Intro to Entrepreneurship Flashcards
(233 cards)
1
Q
entrepreneurs making do by applying combinations of the resources at hand to new problems and opportunities
A
bricolage
2
Q
a process that starts with a desired outcome and focuses on the means to generate that outcome
A
causal process
3
Q
describes the extent to which entrepreneurs are dynamic, flexible, self-regulating, and engaged in the process of generating multiple decision frameworks focused on sensing and processing changes in their environment and then acting on them
A
cognitive adaptability
4
Q
questions designed to increase entrepreneurs’ understanding of the nature of the environment
A
comprehension question
5
Q
tasks designed to stimulate entrepreneurs to think about the current situation in terms of similarities to and differences from situations previously faced and solved
A
connection tasks
6
Q
a process that starts with what one has (who they are, what they know, and whom they know) and selects among possible outcomes
A
effectutation process
7
Q
action through the creation of new products/ processes and/ or the entry into new markets, which may occur through a newly created organization or within an established organization
A
entrepreneurial action
8
Q
the motivational factors that influence individuals to pursue entrepreneurial outcome
A
entrepreneurial intentions
9
Q
involves the ability to rapidly sense, act, and mobilize, even under uncertain conditions
A
entrepreneurial mindset
10
Q
those situations in which new goods, services, raw materials, and organizing methods can be introduced and sold at greater than their cost of production
A
entrepreneurial opportunities
11
Q
the conviction that one can successfully execute the entrepreneurial process
A
entrepreneurial self-efficacy
12
Q
individuals’ mental processes 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, and/or processing feedback from action steps taken
A
entrepreneurial thinking
13
Q
individuals who give psychological support to an entrepreneur
A
moral support network
14
Q
the degree to which an individual has a favorable or unfavorable evaluation of the potential entrepreneurial outcomes
A
perceived desirability
15
Q
individuals who help the entrepreneur in business activities
A
professional support network
16
Q
task designed to stimulate entrepreneurs to think about their understanding and
feelings as they progress through the entrepreneurial process
A
reflection task
17
Q
individuals whose example an entrepreneur can aspire to and copy
A
role models
18
Q
tasks designed to stimulate entrepreneurs to think about which strategies are appropriate for solving the problem (and why) or pursuing the opportunity (and how)
A
strategic task
19
Q
exist when the underlying mechanisms of the technology resemble (or match) the underlying mechanisms of the market
A
structural similarities
20
Q
exist when the basic (relatively easy to observe) elements of the technology resemble (match) the basic (relatively easy to observe) elements of the market
A
superficial similarities
21
Q
entrepreneurship focused on preserving nature, life support, and community (sustainability) in the pursuit of perceived opportunities to bring future products, processes, and services into existence for gain (entrepreneurial action) where gain is broadly construed to include economic and noneconomic benefits to individuals, the economy, and society (development)
A
sustainable entrepreneurship
22
Q
past work experience of an individual
A
work history
23
Q
begin at the nexus of a lucrative opportunity and an enterprising individual
A
entrepreneurial actions
24
Q
An entrepreneurial opportunity could stem from (3)
A
new market
new product for an existing market
new product for a new market
25
model that explains how knowledge and motivation influence two stages of entrepreneurial action
McMullen-Shepherd model
26
stage 1 of mcmullen-shepherd model
realization of an opportunity exists for someone
27
stage 2 of mcmullen-shepherd model
determining whether it is an opportunity for themselves
28
acting on and pursuing the identified opportunity
entrepreneurial thinking
29
sometimes make decision in highly uncertain environments with high stakes and immense time pressures
entrepreneur
30
They need to think structurally, engage in bricolage, effectuate, and cognitively adapt
entrepreneur
31
often requires creative mental leaps launched from the entrepreneur’s existing knowledge
forming opportunity beliefs
32
Superficial similarities and structural similarities between the ____ (e.g. the market) and the ____ (e.g. technology) help the
