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The Entrepreneurial Mind (Coverage-based) > (P) Chapter 2. The Entrepreneurial Mind-set in Individuals: Cognition and Ethics > Flashcards

(P) Chapter 2. The Entrepreneurial Mind-set in Individuals: Cognition and Ethics Flashcards

1
Q

Term that comes from the word cognoscere

A

Cognition

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2
Q

What does the Latin cognoscere means?

A

“to know”, “to conceptualize, or “to recognize”

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3
Q

Refers to a faculty for the processing of information, applying knowledge, and changing preferences

A

Cognition

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4
Q

Also used to refer to the mental functions, mental processes (thoughts), and mental states of intelligent humans

A

Cognition

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5
Q

This theory introduces the idea of knowledge structures–mental models (cognitions) that are ordered in such ways as to optimize personal effectiveness within given situations

A

Social cognition theory

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6
Q

Refers to the knowledge structures that people use to make assessments, judgements, or decisions involving opportunity evaluation, venture creation, and growth

A

Entrepreneurial cognition

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7
Q

Refers to how entrepreneurs use simplifying mental models–helps them to identify and invent new products or services, and to assemble the necessary resources to start and grow businesses.

A

Entrepreneurial cognition

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8
Q

Refers to the awareness or analysis of one’s own learning or thinking process

A

Metacognition

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9
Q

Defined as the ability to be dynamic, flexible, and self-regulating in one’s cognitions given dynamic and uncertain task environments

A

Cognitive adaptability

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10
Q

Refers to the strategies that help the entrepreneur examine their cognitive processes that have led to the decisions they made

A

Metacognitive strategies

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11
Q

Characteristics Associated with the Entrepreneurial Mindset

Claims that total dedication to success as an entrepreneur can overcome obstacles and setbacks

A

Determination and Perseverance

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12
Q

Characteristics Associated with the Entrepreneurial Mindset

Entrepreneurs are self-starters who appear to others to be internally driven by a strong desire to compete, to excel against self-imposed standards, and to pursue and attain challenging goals

A

Drive to Achieve

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13
Q

Characteristics Associated with the Entrepreneurial Mindset

Refers to the constant awareness of opportunities that exist in everyday life; setting high but attainable goals enable entrepreneurs to focus their energy

A

Opportunity Orientation

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14
Q

Characteristics Associated with the Entrepreneurial Mindset

Refers to entrepreneurs not being intimidated by difficult situations; their self-confidence and general optimism translate the impossible into just a thing that takes a little longer

A

Persistent Problem Solving

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15
Q

Characteristics Associated with the Entrepreneurial Mindset

Refers to entrepreneurs having a strong desire to know how well they’re doing

A

Seeking Feedback

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16
Q

Characteristics Associated with the Entrepreneurial Mindset

Entrepreneurs don’t believe that success or failure of their venture will be governed by fate, luck, or similar forces

A

Internal locus of control

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17
Q

Characteristics Associated with the Entrepreneurial Mindset

This exists when the entrepreneur can deal with various setbacks and changes that constantly confront him or her

A

Tolerance for Ambiguity

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18
Q

Characteristics Associated with the Entrepreneurial Mindset

When entrepreneurs decide to participate in a venture, they do so in a very calculated, carefully thought-out manner

A

Calculated Risk Taking

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19
Q

Characteristics Associated with the Entrepreneurial Mindset

Many entrepreneurs fine-tune this by carefully monitoring what they eat and drink, establishing exercise routines, and knowing when to get away for relaxation

A

High Energy Level

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20
Q

Characteristics Associated with the Entrepreneurial Mindset

This can be developed; not innate or something given upon when born

A

Creativity and Innovation

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21
Q

Characteristics Associated with the Entrepreneurial Mindset

This provides direction where to go. This is not predetermined all the time, some develop this along the way over time.

