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Entrep Mind > Entrepreneurial Mindset > Flashcards

Entrepreneurial Mindset Flashcards

1
Q

The knowledge structures that people use to make assessment, judgements, or decision including opportunities evaluation, venture creation, and growth

A

Entrepreneurial cognition

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2
Q

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

A

Entrepreneurial Cognition

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3
Q

It is the mental or the thinking process of an individual in venture creation

A

Entrepreneurial cognition

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4
Q

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

A

Cognitive adaptability

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5
Q

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

A

Metacognition

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6
Q

Strategies that help the entrepreneur examine their cognition processes that have led to them the decision they made

A

Metacognitive strategies

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7
Q

True or False

Entrepreneur must have determination and perseverance

A

True

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8
Q

It is continuing one’s dream and goal

A

Determination and Perseverance

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9
Q

Characteristics of an entrepreneur where they refuse to give up

A

Determination and Perseverance

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10
Q

Nobody have to push them to start something

A

drive to achieve

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11
Q
A
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12
Q

It is the essential ingredient for anyone to become successful

A

drive to achieve

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13
Q

True or False

An entrepreneur must have a drive to achieve

A

True

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14
Q

Entrepreneurs are constantly aware of opportunities that exist in everyday life

A

opportunity orientation

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15
Q

Setting a 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

A

Opportunity Orientation

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16
Q

Entrepreneurs have strong desire to know how well they are doing

A

seeking feedback

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17
Q

This helps entrepreneur to improve and be better

A

seeking feedback

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18
Q

Entrepreneurs are not intimidated by difficult situations

A

persistent problem solving

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19
Q

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

A

persistent problem solving

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20
Q

They are realistic in recognizing what they and and cannot do and where they can get hell to solve difficukt but unavoidable tasks

A

Persistent problem solving

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21
Q

They have control in what they are doing

A

internal locust of control

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22
Q

They are responsible of their own actions

A

internal locust of control

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23
Q

They are not affected by environment or circumstances

A

internal locust of control

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24
Q

Successful entrepreneurs believe in themselves

A

internal locust of control

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25
Q

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

A

internal locust of control

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26
Q

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

A

tolerance for ambiguity

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27
Q

Successful entrpreneurs are not gamblers they are calculated risk takers

A

calculated risk taking

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28
Q

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

A

calculated risk taking

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29
Q

They have the courage to take risk but they are not reckless

A

calculated risk taking

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30
Q

They assess their ideas if it is worth it or not

A

calculated risk taking

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31
Q

Once regarded as an exclusive inherited trait

A

creativity

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32
Q

An expanding school of thought believes that creativity can be developed

A

creativity and innovativeness

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33
Q

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

A

creativity and innovativeness

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34
Q

Successful entrepreneurs know where they want to go

A

vision

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35
Q

They have a _______ or concept of what their firms can be

A

vision

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36
Q

True or False

Eventhough not all entrepreneurs have predetermined vissions for their firms, the vision will not develop overtime

A

flase (it will develop overtime)

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37
Q

A fundamental emotional experience for entrepreneurs

A

passion

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38
Q

The underlying force that fuels your stringest emotions

A

passion

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39
Q

The intensity felt when engaging in activities of deep interest

A

passion

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40
Q

The energy that enables entrepreneurs to achieve peak performance

A

passion

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41
Q

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

A

team building

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42
Q

Created to pursue new and unique opportunities

A

entrepreneurial ventures

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43
Q

They often fail due to the _______ environment within which they developlearning process

A

uncertain

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44
Q

Entrepreneurs use failure as a __________

A

Learning process

45
Q

M

A
46
Q

True or False

Learning is automatic and instantaneous

A

False (not automatic and instantaneous)

47
Q

True or False

Emotions generated by failure will not interfere with ‘the learning process

A

False (it can interfere)

48
Q

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

A

Grief

49
Q

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

A

Loss Orientation

50
Q

Distracting oneself from thinking about the failure

A

Restoration Orientation

51
Q

Oscillating between a loss and a restoration orientation

A

Dual Process Model

52
Q

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

A

dual process model

53
Q

avoiding negative emotions is unlikely to be successful in the future

A

restoration orientation

54
Q

focusing on the failure may only escalate the grief

A

loss orientation

55
Q

Risk of losing money, savings and assets

A

Financial Risk

56
Q

True or False

Financial Risk vs the profit varies in the entrepreneur’s desire for wealth

A

True

57
Q

Can be a personal choice if you are venturing for business

A

Career Risk

58
Q

True or False

Your career and employees are at risk when your business went bankrupt

A

True

59
Q

you don’t have time for family and friends since you’re focused on your venture

A

Family and Social Risks

60
Q

Can have a psychological impact and well-being of an entrepreneur

A

Psychological Risk

61
Q

True or False

Independence, wealth, work, and satisfaction is the ultimate goal of an entrepreneur

A

True

62
Q

It is experienced until goal is achieved

A

stress

63
Q

experienced when goal is unachieved

A

stress

64
Q

True or False

Entrepreneurial stress do not exist

A

False (exist)

65
Q

True or False

stress can be 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.

