Entrepreneurial Attitudes

Date : 8.5.2020
Sub  : Entrepreneurship
Day  : 4
Time : 7.30am -8.10am 
Period : 1
Class    : 11

Learning Outcome

• Meaning of Attitudes
• Meaning of Entrepreneurial Attitudes
• Sources of Attitudes
• Features of Attitudes
• Essential Attitudes of an Entrepreneur

A very good morning students 

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We continue with the 2nd chapter 

Today we will be learning about whatAttitude an Entrepreneur should possess

Let us begin our topic

‘ ATTITUDE’

        An attitude is a tendency to react favourably or unfavourably towards a designated class of stimuli, such as a custom, a caste, an institution or a nation. Attitudes constitute an important psychological attribute of individuals which shape their behaviour . It may be defined as the way a person feels about something-a person, a place, a commodity, a situation or an idea. The deep rooted feelings are the attitudes which can not be changed easily.

‘ENTREPRENEURIAL ATTITUDE’

        Entrepreneurial attitudes are the essential attributes possessed by an entrepreneur. These attitudes helps him for higher growth of the business, bringing higher levels of motivation, increases energy and capacity of the entrepreneur, increases level of confidence and helps him to take apt decisions when problems arises.

Features Of Attitude

·         Affects behaviour: Attitudes develops continues behaviour patterns in peoples. It affects the human behaviour positively and negatively.

·   Attitudes are acquired: The process of learning attitudes starts right from childhood and continues throughout the life of a person.

·        It is invisible: The attitude of peoples can not be directly observed.

·     Attitudes are pervasive: They are formed in the process of socialisation and may relate to anything in the world.

Sources of attitudes

Ø  Direct personal experience: The quality of a person's direct experience determines his/her attitude towards different phenomena .

Ø  Group Associations: Several groups, including family, work, and peer groups, and cultural and sub-cultural groups, are important in affecting a person's attitudinal development.

Ø  Influential Others: A person’s attitude can be formed and changed through personal contact with influential persons such as respected friends relatives , teachers and experts.

Essential attitudes of an Entrepreneur

v  Have Passion For The Business: Entrepreneur’s passion will help to overcome difficult moments and will persuade people to work for him and want to do business with him. Passion can't be taught.

v  Set An Example Of Trustworthiness: People have confidence in trustworthy individuals and want to work for them in a culture of integrity.

v  Be Flexible : It's a fact that one's plans and strategies will change according to the changes of customers taste and preference, competitions in the market, change in life style of peoples, etc.

Essential attitudes of an Entrepreneur …

Ø  Don't Let Fear Of Failure Hold One Back: Failure is an opportunity to learn. Take the failure in a positive way and try to bring success.

Ø  Make Timely Decisions: Taking timely decisions will bring good opportunity for the success of the business.

Ø  The Major Company Asset Is Oneself: Entrepreneur should take care of oneself. Entrepreneur’s health is more valuable than the most expensive machinery or computer software for the company. Maintain Entrepreneur’s own health for balance and energy, which will, in turn, enhance Entrepreneur’s outlook.

Ø  Keep One’s Ego Under Control: Don't take profits and spend them on expensive objects ( Car, Building, Mobile) to impress others. Control the ego by suppressing unnecessary needs and wants.

Essential attitudes of an Entrepreneur …

q  Believe in oneself: entrepreneur needs to believe in his own self, in his company, and that one will be successful.

q  Encourage and accept criticism graciously. Admitting one’s mistakes: entrepreneur must try to accept the opinions of employees and to avoid one’s own mistakes.

q  Maintain a strong work ethic: by undertaking business activities in a honest and truthful manner , entrepreneurs maintains a strong work ethics.

Essential attitudes of an Entrepreneur …

v  Rebound quickly from setbacks: there will be plenty of ups and downs as one builds up the business. Learn from the setbacks and move on.

v  Periodically Getting Out Of One’s Comfort Zone To Pursue Something Important: Many times one feels uncomfortable while implementing a needed change in technology, people, mission, competing, etc. For the company and one to grow personally, one sometimes has to step out of one‟s comfort zone.

Please go through the video link given below to understand the topic better

 https://www.youtube.com/watch?v=6oSDcktuOAE

Your assignment

1. Define Entrepreneurial Attitude

2. Name the Features of Attitudes

3.When you pick up an attitude from your parents , what source of an attitude is it?

4. Write down any 5  essential attitudes of an Entrepreneur