Entrepreneurship

Question 1

Nenn Faktoren, um erfolgreiche Entrepreneurs zu verstehen

Answer 1

• General Context
• Nature and Nurture
• Individual Characteristics
• Action Chatacteristics
• Entrepreneurial Process

Question 2

Nenn die Phasen des entrepreneurial process

Answer 2

Phase 1: Opportunity identification
Phase 2: Opportunity evaluation and development
Phase 3: Opportunity exploitation

Question 3

Phase 1: Opportunity identification

Nenn Information seeking behaviors displayed by successful entrepreneurs

Answer 3

• Asking questions
• Observing the world around them
• Experimenting
• Discussing ideas with many different people

Question 4

Was ist mit Escaping the knowledge corridor gemeint?

Answer 4

ignoring information not in line with
mental schemas

Question 5

What do successful entrepreneurs do differently?

Answer 5

• Less talk, more action (vs. all talk, no action)
• Carry out a lot of activities with great intensity
• Really get into the day-to-day process of running a business
• Also understand when a new venture just is not working

Question 6

Füll aus

Answer 6

Question 7

What to do under absolute uncertainty?

Answer 7

• Causation (business planning)
• Effectuation

Question 8

Beschreib Causation (business planning)

Answer 8

close the set of outcomes (creative uncertainty)
take a specific effect as given and then acquire the necessary means and resources to create this effect (Sarasvathy, 2001)

“What might happen and how can I plan for it?”

Question 9

Beschreib Effectuation

Answer 9

close the set of options (environmental uncertainty)
focus on the available means and resources, and identify the effects (i.e., possible products or services) that can be achieved with the available means and resources

“What can I make happen?”

Question 10

Was besagt das principle of affordable loss?

Answer 10

Only invest what you can afford to lose

Question 11

What are the characteristics of a (successful) entrepreneur?

Answer 11

• Personal Initiative
• Passion
• (Over-)Confidence
• Fear of failure?

Question 12

Beschreib Personal Initiative

Answer 12

Question 13

But effort can also affect passion. How?

Answer 13

Question 14

Beschreib die zwei Seiten von Fear of failure

Answer 14

Question 15

Beschreib die relationship between risk propensity and entrepreneurship

Answer 15

Curvilinear

risk propensity only has a small effect on success (Rauch & Frese, 2007)

Question 16

Beschreib Action planning as a general strategy for entrepreneurs

Answer 16

Question 17

What are the three factors that can help entrepreneurs escape the knowledge corridor?

Answer 17

• prior entrepreneurial experience
• creativity
• information search behavior

Question 18

Was ist mit bricolage gemeint?

Answer 18

is defined as making do by recombining resources at hand for new purposes

Question 19

Was ist financial bootstrapping?

Answer 19

an action strategy to acquire resources without using external funding from banks or investors

Question 20

Warum ist es zu einfach gedacht, dass Leidenschaft zu entrepreneurial Erfolg führt?

Answer 20

• relationship between passion and success can actually be the other way around (effect of effort on passion)
• exerting effort in entrepreneurship leads to progress in the entrepreneur- ial process and progress and in turn elicits positive emotions
• more passionate when one learn how to be successful in entrepreneurship
• sense of mastery increases entre- preneurs’ positive emotions