The Entrepreneurial Mind-Set in Individuals Flashcards by Sarah Faith Cañarejo

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

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3 parts of entrepreneurship cognition

-cognitive adaptability
-metacognition
-metacognitive strategies

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The knowledge structures that people use to make
assessments, judgements, or decisions involving
opportunities evaluation, venture creation, and growth.

Entrepreneurial Cognition

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

Metacognitive Strategies

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Awareness or analysis of one’s own learning or
thinking process

Metacognition

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

Cognitive Adaptability

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characteristics associated with the Entrepreneurial Mind-set (12)

-Determination &
Perseverance
-Drive To Achieve
-opportunity orientation
-seeking feedback
-persistent problem solving
- Internal locus of Control
- Tolerance for Ambiguity
-Calculated risk taking
- Creativity and Innovation
- Vision
-Passion
-Team building

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

Opportunity
Orientation

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______ that are created to pursue new and unique opportunities often fail due to ____ environment within which they develop

entrepreneurial ventures

uncertain

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Entrepreneurs are not intimidated by difficult
situations.

Persistent
Problem Solving

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

Team Building

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They set high but attainable goals and
have the ability to focus their energies,
selectively sort out opportunities, when to say “no”, and define their priorities as well as measures to know how well they are performing.

Opportunity
Orientation

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entrepreneurs use failure as a _____-; hence, they have a tolerance for failure

learning process

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However, the learning is not automatic and
instantaneous.
_______ generated by failure can interfere with the learning process

Emotions

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

Grief

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To them, impossible just takes a little longer to achieve.

Persistent
Problem Solving

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Focusing on the failure may
only escalate the grief.

LOSS Orientation

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Avoiding negative emotions is unlikely
to be successful in the long run

RESTORATION Orientation

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Simple problems bore them; but they couldn’t care
less about unsolvable ones.

Persistent
Problem Solving

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Gains the benefit of both orientations
and minimizes the cons of each.

DUAL PROCESS Model

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Experienced until goal is achieved and unachieved

Stress

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

Persistent
Problem Solving

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Risks that
entrepreneurs
face

Financial Risk
Career Risk
Family & Social Risk
Psychological Risk

Independence
Wealth
Work Satisfaction

Common Entrepreneurial Goals

UNDER Independence Wealth Work Satisfaction there are 3 parts

Abilities Personality Resources

Talent, Skills, Education, Competence

Abilities

Sources of Stress for Entrepreneurs

Loneliness Immersion in Business People Problems Need to Achieve

Type A Type B Coping

Personality

Coping with stress

-networking - finding satisfaction outside the company -delegate -exercising rigorously

Physical Financial Environmental

Resources

Has challenged philosophers for centuries to determine what exactly is right or wrong

Ethics

From the Greek word ethos meaning custom or mode of conduct

Ethics

Definitions are not the problem, the implementation is.

Ethics

Provides the basic parameters for conducting any activity in an acceptable manner

Ethics

Represents a behavioural code that explains what is good and bad

Ethics

There is no single universal formula for solving ethical problems.

Ethics

Entrepreneurs must realize the powerful impact that ___and_____ conduct have on creating a successful venture.

integrity and ethical

Major reasons for the continual conflict in ethical decision making

Enterprises are confronted by many interests, both inside and outside the organization — employees, stockholders, customers, managers, government, etc. Society is undergoing dramatic change — values, mores, societal norms are changing.

Rationalizations managers use to _____

justify questionable conduct

Age old dilemma that is the root of ethical conflict

Ethics and the Law

Legality provides societal standards but not definitive answers to ethical questions.

Ethics and the Law

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

Ethics and the Law

Believing that the activity is not really illegal or immoral

justify questionable conduct

Believing that it is in the individual’s or the corporation’s best interest

Rationalizations managers use to justify questionable conduct

types of morally questionable acts

Against the Firm: Non-Role Role Failure Role For the Firm: Distortion Role Assertion

Redefining social norms in e-commerce

Ethical Dilemmas in E-Commerce

Believing that it will never be found out

Rationalizations managers use to justify questionable conduct

Believing that because it helps the company, the company will condone it

Rationalizations managers use to justify questionable conduct

Ethical decisions often have a ripple effect, where the consequences can be felt by others outside the organization