(P) Lesson 2: Entrepreneurial Mind-set in Individuals (PPT based) Flashcards
The knowledge structures that people use to make assessments, judgements, or decisions involving opportunities evaluation, venture creation, and growth.
Entrep. Cognition
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.
Entrepreneurial cognition
Cognitive adaptability is the ability to be ___, ___ and _____ in one’s cognition given dynamic and uncertain environments.
dynamic, flexible, and self-regulating
Awareness or analysis of one’s own learning or thinking process.
Metacognition
Strategies that help the entrepreneur examine their cognitive processes that have led to them to the decisions they made.
Metacognitive strategies
Cognition ame from the Latin “cognoscere”, means ___
“to know”
Introduces the idea of knowledge structures –mental models that are ordered to optimize
personal effectiveness within given situations.
Social cognition theory
Who defined this “Entrepreneurial Cognition as the knowledge structure people used in assessment, judgement or decisions involving opportunity evaluation, venture creation, and growth.”
Researcher Ronald K. Mitchell (or also Researchers Ronald K. Mitchell, Lowell
Busenitz, Theresa Lant, Patricia P. McDougall,
Eric A. Morse, and J. Brock Smith)
You need this in order to succeed, it often win against odds that many people would consider insurmountable.
Sheer determination and an unwavering
commitment (determination and perseverance)
Entrepreneurs are self-starters and appear internally driven to succeed, to excel against self-imposed standards, and to pursue and attain challenging goals.
Drive to achieve
T or F. High risks to average people are also high risks to the driven entrepreneur
F (moderate risks)
They are constantly aware of opportunities that exist in everyday life.
Entrepreneurs
They set high but attainable goals and hve the ability to ___
focus their energies
T or F. Entrepreneurs do not selectively sort out opportunities.
F
One must know how to ____ as well as measures to know how well they are performing
define their priorities
T or F. Effective entrepreneurs are quick learners.
T
T or F. Entrepreneurs are intimidated by difficult situations because they are not sure if there’s opportunity behind the conflict.
F (not intimidated)
T or F. The impossible takes a little longer to achieve.
T
T or F. Simple problems bore them; but they couldn’t care less about unsolvable ones.
T
It is being unaffected by your own environment; and you rise above difficult situations
Internal locus of control
T or F. They believe that their accomplishments and
setbacks are not within their own control and influence, and that they can affect the outcome of their actions.
F (it is within their control)
Successful entrepreneurs are not gamblers
they are ___
calculated risk takers.
T or F. Creativity was once regarded as an
exclusively inherited trait.
T
T or F. An expanding school of thought believes that creativity can be innate.
F (developed)
New ventures often possess a collective____ that emerges from the joint efforts of the founders and personnel, and produces unique goods and services.
creativity
T or F. Even though not all entrepreneurs have predetermined visions for their firms, the vision develops over time as the individual begins to realize what the firm is and what it can become.
T
Successful entrepreneurs have this in order to know where they want to go.
vision
a fundamental emotional
experience for entrepreneurs.
passion
The underlying force that fuels our
strongest emotions
Entrepreneurial Passion
The intensity felt when engaging in
activities of deep interest
Entrepreneurial Passion
Most successful entrepreneurs have highly
qualified, well-motivated teams that help them handle the venture’s growth and development.
Team Building
T or F. Entrepreneurial ventures that are created to pursue new and unique opportunities often are successful due to the uncertain environment within which they develop.
F (often fail)
Entrepreneurs use failure as a learning process; hence, they have a ___ for failure.
tolerance
generated by failure can interfere with the learning process
emotions
T or F. learning is automatic and instantaneous.
F (not)
T or F. Depression is a negative emotional response to the loss of something important triggering behavioural, psychological, and physiological symptoms.
F (Grief)
this is a tradition process of Grief recovery process
Loss orientation
Focusing on the failure may only escalate the grief.
loss orientation (leads to an emotional breakthrough)
Distracting oneself from thinking about
the failure
Restoration orientation
T or F. Restoration orientation and dual process model are unhealthy for grief recovery processing.
F (loss and restoration orientation)
Oscillating between a loss and a restoration orientation
Dual Process Model
T or F. The Dual Process Model can gains the benefit of both orientations and increase the cons of each.
F (reduce)
Type of risk: An Entrepreneur might sell his house or assets, to start a new venture
Financial
Type of risk: Started a business but you failed and got bankrupt.
Career
Type of Risk: You don’t have time for family and friends since you’re focused on your venture
Family and Social
Type of risk: You are unable to recover due to a failed venture.
Psychological
T or F. The ultimate goal of an entrepreneur are Independence, Work Satisfaction and Wealth.
T
T or F. Stress is experienced even if the goal is achieved or not.
T
can be viewed as function of
discrepancies between persons expectation, inability to meet demands, as well as discrepancies between the individual’s expectation and to one’s personality.
Stress
T or F. Immersion in business deals with stress.
F (source of stress)
You have strong drive of the need to control everything
The Entrepreneurial Ego
You lost sight of reality, distorted reasoning and you look out for changes that you start to
distrust the changes
Sense of distrust
