Learning Objectives

3-1: Appraise the effectiveness of mindset in entrepreneurship.

Part of The Practice of Entrepreneurship is having the right mindset (or mental attitude) to start and grow a business. Entrepreneurs who have the right mindset are more likely to persist with ideas and act on potential opportunities.

3-2: Define “mindset” and explain its importance to entrepreneurs.

An entrepreneurial mindset is the ability to quickly sense, take action, and get organized under certain conditions. Of the two mindsets proposed by Carol Dweck, the growth mindset represents a fundamental belief that failure is something to build on; and a learning mindset is essential for personal and professional growth.

3-3: Explain how to develop the habit of self-leadership.

Self-leadership is a process of self-direction that utilizes behavior strategies, reward strategies, and constructive thought patterns.

3-4: Explain how to develop the habit of creativity.

Creativity is defined as the capacity to produce new ideas, insights, or inventions that are unique and of value to others.

3-5: Explain how to develop the habit of improvisation.

Improvisation is the art of creating without preparation. Improvisation is recognized as a key skill not just for budding entrepreneurs, but for business practitioners of all types.

3-6: Relate the mindset for entrepreneurship to entrepreneurial action. 

As entrepreneurship demands practice to achieve success, the right mindset is necessary for that practice to be successful. When people believe they can succeed, they’re more likely to pursue the right activities to make that happen.