Entrepreneurship Mindsets Presentation

Entrepreneurship

Mindsets

Taking control of your destiny.

If you believe you will succeed or

if you will fail. You are right.

Anyone can be an entrepreneur. You do not need to be rich or smart

to be an entrepreneur. What drives

an entrepreneur and what distinguishes them from an over-

achieving employee or salesperson? Entrepreneurs have one thing in

common – the desire to create. http://www.lulu.com/product/ebook/so-you-want-to-be-an-entrepreneur/6535644

Not everyone who starts a business is an entrepreneur. Some do it out of

desperation, or until they get a real

job. They might become entrepreneurs one day, but they must

move their mindset from 'I can't do that' to one of 'can do'.

http://www.lulu.com/product/ebook/so-you-want-to-be-an-entrepreneur/6535644

Entrepreneurs are dreamers. They

start trends. They want to create

change and growth. They believe in themselves. They control their

destiny.


Entrepreneurs affect change. Entrepreneurs directly affect the

environment they start their business

in. Entrepreneur do have the choice to decide how they would like to

affect change.


MotivationsMotivationsMotivationsMotivations

Gallardo 2006

Rewards and motivation

• When you have a job that is mechanical

and takes no cognitive involvement, then

money motivates the best. If your job is

making widgets, then money is the best

motivator. However, with even the

smallest amount of cognitive involvement,

the middle and low rewarded actually do

better than the ones who are rewarded the

most. Studies of rewards were done at MIT, Carnegie Mellon and University of Chicago.

Overjustification Effect

• The researchers concluded that expected

rewards undermine intrinsic motivation in

previously enjoyable activities.

• Money motivates till a certain degree and

in some cases it actually demotivates.

• Money is a means, not a goal.

Maslow’s Triangle

Equity Theory

Hawthorne Experiments

• Motivation was a very complex subject

• People are motivated by more than pay

and conditions.

• The need for recognition and a sense of

belonging are very important.

• Attitudes towards work are strongly

influenced by the group.

Three Circles of Business: Robin Low

Entrepreneur Mindsets• 1) I don't have it in me and I will never succeed.

(Resistant attitude towards success)

• 2) "Let's learn more." (Passive attitude, may be interested in starting a business, but does not take any action.)

• 3) "Let's give it a try." (Will do research, and learn more about Entrepreneurship, but give up as soon as he encounters the first barrier.)

• 4) "Where do I sign up? I'll give my 100%" (100% Commitment to changing their mindset, and thinking about starting their business. They will start thinking of ideas, find partners and capital and start something. If they fail, they will use it as a lesson and try again until they succeed.)

Beliefs and Outcomes

You need to believe three things about your outcomes:

• It is possible to achieve

• You are able to achieve them

• You deserve to achieve them

PAW Process

Possibility

• Very often, we mistake possibility for competence. We think something if not possible when really we do not know how to do it. As humans, we all do have physical limits, but we don’t usually know that these limits are.

• You cannot prove a negative, therefore you can never prove that you are incapable of anything, you can only say that you have not achieved it yet.

PAW Process

Ability• Have you the put a limit on what you can

achieve? We often sell ourselves short by not believing we can do something. But beliefs are not facts – they are just our best guess about things at a certain point of time.

• Keep an open mind. Have one basic true belief: You have not reached the limit of what you are capable yet.

• DON’T BOAST ABOUT YOUR SUPPOSED LIMITATIONS

PAW ProcessAbility

• Do not ever announce to other people that you can’t do something, even if you think you can’t. People often own up much more readily about things that they are bad at than what they are good at. This is not modesty. Modesty mean not bragging about what you can do.

• Negative talk just places a self-imposed glass ceiling on what you are going to do. If you think like this, add the little word “yet” to the end. Though there may be good reasons why you may not get the goal, don’t make excuses in advance, then you have just set yourself up for failure.

PAW Process

Worthiness

• Many people may have a positive attitude, but the key towards achievement is a PAW Process. (Possibility, Ability and Worthiness)

• Do you deserve to achieve your goals?

• Only you can answer this question, but why not?

PAW Process

• If people are unwilling to try, but if you volunteered and accomplished, who deserves the success? It is not about ethics or morals when it comes to self-worthiness. Do not apologize for succeeding or winning. Notice any uncomfortable feelings, and they will point to obstacles and self-doubts.

• Just repeat the following for each goal:

• ‘This goal is possible’

• ‘I have the ability to achieve this goal’

• “I deserve to achieve this goal’

The power of beliefs

• Beliefs can make ordinary do great things, limiting beliefs can make talented people fail.

• Do you need a lot of talent to be an entrepreneur? Do entrepreneurs have superior resources that others lack? You know the answer to the above questions is no. Then many people often ask, how do ordinary people accomplish so much?

