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The Entrepreneurial Mindset

The Entrepreneurial Mindset. Entrepreneurship. Managerial Vs Entrepreneurial Decision Making. Dimensions of change Strategic Orientation Commitment of resources Control of resources Management Structure Reward Philosophy Growth Orientation Entrepreneurial Culture.

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The Entrepreneurial Mindset

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  1. The Entrepreneurial Mindset Entrepreneurship

  2. Managerial Vs Entrepreneurial Decision Making Dimensions of change Strategic Orientation Commitment of resources Control of resources Management Structure Reward Philosophy Growth Orientation Entrepreneurial Culture

  3. Entrepreneurial Intentions “ The motivational factors that influence individuals to pursue entrepreneurial outcomes.” • Individuals have stronger intentions to act when taking action is perceived to be feasible. Entrepreneurs self efficacy, defined as, the conviction that one can successfully execute the entrepreneurial process, determines this perception of feasibility. • Perceived desirability, defined as, the degree to which an individual has a favorable or unfavorable evaluation of the potential entrepreneurial outcome, is another factor that determines entrepreneurship spirit.

  4. Entrepreneur Background & Characteristics Education - Formal education is not necessary for starting a new business. - Research shows education provides a good background, although majority of successful venture owners like Henry Ford, Bill Gates were college dropouts. - Only a few have relevant degrees in engineering, science or math. 2. Personal Values - Research shows that entrepreneurs have different set of attitudes in the field of management process. - Five core characteristics are superior product quality, quality service to customers, flexibility & ability to adapt to changes in the market, high caliber management, honest & ethics in business.

  5. Entrepreneur Background & Characteristics 3. Age - Most entrepreneurs initiate their entrepreneurial careers between the chronological ages of 22 and 45. - Generally, Male entrepreneurs start their first venture in their early 30’s whereas women do so in their middle 30’s. 4. Work History - Dissatisfaction with various aspects of one’s job such as lack of challenge, or promotional opportunities, frustration, boredom etc motivates the launching of new venture.

  6. Role Models & Support Systems Moral Support Network: Individuals who give psychological support, advice to the entrepreneur like friends, relatives etc. Professional Support Network: includes mentor, business associates, suppliers, trade associations, or personal affiliations who give advice and counseling to the entrepreneur.

  7. Presentation Tomorrow !! Presentations on famous entrepreneurs and successful businesses Group Strength: 4 students Time: 5 mins per group Dress Code: Formal Marks: 2.5 absolute

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