A

Vision

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22
Q

Characteristics Associated with the Entrepreneurial Mindset

This is a fundamental emotional experience for entrepreneurs. Underlying force that fuels our strongest emotions

A

Passion

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23
Q

Characteristics Associated with the Entrepreneurial Mindset

Most successful entrepreneurs have highly qualified, well-motivated teams that help handle the venture’s growth and development

A

Team Building

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24
Q

Refers to the negative emotional response to loss that triggers behavioral, psychological, and physiological symptoms

A

Grief

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25
Q

This way of addressing grief (grief recovery process) focuses on knowing the cause but can exacerbate the negative emotional reaction

A

Loss Orientation

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26
Q

This way of addressing grief (grief recovery process) focuses on distracting oneself from thinking about the failure (ways to move on) but is unlikely to give closure because avoiding negative emotions is unlikely to be successful in the long run

A

Restoration Orientation

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27
Q

This way of addressing grief (grief recovery process) proposes that an entrepreneur recovers more quickly from a failure if he or she oscillates between a loss and a restoration orientation. This gives benefits of both and minimizes the cons of each, which balances the two.

A

Dual Process Model

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28
Q

This type of risk refers to how money can be lost if the venture fails; the most common reason to not pursue a business

A

Financial Risk

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29
Q

Type of risk that describes discussion as to whether entrepreneurs will be able to find a job or go back to their old job should their venture fail

A

Career Risk

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30
Q

This risk refers to the tendency to neglect relationships due to work = unhappy and unhealthy interactions

A

Family and Social Risk

31
Q

This type of risk refers to how some entrepreneurs who have suffered catastrophic are unable to go back, at least not immediately. They are unable to recover from grief

A

Psychological Risk

32
Q

Sources of stress

Long hours at work prevent them from seeking the comfort and counsel of friends and family members.

They tend not to participate in social activities unless they provide a business benefit.

A

Loneliness

33
Q

Sources of stress

Cannot take exotic cruises, fishing trips, or skiing vacations– business will not allow their absence.

A

Immersion in Business

34
Q

Sources of stress

Many experience frustration, disappointment, and aggravation in their experiences with these people

Frequently, because of irreconcilable, conflict, partnerships are dissolved

A

People Problems

35
Q

Sources of stress

Entrepreneur was trying to accomplish too much. Many are never satisfied with their work, no matter how well it is done

A

Need to achieve

36
Q

Dealing with stress

Share experiences by networking with other business owners. Objectivity gained from hearing about the triumphs and eros of others is itself therapeutic.

A

Networking

37
Q

Dealing with stress

Best antidote to immersion in business (a holiday). If vacation days or weeks are limited by valid business constraints, short breaks still may be possible.

A

Getting Away from it All

38
Q

Dealing with stress

Close contact with employees and can readily assess the concerns of their staff.

Allows for burden sharing and strategizing for business problems

A

Communicate with Employees

39
Q

Dealing with stress

Be more passionate about life.
Decreases the obsession to achieve.
The business must not be the only source of happiness/satisfaction.
Even if the business fails, they still have a chance to recover.

A

Finding Satisfaction Outside the Company

40
Q

Dealing with stress

Implementation of coping mechanisms requires implementation time, and to gain this time, the entrepreneur has to do this.

A

Delegating

41
Q

Dealing with stress

Value of exercise regimens on relieving the stress associated with entrepreneurs

A

Exercise Rigorously

42
Q

T or F: Entrepreneurs may experience the negative effects of an inflated ego

A

True

43
Q

The Entrepreneurial Ego

Driven by strong beed to control both their venture and their destiny. Cause entrepreneurs to work in structured situations only when they have created the structure on their terms

A

Overbearing need for control

44
Q

The Entrepreneurial Ego

  • A dual-edged characteristic
  • By continually being alert, they anticipate and act on developments that others might recognize too late
  • Leads to a focus on trivial things instead of reality
  • Distorts logic and reasoning and takes destructive action
A

Sense of Distrust

45
Q

The Entrepreneurial Ego

  • Rising up as defiant who denies any feelings of insignificance
  • In wanting to demonstrate their success, sometimes the individual becomes more important than the venture
A

