IPPTChap 001

Entrepreneurship
andCthe
H A P TER 1
Entrepreneurial Mind-Set
McGraw-Hill/Irwin
Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved.
Learning O bjectives
To introduce the concept of
entrepreneurship and explain the

process of entrepreneurial action
To describe how structural
similarities enable entrepreneurs to
make creative mental leaps
To highlight bricolage as a source of
entrepreneurs resourcefulness
2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may
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1-2
Learning O bjectives
To introduce effectuation as a way
expert entrepreneurs sometimes

think
To develop the notion that
entrepreneurs cognitively adapt
To introduce sustainable
entrepreneurship as a means of
sustaining the natural environment
and communities and developing
gains for others
1-3
The N ature of
Entrepreneurship
Entrepreneurial opportunities
Situations in which new goods, services,
raw materials, and organizing methods:

Can be introduced
Sold at greater than their cost of
production
Entrepreneurial action:
Involves creation of new products or
processes
Involves entry into new markets
1-4
The N ature of
Entrepreneurship
May occur through a newly created
organization or within an established

organization
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
1-5
Figure 1.1 -Entrepreneurial

Action
1-6
H ow Entrepreneurs Think
Entrepreneurs should:
Think structurally
Engage in bricolage
Effectuate
Cognitively adapt
Learn from failures
1-7
Think structurally
Superficial similarities: Basic
elements of the technology resemble the

basic elements of the market
Structural similarities: Underlying
mechanisms of the technology resemble
the underlying mechanisms of the
market
1-8
Bricolage
Applying combinations of the resources
at hand to new problems and

opportunities
Taking existing resources and tinkering
and/or reframing them so they can be
used in new ways
1-9
Effectuation
Causal process
Starts with a desired outcome
Focuses on the means to generate that
outcome
Effectuation process
Starts with what one has
Selects among possible outcomes
Entrepreneurial mind-set: Ability to
rapidly sense, act, and mobilize, even

under uncertain conditions
1-10
Cognitive adaptability
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 environments and then
acting on them
Metacognitive awareness - Ability to
reflect upon,understand, and control

ones thinking and learning
1-11
Achieving cognitive adaptability
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
1-12
Reflection tasks
Stimulate entrepreneurs to think about
their understanding and feelings as they
progress through the entrepreneurial
process
Increasing cognitive ability helps in:

Adapting to new situations
Being creative
Communicating ones reasoning behind a
particular response
1-13
Role ofEntrepreneurship in
Econom ic D evelopm ent
Innovation is depicted as a key to
economic development.
Product-evolution process - Process through
which innovation is developed and

commercialized.
Iterative synthesis - The intersection of
knowledge and social need that starts the
product development process.
Role ofEntrepreneurship in
Econom ic D evelopm ent (cont.)
Three types of innovation:
Ordinary - New products with little
technological change.
Technological New products with some
technological advancement.
Breakthrough New products with
significant technological change.
1-15
Figure 1.1 - Product Evolution
1-16
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
1-17
Entrepreneur Background and

Characteristics
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
1-18
Entrepreneur Background and

Characteristics
Age
Chronological age Usually between the
ages 22 and 45
Work history
Past work experience of an individual
1-19
Role M odels and Support

System s
Role models: Individuals 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
1-20
Sustainable Entrepreneurship
Preserving nature, life support, and
community in the pursuit of

perceived opportunities to:
Bring future products, processes, and
services into existence for gain
Can generate:
Economic gains
Environmental gains
Social gains
1-21

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Entrepreneurship

Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved.

entrepreneurship and explain the

expert entrepreneurs sometimes

raw materials, and organizing methods:

organization or within an established

overcoming ignorance to:

Figure 1.1 -Entrepreneurial

elements of the technology resemble the

at hand to new problems and

rapidly sense, act, and mobilize, even

reflect upon,understand, and control

Stimulate thinking about similarities and

Increasing cognitive ability helps in:

which innovation is developed and

Figure 1.1 - Product Evolution

The Intention to Act

individuals to pursue entrepreneurial

pursue entrepreneurial outcomes

entrepreneurial outcome is evaluated as

Entrepreneur Background and

of knowledge thus providing a larger

Entrepreneur Background and

Role M odels and Support

example an entrepreneur can aspire

community in the pursuit of

services into existence for gain

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