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T2 the entrepreneurial mindset 2013

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  • 1. The EntrepreneurialThe Entrepreneurial MindsetMindset Mohd Rafi Yaacob, PhDMohd Rafi Yaacob, PhD Wan Mohd Nazdrol, PhDWan Mohd Nazdrol, PhD ©2013©2013
  • 2. APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 22 Lecture OutlineLecture Outline  What is mindset?What is mindset?  What is entrepreneurial mindset?What is entrepreneurial mindset?  Mindset and behaviorMindset and behavior  The importance of entrepreneurial mindsetThe importance of entrepreneurial mindset  Characteristics of having the rightCharacteristics of having the right entrepreneurial mindsetentrepreneurial mindset  Building of an entrepreneurial societyBuilding of an entrepreneurial society  Effective/Ineffective entrepreneurial mindsetEffective/Ineffective entrepreneurial mindset
  • 3. What is mindset?What is mindset? Mind + SetMind + Set APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 33
  • 4. mindmind The ability to think and imagineThe ability to think and imagine APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 44
  • 5. setset Group of thingsGroup of things APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 55
  • 6. APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 66 What is mindset?What is mindset?  MindsetMindset – AA mindsetmindset refers to arefers to a setset of assumptions,of assumptions, methods or notations held by one or moremethods or notations held by one or more people or groups of people which is sopeople or groups of people which is so established that it creates a powerful incentiveestablished that it creates a powerful incentive within these people or groups to continue towithin these people or groups to continue to adopt or accept prior behaviors, choices, oradopt or accept prior behaviors, choices, or tools.tools. – This phenomenon ofThis phenomenon of cognitive biascognitive bias is alsois also sometimes described assometimes described as mental inertiamental inertia, ", " groupthinkgroupthink", or a "", or a "paradigmparadigm", and it is often", and it is often difficult to counteract its effects upon analysisdifficult to counteract its effects upon analysis and decision making processes.and decision making processes.
  • 7. APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 77 What is mindset?What is mindset?  According to Dr. Carol Dweck* fromAccording to Dr. Carol Dweck* from Stanford University, US, there are twoStanford University, US, there are two sets of mindset:sets of mindset: – A fixed mindsetA fixed mindset – A growth mindsetA growth mindset *Source: Carol C. Dweck (2006), Mindset: The New Psychology of Success, Random House
  • 8. APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 88
  • 9. APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 99 What is mindset?What is mindset?  In aIn a fixed mindsetfixed mindset , people believe, people believe that their basic qualities, like theirthat their basic qualities, like their intelligence or talent, are simply fixedintelligence or talent, are simply fixed traits (rigid). They spend their timetraits (rigid). They spend their time documenting their intelligence or talentdocumenting their intelligence or talent instead of developing them. They alsoinstead of developing them. They also believe that talent alone createsbelieve that talent alone creates success—without effort.success—without effort.
  • 10. APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 1010 What is mindset?What is mindset?  In aIn a growth mindsetgrowth mindset, people believe that, people believe that their most basic abilities can be developedtheir most basic abilities can be developed through dedication and hard work—brainsthrough dedication and hard work—brains and talent are just the starting point. Thisand talent are just the starting point. This view creates a love of learning and aview creates a love of learning and a resilience that is essential for greatresilience that is essential for great accomplishment. Virtually all great peopleaccomplishment. Virtually all great people (including entrepreneurs) have had these(including entrepreneurs) have had these qualities.qualities.
  • 11. APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 1111
  • 12. APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 1212
  • 13. Faces of successfulFaces of successful entrepreneursentrepreneurs APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 1313
  • 14. SuccessfulSuccessful entrepreneursentrepreneurs  Bill Gates - MicrosoftBill Gates - Microsoft  Richard Branson – Virgin AirlineRichard Branson – Virgin Airline  Anita Roddick – Body ShopAnita Roddick – Body Shop  Konosuke Matsushita - PanasonicKonosuke Matsushita - Panasonic  Steve Job – AppleSteve Job – Apple  Soichiro honda - HondaSoichiro honda - Honda  Akio morita - SonyAkio morita - Sony  others?.others?.APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 1414
  • 15. Successful EntrepreneursSuccessful Entrepreneurs (Malaysia)(Malaysia)  Syed Mokhtar Al-Bukhari -Syed Mokhtar Al-Bukhari - TradewindsTradewinds  Lim Goh Tong – Genting GroupsLim Goh Tong – Genting Groups  Tony Fernandez – Air AsiaTony Fernandez – Air Asia  Ananda Krisnan – MaxisAnanda Krisnan – Maxis  Others?Others? APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 1515
  • 16. Faces of successfulFaces of successful entrepreneurs - localentrepreneurs - local APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 1616
  • 17. TONY FERNANDES – AIR ASIATONY FERNANDES – AIR ASIA ANDIANA NABILAANDIANA NABILA APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 1717
  • 18. Social EntrepreneursSocial Entrepreneurs Professor Muhammad YunusProfessor Muhammad Yunus Founder of Grameen Bank, BangladeshFounder of Grameen Bank, Bangladesh APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 1818
  • 19. APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 1919 Test Your MindsetTest Your Mindset  You are given a set of twentyYou are given a set of twenty statements.statements.  Please respond freely to thosePlease respond freely to those statements.statements.  There is no right or wrong answer.There is no right or wrong answer.
