Please make sure that it is your own work and not copy and paste off of someone else work. Please read the study guide. Please
Please make sure that it is your own work and not copy and paste off of someone else work. Please read the study guide. Please watch out for spelling and grammar errors. Please use the APA 7th edition.
Book Reference: Neck, H. M., Neck, C. P., & Murray, E. L. (2021). Entrepreneurship: The practice and mindset (2nd ed). SAGE. https://online.vitalsource.com/#/books/9781544354644
After reading this unit's material, do you believe you have a fixed mindset or a growth mindset? Provide an example that supports your identified mindset. What additional actions could you take to develop or further enhance a growth mindset?
BUS 8303, Entrepreneurship and Innovative Business Development 1
Course Learning Outcomes for Unit II Upon completion of this unit, students should be able to:
2. Analyze the role of an entrepreneurial mindset in opportunity recognition. 2.1 Appraise the effectiveness of an entrepreneurial mindset. 2.2 Summarize how to develop the habit of creativity. 2.3 Compare/contrast the types of entrepreneurship with an entrepreneurial mindset.
Course/Unit Learning Outcomes
Learning Activity
2.1
Unit Lesson Chapter 2 Article: “Entrepreneurial Mindset: An Empirical Starting Point” Unit II Essay
2.2
Unit Lesson Chapter 2 Student Resource: Challenge and Creativity Unit II Essay
2.3 Unit Lesson Chapter 2 Unit II Essay
Required Unit Resources Chapter 2: Activating an Entrepreneurial Mindset In order to access the following resources, click the links below.
Lynch, M., Tuema, L., Andersson, G., & Steinert, M. (2017). Entrepreneurial mindset: An empirical starting
point. Proceedings of ISPIM Conferences, 1–12. https://libraryresources.columbiasouthern.edu/login?url=https://search.ebscohost.com/login.aspx?direct= true&db=bsu&AN=127132275&site=ehost-live&scope=site
Navigate to the Video and Multimedia area in Student Resources for Chapter 2 of the eTextbook to view the item listed below.
• Challenge and Creativity
Unit Lesson
Entrepreneurial Mindset In Unit I, seven types of entrepreneurs or approaches for becoming an entrepreneur were discussed, including corporate entrepreneurship (most often referred to as intrapreneurship), entrepreneurship inside (working within an organization adding creative and innovative ideas), franchising, buying a small business, social entrepreneurship, family entrepreneurship, and serial entrepreneurship. We discussed how different business models fit these different types of entrepreneurs. Remember, the term business model describes how the enterprise provides a value proposition to the end user, which results in revenue for the enterprise and entrepreneurial team members. Even selecting the type of approach for becoming an entrepreneur and selecting a business model can represent creativity and innovation in entrepreneurship, two topics introduced
UNIT II STUDY GUIDE
Entrepreneurial Mindset
BUS 8303, Entrepreneurship and Innovative Business Development 2
UNIT x STUDY GUIDE
Title
in this unit. As you read the material for Unit II, continue practicing the techniques covered in Unit I. Resist thinking in a closed-minded manner; instead, be open to new approaches, new ideas, and new habits of thinking and exploring. Entrepreneurship is about taking an action toward creating something new, different, or unique. Entrepreneurial ventures frequently start with a focus on solving a problem that was either never identified as a problem or identifying a problem and providing a solution. An entrepreneurial action can include new processes or procedures or combining old methods into a new configuration for a unique approach that has not been developed. The example of Franklin Yancey in Chapter 2 of the eTextbook fits with this definition of entrepreneurial action. In the scenario, people either did not recognize it as a problem or just accepted that stadium seats were uncomfortable or unpleasant. An entrepreneurial mindset describes how we see our world, what we pay attention to, how we interpret our surroundings, and how we react to our surroundings. An entrepreneurial mindset is a focus on continuously seeking out ideas and problems that need a solution and being aware of the possibility for change and improvements. An entrepreneurial mindset is about paying attention to your external environment to notice the potential in new ideas and the potential for solving a problem that other people either do not notice or have no interest in solving.
