, Communication, Transport, Automation

  12. CHARACTERISTICS OF THE ENTREPRENEUR • Self-confidence • Opportunity seeking • Innovativeness • Responsibility • Failure tolerance • Calculated risk-taking • Commitment • Feedback-seeking • Perseverance • Perseverance • Drive to Achieve

  13. What other characteristics are need for an entrepreneur to start and stay in business? • Watch the video (s) on a practicing entrepreneur • Listen to and observe what is shared • Identify other characteristics mentioned OR implied by the entrepreneur regarding the practice of enterprise

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