entrepreneur make these creative mental leaps
source, destination
33
The challenge often lies in making creative _____ _____ based on structural similarities – when the technology matches the market
mental leaps
34
often lack resources
entrepreneurs
34
refers to existing resources and experimenting, tinkering, repackaging, and/or reframing them to be used in a way they were not originally designed or conceived
bricolage
34
The process of “making do”, entrepreneurs can create opportunities
bricolage
34
They often sometimes seek resources from others to provide the slack necessary to experiment and generate entrepreneurial opportunities or engage in bricolage
entrepreneurs
35
a causal process involves thinking of a desired outcome and then coming up with a plan to achieve that outcome
effectuation
36
process looks at what a person has and then selects from several possible outcomes
effectuation
37
Allows entrepreneurs to think in a highly uncertain environment
effectuation
38
Most managers need to take an ______ _______
entrepreneurial mindset
39
➢To develop this mindset, managers must:
▪ Attempt to make sense of ______
▪ Constantly question their ______ logic
▪ Revisit what they think true about ____ and ____
opportunities
dominant
markets and firms
40
To be good at effectuation, you must have ____
cognitive adaptability
41
The extent entrepreneurs are dynamic, flexible, self-regulating and engaged in sensing and acting on changes in their ___
environment
42
Reflected in an entrepreneur’s ability to reflect upon, understand, and control their ___ and ___
thinking and learning
43
Learn to be more cognitive by asking questions in four areas:
comprehension questions
connection tasks
strategic tasks
reflection tasks
44
Those able to increase cognitive adaptability can adapt to new situations, be creative, and communicate their ____
reasoning
45
Entrepreneurial action is most often ____
intentional
46
When actions are feasible and desirable, there are stronger/weaker intentions to act
stronger
47
refers to the conviction that one can successfully execute the behavior required
entrepreneurial self-efficacy
48
refers to an individual’s attitude toward entrepreneurial action
perceived desirability
49
The degree to which the entrepreneur has a favorable or unfavorable evaluation of the potential entrepreneurial outcomeso
perceived desirability
50
Entrepreneur background and characteristics (5)
education
age
work history
role model
networks
51
broad knowledge allows for the discovery of potential opportunities and assists adaptability
education
52
Provides transferable knowledge, skills, and problem solving abilities
education
53
entrepreneurial age reflects the entrepreneur’s experience
age
54
Most entrepreneurs are between 22 and 45 when starting their career
what characteristics
background
55
plays a role in growth and success of a new venture
work history
56
Experience in financing, product development, manufacturing, distribution, and marketing are
particularly important
what characteristics
work history
57
Can be relatives or successful community entrepreneurs
role model
58
Can serve as mentors before and after launch of the venture
role model
59
As ____ expand, they form a network with density and centrality
contacts
60
The entrepreneur should establish a moral-support network of family and friends
true or false
true
61
The entrepreneur also needs advice and counsel obtained from members of a professional-support network
true or false
true
62
entrepreneurial activity is embedded in networks of interpersonal relationships
networks
63
entrepreneurial action can both sustain and develop
sustainable entrepreneurship
64
focused on preserving nature, supporting life and community in the pursuit of opportunities to bring future products and services into existence for gain
what type of entrepreneurship
sustainable entrepreneurship
65
those with greater/lesser knowledge of the natural environment are more likely to notice changes in the environment that form opportunities
greater
66
can generate economic wealth for themselves, but their impact on development can be far greater
entrepreneurs
67
they can generate economic, environmental, and social gains for others including job opportunities or revenues for the government
entrepreneurs
68
could be reduced air pollution, increased drinking-water quality, and other improved living conditions
environmental gains
69
include improved child survival rates, longer life expectancy, superior education, equal opportunity, and so on.
