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Developing the Entrepreneurial Mindset, I NEED TO DEVELOP - Coggle Diagram
Developing the Entrepreneurial Mindset
WHAT IS AN ENTREPRENEUR?
MY OPINION
Wealthy
Sealfish
A male usually
Risk taker
New invention
Mum/Dad
Celebrities
WHAT IT ACTUALLY IS
The ability to use resourcefulness and risk taking to exploit opportunities
Creativity
A set of traits or behaviours that allows people to naturally excel in business
Enablers
Personal wealth
Good networks
Higher education and skills
The dictionary definition of an entrepreneur is "a person who sets up a business or businesses, taking on financial risks in the hope of profit."
Taking action
An OCEAN of personality types
Entraversion
Clearly predicts entrepreneurial success
Agreeableness
Conscientiousness
Neuroticism
Openness to experience
Motivators
Push
Job dissatisfaction
Unemployment
Low opportunities
Policy
Pull
Creative urge
Perceived increased life satisfaction
The practice of starting up a commercial entity for material gain
The process of starting a commercial venture for profit or social gains
https://entrepreneurship.mit.edu/necessity-vs-innovation-based-entrepreneurs/
Necessity entrepreneurship
Challenge 1
Logistics
There are many moving parts which need to be figured out and researched
How I am going to gain an audience ?
What are my audience looking for?
Which charities do I contact as there are so many?
Which countries do I visit first?
What communities do I go to inside of those countries?
How am I going to travel sustainably ?
When I am there, how am I going to get access to resources?
How long do I stay in each country?
SKILLS AND BENHAVIOURS
Communication skills
Role model
Hardworking
Empatheitc
Some experience/knowledge
Identifying opportunities
Having a vision
Comfort with uncertainty
Efficient decision making
Building networks
Financial management
Challenge 2
Funding
Initial funding
Funding for flights
Accomodation
Travelling
Advertisement
Ads cost per day
Billboards
Blog ads
Long term funding
funding from donations
Funding to be able to make a difference
Challenge 3
Making a difference and achieving my goal
Having the right resources and enough time to be able to make a difference
If I cannot achieve my goal this means that I have not been successful
My goal is SMART, however I need the drive and determination to make it happen
Things that could prevent me achieving my goal
Financial challenges
Challenges within those countries
War
Political issues
Governements
Laws
Personal challenges
University
Mental health
Unforeseen circumstances
WHAT IS AN ENTREPRENEURIAL MINDSET?
Agreeableness
Negatively linked to invention entrepreneurship
Taking action on your own ideas or partnered ideas
Turning fiction into reality
Taking responsibility when/if it goes wrong
Be able to identify issues and come up with solutions
Not giving up after the first hurdle
Is prepared to lose invested time, money and motivation
Can manage risk
Managerial thinking vs entrepreneurial thinking
Casual
Selecting between given means to achieve a predetermined goal
Effectual
Imagining a possible new end using a given set of means
https://books.google.co.uk/books?id=L2IkHV0PXeMC&printsec=frontcover#v=onepage&q&f=false
"mindset" a set of beliefs or a way of thinking that determines ones behaviour, outlook and mental attitude
QUALITIES AND ATTITUDES
Ambitious
Can take criticism
Passion
Flexibility
Strong work ethic
Integrity
Motivation
Optimism
Goal minset
MY IDEA
Why am I doing this?
Due to the cost of living crisis were are currently experiencing, it has made me re-evaluate what is important
Things such as having electric, water and gas is a luxury we all take for granted, however some people around the world have never experienced that luxury and don't even have the bare necessities
Creating a link between travel and helping people
Many people say they want to travel the world but why not help people in the process of it by giving back
Travelling to less developing countries in order to raise awareness for change through fundraising and social media e.g., a blog
I will be collaborating with charities around the world to learn about what is happening currently for change and how I can help
I will promote change and create awareness through social medias such as Instagram as well as creating my own blog which will document my trips
How will I gain an audience?
Through paid ads on Instagram
Word of mouth
Using tools such as insights on social media platforms to target a specific audience
Hashtags
Tiktok videos and ads
Wellness, vaccines, oral care, general care and mental health
Race, poverty and sustainability
Through my blog I wish to educate my subscribers and followers and hopefully influence them to donate and work with charities similarly to myself
I will do this by sharing beautiful locations I will visit and my experiences there and ask my subscribers to make a small donation
Donations will be either sent to charities or I will use the money to buy supplies for the communities
Being sustainable
Travelling sustainably
Environmentally friendly packaging which can be recycled
Not creating waste
My goal is to help over 10 communities in less developing countries have access to necessities or create awareness in 2 years
MY OPTIONS
OPTION 2
Instead of selling clothes online, ship them to less developing countries
Create an Instagram account with a loyal following where they can message me asking for a shipping bag and address to ship their own clothes to
Why I did not chose option 2
This option has too many factors and I believe would be less likely to be successful
It heavily relies on customer loyalty and participation as I do not have thousands of clothing items to ship
OPTION 1
I NEED TO DEVELOP
MY ENTREPRENEURIAL TRAITS
Motivated
Drive
Self determination
Willingness to learn
Focused
Resillience
Risk Manager
Self-management
Opportunist
TIMES I HAVE BEEN ENTREPRENEURIAL
Helped set up a small business in my local village called The Huddle Hub
Duke of Edinburgh Bronze Award
Started a depop business selling old clothes
Represented Radnor Hills Water Company at The Royal Welsh Show
Confidence
I struggle with confidence in group situations
This could impact my leadership skills and taking charge
Decision making skills
Not being indecisive as action must be taken