A

True

66
Q

Loneliness, immersion in business, people problems, and the need to achieve are source of what

A

stress

67
Q

below are how to deal with stress except

a. networking
b. getting away from it all
c. communicating with employees
d. finding satisfaction outside the company
e. delegating
f. exercising rigorously
h. immersion in business
i. none of the above

A

h. immersion in business

68
Q

you have strong drive of the need to control everything

A

overbearing need for control

69
Q

look out for changes that you start to distrust changes

A

sense of distrust

70
Q

starting to focus on trivial things

A

sense of distrust

71
Q

lost sight of reality

A

sense of distrust

72
Q

distorted reasoning

A

sense of distrust

73
Q

destructive action

A

sense of distrust

74
Q

strong drive to succeed against all odds

A

overriding desire for success

75
Q

you forgot your ethics when you are ______________

A

overriding desire for success

76
Q

the individual becomes more important than the venture itself

A

overriding desire for success

77
Q

means “custom or mode of conduct”

A

ethos

78
Q

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

A

ethics

79
Q

True or False

There is no single universal formula for solving ethical problems

A

True

80
Q

True or False

Entrepreneurs must realize the powerful impact that integrity and ethical conduct have on creating a successful venture

A

True

81
Q

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

A

ethics

82
Q

represents a behavioral code that explains what is good and bad

A

ethics

83
Q

definitions are not the problem, the implementation is

A

ethics

84
Q

Acting outside one’s role or duties

A

Nonrole (against the firm)

85
Q

failing to perform the true role of the position

A

Role Failure (against the firm)

86
Q

Misconstructed thinking that they are acting in the best interests of the firm

A

Role Distortion (for the firm)

87
Q

Asserting roles beyond what they should be

A

Role assertion

88
Q

expense account cheating, embezzlement, stealing supplies are example of

A

Non role (against the firm)

89
Q

Superficial performance appraisal, failing to promote or hire the truly qualified are examples of

A

Role Failure (against the firm)

90
Q

Bribery, Price Fixing, Manipulating suppliers are example of

A

Role distortion (For the firm)

91
Q

Not withdrawing unsafe products, and investing with unethical government are examples of

A

Role Assertion (for the firm)

92
Q

Age old dilemma that is the root of ethical conflict

A

ethics and the law

93
Q

True or False

Legality provides societal standards but not definitive answers to ethical questions

A

True

94
Q

True or False

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 consideration

A

True

95
Q

True or False

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

A

True

96
Q

True or False

Business decisions that involve ethical questions have multiple alternatives

A

True

97
Q

True or False

Ethical business decisions often have mixed outcomes

A

True

98
Q

True or False

Most business decisions have uncertain ethical consequence

A

True

99
Q

True or False

A decision is never without ethical risk

A

True

100
Q

True or False

Most ethical business decisions have personal implications

A

True

101
Q

This continue to redefine the social norms in commerce

A

E-commerce and online purchases

102
Q

Because of this face-to-face interactions are becoming less frequent consumers are doubting the trustworthiness of businesses and services available online

A

E-commerce

103
Q

Below are the ethical Dilemmas in e-commerce except

a. Redefining social norms in e-commerce
b. trustworthiness of online services and business
c. consumer reviews
d. ethical policies to remain reputable
e. none of the above

A

e. none of the above

104
Q

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

A

Code of conduct

105
Q

Research shows these have become prevalent in many industries

A

Ethical Codes of Conducts

106
Q

True or False

When designing a Ethical Codes of Conduct one should should make it comprehensive and inclusive so that it covers as many ethical issues as possible. And, make it easy to implement

A

True

107
Q

The entrepreneur is the key figure to set the tone in the organization

A

Ethical Conciousness

108
Q

Refer to the procedures, positions statements (codes), and announced ethical goal designed to avoid ambiguity

A

Ethical process and Structures

109
Q

Incorporate the venture’s ethical objectives with its economic objectives.

A

Institutionalization

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