Consider how difficult a suitcase would be to maneuver if it did not have wheels attached to the suitcase. Going back to the 1970s, the goal of luggage companies was to make the suitcase indestructible to protect the items within the suitcase, but Bernard Sadow recognized the difficulty people had in lugging around their suitcase by lifting the weight of the suitcase by the handle (Sharkey, 2010). In his eureka, or aha moment, he made the connection between two disparate ideas, the wheel, and the suitcase, to invent the rolling suitcase, making our lives much easier (Sharkey, 2010). To protect his idea, Sadow patented the idea:
Whereas formerly, luggage would be handled by porters and be loaded or unloaded at points convenient to the street, the large terminals of today, particularly air terminals, have increased the difficulty of baggage-handling… Baggage-handling has become perhaps the biggest single difficulty encountered by an air passenger. (Sharkey, 2010, p. 1)
Taking the legal action of filing for a patent protected his idea, knowing that there would be a delay between identifying this problem and the actual acceptance and commercialization of the product he was developing. Consider the millions of people who carried their luggage but never once thought about how to make carrying it easier. Bernard Sadow’s entrepreneurial mindset was alert to identifying a problem, the awkwardness and difficulty of carrying luggage by the handle, and then identifying a solution. Luggage just needed wheels.
BUS 8303, Entrepreneurship and Innovative Business Development 3
UNIT x STUDY GUIDE
Title
Entrepreneurial Mindset Characteristics
(University Industry Innovation Network, n.d.)
Above is an image describing six characteristics of the entrepreneurial mindset, although there are other characteristics beyond this list such as an interest in problem solving, being open minded in terms of seeking out new information and experiences, and a general curiosity about the world. A few entrepreneurial characteristics related to the example is the need for Sadow to be persistent as he met resistance from the established norm that men (the primary travelers through airports at that time) were too macho to use a rolling suitcase (Sharkey, 2010). A favorable evolution in travelers helped to support the timing of his new product, in that women were starting to travel more (Sharkey, 2010). As the idea of rolling suitcases become more prevalent as used by flight attendants and women travelers, men soon adopted the ease and convenience of rolling their suitcases through airports (Sharkey, 2010). Now, we seldom see a suitcase that is not on wheels. Sadow was future-oriented in recognizing that the travel industry was changing away from porters and small airports mostly populated by men to large airports that required walking long distances, a great inconvenience for carrying one or more suitcases.
BUS 8303, Entrepreneurship and Innovative Business Development 4
UNIT x STUDY GUIDE
Title
Along with persistence, another behavior associated with entrepreneurs is passion. Passion inspires the entrepreneur to continue, even when faced with adversity. Adversity can take the form of rejection or even a closed or fixed mindset that places blocks of negativity in the entrepreneur's mind and consequently decreases or eliminates the passion. Passion does not mean ignoring advice or stubbornly pushing forward but, rather, seeking out information, addressing challenges, and adjusting as needed, a growth mindset of taking ownership to solve problems and remove hurdles blocking the forward process. The act of applying creative ideas into a marketable product is innovation. We use our creative abilities and an entrepreneurial mindset to create innovation, which is the act of manifesting a new product or process and moving from the conceptual application of creativity into the materialization of these efforts into a commercial success.
Opportunity Recognition
Creativity is an inherent part of an entrepreneurs’ mindset. One technique that increases creativity is using disparate thinking. The idea is that creative thinking kicks in when we stop thinking of one problem and move into thinking about another topic, or practice disparate thinking. Instead of learning about only one subject area, dive into other topics to gain exposure to a variety of areas. From an entrepreneurial perspective, the crossover from divergent topics can lead back to merging information from one field of study into a different field of study. Practicing disparate thinking might seem complicated to understand; let’s look at an example to explain this concept. What is the connection between dog burrs, engineering, and Velcro? Certainly, these are disparate areas that seem completely unrelated to each other. However, George de Mestral found the burrs that stuck to his dog’s fur interesting, especially when examined under a microscope. After noticing how effectively the structure of the hooks of the burr adhered to the loops of fur, he created the Velcro company in 1959 (Chandiramani, 2016). This action of noticing the structure of the burrs is called opportunity recognition, recognizing that an opportunity exists to move from the idea into a marketable product, a product or service that provides a solution to a problem, even if no one previously realized there was a problem. Opportunity recognition can include creating a solution that adds value through saving time such as using Velcro instead of tying one’s shoes. Consider how you can add the skills covered in this course into your daily life. Look for opportunities to grow your mindset to be more observant and see the positive potentials swirling around you in your daily activities.