social gains
70
type of entrepreneur
create scalable businesses over short time frame
builder
71
type of entrepreneur
▪build strong infrastructure
▪hiring best talent
▪seeking best investor
builder
72
type of entrepreneur
financial opportunities, get in the right time, stay on board during growth
opportunist
73
type of entrepreneur
▪
exit when the business reach its peak
▪
profit and wealth builders
opportunist
74
type of entrepreneur
rare individuals who create new business ideas or product
innovator
75
type of entrepreneur
imparts of their products and services to society
innovator
76
type of entrepreneurship
analytical and risk averse, skill obtain from education or apprenticeship
specialist
77
type of entrepreneur
networking, referrals, resulting to slower growth than a builder entrepreneur
specialist
78
offers products and services that benefit its customers, understanding of their industry, target market, runs the business or having support from other professionals, profit is their source of income
business owners
79
starts a business based on an original idea for a product or service
entrepreneur
80
➢seeks support from investor or suppliers
➢they support themselves from a different income
➢innovation (new product and services)
➢takes time to be profitable
➢heavy advertisement
entrepreneur or business owner
entrepreneur
81
those situations in which new goods, services, raw materials, and organizing methods can be introduced and sold at a greater than their cost of production
entrepreneurial opportunities
82
action through the creation of new products/processes and/or the entry into new markets, which may occur through a newly created organization or within an established organization
entrepreneurial action
83
individuals’ mental processes 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, and/or process feedback from action steps taken
entrepreneurial thinking
84
attention stage of the entrepreneurial action figure has what parts (3)
knowledge: prior knowledge
motivation: personal strategy
third-person opportunity
85
evaluation stage: action specific uncertainty 3 parts
knowledge: feasibility assessment
motivation: desirability assessment
entreprenurial action: first person opportunity
86
resourceful way of thinking and behaving that represents an important source of entrepreneurial opportunities
bricolage
87
desired outcome and focuses on the means to generate that income
effectuation
88
describes the extent to which entrepreneurs are dynamic, flexible, self-regulating, and engaged in the process of generating multiple decision frameworks focused on sensing and processing changes in their environment and then acting on them
cognitive adaptability
89
myths on entrepreneurship (7)
*entrepreneurs are born, not made
*entrepreneurs are always inventors
*entrepreneurs are academic and social misfits
*entrepreneurs must fit the profile
*all entrepreneur need is money
*all entrepreneur need is luck
*entrepreneurs are extreme risk takers
90
the study of entrepreneurship is a collaboration of ___ , ____ , and other social ____
economists
psychologist
scientist
91
identified the role of entrepreneur in the economy
Richard Camilton
92
entrepreneurs work on uncertain wages, whether they establish with our without capital
according to whom
Richard Camilton
93
three groups of economic agents:
landowners
entrepreneurs
hirelings
94
play the role of connecting producers with consumers and the role of decision making in engaging markets to earn profits and struggles with uncertainty
entrepreneurs
95
says entrepreneur is the outcome of capitalist investment decision
Jacques Turgot
96
Capitalist entrepreneur
Jacques Turgot
97
who said the function of entrepreneur as an innovator, thus brought invention and innovation into the discussion, emphasizing the ability to process knowledge and information
Nicholas Baudeau
98
continued Turgot’s ideas and elevated the entrepreneur to a key figure in economic life
Jean Baptiste Say
99
Identified tripartite division
Jean Baptiste Say
100
tripartite division
philosopher who identifies theory,
creating useful products,
workman who supplies manual labor
101
myth of entrepreneurs
➢Entrepreneurs are doers, not thinkers
➢Entrepreneurs are born, not made
➢Entrepreneurs are always inventors
➢Entrepreneurs are academic and social misfits
➢Entrepreneurs must fit the “profile”
➢All you need is money to be an entrepreneur
➢All you need is luck to be an entrepreneur
➢Ignorance is bliss for an entrepreneur
➢Entrepreneurs seek success but experience high failure rates
➢Entrepreneurs are extreme risk takers (gamblers)
familiarize
102
french word for entrepreneurship
entre pendre
102
entre pendre means
to undertake
103
innovator or developer who recognizes and seizes opportunities; converts those opportunities into workable/marketable ideas; adds value through time, effort, money, or skills; assumes the risks of the competitive marketplace to implement these ideas; and realizes the rewards from these efforts
entrepreneur
104
characteristics of entrepreneur (7)
1.Personal initiative
2.Management skills
3.A tendency toward autonomy and risk taking
4.Competitive
5.Goal-oriented behavior
6.Aggressiveness
7.Ability to employ human relations skills
105
No single definition of entrepreneur exists
true or false
treu
106
Recognition of entrepreneurs dates back to (when), (where)?
