T2 the entrepreneurial mindset 2013

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Entrepreneurial behaviour

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T2 the entrepreneurial mindset 2013

  1. 1. The Entrepreneurial Mindset NOR IZZAH ILLIANA BT OTHMAN 2014
  2. 2. Lecture Outline        What is mindset? What is entrepreneurial mindset? Mindset and behavior The importance of entrepreneurial mindset Characteristics of having the right entrepreneurial mindset Building of an entrepreneurial society Effective/Ineffective entrepreneurial mindset APT 2013 2
  3. 3. What is mindset? Mind + Set APT 2013 3
  4. 4. mind The ability to think and imagine APT 2013 4
  5. 5. set Group of things APT 2013 5
  6. 6. What is mindset?  Mindset – A mindset refers to a set of assumptions, methods or notations held by one or more people or groups of people which is so established that it creates a powerful incentive within these people or groups to continue to adopt or accept prior behaviors, choices, or tools. – This phenomenon of cognitive bias is also sometimes described as mental inertia, " groupthink", or a "paradigm", and it is often difficult to counteract its effects upon analysis and decision making processes. APT 2013 6
  7. 7. What is mindset?  According to Dr. Carol Dweck* from Stanford University, US, there are two sets of mindset: – A fixed mindset – A growth mindset *Source: Carol C. Dweck (2006), Mindset: The New Psychology of Success, Random House APT 2013 7
  8. 8. APT 2013 © 2013 Rafi/Nadzrol 8
  9. 9. What is mindset?  In a fixed mindset , people believe that their basic qualities, like their intelligence or talent, are simply fixed traits (rigid). They spend their time documenting their intelligence or talent instead of developing them. They also believe that talent alone creates success—without effort. APT 2013 9
  10. 10. What is mindset?  In a growth mindset , people believe that their most basic abilities can be developed through dedication and hard work—brains and talent are just the starting point. This view creates a love of learning and a resilience that is essential for great accomplishment. Virtually all great people (including entrepreneurs) have had these qualities. APT 2013 10
  11. 11. APT 2013 © 2013 Rafi/Nadzrol 11
  12. 12. APT 2013 © 2013 Rafi/Nadzrol 12
  13. 13. Faces of successful entrepreneurs APT 2013 © 2013 Rafi/Nadzrol 13
  14. 14. Successful entrepreneurs         Bill Gates - Microsoft Richard Branson – Virgin Airline Anita Roddick – Body Shop Konosuke Matsushita - Panasonic Steve Job – Apple Soichiro honda - Honda Akio morita - Sony others?. APT 2013 © 2013 Rafi/Nadzrol 14
  15. 15. Successful Entrepreneurs (Malaysia)      Syed Mokhtar Al-Bukhari Tradewinds Lim Goh Tong – Genting Groups Tony Fernandez – Air Asia Ananda Krisnan – Maxis Others? APT 2013 © 2013 Rafi/Nadzrol 15
  16. 16. Faces of successful entrepreneurs - local APT 2013 © 2013 Rafi/Nadzrol 16
  17. 17. TONY FERNANDES – AIR ASIA ANDIANA NABILA APT 2013 © 2013 Rafi/Nadzrol 17
  18. 18. Social Entrepreneurs Professor Muhammad Yunus Founder of Grameen Bank, Bangladesh APT 2013 © 2013 Rafi/Nadzrol 18
  19. 19. Test Your Mindset    You are given a set of twenty statements. Please respond freely to those statements. There is no right or wrong answer. APT 2013 © 2013 Rafi/Nadzrol 19
  20. 20. Test Implications 0 10 Fixed Mindset Growth Mindset APT 2013 20 © 2013 Rafi/Nadzrol 20
  21. 21. Can mindset be changed?   Although people may differ in every which way—in their initial talents and aptitudes, interests, or temperaments BUT everyone can change and grow through application and experience. The passion for stretching yourself and sticking to it, even (or especially) when it’s not going well, is the HALLMARK of the growth mindset . This is the mindset that allows people to thrive during some of the most challenging times in their lives. APT 2013 © 2013 Rafi/Nadzrol 21
  22. 22. What is Entrepreneurial Mindset?  Is 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 APT 2013 © 2013 Rafi/Nadzrol 22