BUS 8303, Entrepreneurship and Innovative Business Development 5
UNIT x STUDY GUIDE
Title
Interactive Activity
In order to check your understanding of concepts from this unit, complete the Unit II Knowledge Check activity. Unit II Knowledge Check PDF version of the Unit II Knowledge Check Note: Be sure to maximize your internet browser so that you can view each individual lesson on a full screen, ensuring that all content is made visible. Remember, this is a nongraded activity.
References Chandiramani, S. (2016, October 28). Biomimicry – The burr and the invention of Velcro. Micro Photonics Inc.
https://www.microphotonics.com/biomimicry-burr-invention- velcro/#:~:text=Velcro%20was%20invented%20by%20George,burr%20to%20adhere%20exceedingly %20well
Sharkey, J. (2010, October 5). Reinventing the suitcase by adding the wheel. The New York Times.
https://www.nytimes.com/2010/10/05/business/05road.html University Industry Innovation Network. (n.d.). The six characteristics of the entrepreneurial mindset [Graphic].
BUS 8303, Entrepreneurship and Innovative Business Development 6
UNIT x STUDY GUIDE
Title
Suggested Unit Resources In order to access the following resource, click the link below. The article below provides relevant information to support your growth in learning about entrepreneurship and how to support innovative behavior within an organization. Moore, C. B., McIntyre, N. H., & Lanivich, S. E. (2021). ADHD-related neurodiversity and the entrepreneurial
mindset. Entrepreneurship: Theory & Practice, 45(1), 64–91. https://doi- org.libraryresources.columbiasouthern.edu/10.1177/1042258719890986
Learning Activities (Nongraded) Nongraded Learning Activities are provided to aid students in their course of study. You do not have to submit them. If you have questions, contact your instructor for further guidance and information. In order to access the following resource, click the link below.
• Create a file with new insights you gain throughout this course in reading the eTextbook and articles and completing the course work. Please use the CSU online library to explore a variety of topics on entrepreneurship to build your own library of knowledge.
• While reading the first two chapters of the eTextbook, take a few minutes to complete the activities included in the eTextbook. Completing the activities may be a sign that you have a growth mindset rather than a fixed mindset.
• Utilize the following Chapter 2 Flashcards to review terminology from the eTextbook.
- Course Learning Outcomes for Unit II
- Required Unit Resources
- Unit Lesson
- Entrepreneurial Mindset
- Entrepreneurial Mindset Characteristics
- Opportunity Recognition
- Interactive Activity
- References
- Suggested Unit Resources
- Learning Activities (Nongraded)
,
ACTIVATING AN ENTREPRENEURIAL MINDSET
©iStockphoto.com/yipengge
“If you want something you’ve never had, you must be willing to do something you’ve never done.”
—Thomas Jefferson
CHAPTER OUTLINE
· 2.3 The Self-Leadership Habit
· 2.6 The Mindset as the Pathway to Action
Learning Objectives
· 2.1 Appraise the effectiveness of mindset in entrepreneurship.
· 2.2 Define “entrepreneurial mindset” and explain its importance to entrepreneurs.
· 2.3 Explain how to develop the habit of self-leadership.
· 2.4 Explain how to develop the habit of creativity.
· 2.5 Explain how to develop the habit of improvisation.
· 2.6 Relate the mindset for entrepreneurship to entrepreneurial action.
THE POWER OF MINDSET
>> LO 2.1 Appraise the effectiveness of mindset in entrepreneurship.
In Chapter 1 , we learned about the Entrepreneurship Method. Part of the Method is being in the right mindset to start and grow a business. The words from “Rise and Shine” in Figure 2.1 have been transcribed from an athlete motivation video on YouTube. It is a good description of how our mindset operates. When we wake up in the morning we have a choice between the “easy” way and the “right” way. Depending on our mindset, we will choose one path or the other. In this chapter’s Entrepreneurship in Action feature, we describe how Franklin Yancey’s entrepreneurial mindset encouraged him to start his own business selling comfortable stadium seats for sporting events. Yancey credits his early entrepreneurial experiences, his college education, and supportive family for his success.