eighteenth century
france
107
Until 1950, the majority of definitions and references came from whom
economists
108
who said, “Entrepreneurship is the dynamic process of creating incremental
wealth”
Robert C Ronstadt
109
In the present day, entrepreneur has become closely linked with free enterprise and ___
capitalism
110
Entrepreneurs serve as agents for change, provide creative, innovative ideas for business enterprise, and help businesses grow and become profitable
true or false
true
111
Entrepreneurs are considered guests of free enterprise
false
112
Many people regard entrepreneurship as “_____” on the frontier of business
pioneership
113
Entrepreneurs are doers, not thinkers
why is this not true?
1Entrepreneurs have a tendency toward action, but they are also thinkers
2. Emphasis today is on the creation of clear and complete business plan
114
entrepreneurs are born, not made
why is this not true
1. traits include aggressiveness, initiative, drive, willingness to take risks, analytical ability, and skill in human relations
2. entrepreneurship has models, processes, and case studies that allow the traits to be acquired
115
entrepreneurs are always investors
why is this not true
1. this is a result of misunderstanding and tunnel vision
2.many investors or innovators are also entrepreneurs
3. numerous entrepreneurs encompass all sorts of innovative activities
116
entrepreneurs are academic and social misfits
why or why not?
1. this myth results from people who have started successful enterprises after dropping out of school or quitting a job
2. historically, education and social organizations did not recognize the entrepreneur
3. the entrepreneur is now viewed as a professional
117
entrepreneurs must fit the “profile”
why or why not
1. many books and articles have presented checklists of characteristics of the successful entrepreneur
2. the environment, the venture itself, and the entrepreneur have interactive effects, which result in many different profiles
118
All you need is money to be an entrepreneur
why or why not?
1.Venture needs capital to survive
2.A large number of business failures occur because of lack of adequate financing
3.Failure due to lack of financing indicates other profblems
a.Managerial incompetence
b.Lack of financial understanding
c.Poor investments
d.Poor planning
119
Failure due to lack of financing indicates other problems (4)
managerial incompetence
lack of financial understanding
poor investments
poor planning
120
All you need is luck to be an entrepreneur
why/why not?
1.Being in the right place at the right time is always an advantage
2.Luck happens when preparation meets opportunity
3.What appears to be luck could really be several factors
a.Preparation
b.Determination
c.Desire
d.Knowledge
e.Innovativeness
121
H.
Ignorance is bliss for an entrepreneur
r
1.
Key factors in successful entrepreneurship
a.
Identifying the strengths and weaknesses of a venture
b.
Setting up clear timetables with contingencies for handling problems
c.
Minimizing problems through careful strategy formulation
2.
Careful planning is the mark of an accomplished entrepreneu
122
I.
Entrepreneurs seek success but experience high failure rates
1.
Many entrepreneurs suffer a number of failures before they are successful
2.
Failure can teach many lessons to those willing to learn and often leads to future
success
123
J.
Entrepreneurs are extreme risk takers (gamblers)
1.
The concept of risk is a major element in the entrepreneurship process, while it may appear that an entrepreneur is “gambling” on a wild chance, the fact is that the entrepreneur is usually working on a moderate or “calculated” risk
124
view of entrepreneurial thought that presents a broad array of factors that relate to success or failure in contemporary entrepreneurial ventures
macro view
125
school of thought that deals with the external factors that affect a potential entrepreneur’s lifestyle
environmental school of thought
126
entrepreneurial school of thought that Focuses on institutions, values, and morals
environmental school of thought
127
deals with the search for seed capital and growth capital
financial capital school of thought
128
school of thought that Views the entire entrepreneurial venture from a financial management standpoint
financial capital school of thought
129
holds that the group hinders a person from advancing or eliminates certain factors needed to advance; the individual is projected into entrepreneurship to succeed
displacement school of thought
130
three major types of displacement
political displacement
cultural displacement
economic displacement
131
deals with the government’s policies and regulations
political displacement
132
deals with social groups precluded from professional fields
cultural displacement
133
deals with economic variations of recession and depression
economic displacement
134
examines the factors that are specific to entrepreneurship (what view)?
