Last updated Unknown

Status: Tags: Links: Entrepreneurship MOC

Entrepreneurial Mindset

SFU Website

• Not just to make a business, but can also be a person who strives for innovation and change

Characteristics

• Resourcefulness
  • Harnessing your own abilities and current position
• Tolerance of ambiguity
  • Confidence in the unknown
• Empathy
• Growth mindset
• Imagination and creativity
• Personal agency
  • Confidence in abilities
• Curiosity
• Ownership
  • Responsibility for actions and outcomes
• Collaboration
• Resilience
• Opportunity recognition
• Work ethic

Equation for Wealth

1
2
3

Wealth = Net Profit + Asset Value
Net Profit = (Units Sold) X (Unit Profit)
Asset Value = (Net Profit) X (Industry Multiplier)

Financial

• Debt is useful if it allows me to build and grow my system
• Maintains sustinable income from business sytems and investments

Resources

• Time is the most important resource
• Reliance on first principles, aka fundamental truths
• Modern Technologies

Purpose

• Passionate for the product
• Customer-centric thinking
• Lifetime passive income

Competition

• Focus more on yourself, but allocate some time into exploiting their weaknesses
  • If you’re too busy copying your competition, you’re not innovating

Planning

• Bold thinking
  • ex) SKUNK Mindset
• Risk taking and risk mitigation
• Long-term
• Probabilistic
• Rationally optimistic thinking

Practices

• 1 good business is better than 10 mediocre ones
• Prioritizes producing over consuming
  • When you are a successful producer, you can be a successful consumer
• Rapid iteration and ceaseless experimentation
• Can make something from nothing
  • ex) Stone Soup

References: