How entrepreneurs think

Question 1

how does entrepreneurs think?

Answer 1

they think differently from non-entrepreneurs

Question 2

who noted that “the ability to rapidly serve, act, and mobilize, even under uncertain conditions”?

Answer 2

Hisrich, Peters, and Shepherd

Question 3

three ways entrepreneurs often think:

Answer 3

1.Actuate self-assessment and choose course action
2.Generate multiple Decision Models
3.Learn from failure

Question 4

At the start, the entrepreneur determines what they have, like, knowledge, skills, resources, and people they know.

Answer 4

Actuate self- assessment and choose course action

Question 5

this thinking process enables the entrepreneur to reflect, comprehend and control one’s learning and intellectual ability

Answer 5

generate multiple decision models

Question 6

a very common thing among entrepreneurial firms

Answer 6

Learn from Failure

Question 7

They facilitate opportunity recognition, help adapt rapidly to changes, enhance business performance, strengthen the firm’s competitive position, and, ultimately, stir the achievement of organizational success.

Answer 7

ENTREPRENEURIAL COMPETENCIES

Question 8

abilities to ground yourself so that you are secure and self-assured in whatever situation you may find yourself.

Answer 8

Personal Competencies

Question 9

ability to lead, influence, communicate, supervise, negotiate, and control people at all levels.

Answer 9

Interpersonal competencies

Question 10

set of particular abilities and knowledge that sets a company apart from its competitors.

Answer 10

Business Competencies

Question 11

_________in entrepreneurship play a leading role in making entrepreneurs successful.

Answer 11

Competencies

Question 12

is an underlying personal characteristic which leads to superior performance. It is a combination of knowledge, skills, attitudes, and motives.

Answer 12

Competence

Question 13

the foundation for sharpening a company’s competitive edge and it guides brand reputation, business growth, and marketing strategy.

Answer 13

Core Competence

Question 14

is one that describes the knowledge, skills and abilities found in most or all position

Answer 14

Common Competence

Question 15

What are the examples of common competencies?

Answer 15

1. Analytical and critical thinking
2. Decision making
3. Leadership
4. Communication
5. Computer Literacy
6. Human Relations
7. Managing Change
8. Creative Thinking
9. Time Management
10. Conflict Management

Question 16

Examples of Core Competencies

Answer 16

1. Organizing and Planning
2. Cash flow management
3. Personnel management
4. Operations and distribution
5. Customer Relations
6. Bookkeeping/Accounting
7. Promotions and Advertising
8. Resources Management
9. Financial Management
10. Information Management

Question 17

Six Competency Areas:

Answer 17

Opportunity Competencies
Relationship Competencies
Conceptual Competencies
Organizing Competencies
Strategic Competencies
Commitment Competencies

Question 18

Competencies that drive the entrepreneur to move ahead with the business.

Answer 18

Commitment Competencies

Question 19

Competencies related to the organization of different internal and external human, physical, financial and technological resources, including team-building, leading employees, training, and controlling.

Answer 19

Organizing Competencies

Question 20

Competencies related to setting, evaluating and implementing the strategies of the firm.

Answer 20

Strategic Competencies

Question 21

-Competencies related to person-to-person or individual-to-group-based interactions.

Answer 21

Relationship Competencies

Question 22

-Competencies related recognizing and developing market opportunities through various means.

Answer 22

Opportunity Competencies

Question 23

Competencies related to different conceptual abilities, which are reflected in the behavior of the entrepreneur

Answer 23

Conceptual Competencies