(P) Lesson 2: The Entrepreneurial Mind-Set (transes/book-based)

Question 1

It is the mental aspect of an entrepreneur; used to refer to the mental function, mental processes (thoughts) and the mental states.

Answer 1

Entrepreneurial Cognition

Question 2

Cognition came from the Latin “cognoscere”, means?

Answer 2

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

Question 3

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

Answer 3

Cognition

Question 4

This theory Introduces the idea of knowledge structures – mental models that are ordered to optimize personal effectiveness within given situations.

Answer 4

Social Cognition Theory

Question 5

He/She defined Entrepreneurial Cognition as the knowledge structure people used in assessment, judgement or decisions involving opportunity evaluation, venture creation, and growth.

Answer 5

Researcher Ronald K. Mitchell (pati rin sila Lowell Busenitz, Theresa Lant, Patricia P. McDougall, Eric A. Morse, and J. Brock Smith but okay lang if si Ronald lang)

Question 6

It 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.

Answer 6

Entrepreneurial Cognition

Question 7

It’s about understanding how entrepreneurs use simplifying mental modes to piece together previously unconnected information that helps them to identify and invent new products or services

Answer 7

Entrepreneurial Cognition

Question 8

This is the ability to be dynamic, flexible, and self-regulating in one’s cognition given dynamic and uncertain environments.

Answer 8

cognitive adaptability

Question 9

The awareness or analysis of one’s own
learning or thinking process.

Answer 9

metacognition bading

Question 10

Strategies that help the entrepreneur
examine their cognitive processes that have led to the to the decisions they made.

Answer 10

Metacognitive strategies

Question 11

T or F. The process responsible for ultimately selecting a response is a cognitive - the process responsible for ultimately selecting how the entrepreneur framing the task effectually and thus why and how the particular strategy was included in a set of alternative responses to the decision (is metacognition)

Answer 11

T

Question 12

Who presented an outline of the entrepreneurial organization that reveals characteristics as imagination, flexibility and willingness to accept risks?

Answer 12

Howard Stevenson & David Gumpert

Question 13

He examined the literature and found a diversity of entrepreneurial characteristics.

Answer 13

Willam Gartner

Question 14

T or F. John Hornaday examined various research sources and formulated a list of 30 characteristics often attributed to entrepreneurs.

Answer 14

F (42)

Question 15

Imagine an entrepreneur who faces multiple setbacks and challenges while launching a new sustainable energy startup. Despite financial obstacles, technical difficulties, and market skepticism, the entrepreneur remains focused on their vision. They continuously adapt, learn from failures, and maintain an unwavering commitment to their mission.

What entrep characteristic is shown?

Answer 15

Determination and Perseverance

Question 16

What entrep characteristic is shown?

Consider an entrepreneur who sets out to revolutionize the healthcare industry by developing an innovative telemedicine platform. They encounter fierce competition, regulatory hurdles, and technical complexities along the way. Despite these challenges, the entrepreneur remains relentlessly committed to their goal.

Answer 16

Drive to Achieve

Question 17

Entrepreneurs are constantly aware of
opportunities that exist in everyday life.

Answer 17

Opportunity Orientation

Question 18

They have a strong desire to know how well they are doing and how they might improve their performance.

Answer 18

Seeking feedback

Question 19

Entrepreneurs are not intimidated by difficult situations;

Answer 19

Persistent Problem Solving

Question 20

They are extremely persistent but, they are realistic in recognizing what they can and cannot do and where they can get help to solve difficult but unavoidable tasks.

Answer 20

Persistent Problem Solving

Question 21

What trait is this:

They believe that their accomplishments and setbacks are within their own control and influence, and that they can affect the outcome of their actions.

Answer 21

Internal Locus of Control

Question 22

What trait does this show:

Successful entrepreneurs can deal with
various setbacks and changes that
constantly confront them.

Answer 22

Tolerance for Ambiguity

Question 23

Can be defined as the degree to which an individual is comfortable with uncertainty, unpredictability, conflicting directions, and multiple demands.

Answer 23

Tolerance for Ambiguity

Question 24

They do everything possible to get the odds in their favor, and they often avoid taking unnecessary risks.

Answer 24

Calculated Rizz Taking

Question 25

Trait? New ventures often possess a collective creativity that emerges from the joint efforts of the founders and personnel, and produces unique goods and services.

Answer 25

Creativity and Innovativeness

Question 26

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.

Answer 26

T

Question 27

a fundamental emotional experience for entrepreneurs.

Answer 27

Passion

Question 28

The energy that enables entrepreneurs to achieve peak performance.

Answer 28

passion

Question 29

generated by failure can interfere with the learning process

Answer 29

emotions

Question 30

a negative emotional response to the loss of something important triggering behavioural, psychological, and physiological symptoms.

Answer 30

grief

Question 31

an alternate approach and is based on both distracting oneself from thinking about the failure event and being proactive toward secondary causes of stress

Answer 31

restoration orientation

Question 32

Who proposed the dual process model?

