Chapter 2

Question 1

What is the difference between growth mindset and fixed mindset ?

Answer 1

In short, fixed mindset = talents & abilities as set traits. VS growth mindset = abilities can be developed through effort.

Growth mindset :
1) I can learn anything I want to.
2) When I’m frustrated, I persevere.
3) I want to challenge myself.
4) When I fail, I learn.
5) Tell me I try hard.
6) If you succeed, I’m inspired.
7) My effort and attitude determine everything.

Fixed mindset :
1) I’m either good at it, or I’m not.
2) When I’m frustrated, I give up.
3) I don’t like to be challenged.
4) When I fail, I’m no good.
5) Tell me I’m smart.
6) If you succeed, I feel threatened.
7) My abilities determine everything.

Question 2

What is entrepreneurial mindset ?

Answer 2

Mental process that enables you to recognize and act on valuable opportunities with incomplete information, while being resilient under complex and uncertain conditions. Aka ability to persevere, accept, and learn from failure and get comfortable with a high level of discomfort.

Question 3

What are the 5 themes underlying the definition of entrepreneurial mindset ?

Answer 3

1. Mental Process
2. Value Creation
3. Recognizing and Acting on Opportunities
4. Adaptability and Resilience
5. Decision-Making with Limited Information under Uncertain Conditions

Question 4

Can mindsets change ?

Answer 4

Yes

Question 5

Define “Mental Process” ? (1/5 themes)

Answer 5

Cognitive strategies used to identify opportunities, consider alternatives, and act.

Question 6

What is entrepreneurial self-efficacy (ESE) ?

Answer 6

It’s the belief entrepreneurs have in their ability to start new ventures.

Question 6

Define “Value Creation” ? (2/5 themes)

Answer 6

Entrepreneurs put resources together in a particular way to create something new (business, product, service, …) that generates economic and social value.

Question 7

Define “Recognizing and Acting on Opportunities” (3/5 themes)

Answer 7

It’s whenever you see a problem, try to identify a solution.
If you find yourself complaining about smtg, identify the cause of the complaint and see if an opportunity exists to solve the problem that is unique, novel and smtg customers would be willing to pay for.

Question 8

Define “Decision-Making with Limited Information Under Uncertain Conditions ? (5/5 themes)

Answer 8

Take actions to learn in the hopes of limiting uncertainty and risk.

Question 9

How your “why statement” connects to your entrepreneurial mindset ?

Answer 9

Your “why” is your compass that helps to push through and keep going. - Sam’s words

Question 10

Define “Adaptability and Resilience” (4/5 themes)

Answer 10

Resilience : the capacity to withstand and positively recover from life’s challenges.

Question 11

What is the role of passion ?

Answer 11

Intense positive emotion, which drives entrepreneurs to continue. When you know your “why”, your passion will be revealed over time.

Question 12

Name 5 habits you can practice to develop an entrepreneurial mindset.

Answer 12

1. Creativity habit
2. Improvisation habit
3. Fear management habit
4. Self-leadership habit
5. Reflection habit

Question 13

Habits to develop entrepreneurial mindset

Define creativity habit. (1/5 of the habits)

Answer 13

Ability to use knowledge in new ways.

Question 14

Habits to develop entrepreneurial mindset

Define improvisation habit. (2/5 of the habits)

Answer 14

Art of spontaneously creating something without preparation.

Question 15

Habits to develop entrepreneurial mindset

Define the fear management habit. (3/5 of the habits)

Answer 15

1. Accept fear.
2. Identify it.
3. Feel it.
4. Face it.

1. You have it, and it won’t go away. You can become better at dealing with it.
2. Admit your fear so you can leverage it into courage. Don’t be afraid to admit you are afraid !
3. Don’t avoid it. Don’t try to figure it out why you are afraid. Allow yourself to feel it.
4. When you face it, you are acting on your fear. When you act you begin to manage it.
5. Make comfroting fear a habit! Practice confronting fear like you would practice anything else!

Question 16

Habits to develop entrepreneurial mindset

Define the self-leadership habit. (4/5 of the habits)

Answer 16

Process whereby people can influence and control their own behavior, actions, and thinking to achieve self-direction and self-motivation

Question 17

What are the 5 elements of self-leadership ?

Answer 17

1. Self-observation
2. Self-cueing
3. Self-punishment/self-correcting feedback
4. Self-reward
5. Self-goal setting

Question 18

Habits to develop entrepreneurial mindset

Define the reflection habit. (5/5 of the habits).

Answer 18

Helps entrepreneurs to develop new knowledge from experience and incorporate that new knowledge into future experiences.