But what motivated Yancey to start his own business? After all, he was still in college and had plenty of time to think about what he wanted to do afterward. We could say that Yancey was in the right mindset to start a business. He saw a problem that needed to be fixed and he was curious about finding solutions. Thanks to prior experiences, he had the confidence to take action by knocking on doors and gaining support for his idea. He also believed enough to persist with his idea, even in the face of high financial risk. It was Yancey’s entrepreneurial mindset that kept him on the right track and ultimately led to success in multiple businesses.
WHAT IS MINDSET?
>> LO 2.2 Define “entrepreneurial mindset” and explain its importance to entrepreneurs.
We emphasized mindset in Chapter 1 and it’s also in the subtitle of this text, so perhaps it is time we stopped to examine what it actually means. It has traditionally been defined as “the established set of attitudes held by someone.” 1 It’s really our lens for viewing the world, interpreting what we see, and reacting or responding to what we hear. Our mindset subconsciously guides our reactions and decisions. Sometimes it’s really hard to define mindset, so perhaps a quick story will better illustrate. 2 , 3 Corey Booker, a U.S. senator for the state of New Jersey, was a law student in 1997. He had great passion for the city of Newark, which at the time was one of the most economically depressed cities in the country. In his final year of Yale law school, he began working as a tenants’ rights advocate in Newark—even moving to the harshest area of the city called the Central Ward. There he met Virginia Jones, the president of the Brick Towers tenants’ association—a slum in the Central Ward. Corey expressed to Virginia his interest in helping the community. As the story goes, Virginia took Corey to the middle of the busy street outside of the Brick Towers. She told Corey to look around and describe what he saw. Corey looked around and responded with such things as, “I see a playground overgrown with weeds and the equipment is rusty. I see trash on the sides of the road. I see houses with their windows boarded up. I saw a drug deal happening on that corner last night. I see so many people out of work.” The list could go on but Virginia Jones stopped Corey Booker and simply said, “You can’t help this area.” She paused. The petite Virginia Jones looked up at the broad-shouldered and tall young Corey Booker and said, “Boy, you need to understand that the world outside of you is a reflection of what you have inside of you, and if you’re one of those people who only sees darkness, despair, that’s all there’s ever gonna be.” This is an example of mindset—the mindset Corey had but also the mindset Corey needed. His life and mindset forever changed on that day.
Master the content edge.sagepub.com/neckentrepreneurship2e
Entrepreneurship in ActionFranklin Yancey, WME Entertainment and Yancey Realty
Franklin Yancey, Founder of College Comfort and Yancey Realty
Photo courtesy of Franklin Yancey
As a young child growing up in Blackstone, Virginia, Franklin Yancey used to go out to the woods, dig up trees, pot them, and sell them to neighborhood families. He also sold stickers by cutting pictures out of skateboard magazines. You could say that Franklin developed an entrepreneurial mindset very early on. His father certainly helped. As Franklin said, “My father was a hard worker who came up from little means working in tobacco fields at a very early age. Later he started his own pharmacy. My strong work ethic comes from both of my parents.” You could also say that athletics also contributed to his mindset. From a young age, Franklin, his brother, and his sister played sports at competitive levels and they all were inducted into their high school hall of fame. His brother even played golf on the PGA Tour.
While in college at Virginia Tech University in the mid-1990s, Franklin enrolled in a management course, which jumpstarted his interest in entrepreneurship. “I realized that I didn’t want to work for someone else,” Franklin said. While walking to the Virginia Tech football stadium for a game, Franklin noticed a pile of portable, dilapidated stadium seats. These were seat cushions with a back support that fans could rent for a sporting event to make sitting in the stadium more comfortable. “They were made from cheap material and had been badly maintained,” recalled Franklin. Teaming up with his roommate, John Hite, he decided to make a better product to rent to the university. And so the two became the founders of College Comfort: a company that manufactured and rented comfortable stadium seats for sporting events and large stadium events.
To produce the seats, they found a local former Levi’s plant and asked for quotes to stitch high-quality material with school colors onto the rental stadium seats. Their first high-stakes deal came shortly after when Franklin pitched contracts with both East Carolina University and Virginia Tech for stadium seat cushion rentals. It was essential to get both schools to sign on, in order to get cash to produce the product and build credibility for College Comfort. Luckily, they both signed.
Franklin worked hard to market the product in new places. The next year they signed eight additional customers. Thanks to friends and family, they didn’t have lodging expenses while they traveled around the country sourcing more customers. In their third year of business, College Comfort signed on 12 more schools and the business has continued to grow ever since.
