t2 the entrepreneurial mindset 2013

The Entrepreneurial The Entrepreneurial MindsetMindset

NOR IZZAH ILLIANA BT NOR IZZAH ILLIANA BT OTHMANOTHMAN

20142014

APT 2013APT 2013 22

Lecture OutlineLecture Outline

What is mindset? What is mindset? What is entrepreneurial mindset?What is entrepreneurial mindset? Mindset and behaviorMindset and behavior The importance of entrepreneurial mindsetThe importance of entrepreneurial mindset Characteristics of having the right Characteristics of having the right

entrepreneurial mindsetentrepreneurial mindset Building of an entrepreneurial societyBuilding of an entrepreneurial society Effective/Ineffective entrepreneurial Effective/Ineffective entrepreneurial

mindsetmindset

What is mindset?What is mindset?

Mind + SetMind + Set

APT 2013APT 2013 33

mindmind

The ability to think and imagineThe ability to think and imagine

APT 2013APT 2013 44

setset

Group of things Group of things

APT 2013APT 2013 55

APT 2013APT 2013 66


MindsetMindset– A A mindset mindset refers to a refers to a set of assumptions, of assumptions,

methods or notations held by one or more methods or notations held by one or more people or groups of people which is so people or groups of people which is so established that it creates a powerful established that it creates a powerful incentive within these people or groups to incentive within these people or groups to continue to adopt or accept prior continue to adopt or accept prior behaviors, choices, or tools. behaviors, choices, or tools.

– This phenomenon of This phenomenon of cognitive bias is also is also sometimes described as sometimes described as mental inertiamental inertia, ", "groupthink", or a "", or a "paradigm", and it is ", and it is often difficult to counteract its effects upon often difficult to counteract its effects upon analysis and decision making processes. analysis and decision making processes.

APT 2013APT 2013 77


According to Dr. Carol Dweck* According to Dr. Carol Dweck* from Stanford University, US, from Stanford University, US, there are two sets of mindset:there are two sets of mindset:– A fixed mindsetA fixed mindset– A growth mindsetA growth mindset

*Source: Carol C. Dweck (2006), Mindset: The New Psychology of Success, Random House

APT 2013APT 2013 99


In a In a fixed mindsetfixed mindset, people believe , people believe that their basic qualities, like their that their basic qualities, like their intelligence or talent, are simply intelligence or talent, are simply fixed traits (rigid). They spend their fixed traits (rigid). They spend their time documenting their intelligence time documenting their intelligence or talent instead of developing or talent instead of developing them. They also believe that talent them. They also believe that talent alone creates success—without alone creates success—without effort.effort.

APT 2013APT 2013 1010


In a In a growth mindsetgrowth mindset, people believe , people believe that their most basic abilities can be that their most basic abilities can be developed through dedication and hard developed through dedication and hard work—brains and talent are just the work—brains and talent are just the starting point. This view creates a love starting point. This view creates a love of learning and a resilience that is of learning and a resilience that is essential for great accomplishment. essential for great accomplishment. Virtually all great people (including Virtually all great people (including entrepreneurs) have had these entrepreneurs) have had these qualities. qualities.

Faces of successful Faces of successful entrepreneursentrepreneurs


Successful Successful entrepreneursentrepreneurs Bill Gates - MicrosoftBill Gates - Microsoft Richard Branson – Virgin AirlineRichard Branson – Virgin Airline Anita Roddick – Body ShopAnita Roddick – Body Shop Konosuke Matsushita - PanasonicKonosuke Matsushita - Panasonic Steve Job – AppleSteve Job – Apple Soichiro honda - HondaSoichiro honda - Honda Akio morita - SonyAkio morita - Sony others?.others?.APT 2013APT 2013 © 2013 Rafi/Nadzrol© 2013 Rafi/Nadzrol 1414

Successful Entrepreneurs Successful Entrepreneurs (Malaysia)(Malaysia)

Syed Mokhtar Al-Bukhari - Syed Mokhtar Al-Bukhari - TradewindsTradewinds

Lim Goh Tong – Genting GroupsLim Goh Tong – Genting Groups Tony Fernandez – Air AsiaTony Fernandez – Air Asia Ananda Krisnan – MaxisAnanda Krisnan – Maxis Others?Others?