micro view
135
holds that the potential entrepreneur has the ability to control or direct or adjust the outcome of each major influence
micro view
136
schools of thought in micro view:
the study of successful people who tend to exhibit _____ characteristics that would increase successful opportunities
similar
137
four factors usually exhibited by successful entrepreneurs (acdt)
achievement
creativity
determination
technological knowledge
138
focuses on the nurturing and support that exists within the home atmosphere
family development idea
139
the search for sources of ideas, the development of concepts, and the implementation of venture
opportunities
what school of thought
venture opportunity
140
views creativity and market awareness as essentials
what school of thought
venture opportunity
141
deals with the ability to recognize new ideas and opportunities and to implement the necessary steps of actions
what school of thought
venture opportunity
142
emphasizes the planning process in successful venture development
what school of thought
strategic formation of school of thought
143
four major factors in considering strategic formation
unique market
unique people
unique products
unique resources
144
the field of entrepreneurship uses a number of theories in its growth and development
what school of thought
strategic formation of school of hthought
145
the integrative approach, entrepreneurial assessment approach, multidimensional approach
process approaches
146
focuses on and includes three factors (inputs, outputs, entrepreneurial intensity)
integrative approach
147
focuses on the entrepreneur, the venture, and the environment
entrepreneurial assessment
148
assessments are made qualitatively, strategically, and ethically
entrepreneurial assessment
149
early, middle, or late – is also considered
career stages
150
emphasizes the individual, the environment, the organization, and the venture process
multidimensional apporach
151
dimension that relate in multidimensional approach (4)
individual
environment
organization
process
152
moves entrepreneurship from a segmented school of thought to a dynamic, interactive process approach
what approach
multidimensional approach
153
a very few executives understand the concept
intrapreneurship
154
those who take hands-on responsibility for creating innovation of any kind within an organization
intrepreneurship
155
Major thrust in ______ is to create or develop the entrepreneurial spirit within corporate boundaries
intrapreneuring
156
process of individual and new-venture creation through four major dimensions
entrepreneurship
157
four major dimensions of entrepreneurship
a.Individual
b.Organization
c.Environment
d.Process
158
catalyst for economic change who uses purposeful searching, careful planning, and sound judgment in carrying out the entrepreneurial process
entrepreneur
159
all the rules, things that work, and the kinds of innovations are the same
entrepreneurial management
160
The techniques and principles of this emerging discipline will drive the entrepreneurial economy of our time
entrepreneurial management
161
Every person has the potential and free choice to pursue a career as an entrepreneur. What motivates people to make this choice is not fully understood
entrepreneurial mindset
162
about understanding how entrepreneurs use simplifying mental models to piece together previously unconnected information that helps them to identify and invent new products or services
entrepreneurial cognition
163
integrates the combined effects of entrepreneurial motivation and context, toward the development of metacognitive
strategies applied to information processing within an entrepreneurial environment
metacognitive perspective
164
used to refer to the mental functions, mental processes (thoughts), and mental states of intelligent humans
cognition
165
special person who combines sound judgment and planning with risk taking to ensure the success of his or her own business
entrepreneurs
166
more than any other factor, total dedication to success as an entrepreneur can overcome obstacles and setbacks. It can also compensate for personal shortcomings.
