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CHAPTER 2
The Entrepreneurial
Mind-Set in
Individuals
The
Entrepreneurial
Mindset
Imagination
Acceptance
Flexibility
of Risks
Source: John A. Hornaday, “Research about Living Entrepreneurs,” in Encyclopedia of Entrepreneurship, ed. Calvin
Kent, Donald Sexton, and Karl Vesper, © 1982, 26–27. Adapted by permission of Prentice-Hall, Englewood Cliffs, NJ.
© 2009 South-Western, a part of Cengage Learning. All rights reserved. 2–8
Entrepreneurship Theory
• Entrepreneurs cause entrepreneurship.
Entrepreneurship is a function of the entrepreneur:
E f (e )
Entrepreneurship is the interaction of skills related to
inner control, planning and goal setting, risk taking,
innovation, reality perception, use of feedback,
decision making, human relations, and independence.
• Delegating
• Exercising Rigorously
Source: Douglas W. Naffziger, Jeffrey S. Hornsby, and Donald F. Kuratko, “A Proposed Research
Model of Entrepreneurial Motivation,” Entrepreneurship Theory and Practice (spring 1994): 33.
© 2009 South-Western, a part of Cengage Learning. All rights reserved. 2–17
Key Terms and Concepts
• calculated risk taking • financial risk
• career risk • immersion in business
• dark side of • loneliness
entrepreneurship • need for control
• delegating • networking
• drive to achieve • opportunity orientation
• entrepreneurial behavior • psychic risk
• entrepreneurial mind-set • risk
• entrepreneurial • stress
motivation • tolerance for ambiguity
• external optimism • tolerance for failure
• family and social risk • vision