What are the distinctive characteristics of the entrepreneurial mindset and how do expert entrepreneurs identify and exploit entrepreneurial opportunities? Support your answers with course concepts and theory.

 To successfully pass this assessment, you need to: 1. provide evidence of reading around the topic and show good understanding of key concepts 2. include relevant theory and reference accurately. 3. critically discuss different viewpoints with arguments carefully developed and clearly expounded. 4. show originality of thought. 5. have good structure and clear presentation. The entrepreneurial mindset 1. Opportunity focused but with discipline  Take into account your means  Don’t chase every opportunity – set an entrepreneurial frame 2. Attitude towards uncertainty  Don’t try to predict the future; instead, try to control it  Assumptions – be clear about them and regularly assess  Plan to the limits of your knowledge, act, learn and re-plan. 3. Focus on action but adaptive execution  Leverage contingencies  Adopt real options reasoning: ○ Make small investments that give you right to make a decision later ○ Limit your downside exposure until upside potential is demonstrated 4. Engage the energies of everyone in the domain / focus on partnerships 5. Don’t worry about making mistakes!  Failure can provide valuable lessons and motivation  Randy Kommisar, serial entrepreneur, investor & author  Melissa Mayer, Google  Make “fail fast, fail frequently, fail cheaply” your motto  BUT make sure you are prepared for failure.