Faces of successful Faces of successful entrepreneurs - localentrepreneurs - local


TONY FERNANDES – AIR ASIATONY FERNANDES – AIR ASIA

ANDIANA NABILAANDIANA NABILA


Social EntrepreneursSocial Entrepreneurs

Professor Muhammad YunusProfessor Muhammad Yunus

Founder of Grameen Bank, Founder of Grameen Bank, BangladeshBangladesh



Test Your MindsetTest Your Mindset

You are given a set of twenty You are given a set of twenty statements.statements.

Please respond freely to those Please respond freely to those statements.statements.

There is no right or wrong answer.There is no right or wrong answer.


Test ImplicationsTest Implications

0 10 20

GrowthMindset

FixedMindset


Can mindset be Can mindset be changed?changed? Although people may differ in every Although people may differ in every

which way—in their initial talents and which way—in their initial talents and aptitudes, interests, or temperaments aptitudes, interests, or temperaments BUTBUT everyone can change and grow everyone can change and grow through application and experience. through application and experience.

The passion for stretching yourself and The passion for stretching yourself and sticking to it, even (or especially) when sticking to it, even (or especially) when it’s not going well, is the it’s not going well, is the HALLMARKHALLMARK of the of the growth mindsetgrowth mindset. This is the . This is the mindset that allows people to thrive mindset that allows people to thrive during some of the most challenging during some of the most challenging times in their lives. times in their lives.


What is What is Entrepreneurial Entrepreneurial Mindset?Mindset? Is a set of cognitive (thinking) Is a set of cognitive (thinking)

processes that triggers the processes that triggers the individuals to act or to behave individuals to act or to behave entrepreneurially. entrepreneurially. – Sometimes it is called entrepreneurial Sometimes it is called entrepreneurial

talent or mentalitytalent or mentality– This mindset, talent or mentality can This mindset, talent or mentality can

be changed and modified over timebe changed and modified over time– The basis for the individual behaviorThe basis for the individual behavior


Entrepreneurial Entrepreneurial MindsetMindset Having the right attitude:Having the right attitude:

– Able to work without supervisionAble to work without supervision– Able to self-motivateAble to self-motivate– Able to make quick decisionsAble to make quick decisions– Able to handle stressAble to handle stress– Open-minded and flexibleOpen-minded and flexible– FocusedFocused– PersistentPersistent– Patient, etc.Patient, etc.


MotivationKnowledge

&Skills

Attitude

• Intrinsic•Intention•Spirit•Responsibility

• Extrinsic:•Role Model•Rewards

• Pro-active• Positive values• Propensity to take risk• Creative and innovative• Inquisitive mind• Pursuing excellence

• Functional knowledge

• Entrepreneurial skills

• Managerial skills

• Technical skills• Communication skills

• IT skills

Mindset and BehaviorMindset and Behavior

Mindset affects the individual behavior at all levels


Mindset and BehaviorMindset and Behavior

MINDSETMINDSET(Tacit)(Tacit)

APTITUDEAPTITUDE(Implicit)(Implicit)

BEHAVIORBEHAVIOR(Explicit)(Explicit)


The Importance of The Importance of Entrepreneurial Entrepreneurial MindsetMindset To cope with the rapidly changing To cope with the rapidly changing

economy.economy.– Business/economic environment today has Business/economic environment today has

become fuzzy, chaotic, complex, uncertain become fuzzy, chaotic, complex, uncertain and change very rapidly.and change very rapidly.

– To succeed in the midst of this chaos and To succeed in the midst of this chaos and uncertainty we require the uncertainty we require the agilityagility, , creativitycreativity, , flexibilityflexibility, , innovationinnovation, , interdependenceinterdependence and and visionvision of of entrepreneurs and their enterprising units.entrepreneurs and their enterprising units.