• Bill Gates, the richest man on earth did not graduate from Harvard University, yet he could be where he is now. The Wright brothers did not possess more engineering skills than all the engineers and inventors of their time. (They were bicycle repairmen.) Li Ka Shingwas from a poor family and did not even finish formal education and yet he is the 11 richest man in the world. (Forbes Report Feb 2008).

Resolve

• Sometimes, people have such strong beliefs that they start to have their personal resolve – a determination that governs how they think, act and behave. Terry Fox, a teenager with cancer, managed to run the marathon with only one leg. His strength and determination allowed him to do what a lot of normal people would not even do – to complete the marathon.

• In high level of competition, even in physical games. An athlete needs to be both physically prepared and mentally prepared. To be successful, and to be an entrepreneur, preparing your mind is very important as you need to have strong beliefs and determination before you can truly succeed.

Limiting beliefs

• In our lives, we are taught many things that are not true. We are taught never to challenge these beliefs and eventually make them part of our logic. To succeed, we sometimes have to break these mental barriers and myths that may limit us.

Case study 1:

• 4 minute mile. For hundreds of years, many have attempted this feat and all have fallen short. But on May 6, 1954, Roger Bannister ran 1 mile in 3 minutes and 54 seconds. This was amazing but within a year, 37 other runners had broken his record. Within the next 3 years, 300 runners had repeated the same feat.

• What held these runners back were their limiting beliefs and it was not until someone had proven that it could be done, people do not perform to their fullest potential.

Case study 2

• In the American army, the new recruits were often called “Heroes” and “Champions” during the initial training. They were given a lot of positive feedback to make them believe that they can achieve more.

• And many did. People who could never do pull ups could do 6, and people who had never exercised could run 5 miles. Thing they would have never done without peer pressure and the reinforcements and encouragements given, changed their beliefs and unleashed their potential, making them do feats they have never thought possible.

“Whether of not you believe you can or you believe you can’t, either

way you are right!”

-- Henry FordHenry Ford.

You can often hear the following:

• “There will never be happiness in the

relationship between a rich man and a poor girl.”

• “There is always bias towards the black man,

and he’ll never be president!”

• “A woman driving a sports car is probably a

mistress.”

• “Light travels in straight line.”

• “The world is flat.”

• “The atom is indivisible.”

A lot of these statements are not true, however people still believe in them, making it true for them.

Even famous and intelligent people

have beliefs that are wrong • “The earth is the center of the universe.” –

Ptolemy, Egyptian Astronomer, 2nd Century.

• “There is no need for any computer to have more than 250k of RAM.” – Bill Gates, CEO of Microsoft in the 1980s.

• “Heavier than air flying machines are impossible.” Lord Kelvin, President of Royal Society, 1895.

• “Man will never reach the moon, regardless of all future scientific advances.” Dr. Lee De Forest, Inventor of the Audion tube & the Father of Radio

What Limiting Beliefs do you have?

Do you believe in the following?

Limiting beliefs about identity and capability.

• I am too young? Too old? Not talented? Not smart enough? Not qualified enough? No luck for business? Lack the drive? Don’t have motivation? Lazy? Not a good speaker? Will never succeed in business? Not creative enough? Cannot manage people?

Limiting beliefs about money

• Money is difficult to earn? To be rich you must be already rich? Money will lead to problems? Impossible to access to money? Money is the root of all evil?

What Limiting Beliefs do you have?

Limiting beliefs about relationship & people

• Must socialize and drink before I can network? People cannot be trusted? Marriages never lead to happy endings? “Perfect partner” for life is a myth?

Limiting beliefs about my career or business

• Market is too saturated? My idea is already somewhere in the market? Business is tough? No one will trust my new idea? Hard to make money in a recession? No opportunities out there? I cannot expand my business? Its hard to get a job if I quit? My business have reached its growth limit?

Action

"The successful person places more attention on doing the right thing rather

than doing things right."

- Peter Drucker

http://ezinearticles.com/?Action-For-Entrepreneurs&id=4159030

Action is the driving force that produces results. Are all entrepreneurs people with the most intelligence and the most knowledge? Definitely not! In fact, people like Bill Gates, Steve Jobs and Richard Branson all do not have college degrees, yet they have billion dollar empires. The reason behind their success - they were people who took ACTION.

Consistent action is key. Even getting your MBA takes action. One cannot simply just "buy" an MBA from a recognized college. One would need to apply, and consistently complete projects and tests in order to work their way towards their MBA.

When it comes to success, having knowledge is still important, and it can be gained through experience but the cheaper and faster alternative is through formal education. People who are able to combine knowledge with massive action, can achieve great things.

Books to read

• Think and grow rich -- Napoleon Hill

• Richest Man in Babylon -- George S Clason by Hill

• Rich Dad, Poor Dad -- Robert T. Kiyosaki

• Unlimited Power: The New Science of Personal Achievement -- Anthony Robbins

• How to Win Friends & Influence People --Dale Carnegie

• So... You Want to be an Entrepreneur? -- Robin Low

Entrepreneurship Mindsets

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Entrepreneurship Mindsets Presentation