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The Entrepreneurial Perspective
Transcript of The Entrepreneurial Perspective
The Nature of Entrepreneurship
Entrepreneurial Opportunities - Situation in which new goods, servies, raw materials, and organizing methods can be introduced and sold at greater than their cost.
Entrepreneurial Action - Action through the creation of new products/processes and or/the entry into new markets, which may occur through a new business or new opportunity.
Entrepreneurial Thinking - An individuals mental process of overcoming ignorance to decide whether a signal represents an opportunity for someone and/or reducing doubt as to whether an opportunity for someone is also an opportunity for them specifically.
How Entrepreneurs Think
Entrepreneurial Intentions - the motivational factors that influence individuals to pursue entrepreneurial outcomes.
Entrepreneurial Self-efficacy - the conviction that one can successfully execute the entrepreneurial process
The Entrepreneurial Perspective
-The Nature of Entrepreneurship
-How Entrepreneurs Think
-Intention to Act Entrepreneurially
-Entrepreneur Background and characteristics
-Role Models and Support Systems
Superficial Similarities - Exist when the basic elements of the technology resemble(match) the basic elements of the market
Structural Similarities - Exist when the underlying mechanisms of the techology resemble the underlying mechanisms of the market.
Bricolage - Entrepreneurs making do by applying combinations of the resources at hand to new problems and opportunities
-Lack of resources
-Experimentaion, Tinkering, Repackaging, and/or reframing items
Causal Process - A process that starts with a desired outcome and focuses on the means to generate the outcome
Effectuation Process - A process that starts with what one has(who they are, what they know, and whom they know) and selects among possible outcomes
Cognitive Adaptability - describes the extent to which entrepreneurs are dynamic, flexible, self-regulating, and engaged in the process of generating multiple decesion frameworks focused on sensing and processing changes in their environments and then acting on them
Comprehension - designed to increase entrepreneurs' understanding of the nature of the environment
Connection - designed to stimulate entrepreneurs to think about the current situation in terms of similarities to and differences from situations previously faced and solved.
Strategic - designed to stimulate entrepreneurs to think about which strategies are appropriate for solving the problem or pursuing the opportunity
Reflection - designed to stimulate entrepreneurs to think about their understanding and feelings as they progress through the entrepreneurial process.
The Intention to Act Entrepreneurially
Background and Chracteristics
Education - Important, formal education is not necessary but finance, marketing, and management found to be good starters, broad knowledge base
Age - 22 to 45, milestone ages(25,30,35,40,45) individuals more inclined to start something new, males early 30's, females late 30's,
Work History - financing, product or service development, manufacturing, and Distribution
Role Models and Support
Role Models - parents, brothers and sisters, other relatives, or other entrepreneurs whose example an entrepreneur can aspire to and copy.
Moral-support Network - Individuals who give psychological support to an entrepreneur
Professional-support Network - Individuals who help the entrepreneur in business activities
Entrepreneurship focused on preserving nature, life support, and community in the pursuit of perceived opportunities to bring future products, processes, and services into existence for gain where gain is broadly construed to include economic and noneconomic benefits to individuals, the economy, and society