Professional Documents
Culture Documents
Entrepreneurial Opportunities
Situation in which new goods, services, raw materials, and
organizing methods can be introduced
Sold at greater that their cost of production
Entrepreneurial Action
Creation of new products/services
Involves entry into new markets
May occur through a newly created organization or within an
established organization
The Nature of Entrepreneurship
Entrepreneurial Thinking
An individuals mental processes of overcoming ignorance to:
Decide whether a signal represents an opportunity for someone
Decide whether that opportunity is applicable to the individual
specifically
Process feedback from action steps taken
Entrepreneurial Action
How Entrepreneurs Think
Engage in
Think Structurally
Bricolage
Entrepreneur
Should:
Structural Similarities:
Superficial Similarities:
Underlying mechanisms of
Basic elements of the
the technology resemble the
technology resemble the
underlying mechanisms of
basic elements of the market
the market
Engage in Bricolage
Entrepreneurs do not always think through a problem in a way that starts with desired
outcomes and focuses on the means to generate that outcome
Entrepreneurial Mind-Set:
Involves the ability to rapidly sense, act, and mobilize,
even under uncertain conditions
Cognitively Adapt
Cognitive adaptability
Comprehension
Questions
Series of Connection
Reflection Tasks
Questions Task
Strategic Tasks
Comprehension questions
Increase entrepreneurs
understanding of the nature of the
environment
Connection tasks
Stimulate thinking about similarities
and differences of current situations
with situations previously faced and
solved
Strategic tasks
Identify strategies that are
appropriate for solving the problem
or pursuing the opportunity
Reflection tasks
Stimulate entrepreneurs to
think about their
understanding and feelings as
they progress through the
entrepreneurial process
Entrepreneurs who are able to increase cognitive adaptability have an improved ability to:
Communicate ones
Adapt to new
Be creative reasoning behind a
situations
particular response
The Intention to Act Entrepreneurially
Entrepreneurial intentions
Motivational factors that influence individuals to
pursue entrepreneurial outcomes
Entrepreneurial self-efficacy
Conviction that one can successfully pursue
entrepreneurial outcomes
Perceived desirability
Degree to which a potential entrepreneurial
outcome is evaluated as favorable or unfavorable
Entrepreneur Background and
Characteristics
Education
Age
Work History
Education
Education
Facilitates integration and accumulation of
knowledge thus providing a larger opportunity set
Casts a wider net for the discovery or generation of
potential opportunities
Assists entrepreneurs in adapting to new situations
Does not necessarily determine whether the
individual will create a new business
Age
Age
Chronological age Usually between the ages 22
and 45
Work History
Work history
Past work experience of an individual
Role Models and Support Systems