CREATIVITY 1CREATIVITY 1

CREATIVITY 2CREATIVITY 2

INNOVATION – BYDINNOVATION – BYD

INNOVATION - REVAINNOVATION - REVA



The Importance of The Importance of Entrepreneurial Entrepreneurial MindsetMindset To build an entrepreneurial societyTo build an entrepreneurial society

– Developing the right mindset at a very early Developing the right mindset at a very early ageage

– Inculcation and acculturization process need to Inculcation and acculturization process need to implemented thru various programs and implemented thru various programs and activitiesactivities

– Entrepreneurs as agents of change at every Entrepreneurs as agents of change at every level of the societylevel of the society

– Important contribution to entrepreneurial Important contribution to entrepreneurial capitalcapital

– Entrepreneurship as a way of life Entrepreneurship as a way of life


ACCULTURIZATIONACCULTURIZATIONPROCESSPROCESS

ENTREPRENEURIALENTREPRENEURIALSOCIETYSOCIETY

ENTREPRENEURIALENTREPRENEURIALCAPITALCAPITAL

ENTREPRENEURIALENTREPRENEURIALECONOMYECONOMY

ECONOMIC ECONOMIC GROWTHGROWTH

Building an Building an Entrepreneurial Entrepreneurial SocietySociety

-Changing the mindset-Building the culture

-Risk-taker-Innovative-Creative-Supportive

-Human-Knowledge-Intellectual-Physical-Financial-Social

-Vibrant-Sustainable-Added value-Job creation-Higher productivity

-Higher output-Higher income per capita-Higher standard of living-Full employment


The Importance of The Importance of Entrepreneurial Entrepreneurial MindsetMindset To spur innovation and growthTo spur innovation and growth

– From creative people, comes creative From creative people, comes creative productsproducts

– Innovation creates and adds valueInnovation creates and adds value– Finding new source of economic growthFinding new source of economic growth– Change as process, not destinyChange as process, not destiny– Thinking “out of the box” becomes norms Thinking “out of the box” becomes norms

of the societyof the society– Innovation in every part of the value chainInnovation in every part of the value chain


Ineffective Ineffective Entrepreneurial MindsetEntrepreneurial Mindset

Don’t care attitude (Sikap “tak apa, Don’t care attitude (Sikap “tak apa, sambil lewa & malas”) sambil lewa & malas”)

Not being meticulous/ takes thing for Not being meticulous/ takes thing for granted) (Budaya “cincai & ambil granted) (Budaya “cincai & ambil mudah”mudah”

Passing the buck (Sikap “ini bukan Passing the buck (Sikap “ini bukan kerja saya”)kerja saya”)

Why should I care?/Lackadaisical Why should I care?/Lackadaisical attitude (Budaya “saya tak tahu & tidak attitude (Budaya “saya tak tahu & tidak peduli”)peduli”)


Ineffective Ineffective Entrepreneurial MindsetEntrepreneurial Mindset

Wait and see (Sikap “tunggu dan lihat”) Wait and see (Sikap “tunggu dan lihat”) Non-punctuality (Budaya tidak Non-punctuality (Budaya tidak

menepati masa dan janji)menepati masa dan janji) Subsidy mentality (Mentaliti subsidi)Subsidy mentality (Mentaliti subsidi) Boria syndrome (Sindrom boria) Boria syndrome (Sindrom boria) Ask more, give less (Budaya meminta-Ask more, give less (Budaya meminta-

minta)minta)


Developing an Effective Developing an Effective Entrepreneurial MindsetEntrepreneurial Mindset

Understand what motivates youUnderstand what motivates you Know what you loveKnow what you love Challenge yourselfChallenge yourself Reversal thinkingReversal thinking Change your habit (once in a while)Change your habit (once in a while) Always believe that you canAlways believe that you can Break away from normsBreak away from norms


SummarySummary

We (entrepreneurs) must see things We (entrepreneurs) must see things from different perspectives, willing from different perspectives, willing to try new ways of doing things, to try new ways of doing things, willing to tolerate a higher level willing to tolerate a higher level ambiguity, do not fear failure, seek ambiguity, do not fear failure, seek and embrace new norms, and most and embrace new norms, and most importantly to realign our mental importantly to realign our mental attitude – the attitude – the mindsetmindset

SUCCESS STORY SUCCESS STORY

SUSAN BOYLE 1SUSAN BOYLE 1

SUSAN BOYLE 2SUSAN BOYLE 2



ConclusionConclusion

Four (4) categories of people:Four (4) categories of people:– Makes things happenMakes things happen– See things happenSee things happen– Wonder what happenWonder what happen– Do not know what happenDo not know what happen

Which category would you like to be in?Which category would you like to be in?