Lesson 1

• Entrepreneurial Mindset: -Involves the ability to rapidly sense, act, and mobilize, even under uncertain conditions. As defined by Hisrich, Peters, and Shepherd (2017). -As the inclination to discover, evaluate, and exploit opportunities. As defined by Bosman and Fern Haber (2018). Is the ability to quickly sense, act, and get the organized under uncertain conditions. As define by H. Neck, C. Neck, and Murray (2017). -Requires constant thinking & rethinking, adaptability, and self-regulation – the capacity to control our emotions & impulses.
• Traits of Entrepreneur: Curiosity, Growth Mindset, Courage, Persistence/Grit, Opportunity Seeking, Problem Solving, Redefining Failure, Optimism, Resourcefulness, Adaptability, Empathy
• Curiosity: Always ask “what if” and “why” & seek new & creative ways of learning & doing.
• Growth Mindset: Their potential for learning & achieving anything. Power to stretch their brains & sharpen their minds.
• Courage: Steps out to their comfort zone/s to accomplish great things.
• Persistence/Grit: Learn to work through failure to create solutions for problems they are passionate about.
• Opportunity Seeking: Observe, identify, and act on circumstances where they can innovate or solve a problem.
• Problem Solving Proactively develop creative solutions to the problems around them.
• Redefining Failure See failure as a learning opportunity & a launchpad for their next success or discovery.
• Optimism: Needs to be confident in their ability to innovate & in their potential for making an impact.
• Resourcefulness: Develop quick & clever ways to overcome challenges
• Adaptability: Make smart changes when challenges arise without losing heart or giving up.
• Empathy: Think about other people’s needs & feelings & keeping these in mind when solving a problem.
• Entrepreneurial Skillset:

  Creativity, Teamwork, Idea Generation, Opportunity Analysis, Market Research & Customer Validation, Design Thinking, Prototyping, Business Model Methodology, Pitching, Public Speaking
• Creativity: Being bold & imaginative & not limiting their thinking to what is already been done.
• Teamwork: Seek out teams with diverse perspectives, skills, & talents.
• Idea Generation: The more ideas the better. Wildly and silly ideas are also welcome.
• Opportunity Analysis: Look for & analyze different patterns & trends to see if an idea will be successful & if it is the right time to get started.
• Market Research & Customer Validation: Turn the customers idea into something that they will want.
• Design Thinking: Needs to put the user first & seek out feedback to design with users in mind for developing effective solutions.
• Prototyping: Simple models to explain their idea, get feedback, & learn how their product can be improved.
• Business Model Methodology: Helps answer questions like: What will it cost to make your product? What should you charge?
• Pitching: Effective pitches to potential users & investors are clear, short, and persuasive.
• Public Speaking: Opportunities to speak about his/her idea, he/she want to do so as effective as possible.
• Metacognition - Cognitive Strategies are the ways in which people solve problems such as reasoning, analyzing, experimenting, etc. To identify opportunities, consider alternative options, & take action. - Metacognition is the way in which to understand one’s performance or the process of thinking about thinking. To adapt to changing circumstances by thinking about alternative routes to take and choosing one or more strategies based on these options. - Metacognitive awareness is part of the mindset. It can be developed over time through continuous practice.
• Habit is a sometimes-unconscious pattern of behavior that is carried out often & regularly.
• Habit loop is a process by which our brain decides whether a certain behavior should be stored & repeated.
• Three Habits that need to be cultivated for Entrepreneurial Mindset: (1)Self-leadership (2)Creativity (3)Improvisation
• Self-Leadership Habit: A process whereby people can influence & control their behavior, actions, & thinking to achieve the self-direction & self-motivation necessary to build their entrepreneurial business ventures.
• Behavior-Focused Strategies aim to increase self-awareness to manage behaviors particularly when dealing with necessary but unpleasant tasks.
• Self-observation is the awareness of how, when, and why we behave the way we do in certain circumstances.
• Self-goal setting is the process of setting individual goals for ourselves.
• Self-reward is a powerful way of motivating somebody to accomplish his/her goals.
• Self-punishment or Self-correcting feedback is a process that allows an individual to examine his/her own behaviors in a constructive way to reshape these behaviors.
• Self-cuing is the process of prompting that acts as a reminder of desired goals and keeps an individual’s attention on what he/she are trying to achieve.
• Natural Reward Strategies – endeavors to make aspects of a task/activity more enjoyable by building in certain features/by reshaping perceptions to focus on the most positive aspects of the task & the value it holds. Constructive Though Patterns – help to form positive & productive ways of thinking that can be benefit performance.
• Creativity Habit: Creativity is the capacity to produce new ideas, insights, inventions, products, or artistic objects that are unique, useful, & of value to others. 6 Main Emotional Roadblocks Preventing People from Practicing Creativity by James L. Adams, a Stanford University professor: -Fear -No appetite for chaos -Preferences for judging over generating ideas. -Dislikes for incubating ideas -Perceived lack of challenged. -Inability to distinguish reality from fantasy.
• Improvisation is the art of spontaneously creating something without preparation.
• Improvisation is linked to mindset as it helps us develop the cognitive ability to rapidly sense and act as well as change direction quickly.
• The Power of Beliefs: Is a feeling of certainty that something exists, is true, or is good. Ordinary people can be moved to greatness by their beliefs. Limiting beliefs can cause talented people to fail.