Entrepreneurship Flashcards
Nenn Faktoren, um erfolgreiche Entrepreneurs zu verstehen
- General Context
- Nature and Nurture
- Individual Characteristics
- Action Chatacteristics
- Entrepreneurial Process
Nenn die Phasen des entrepreneurial process
Phase 1: Opportunity identification
Phase 2: Opportunity evaluation and development
Phase 3: Opportunity exploitation
Phase 1: Opportunity identification
Nenn Information seeking behaviors displayed by successful entrepreneurs
- Asking questions
- Observing the world around them
- Experimenting
- Discussing ideas with many different people
Was ist mit Escaping the knowledge corridor gemeint?
ignoring information not in line with
mental schemas
What do successful entrepreneurs do differently?
- 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
Füll aus
What to do under absolute uncertainty?
- Causation (business planning)
- Effectuation
Beschreib Causation (business planning)
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?”
Beschreib Effectuation
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?”
Was besagt das principle of affordable loss?
Only invest what you can afford to lose
What are the characteristics of a (successful) entrepreneur?
- Personal Initiative
- Passion
- (Over-)Confidence
- Fear of failure?
Beschreib Personal Initiative
But effort can also affect passion. How?
Beschreib die zwei Seiten von Fear of failure
Beschreib die relationship between risk propensity and entrepreneurship
Curvilinear
risk propensity only has a small effect on success (Rauch & Frese, 2007)
Beschreib Action planning as a general strategy for entrepreneurs
What are the three factors that can help entrepreneurs escape the knowledge corridor?
- prior entrepreneurial experience
- creativity
- information search behavior
Was ist mit bricolage gemeint?
is defined as making do by recombining resources at hand for new purposes
Was ist financial bootstrapping?
an action strategy to acquire resources without using external funding from banks or investors
Warum ist es zu einfach gedacht, dass Leidenschaft zu entrepreneurial Erfolg führt?
- 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