what characteristic
determination and perseverance
167
entrepreneurs are all self-starters who appear to be internally driven by strong desire to compete, to excel against self imposed standards, and to pursue and attain challenging goals
what characteristic
drive to achieve
168
one clear pattern among successful growth-minded entrepreneurs is their focus on opportunity rather than on resources, structure, or strategy
what characteristic
opportunity orientation
169
entrepreneurs are not intimidated by difficult situations. Simple problems bore them, unsolvable ones do not warrant their time.
what characteristic
persisten problem solving
170
successful entrepreneurs believe in themselves. They believe that their accomplishments and setbacks are within their own control and influence and that they can affect the outcome of their actions
what characteristics
internal locus of control
171
successful entrepreneurs thrive on fluidity and excitement of such an ambiguous existence
what characteristics
tolerance for ambiguity
172
successful entrepreneurs are not gamblers. When they decide to participate in a venture, they do so in a very calculated, carefully thought out manner.
what characteristics
calculated risk taking
173
many entrepreneurs fine tune their energy levels by carefully monitoring what they eat and drink, establishing exercise routines, and knowing when to get away for relaxation
what characteristics
high energy level
174
an expanding school of though thinks that creativity can be learned
what characteristics
creativity and innovativeness
175
not all entrepreneurs have predetermined vision for their firm. In many cases this vision develops over time as the individual begins to learn what the firm is and what it can become
what characteristics
vision
176
fundamental emotional experience for entrepreneurs characterized by a discrete emotion that is quite intense
what characteristic
passion
177
the desire for independence and autonomy does not preclude the entrepreneur’s desire
to build a strong entrepreneurial team. Most successful entrepreneurs have highly qualified, well-motivated teams that help handle the growth and development of the venture
what characteristic
team building
178
Entrepreneurs use what as a learning experience. They have tolerance for failure. The most effective entrepreneurs are realistic enough to expect difficulties and failures
failure
179
negative emotional response to the loss of something important triggering behavioral, physiological, and psychological symptoms
grief
180
orientation that focuses on the failure, can sometimes exacerbate negative emotional reactions to failutre
loss orientation
181
orientation enabling entrepreneurs to distract themselves from thinking about the failure
restoration orientation
182
The prevalent view of entrepreneurship in the literature is that entrepreneurs create ____
ventures
183
moves past the static – snapshot! Approach to entrepreneurship and encourages consideration of entrepreneurship as a dynamic, socially situated process that involves numerous actors and events
experimental view
184
its creation involves three parallel, interactive phenomena, none of are predetermined or fixed – they define and are defined by one another
sustainable enterprises
185
three parallel, interactive phenomena, none of are predetermined or fixed – they define and are defined by one another:
▪emergence of opportunity
▪emergence of venture
▪emergence of entrepreneur
186
certain negative factors may envelop entrepreneurs and dominate their behavior, although each of these factors has a positive aspect, it is important for entrepreneurs to understand their potential destructive side as well
dark side of entrepreneurship
187
starting or buying a new business involves ____, a typology of entrepreneurial style helps describe the risk taking activity of entrepreneurs
risk
188
measured against the level of profit motive (the desire for monetary gain or return from the venture)
financial risk
189
a question frequently raised by would-be entrepreneurs is whether they will be able to find a job or go back to their old jobs if their venture should fail
career risk
190
entrepreneurs expose their families to the risk of an incomplete family and the possibility of permanent scars
family and social risk
191
the greatest risk may be to the well-being of the entrepreneur
psychic risk
192
to achieve their goals, entrepreneurs are willing to tolerate the effects of stress
back problems
indigestion
insomnia headaches
193
can be viewed as a function of discrepancies between a person’s expectations and ability to meet demands
entrepreneurial stress
194
simultaneous demands can lead to role ____
overload
195
entrepreneurs often work alone or with a small number of employees and therefore lack the support from ___
colleagues
196
basic personality structure common to entrepreneurs, describes people who are impatient, demanding, and overstrung
type A personality
197
source of stress based on researchers Boyd and Grumpert (4)
loneliness
immersion in business
people problems
need to achieve
198