Answer 32

Dean A. Shepherd (researcher)

Question 33

Oscillating between a loss and a restoration orientation; combination of the 2 process

Answer 33

Dual Process Model

Question 34

Focuses on the loss to determine its origin that eventually leads to an emotional breakthrough.

Answer 34

loss orientation

Question 35

Type of risk: Risk of losing money, saving, and assets

Answer 35

Financial rizz

Question 36

Type of rizz: Started a business but you failed and got bankrupt. Your career and employees are at risk

Answer 36

Career rizz

Question 37

T or F. It is a career risk when you don't have time for family and friends since you’re focused on your venture.

Answer 37

F (pamili and sosyal riz)

Question 38

T or F. Stress cannot be avoided when the goal in unachieved, you can only avoid stress until goal is achieved.

Answer 38

F (stress is still experienced until goal is achieved)

Question 39

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.

Answer 39

STRESS

Question 40

Who are the researchers that examined the relationship between exercise and attainment of personal and professional goals for entrepreneurs?

Answer 40

Goldsby, Kurotko and Bishop

Question 41

Their study (Goldsby, Kurotko and Bishop) examined that running is positively related to? A. Sales volume B. Extrinsic and Intrinsic Awards C. All of the Above D. None of the above

Answer 41

C

Question 42

Their study (Goldsby, Kurotko and Bishop) examined that weightlifting is positively related to? A. Sales volume B. Extrinsic and Intrinsic Awards C. All of the Above D. None of the above

Answer 42

B

Question 43

best antidote to immersion in business

Answer 43

GETTING AWAY FROM IT ALL (p. 39; self-renewal is a must)

Question 44

It is a dual-edged characteristic

Answer 44

distrust aww

Question 45

the same characteristic that entrepreneurs need for successful venture creation also contains a destructive side.

Answer 45

overbearing need for control

Question 46

T or F. An entrepreneur with an overriding desire for success works in structured situations only when they have created the structure on their terms.

Answer 46

F (overbearing need for control)

Question 47

T or F. An entrepreneur with an overbearing need for control has serious implications for networking in an entrepreneurial team, because entrepreneurs can visualize external control by others as a threat of subjection or infringement on their will.

Answer 47

T

Question 48

T or F. Distrust can result in their focusing on trivial things and cause them to lose sight of reality, distort reasoning and logic, and take destructive actions.

Answer 48

T

Question 49

At some point the individual becomes more important than the venture itself A. Distrust B. Overriding Desire for Success C. Overbearing need for control

Answer 49

Christ

Question 50

It provides the basic rules or parameter for conducting any activity in an "acceptable" manner

Answer 50

Ethics

Question 51

This act are those the person takes outside of his or her role as manager, yet they go against the firm. e.g. embezzlement, account cheating, etc.

Answer 51

nonrole acts

Question 52

it is the behavior of individuals who think they are acting in the best interest of the firm.

Answer 52

role distortion

Question 53

It is the behavior of individuals who assert their roles beyond what they should be, thinking (falsely) that they are helping the firm.

Answer 53

Role assertion

Question 54

Type of morally questionable acts: * Superficial performance appraisal * Failing to promote or hire the truly qualified

Answer 54

ROLE FAILURE (against the firm)

Question 55

Type of morally questionable acts: * Bribery * Price fixing * Manipulating Suppliers

Answer 55

Role distortion (for the firm)

Question 56

Type of morally questionable acts: * Not withdrawing unsafe products * Investing with unethical governments

Answer 56

role assertion

Question 57

T or F. Face-to-face interactions are becoming less frequent consumers are doubting the trustworthiness of businesses and services available online.

Answer 57

T

Question 58

T or F. E-commerce systems are not vulnerable to abuse false consumers and false consumer reviews to drive sales.

Answer 58

F

Question 59

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

Answer 59

code of conduct

Question 60

T or F. When designing an ethical code of conduct in achieving an ethical venture, make it comprehensive and inclusive so that it covers as many ethical issues as possible and make it easy to implement.

Answer 60

T

Question 60

T or F. Establishing a strategy for ethical responsibility is an easy task for entrepreneurs.

Answer 60

F

Question 61

Kind of ethical responsibility: The entrepreneur is the key figure to set the tone in the organization.

Answer 61

ethical consciousness

Question 62

Kind of ethical responsibility: Refer to the procedure s, position statement s (codes), and announce d ethical goals designed to avoid ambiguity. E.g. signing affidavits, reading codes of conduct.

Answer 62

ETHICAL PROCESS AND STRUCTURE

Question 63

Kind of ethical responsibility: Incorporate the venture’s ethical objectives with its economic objectives; Example have constant review of procedures and feedback in operations.

Answer 63

Institutionalization

Question 64

T or F. One of the rationalizations of entrepreneurship is believing that the activity is not really illegal or immoral.

Answer 64

T

Question 65

T or F. One of the rationalizations of entrepreneurship is believing that it is in the individual’s or the corporation’s best interest

Answer 65

T

Question 66

T or F. One of the rationalizations of entrepreneurship is believing that it will be found out

Answer 66

F (never)