Entrepreneurial Mind-Set in Individuals

Question 1

The knowledge structures that people use to make assessments, judgements, or decisions involving opportunities evaluation, venture creation, and growth

Answer 1

Entrepreneurial cognition

Question 2

Refers to the unique way entrepreneurs mentally process information that helps them identify and invent new services, and to assemble the necessary resources to start and grow a business.

Answer 2

Entrepreneurial Cognition

Question 3

The ability to be dynamic, flexible, and self-regulating in one’s cognition given dynamic and uncertain environments.

Answer 3

Cognitive Adaptability

Question 4

Awareness or analysis of one’s own learning or thinking process.

Answer 4

Metacognition

Question 5

Strategies that help the entrepreneur examine their cognitive processes that have led to them to the decisions they made

Answer 5

Metacognitive Strategies

Question 6

12 Characteristics associated with the Entrepreneurial Mindset

Answer 6

• Determination & Perseverance
• Drive to Achieve
• Opportunity Orientation
• Seeking Feedback
• Persistent Problem Solving
• Internal Locus of Control
• Tolerance for Ambiguity
• Calculated Risk Taking
• Creativity & Innovation
• Vision
• Passion
• Team building

Question 7

Entrepreneurs use _____ as a learning process; hence, they have a tolerance for it

Answer 7

failure

Question 8

Entrepreneurs have a tolerance with failure. However, the ___ is not automatic and instantaneous. Emotions generated by failure can interfere with the learning process

Answer 8

learning

Question 9

____ is a negative emotional response to the loss of something important triggering behavioural, psychological, and physiological symptoms.

Answer 9

Grief

Question 10

Dealing with Failure: Focuses on addressing grief. Focusing on the failure may only escalate the grief.

Answer 10

Loss orientation

Question 11

Dealing with Failure: Avoiding negative emotions is unlikely to be successful in the long run.

Answer 11

Restoration Orientation

Question 12

Dealing with failure: Gains the benefit of both orientations and minimizes the cons of each.

Answer 12

Dual Process Model

Question 13

4 Risks that Entrepreneurs Face

Answer 13

• Financial risk
• career risk
• family & social risk
• Psychological risk

Question 14

_______ is experienced until goal is achieved

Answer 14

stress

Question 15

______ is experienced when goal is unachieved

Answer 15

stress

Question 16

3 common entrepreneurial goals

Answer 16

• independence
• wealth
• work satisfaction

Question 17

4 abilities to achieve the common entrepreneurial goals

Answer 17

talent, skills, education, competence

Question 18

3 personalities needed to achieve the common entrepreneurial goals

Answer 18

Type A, Type B, Coping

Question 19

3 resources needed to achieve the common entrepreneurial goals

Answer 19

• physical
• financial
• environmental

Question 20

4 sources of stress for entrepreneur

Answer 20

• loneliness
• immersion in business
• people problems
• need to achieve

Question 21

6 ways of coping with stress

Answer 21

• networking
• getting away from it all
• communicating with employees
• finding satisfaction outside the company
• delegate
• exercising rigorously

Question 22

From the Greek word ethos meaning custom or mode of conduct

Answer 22

ethics

Question 23

Ethics comes from the Greek word ___ which means custom or mode of conduct

Answer 23

ethos

Question 24

Has challenged philosophers for centuries to determine what exactly is right or wrong

Answer 24

ethics

Question 25

* There is no single universal formula for solving ethical problems. * Entrepreneurs must realize the powerful impact that integrity and ethical conduct have on creating a successful venture.

Answer 25

Ethics

Question 26

* Provides the basic parameters for conducting any activity in an acceptable manner * Represents a behavioural code that explains what is good and bad * Definitions are not the problem, the implementation is.