entrepreneurs are isolated from persons in whom they can confide. They tend not to participate in social activities unless there is some business benefit
what source of stress
isolation
199
most entrepreneurs are married to their business. They work long hours, leaving them with little to no time for civic recreation
what source of stress
immersion in business
200
most entrepreneurs experience frustration, disappointment, and aggravation in their experience with people
what source of stress
people problems
201
achievement brings satisfaction, however, many entrepreneurs are never satisfied with work no matter
how well it is done
what source of stress
need to achieve
202
if this can be kept within constructive bounds, it can increase a person’s efficiency and improve performance
stress
203
one way to relieve the loneliness of running a business is to share experiences by networking with other business owners
networking
204
the best antidote could be a well-planned vacation
getting away from it all
205
entrepreneurs are in close contact with employees and can readily assess the concerns of their staff
communication with employee
206
entrepreneurs need to get away from the business occasionally and become more passionate about life itself; they need to gain some new perspectives
finding satisfaction outside the company
207
entrepreneurs find delegation difficult because they think they have to be at the business all the time and be involved in all aspects of the operation
delegating
208
research demonstrate the value of exercise regimens on relieving the stress associated with entrepreneurs
exercising rigorously
209
certain characteristics that usually propel entrepreneurs into success also, if exhibited in the extreme have destructive implications for
entrepreneurs
entrepreneurial ego
210
entrepreneurs are driven by a strong desire to control both their venture and their destiny
overbearing need for control
211
because entrepreneurs are continually scanning the environment, it could cause them to lose sight of reality, distort reasoning and logic, and take destructive action
sense of control
212
this can be dangerous because there exists the chance that the individual will become more important than the venture itself
overriding desire for success
213
when external optimism is taken to its extreme, it could lead to a fantasy approach to the business
unrealistic optimism
214
provides the basic rules or parameters for conducting any activity in an acceptable manner
ethics
215
represents a set of principles prescribing a behavioral code that explains what is good and right or bad and wrong
ethics
216
may outline moral duty and obligation
ethics
217
provides societal standards but not definitive answers to ethical questions. Because deciding what is good or right or bad and wrong is situational, instead of relying on a set of fixed ethical principles, entrepreneurs should use an ethical process for making decisions
legality
218
decision makers use one of four rationalizations to justify questionable conduct
▪the activity is not really illegal or immoral
▪that it is in the individual’s or the corporation’s best interest
▪that it will never be found out
▪that because it helps the company, the company will condone it
219
morally questionable acts can be classified as
nonrole
role failure
role distortion
role assertion
220
▪
legal requirements tend to be ____ , morality needs to be ___
negative, positive
221
statement of ethical practices or guidelines to which an enterprise adheres
code of content
222
a strategy for this should encompass three major elements: ethical consciousness, ethical process and structure, and institutionalization
ethical responsibility
223
recognize the fine line between resourcefulness and rule breaking
ethical considerations
224
feminine alternative to more traditional and masculine ethics based on rules and regulations by considering the interests of others and maintaining healthy relationships
caring
225
decision to behave entrepreneurially is the result of the interaction of several factors:
▪individual’s personal characteristics
▪individual’s personal environment
▪relevant business environment
▪individual’s personal goal set
▪existence of a viable business environment
▪individual’s personal goal set
▪existence of viable business ideas
▪comparison of probable outcomes with personal expectations
▪relationship between entrepreneurial behavior and the expected outcomes
▪entrepreneurial persistence – the choice to continue with an
entrepreneurial opportunity
regardless of counterinfluences or other enticing alternatives
entrepreneurial motivation
226
Youth Entrepreneurship Act - The promotion of youth entrepreneurship and financial literacy program shall be inculcated in all levels of education nationwide.
RA 10679
227
enhanced basic education act - Broaden the goals of high school education for college preparation, vocational and technical career opportunities as well as creative arts, sports and entrepreneurial employment in a rapidly changing and increasingly globalized environment; and
RA 10533
228
entrepreneurs are (3)
opportunity focused
innovative
growth oriented
229
opportunity (3)
opportunity seeking
opportunity screening
opportunity seizing
