Opportunity Evaluation (VL 4) Flashcards
(11 cards)
Who presented the Rubikon model? Why is it relevant?
The Rubikon model was presented bby Gollwitzer and it indicates how the brain of the entrepreneur shifts between phases and focuses. It also indicates at what time we should rather focus on specific milestones and what adversity we migth face.
What are some factors about the motivational and the volitional phase? Who proposed it?
The motivational and the volitional phase were proposed by Gollwitzer in the Rubikon Model. The motivational phase indicates a higher openness and objectivity of the individual in undertaking a new idea or process, while the volitional phase indicates that the focus has SHIFTED to the implementation of a goal. In the VOLITIONAL PHASE there is a REDUCED RECEPTIVENESS including more ilusory beliefs and overestimations.
What is called BENEFITIAL CALLIBRATION and by whom was it proposed?
BENEFICIAL CALLIBRATION was proposed by Cope and it has to do with a balance between Naive Optimism and a Necessary naivity to push the entrepreneur to act.
Who talks about a SUBSTANTIAL OVER-OPTIMISM? What does it mean?
Cassar 2010 talks about substantial overoptimism from the entrepreneur in believing more than true in their ability and in their probabilities.
How can we describe the function of self-efficacy?
Self-efficacy does have a tipping point. This means that it does promote to a certain extent the growth of an individual but it can also be limiting in the absortion of new content. (Gielnick 2020)
What does self-efficacy increase? What does self-efficacy diminish?
The growth of self-efficacy is correlated to a growth of an ENTREPRENEURIAL MINDSET. However, self-efficacy decreases the operating ability of an individual in believing that it needs improvement.
Can you provide me with an example of application of the EXCESS of self-efficacy?
An example could be the british households, while believing in oneself makes the transition period faster, this excess of belief brings to a lower duration of these businesses.
Are CEOs highly propense to risk? Who talks about it?
CEOs do not have a propensity to risk. They have instead an over-confidence in comparison to their chances to obtaining a specific result. Lee et al. talks about it. So they are NOT risktaking but they are missunderstanding the DISTRIBUTION of probabilities.
How are nascent entrepreneurs different than business-experienced individuals? What does this indicate to us about self-efficacy?
Self-efficacy undergoes a process called CALIBRATION OF SELF-EFFICACY which is dependant on the exposure to experience and being tested by the market. This effect was explored by KOELLINGER and it indicates an overly confidence in the early stages.
How is overconfidence in early stages of ones career correlated to Meta-cognition?Why so?
Meta-cognition is explained by Dunning and Kreuger and it indicates that the majority of the skills that allow us to grasp whether we are a low or high level in an X ability, can only be acquired later on with the acquisition of more skills.
How do we call being aware of our incompetence according to Dunning and Kreuger?
We call it META-COGNITION SKILLS.