Overriding Desire for Success

46
Q

The Entrepreneurial Ego

  • Leads to a fantasy approach in a business
  • Self-delusion in which everything will turn out fine even if they ignore trends, facts, and reports
  • Leads to the inability to handle the real world
A

Unrealistic Optimism

47
Q

This came from the Greek word ethos

A

Ethics

48
Q
  • Determines what is right and wrong
  • There is no single universal formula for ethical problems
  • Has significant impacts on successful ventures
  • Provides basic parameters for acceptable behavior
A

Ethics

49
Q

T or F: In ethics, the problem is the implementation, not the definition

A

True

50
Q

Familiarize the four Ethical Rationalizations

A

(1) Activity is not “really” illegal or immoral
(2) It is in Individual’s or the corporation’s best interests
(3) It will never be found out
(4) Because it helps the company, the company will condone it.

51
Q

Refers to acts that a person takes outside of his/her role as manager yet they go against the firm. Acting outside of their official function.

A

Nonrole acts

52
Q

Refers to acts that go against the firm; involve a person failing to perform his/her
managerial role

A

Role failure

53
Q

Classification of acts that have the potential to harm the company

A

Against the firm

54
Q

Classification of acts that benefits the company but in an unethical way

A

For the firm

55
Q

Refers to acts/behavior of individuals who think they are acting in the best interest of the firm. Misconstrued understanding of duties

A

Role distortion

56
Q

Refers to acts/behavior of individuals who assert their roles beyond what they should be, thinking (falsely) that they are helping the firm. Assigned responsibilities outside their jurisdiction

A

Role assertion

57
Q

Familiarize the ethical dilemmas in e-commerce

A

(1) Redefining social norms
(2) Trustworthiness of online services and business
(3) Consumer reviews
(4) Ethical policies to remain reputable

58
Q

Embezzlement, stealing, unauthorized use of company property are examples of which acts?

A

Non-role

59
Q

Accepting bribes or price fixing are examples of which act?

A

Role distortion

60
Q

A superior unfairly evaluating or not promoting the truly deserving candidate is an example of which acts?

A

Role Failure

61
Q

Selling potentially harmful products or offering high-risk investment instruments is an example of which acts?

A

Role assertion

62
Q

A statement of ethical practices or guidelines to which an enterprise adheres.

A

(Ethical) Code of Conduct

63
Q

Familiarize the strategies in achieving an ethical venture

A

(1) Ethical Consciousness
(2) Ethical Process and Structure
(3) Institutionalization

64
Q

Ethical venture strategies

This is the key responsibility of the entrepreneur because his/her vision created the venture. Key figure to set the tone for ethical decision-making and behavior is the entrepreneur.

A

Ethical consciousness

65
Q

Ethical venture strategies

Refer to procedures, position statements (codes), and announced ethical goals designed to avoid ambiguity

A

Ethical Process and Structure

66
Q

Ethical venture strategies

Deliberate step to incorporate the entrepreneur’s ethical objectives with the economic objectives of the venture

A

Institutionalization

67
Q

This is viewed as a function of discrepancies between a person’s expectations and ability to meet demands, as well as discrepancies between an individual’s expectations and personality

A

Stress

68
Q

This is felt when goal is unachieved; until goal is achieved

A

Stress

69
Q

What are the 3 Ultimate Goal of Entrepreneurs

A
  1. Independence
  2. Wealth
  3. Work Satisfaction
70
Q

Stress is experienced until goal is achieved. (T or F)

A

True

71
Q

Stress is experienced before goal is unachieved. (T or F)

A

False (Stress is experienced WHEN GOAL is unachieved)

72
Q

Age old dilemma that is the root of ethical conflict

Legality provides societal standards but not definitive answers to ethical questions

The law provides the boundaries for what is illegal (even though the law is subject to constant interpretation(, it does not supply answer for ethical considerations

A

Ethics and the Law

73
Q

What are the Major Reasons for the Continual Conflict in Ethical Decision Making

A
  1. Enterprises are confronted by many interests, both inside and outside the organization
  2. Society is undergoing dramatic change

The Entrepreneurial Mind (Coverage-based) (14 decks)

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