Session 2: The Entrepreneurial
Mindset and Practicing Creativity
Entrepreneurial Mindset
• The inclination to discover, evaluate, and exploit
opportunities
• Specific state of mind which orientates individuals
conduct towards entrepreneurial activities and
outcomes
Key entrepreneurial
mindset
• Growth mindset
• Abilities and potential can be developed
through effort, learning, and experience
• Cultivating a growth mindset
• Focus on effort, not outcome
• Embrace challenges
• Learn from setbacks
• Seek feedback
• Try new things
Key entrepreneurial mindset
• Adaptability
• Adapt quickly to changing circumstances and pivot their strategies as
needed
• Stay ahead of the competition
• Adapt quickly (introduced new features and design)
• Respond to market changes
• Shifts in consumer demand or new competitors entering the market
• Decline in demand of physical book
Key entrepreneurial mindset
• Persistence
• Entrepreneurs have the ability to persevere through challenges
and setbacks
• Strong sense of determination
• Persevere through challenges
• Funding
• Competition
• Learn from their mistakes
• No experience
• Learning by doing
• Stay focused on their goals
• Face setbacks or obstacles
Key entrepreneurial mindset
• Creativity
• Entrepreneurs think outside the box
• Identify problems and provide creative solutions
• Solve problems
• Innovative solutions to these problems
• Identify new opportunities
• Meet the needs of their customers
• Stand out from the competition
• Differentiate their businesses from others in their industry
Key entrepreneurial mindset
• Leadership
• To inspire and motivate others to work towards a common goal
• Build and lead teams effectively
• Set a vision
• Vision for their businesses and to inspire others to work towards that vision
• Build strong teams
• Aligned with the company's goals and who are motivated to work together towards a
common goal
• Make tough decisions
• Shutting down underperforming products
Key entrepreneurial mindset
• Resourcefulness
• Make the most of the resources available
• Find creative ways to overcome challenges
• Time management
• Make most of the time available
• Networking
• Build strong networks of contacts and resources
• Problem-solving
• Finding solutions to problems that arise
Key entrepreneurial mindset
• Risk-taking
• Take calculated risks in order to achieve their goals
• Some level of risk is necessary in order to achieve success
• Innovation
• Pursue innovative ideas that have the potential to create value
• Expansion
• Expand their businesses into new markets or industries
• Resilience
• Better able to cope with challenges and setbacks
Practice Creativity
• What is creativity?
• Imagination shaping new ideas.
• Expressing thoughts without limits.
• Innovative problem-solving skills.
• Turning dreams into reality.
• Crafting unique, original solutions.
“the ability to make or otherwise bring into existence something new, whether a new solution to
a problem, a new method or device, or a new artistic object or form”
• Why do we require creativity in entrepreneurship?
• Drives innovation
• Enables the development of unique products, services, or business models.
• Differentiation
• Helps distinguish a business from competitors in the market.
• Problem-solving
• Facilitates finding novel solutions to challenges and obstacles.
• Adaptability
• Allows quick response to changing market conditions and customer needs.
• Opportunity identification
• Aids in recognizing and capitalizing on new opportunities.
• Growth and sustainability
• Fuels continuous improvement and long-term success in a competitive environment.
Creative Trends: Wearables
• Augmented reality
• Google glass
• Body monitoring
• Fitbit
• Point of view
• GoPro (waterproof, live streaming, stabilizing features)
• Smart watches
• Smart ring
Creative Trends: Green
• Energy storage
• Recycling plants
• Phool, Flower cycling plant
• Productive use of flower waste in river ganga
• Clean water
• Make toxin free products (Mists, etc.)
Creative Trends: Health
• Testing facilities
• Fitness centers
• Fitness toys
• Wii Fit peripherals
• Fit food
• Wellness coach
• Footwears
Creative Trends: DIY
• Etsy
• Empowers individual to become makers, instead of consumers
• Scapic
• DIY based platform for developing virtual reality, augmented reality, and 3D
experiences without technical know-how.
• Acquired by Flipkart in 2018
Creative Problem Solving
• Brainstorming
• Session starts with a problem statement.
Creative Problem Solving
• Reverse Brainstorming
• A group method that focuses on the negative aspects of a product, service, or idea
as well as ways to overcome these problems.
• Example Scenario: Improving Customer Satisfaction in a Restaurant
• Problem:
• How can we improve customer satisfaction in our restaurant?
• Reverse Problem:
• How can we ensure customers are as dissatisfied as possible?
• Checklist Method
• Developing a new idea through a list of related issues.
Creative Problem Solving
• Big-Dream Approach
• Developing a new idea by thinking without constraints.
• Gordon Method
• Method for developing new ideas when the individuals are unaware of the problem.
• Solutions are not clouded by preconceived ideas and behavioral patterns.
• Mind mapping
• Creating a visual representation of ideas and concepts by connecting them with lines
and branches
Creative Problem Solving
• Brainwriting
• Group of people write down their ideas on paper and then passing their
papers to the next person
• Random word generation
• Generating random words or phrases can help to stimulate creativity by
providing unexpected prompts
• Word association
• List of words or phrases related to a particular word or idea
• Story Boarding
• Visually represent solution (idea) to a problem
• Use of images and annotations
• Launching a social media aggregator app
Six Thinking Hat
• White • Yellow
• Information • Benefits and Values
• Objective and facts • Advantages
• Data available • Feasibility
• Trends
• Red • Green
• Intuition and Feeling • Creative Ideas
• How people can react emotionally • New perspective
• Feelings in decision-making
• Black
• Caution • Blue
• Disadvantages • Managing the thinking processes
• Faults • Focus
• Potential problems • Summarize the solutions
• Assessing value of yellow hat • Arrive at conclusion