  • 20. APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 2020 Test ImplicationsTest Implications 0 10 20 Growth Mindset Fixed Mindset
  • 21. APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 2121 Can mindset beCan mindset be changed?changed?  Although people may differ in every whichAlthough people may differ in every which way—in their initial talents and aptitudes,way—in their initial talents and aptitudes, interests, or temperamentsinterests, or temperaments BUTBUT everyoneeveryone can change and grow through applicationcan change and grow through application and experience.and experience.  The passion for stretching yourself andThe passion for stretching yourself and sticking to it, even (or especially) when it’ssticking to it, even (or especially) when it’s not going well, is thenot going well, is the HALLMARKHALLMARK of theof the growth mindsetgrowth mindset. This is the mindset that. This is the mindset that allows people to thrive during some of theallows people to thrive during some of the most challenging times in their lives.most challenging times in their lives.
  • 22. APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 2222 What is EntrepreneurialWhat is Entrepreneurial Mindset?Mindset?  Is a set of cognitive (thinking)Is a set of cognitive (thinking) processes that triggers the individualsprocesses that triggers the individuals to act or to behave entrepreneurially.to act or to behave entrepreneurially. – Sometimes it is called entrepreneurialSometimes it is called entrepreneurial talent or mentalitytalent or mentality – This mindset, talent or mentality can beThis mindset, talent or mentality can be changed and modified over timechanged and modified over time – The basis for the individual behaviorThe basis for the individual behavior
  • 23. APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 2323 Entrepreneurial MindsetEntrepreneurial Mindset  Having the right attitude:Having the right attitude: – Able to work without supervisionAble to work without supervision – Able to self-motivateAble to self-motivate – Able to make quick decisionsAble to make quick decisions – Able to handle stressAble to handle stress – Open-minded and flexibleOpen-minded and flexible – FocusedFocused – PersistentPersistent – Patient, etc.Patient, etc.
  • 24. APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 2424 Motivation Knowledge & Skills Attitude •Intrinsic •Intention •Spirit •Responsibility •Extrinsic: •Role Model •Rewards •Pro-active •Positive values •Propensity to take risk •Creative and innovative •Inquisitive mind •Pursuing excellence •Functional knowledge •Entrepreneurial skills •Managerial skills •Technical skills •Communication skills •IT skills Mindset and BehaviorMindset and Behavior Mindset affects the individual behavior at all levels
  • 25. APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 2525 Mindset and BehaviorMindset and Behavior MINDSETMINDSET (Tacit)(Tacit) APTITUDEAPTITUDE (Implicit)(Implicit) BEHAVIORBEHAVIOR (Explicit)(Explicit)
  • 26. APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 2626 The Importance ofThe Importance of Entrepreneurial MindsetEntrepreneurial Mindset  To cope with the rapidly changing economy.To cope with the rapidly changing economy. – Business/economic environment today hasBusiness/economic environment today has become fuzzy, chaotic, complex, uncertain andbecome fuzzy, chaotic, complex, uncertain and change very rapidly.change very rapidly. – To succeed in the midst of this chaos andTo succeed in the midst of this chaos and uncertainty we require theuncertainty we require the agilityagility,, creativitycreativity,, flexibilityflexibility,, innovationinnovation,, interdependenceinterdependence andand visionvision of entrepreneurs and their enterprising units.of entrepreneurs and their enterprising units.
  • 27. CREATIVITY 1CREATIVITY 1 CREATIVITY 2CREATIVITY 2 INNOVATION – BYDINNOVATION – BYD INNOVATION - REVAINNOVATION - REVA APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 2727
  • 28. APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 2828 The Importance ofThe Importance of Entrepreneurial MindsetEntrepreneurial Mindset  To build an entrepreneurial societyTo build an entrepreneurial society – Developing the right mindset at a very early ageDeveloping the right mindset at a very early age – Inculcation and acculturization process need toInculcation and acculturization process need to implemented thru various programs andimplemented thru various programs and activitiesactivities – Entrepreneurs as agents of change at everyEntrepreneurs as agents of change at every level of the societylevel of the society – Important contribution to entrepreneurial capitalImportant contribution to entrepreneurial capital – Entrepreneurship as a way of lifeEntrepreneurship as a way of life
  • 29. APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 2929 ACCULTURIZATIONACCULTURIZATION PROCESSPROCESS ENTREPRENEURIALENTREPRENEURIAL SOCIETYSOCIETY ENTREPRENEURIALENTREPRENEURIAL CAPITALCAPITAL ENTREPRENEURIALENTREPRENEURIAL ECONOMYECONOMY ECONOMICECONOMIC GROWTHGROWTH Building anBuilding an Entrepreneurial SocietyEntrepreneurial Society -Changing the mindset -Building the culture -Risk-taker -Innovative -Creative -Supportive -Human -Knowledge -Intellectual -Physical -Financial -Social -Vibrant -Sustainable -Added value -Job creation -Higher productivity -Higher output -Higher income per capita -Higher standard of living -Full employment
  • 30. APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 3030 The Importance ofThe Importance of Entrepreneurial MindsetEntrepreneurial Mindset  To spur innovation and growthTo spur innovation and growth – From creative people, comes creative productsFrom creative people, comes creative products – Innovation creates and adds valueInnovation creates and adds value – Finding new source of economic growthFinding new source of economic growth – Change as process, not destinyChange as process, not destiny – Thinking “out of the box” becomes norms of theThinking “out of the box” becomes norms of the societysociety – Innovation in every part of the value chainInnovation in every part of the value chain
  • 31. APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 3131 Ineffective EntrepreneurialIneffective Entrepreneurial MindsetMindset  Don’t care attitude (Sikap “tak apa, sambilDon’t care attitude (Sikap “tak apa, sambil lewa & malas”)lewa & malas”)  Not being meticulous/ takes thing forNot being meticulous/ takes thing for granted) (Budaya “cincai & ambil mudah”granted) (Budaya “cincai & ambil mudah”  Passing the buck (Sikap “ini bukan kerjaPassing the buck (Sikap “ini bukan kerja saya”)saya”)  Why should I care?/Lackadaisical attitudeWhy should I care?/Lackadaisical attitude (Budaya “saya tak tahu & tidak peduli”)(Budaya “saya tak tahu & tidak peduli”)
  • 32. APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 3232 Ineffective EntrepreneurialIneffective Entrepreneurial MindsetMindset  Wait and see (Sikap “tunggu dan lihat”)Wait and see (Sikap “tunggu dan lihat”)  Non-punctuality (Budaya tidak menepatiNon-punctuality (Budaya tidak menepati masa dan janji)masa dan janji)  Subsidy mentality (Mentaliti subsidi)Subsidy mentality (Mentaliti subsidi)  Boria syndrome (Sindrom boria)Boria syndrome (Sindrom boria)  Ask more, give less (Budaya meminta-minta)Ask more, give less (Budaya meminta-minta)
  • 33. APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 3333 Developing an EffectiveDeveloping an Effective Entrepreneurial MindsetEntrepreneurial Mindset  Understand what motivates youUnderstand what motivates you  Know what you loveKnow what you love  Challenge yourselfChallenge yourself  Reversal thinkingReversal thinking  Change your habit (once in a while)Change your habit (once in a while)  Always believe that you canAlways believe that you can  Break away from normsBreak away from norms
  • 34. APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 3434 SummarySummary  We (entrepreneurs) must see thingsWe (entrepreneurs) must see things from different perspectives, willing tofrom different perspectives, willing to try new ways of doing things, willing totry new ways of doing things, willing to tolerate a higher level ambiguity, dotolerate a higher level ambiguity, do not fear failure, seek and embracenot fear failure, seek and embrace new norms, and most importantly tonew norms, and most importantly to realign our mental attitude – therealign our mental attitude – the mindsetmindset
  • 35. SUCCESS STORYSUCCESS STORY SUSAN BOYLE 1SUSAN BOYLE 1 SUSAN BOYLE 2SUSAN BOYLE 2 APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 3535
  • 36. APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 3636 ConclusionConclusion  Four (4) categories of people:Four (4) categories of people: – Makes things happenMakes things happen – See things happenSee things happen – Wonder what happenWonder what happen – Do not know what happenDo not know what happen Which category would you like to be in?Which category would you like to be in?