ENTREP - GEE2 Flashcards
If a person has a growth mindset, it has a chance to
gain the benefit of higher resilience and adaptability; and better financial management for entrepreneurs.
Growth mindset encourages students or people to
learn from failures and setbacks for the future.
Growth mindset is __________________ This leads to ______________________
an intelligence that can be developed.
a desire to learn.
Fixed mindset has a static when it comes to their intelligence and this leads to
a desire to look smart and therefore a tendency to fail in achieving success.
When a student or entrepreneur is willing to calculate risk and making informed decision, she/he has a
risk-taker behavior
Growth mindset can reach ever higher levels of achievement. All this give them ___________
a greater sense of free will.
STONE AGE also known as
STONE AGE = PALEOLITHIC AGE
shows that the brain is meallable, also can exposed in promoting, the right strategies and advice, effort and experience.
NEUROSCIENCE DATA
is feeling before thinking or feelings through decision making.
INTUITION
The earliest stage of entrepreneurship began when
early humans developed hunting tools.
led humans to the extinction of big animals.
Agricultural revolution
The urbanization started and the economies became industrialized.
INDUSTRIAL REVOLUTION
this era characterize information as commodity and easily with computer technology.
INFORMATION AGE
The most important of the changes that brought about the Industrial Revolution were
IUA
(1) the invention of machines to do the work of hand tools, (2) the use of steam and later of other kinds of power, and (3) the adoption of the factory system.
Stone Age wars may have started later when humans began settling and established economic currency in the form of
AGRICULTURAL GOODS
According to ________, an entrepreneur is someone who buys goods and materials at current prices to sell at uncertain prices in the future:
RICHARD CANTILLON
is best known for his theories on business cycles and the development of capitalist economies, and for introducing the concept of entrepreneurship.
JOSEPH SCHUMPETER
Cantillon’s 1755 definition of an entrepreneur as
“one who undertakes something” is considered the first formal definition of the term.
Entrepreneurs are considered to be risk-takers who are proactive in trade and travel.
RISK-TAKERS
Cantillon believed that successful entrepreneurs help to achieve market equilibrium.
MARKET EQUILIBRIUM
Entrepreneurs are self-regulating based on profit and loss.
SELF-REGULATING
Cantillon believed that entrepreneurs play a key role in the economy.
KEY ROLE IN THE ECONOMY
was an economist who highlighted the role of innovation in economic development:
JOSEPH SCHUMPETER
In his ____book Capitalism, Socialism and Democracy, Schumpeter introduced the idea of an innovation economy. He believed that economic growth was driven by technological changes, entrepreneurs, and evolving institutions.
INNOVATION ECONOMY (1942)
Schumpeter believed that the process of innovation, or _______________________, was a vital part of capitalism. He described this process as one that continuously creates a new economic structure while destroying the old one.
CREATIVE DESTRUCTION
Schumpeter believed that entrepreneurs were the key to capitalism and the source of innovation. He said that ___________________ was the driving force behind a capitalist economy
ENTREPRENEURSHIP
Schumpeter believed that carrying out innovations was the most important function in history. He said that entrepreneurship was what replaced the current _____________________________
Pareto optimum with something new
FUNDAMENTAL FUNCTION
____________________ emphasized that demand and supply determine the ___________________________________________________________________
Alfred Marshall
price and output of a good in neoclassical theory of entrepreneurs
Frank Knight’s theory of profit is based on the
idea that entrepreneurs earn profits by making decisions in an uncertain environment.
Frank Knight believed that profit is a reward for taking on __________
uninsurable risks.
Knight’s theory is similar to the ______________
modern definition of profit.
The Big Five personality traits are a psychological model that describes personality in terms of five key dimensions:
OPENNESS
CONSCIENTIOUSNESS
EXTRAVERSION
AGREEABLENESS
NEUROTICISM
A person’s openness to new experiences, complexity, and depth
OPENNESS
A person’s level of direction
CONSCIENTIOUSNESS
A person’s tendency to be extraverted or introverted
EXTRAVERSION
A person’s tendency to be agreeable or antagonistic
AGREEABLENESS
A person’s emotional stability and general temper
NEUROTICISM
The relationship between the Big Five personality traits and self-efficacy suggests that higher levels of extraversion, openness, agreeableness, and conscientiousness are associated with _________
while higher levels of neuroticism are associated with _____________________
GREATER SELF-EFFICACY
LOWER SELF EFFICACY
They are committed to their goals and visualize success scenarios.
SET CHALLENGING ROLES
Entrepreneurs with high self-efficacy are more likely to: 8 - (SPBIBEWI)
SET CHALLENGING ROLES
PERSEVERE
BE PERSISTENT
IDENTIFY OPPORTUNITIES
BUILD RELATIONSHIPS
EXERCISE SELF-CONTROL
WITHSTAND SETBACKS
INVEST SUFFICIENT EFFORTS
They put in more effort when they fail to master a challenge.
PERSEVERE
They are certain about their possibilities of success.
BE PERSISTENT
They are able to spot and grab business opportunities.
IDENTIFY OPPORTUNITIES
They build trustworthy relationships.
BUILD RELATIONSHIPS
They exercise self-control in their job and finances.
EXERCISE SELF-CONTROL
They are able to withstand setbacks and persistently work toward solving challenges.
WITHSTAND SETBACKS
They invest sufficient efforts in their chosen business strategy.
INVEST SUFFICIENT EFFORTS
is an individual’s belief in their ability to perform a task or course of action. It is a key motivator that a person must have in order to run a successful organization.
SELF-EFFICACY
People with high self-efficacy are more motivated to work hard and persevere through challenges.
MOTIVATION
Higher levels of self-efficacy are often associated with a number of positive outcomes, including:
6 - MRAHBS
MOTIVATION
RESILIENCE
ACHIEVEMENT
HEALTHY LIFESTYLE
BETTER DECISION MAKING
SOCIAL CHANGE
People with high self-efficacy are more resilient to stress and adversity.
RESILIENCE
People with high self-efficacy are more likely to set and achieve challenging goals.
ACHIEVEMENT
People with high self-efficacy are more likely to have healthy lifestyle habits.
HEALTHY LIFESTYLE
People with high self-efficacy are more likely to be involved in social change.
SOCIAL CHANGE
People with high self-efficacy are more confident in their problem-solving abilities and are better able to make decisions.
BETTER DECISION MAKING
The process whereby the brain is able to change through efforts, experiences, and
exposure to external influences.
BRAIN PLASTICITY
Joseph Schumpeter’s work referring to the way innovation destroys the markets
and their old ways of running.
CREATIVE DESTRUCTION
Studies that study data at one particular moment.
CROSS-SECTIONAL STUDIES
The sense that intelligence and abilities are fixed and incapable of changing with
effort.
FIXED MINDSET
Studies following the same people or entities for a while.
LONGITUDINAL STUDIES
Alfred Marshall, who paid much attention to resource allocation and Frank Knight,
whose focus was on risk-bearing roles in entrepreneurship.
NEURO CLASSICAL THEORIES OF ENTREPRENEURSHIP
It is a notion associated with factors such as conscientiousness and self-efficacy,
permitting successful goal achievement.
ENTREPRENEURIAL PERSISTENCE
