The Entrepreneurial Mind-Set

Question 1

Kauffmann’s two philosophies

Answer 1

Treat others how you want to be treated
Those who produce should share n the results of the profits
-> Concept of associates

Question 2

Entrepreneurial opportunities

Answer 2

When a product can be introduced and sold at greater than production cost

Question 3

Entrepreneurial Action

Answer 3

Creating new products

Question 4

Entrepreneurial thinking

Answer 4

Mental progress to decide whether a signal represents an opportunity
Process feedback from steps taken aback
Individual with market knowledge can detect changes better

Question 5

How entrepreneurs think

Answer 5

Must make decisions under high stakes, time pressure and uncertainty
-> think structurally: Superficial and structural similarities; entrepreneur must make mental leaps based on structural similarities
-> Bricolage: Make do with what is at hand and combine anew - because entrepreneurs lack resources
-> Effectuation: Casual process: Starts with desired outcome and focuses on means to generate outcome
Effectuation process: Starts within what one has and selects among possible outcomes

Question 6

The Process of bringing a product to the market

Answer 6

Segment - Target - Position

Question 7

Cognitive Adaptability

Answer 7

Extent to which entrepreneurs are flexible, self-regulating and engaged in the process of generating multiple decision frameworks
-> Useful for most new tasks

Question 8

Cognitive adaptability can be received by

Answer 8

Comprehension questions: Increase entrepreneurial understanding of the environment
Connection tasks: Compare current situation and previously solved problems
Strategic tasks: Find appropriate strategies to solve problems
Reflection tasks: Increase understanding and feelings

Question 9

Paranoia

Answer 9

Leads to being highly concerned about threats to the company
Principles: Not resting on your laurels, detail orientation
Particularly important in highly competitive business environments with many opportunities
Downside: Too much effort invested in noticing threats, fear of failure

Question 10

The intention to act entrepreneurially

Answer 10

People who believe they can perform, usually perform well

Question 11

Entrepreneurial background and characteristics

Answer 11

Moral support network: People who offer psychological support
Education: Important for finance, marking; general education facilitates acquiring new knowledge -> Larger opportunity set
Work History: Important for financing. distribution channels, manufacturing
Role models and support systems
Professional support network: Other entrepreneurs, mentors, help in business activities