  23. 23. Entrepreneurial Mindset  Having the right attitude: – – – – – – – – Able to work without supervision Able to self-motivate Able to make quick decisions Able to handle stress Open-minded and flexible Focused Persistent Patient, etc. APT 2013 © 2013 Rafi/Nadzrol 23
  24. 24. Mindset and Behavior • Functional knowledge • Entrepreneurial skills • Managerial skills • Technical skills • Communication skills • IT skills Knowledge & Skills Motivation Attitude Mindset affects the individual behavior at all levels APT 2013 © 2013 Rafi/Nadzrol • Intrinsic •Intention •Spirit •Responsibility • Extrinsic: •Role Model •Rewards • Pro-active • Positive values • Propensity to take risk • Creative and innovative • Inquisitive mind • Pursuing excellence 24
  25. 25. Mindset and Behavior BEHAVIOR (Explicit) MINDSET (Tacit) APTITUDE (Implicit) APT 2013 © 2013 Rafi/Nadzrol 25
  26. 26. The Importance of Entrepreneurial Mindset  To cope with the rapidly changing economy. – Business/economic environment today has become fuzzy, chaotic, complex, uncertain and change very rapidly. – To succeed in the midst of this chaos and uncertainty we require the agility, creativity, flexibility, innovation, interdependence and vision of entrepreneurs and their enterprising units. APT 2013 © 2013 Rafi/Nadzrol 26
  27. 27. CREATIVITY 1 CREATIVITY 2 INNOVATION – BYD INNOVATION - REVA APT 2013 © 2013 Rafi/Nadzrol 27
  28. 28. The Importance of Entrepreneurial Mindset  To build an entrepreneurial society – Developing the right mindset at a very early age – Inculcation and acculturization process need to implemented thru various programs and activities – Entrepreneurs as agents of change at every level of the society – Important contribution to entrepreneurial capital – Entrepreneurship as a way of life APT 2013 © 2013 Rafi/Nadzrol 28
  29. 29. Building an Entrepreneurial Society ECONOMIC GROWTH -Higher output -Higher income per capita -Higher standard of living -Full employment ENTREPRENEURIAL ECONOMY ENTREPRENEURIAL CAPITAL ENTREPRENEURIAL SOCIETY ACCULTURIZATION PROCESS -Changing the mindset -Building the culture APT 2013 -Risk-taker -Innovative -Creative -Supportive © 2013 Rafi/Nadzrol -Human -Knowledge -Intellectual -Physical -Financial -Social -Vibrant -Sustainable -Added value -Job creation -Higher productivity 29
  30. 30. The Importance of Entrepreneurial Mindset  To spur innovation and growth – – – – – From creative people, comes creative products Innovation creates and adds value Finding new source of economic growth Change as process, not destiny Thinking “out of the box” becomes norms of the society – Innovation in every part of the value chain APT 2013 © 2013 Rafi/Nadzrol 30
  31. 31. Ineffective Entrepreneurial Mindset     Don’t care attitude (Sikap “tak apa, sambil lewa & malas”) Not being meticulous/ takes thing for granted) (Budaya “cincai & ambil mudah” Passing the buck (Sikap “ini bukan kerja saya”) Why should I care?/Lackadaisical attitude (Budaya “saya tak tahu & tidak peduli”) APT 2013 © 2013 Rafi/Nadzrol 31
  32. 32. Ineffective Entrepreneurial Mindset      Wait and see (Sikap “tunggu dan lihat”) Non-punctuality (Budaya tidak menepati masa dan janji) Subsidy mentality (Mentaliti subsidi) Boria syndrome (Sindrom boria) Ask more, give less (Budaya meminta-minta) APT 2013 © 2013 Rafi/Nadzrol 32
  33. 33. Developing an Effective Entrepreneurial Mindset        Understand what motivates you Know what you love Challenge yourself Reversal thinking Change your habit (once in a while) Always believe that you can Break away from norms APT 2013 © 2013 Rafi/Nadzrol 33
  34. 34. Summary  We (entrepreneurs) must see things from different perspectives, willing to try new ways of doing things, willing to tolerate a higher level ambiguity, do not fear failure, seek and embrace new norms, and most importantly to realign our mental attitude – the mindset APT 2013 © 2013 Rafi/Nadzrol 34
  35. 35. SUCCESS STORY SUSAN BOYLE 1 SUSAN BOYLE 2 APT 2013 © 2013 Rafi/Nadzrol 35
  36. 36. Conclusion  Four (4) categories of people: – – – – Makes things happen See things happen Wonder what happen Do not know what happen Which category would you like to be in? APT 2013 © 2013 Rafi/Nadzrol 36

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