In early 2008, a large privately owned, multibillion-dollar entertainment company called WME-IMG Entertainment acquired College Comfort. Today, Franklin still works on this part of the business as a vice-president with WME-IMG. He leads a team of 10 people and has contracts with more than 100 universities, NASCAR, Major League Baseball, and others to provide thousands of rental stadium seat attachments for events.
While truly enjoying his work with WME-IMG, he still felt the entrepreneurship “itch” to start something else from scratch. So in 2016, he created a real estate company in Charlotte, N.C., called Yancey Realty that focuses on commercial real estate, residential real estate, and property management. He now has more than 30 agents in three locations. Franklin feels the autonomous nature of his WME-IMG job, combined with the use of technology, allows him to do both “jobs” well. He feels the secret sauce in his real estate business is his ability to empower his agents to get the job done by providing them with the resources they need to perform.
Franklin credits his entrepreneurial mindset for his ability to work hard. “I hear ‘work smart, not hard,’ and I understand the logic behind it. But the real mission is to work smart and to work longer and harder than others. You have to lead yourself before you can lead others, too!” Even after all of his success and at the age of 42, he still works many long nights, but it is all worth it to him. As he sees it, “There is only one title that matters: owner. Being an entrepreneur is about being an owner.”
Critical Thinking Questions
1. In what ways does his mindset play a role in Franklin’s success?
2. What is the one key trait that all entrepreneurs must possess, according to Franklin?
3. Have you considered any products or services as solutions to problems while walking through your own college campus? If so, describe them. •
Source: Franklin Yancey (interview with author, December 31, 2018)
Source: Franklin Yancey (interview with author, December 31, 2018)
Figure 2.1 Rise and Shine
Source: Red Productions. (2012, February 16). TCU baseball 2012—The grind [Video file]. Retrieved from https://www.youtube.com/watch?v=MNL_DAI19_I
Fortunately our mindset is not static; it can change, as evidenced by the Corey Booker story above. Research has shown that our mindset needn’t be “set” at all. Stanford University psychologist Carol Dweck proposes that there are two different types of mindset: a fixed mindset and a growth mindset (see Figure 2.2 ). 4
Figure 2.2 What Kind of Mindset Do You Have?
Source: Created by Reid Wilson @wayfaringpath.
In a fixed mindset , people perceive their talents and abilities as set traits. They believe that brains and talent alone are enough for success, and they go through life with the goal of looking smart all the time. They take any constructive criticism of their capabilities very personally and tend to attribute others’ success to luck (see Research at Work, below, for a study about luck) or some sort of unfair advantage. People with a fixed mindset will tell themselves they are no good at something to avoid challenge, failure, or looking dumb.
Fixed mindset: the assumptions held by people who perceive their talents and abilities as set traits.
On the other hand, in a growth mindset , people believe that their abilities can be developed through dedication, effort, and hard work. They think brains and talent are not the key to lifelong success, but merely the starting point. People with a growth mindset are eager to enhance their qualities through lifelong learning, training, and practice. Unlike people with fixed mindsets, they see failure as an opportunity to improve their performance and to learn from their mistakes. Despite setbacks, they tend to persevere rather than give up.
Growth mindset: the assumptions held by people who believe that their abilities can be developed through dedication, effort, and hard work.
Recent studies have found that being praised simply for our intelligence can create a fixed mindset. For example, using a series of puzzle tests, Dweck discovered that 5th-grade children who were praised for their hard work and effort on the first test were far more likely to choose the more difficult puzzle the next time. In contrast, children who were praised for being smart or intelligent after the first test chose the easy test the second time around. 5
It seems that the children who had been praised for being smart wanted to keep their
Collepals.com Plagiarism Free Papers
Are you looking for custom essay writing service or even dissertation writing services? Just request for our write my paper service, and we'll match you with the best essay writer in your subject! With an exceptional team of professional academic experts in a wide range of subjects, we can guarantee you an unrivaled quality of custom-written papers.
Get ZERO PLAGIARISM, HUMAN WRITTEN ESSAYS
Why Hire Collepals.com writers to do your paper?
Quality- We are experienced and have access to ample research materials.
We write plagiarism Free Content
Confidential- We never share or sell your personal information to third parties.
Support-Chat with us today! We are always waiting to answer all your questions.