Answer 26

Ethics

Question 27

2 major reasons for the continual conflict in ethical decision making

Answer 27

* Enterprises are confronted by many interests, both inside and outside the organization (employees, stockholders, customers, managers, government, etc.) * Society is undergoing dramatic change

Question 28

_______ that is the root of ethical conflict

Answer 28

Age old dilemma

Question 29

_____ provides societal standards but not definitive answers to ethical questions

Answer 29

Legality

Question 30

The ________ provides the boundaries for what is illegal (even though it is subject to constant interpretation), it does not supply answers for ethical considerations.

Answer 30

law

Question 31

4 Rationalizations managers use to justify questionable conduct

Answer 31

* Believing that the activity is not really illegal or immoral * Believing that it is in the individual’s or the corporation’s best interest * Believing that it will never be found out * Believing that because it helps the company, the company will condone it

Question 32

What are the Morally Questionable Acts Against the Firm?

Answer 32

* Non-role * role failure

Question 33

Examples of these Morally Questionable Acts Against the Firm are: * Expense account cheating * embezzlement * stealing supplies

Answer 33

Non-role

Question 34

Morally Questionable Acts Against the Firm: those that the person takes outside of their role as manager, yet they go against the firm

Answer 34

Non-role

Question 35

Example of this Morally Questionable Acts Against the Firm: * superficial performance appraisal * not confronting expense account cheating * palming off a poor performer with inflated praise

Answer 35

Role failure

Question 36

Morally Questionable Acts Against the Firm: acts that also go against the firm, but they involve a person failing to perform their managerial role

Answer 36

Role failure

Question 37

What are the Morally Questionable that is for the Firm?

Answer 37

* role distortion * role assertion

Question 38

Examples of this Morally Questionable that is for the Firm: * Bribery * price fixing * manipulating suppliers

Answer 38

Role distortion

Question 39

Morally Questionable that is for the Firm: behavior of individuals who think they are acting in the best interests of the firm, so their roles are "distorted"

Answer 39

role distortion

Question 40

Morally Questionable that is for the Firm: is the behavior of individuals who assert their roles beyond what they should be, thinking (falsely) that they are helping the firm

Answer 40

Role assertion

Question 41

These acts involve managers/entrepreneurs who rationalize that the long-run interests of the firm are foremost

Answer 41

Morally Questionable that is for the Firm

Question 42

______ often have a ripple effect, where the consequences can be felt by others outside the organization

Answer 42

Ethical decisions

Question 43

Business decisions that involve ethical questions have ______

Answer 43

multiple alternatives

Question 44

Ethical business decisions often have mixed outcomes — _____ and _____

Answer 44

benefits and costs

Question 45

Most business decisions have uncertain ethical consequences — a decision is never without ______

Answer 45

ethical risk

Question 46

Most ethical business decisions have ______

Answer 46

personal implications

Question 47

4 Ethical Dilemmas in E-Commerce

Answer 47

* Redefining social norms in e commerce * Trustworthiness of online services and business * Consumer reviews * Ethical policies to remain reputable

Question 48

a statement of ethical practices or guidelines to which an enterprise adheres to

Answer 48

Ethical codes of conduct

Question 49

* Research shows these have become prevalent in many industries. * Having one guides employees and managers to promote and maintain ethical policies and practices within the enterprise. * When designing one, make it comprehensive and inclusive so that it covers as many ethical issues as possible. And, make it easy to implement.

Answer 49

Ethical Codes of Conduct

Question 50

* the responsibility of the entrepreneur because their vision created the venture * The key figure to set the ethical decision making and behavior is the entrepreneur

Answer 50

Ethical consciousness

Question 51

* refer to the procedures, position statements (codes), and announced ethical goals designed to avoid ambiguity

Answer 51

Ethical process and Structure

Question 52

* deliberate step to incorporate the entrepreneur's ethical objectives with the economic objectives of the venture

Answer 52

Institutionalization

Question 53

3 strategies in achieving an ethical venture

Answer 53

* ethical consciousness * ethical process and structure * institutionalization