PowerPoint Presentation by Charlie Cook The University of West Alabama chapter 12 Part 4: The Enterprising Mind © 2008 Cengage Learning All rights reserved. The Enterprising Mind

© 2008 Cengage Learning. All rights reserved.12–2 Key Concepts 1. 1.After exploring business opportunities, it is time to make the transition from dreams to realities, which requires a shift in focus—from how and why to goals and values. Enterprisers must determine what’s important and make sure their actions and commitments correlate with their goals The way we tell our life stories—where we came from and where we are going—defines our self-perceptions. Telling a more positive story can transform how we think about ourselves and how others think about us, leading to a more successful outcome. A good story uses past experiences to demonstrate how an enterpriser will meet new challenges. It’s normal to have many fears as you embark on your enterprising journey, which has many unknowns.

© 2008 Cengage Learning. All rights reserved.12–3 Key Concepts (cont’d) 3. 3.Focusing more on the limitations of a particular situation than on the possibilities it presents is a restrictive mind-set that can hinder future success. Ways to improve our mind-set include assuming that everyone wants to do “A” work, believing that we can contribute, not taking ourselves so seriously, and being passionate about what we do One of the challenges of being an enterpriser is trying to satisfy four different goals: achievement, significance, legacy, and happiness. It’s impossible to maximize all four, and we should set priorities and seek success in many arenas: work, family, self, and community.

© 2008 Cengage Learning. All rights reserved.12–4 Taking Stock Act of Creation: The Transition PointAct of Creation: The Transition Point  When enterprisers move from the activities involved in starting a business to the actual process of operating and managing an ongoing business. What Are Your Commitments?What Are Your Commitments?  Commitments are choices that bind you to some future course of action.  Larger commitments tend to require other obligations of time, money, and energy as well.

© 2008 Cengage Learning. All rights reserved.12–5 exhibit 12.1What Is Important to Me?

© 2008 Cengage Learning. All rights reserved.12–6 What Is Your Story? A Model for Your StoryA Model for Your Story  What issues or problems must you solve? Developing Your StoryDeveloping Your Story  Be coherent.  Explain your motivations for change and be sure they are consistent with your values and beliefs.  Use your past to help explain what you now want to do.  Reframe your past experiences to demonstrate how you can meet the new challenges.  Begin telling the story of your journey as an enterpriser and get feedback.

© 2008 Cengage Learning. All rights reserved.12–7 Facing Your Fears You begin your journey where you are. You begin your journey where you are.  The critical task for an enterpriser is to begin, to take actions and steps toward enterprising. The Great ImposterThe Great Imposter  If you are working at developing an enterprise, you are an enterpriser.  By doing the work, you become what you are. Expecting PerfectionExpecting Perfection  Perfection is not a possible goal.  Seeking perfection can lead to doing nothing.

© 2008 Cengage Learning. All rights reserved.12–8 Facing Your Fears (cont’d) Need for ApprovalNeed for Approval  What you learn from others can be helpful, but it should not be the determining factor of whether or not you pursue your opportunity.  Approval is opinion, which is not fact—treat opinions as hypotheses that you can test to determine if they are true or not.

© 2008 Cengage Learning. All rights reserved.12–9 exhibit 12.2Analyzing Your Fears Fear/Doubt/Negative BeliefResponse I will be alone a lot as an enterpriser.I will be involved with many people, including customers, suppliers, friends, and other supportive people. I can join a business networking association to make new contacts. I don’t have enough industry knowledge to succeed. I’m a fast learner. I can do research online to acquire more information. I can subscribe to a trade journal for my industry. I have no accounting skills.I can buy books that will teach me the basics or take a class at the community college. My business idea is not that good.I can do a feasibility study that analyzes the market for my idea. With that information I can make an informed decision about how to improve my idea.

© 2008 Cengage Learning. All rights reserved.12–10 exhibit 12.3Overcoming Your Fears Look for experiences in your life where you have had encouragement. If you think you might be a “great imposter,” study how others “play” their roles as enterprisers. Identify all of the people from whom you seek approval: parents, other family members, friends, teachers, etc. Do you have to be “perfect” in all that you do?

© 2008 Cengage Learning. All rights reserved.12–11 The Mind-set for Change AssumptionsAssumptions  Can limit or expand the opportunity for enterprising and enterprise success. PerceptionsPerceptions  Can have positive and negative effects on our assumptions. Viewing Situational Limitations as “Givens”Viewing Situational Limitations as “Givens”  Leads to assumptions that preclude consideration of additional options

© 2008 Cengage Learning. All rights reserved.12–12 The Mind-set for Change (cont’d) Making ChangesMaking Changes  Doing “A” Work  You are the Solution  Lighten Up  Being Present  Passion Lights Sparks Frameworks for PossibilityFrameworks for Possibility  New thinking creates frameworks for possibility.  Enterprising is a journey rather than a destination.  Successful enterprising is more about we than about me.

© 2008 Cengage Learning. All rights reserved.12–13 The Balanced Life Priorities: What Do You Really Want?Priorities: What Do You Really Want?  Achievement: Is this challenging?  Significance: Will this make a difference in the world?  Legacy: Will this be enduring?  Happiness: Is this enjoyable to you? Don’t look only at one category with one measure of success—a balanced life includes variety and involves many different measures of success across a range of categories.Don’t look only at one category with one measure of success—a balanced life includes variety and involves many different measures of success across a range of categories.

© 2008 Cengage Learning. All rights reserved.12–14 exhibit 12.4Achieving Your Goals