UNIT II
What is Entrepreneurial
mindset?
Entrepreneurial mindset: a way of thinking that
enables you to overcome challenges, be
decisive, and accept responsibility for your
outcomes. It is a constant need to improve your
skills, learn from your mistakes, and take
continuous action on your ideas. Anyone willing
to do the work can develop an entrepreneurial
mindset.
Myths and Realities of
Entrepreneurship
Myth 1:Entrepreneurs are born ,Not Made
Myth 2:Entrepreneurs are doers ,not thinkers
Myth 3:Entrepreneurs are always inventors
Myth 4:Entrepreneurs are academic and social Misfits
Myth 5:Entrepreneurs must fit the profile
Myth 6:All entrepreneurs need is money
Myth 7: All entrepreneurs need luck
Myth 8:Entrepreneurship is unstructured and choatic
Myth 9:Most entrepreneurial initiatives fail
Myth 10:Entrepreneurs are extreme risk …..the Gamblers
Opportunities Identification
1.Trends
Societial
Technology trends
Economic trends
Government trends
2.Unexpected occurances
3.Incongruities
4.Process needs
5.Industry and market changes
6.Demographic changes
7.Perceptual changes
8.Knowledge based concepts
Problem worth Solving
1. The problem must be relevant.
2. The problem must be solvable.
3. The problem must be marketable.
4. Identify problems worth solving during conversations.
5. Identify problems worth solving by observation.
Examples :IKEA ,DIY products sold in the market etc.
Idea Generation techniques
1.Focus groups
2.Problem inventory analysis
3.Creative problem solving
4.Brainstorming
5.Brainwriting
6.Reverse brainstorming
Design thinking
Design thinking is an iterative process that seeks to understand the user
,challenge assumptions ,define problems in a manner that identifies
alternative strategies and solutions that may not be readily apparent
.Design thinking is also a mind set –a way to see the world around you
Strategies for design thinking :
1.Empathize
2.Define
3.Ideate
4.Prototype
5.Test
