ELE

Superficial similarities

basic elements of the technology resemble basic elements of the market.

Entrepreneurial actions

begin at the nexus of a lucrative opportunity and an enterprising individual.

Bricolage refers to taking

existing resources and experimenting, tinkering, repackaging , and/or reframing them to be used in a way they were not originally designed or conceived

McMullen-Shepherd model explains

how knowledge and motivation influence two stages of entrepreneurial action.

Entrepreneurial action

involves creation of new products or processes or entry into new markets.

McMullen-Shepherd model Stage 2

is determining whether it is an opportunity for themselves.

McMullen-Shepherd model Stage 1

is the realization an opportunity exists for someone.

The effectuation process

looks at what a person has and then selects from several possible outcomes.

•Education.

•A broad knowledge allows for the discovery of potential opportunities and assists adaptability.

Learn to be more cognitive by asking questions in four areas

•Comprehension questions. •Connection tasks. •Strategic tasks. •Reflection tasks.

•Age.

•Entrepreneurial age reflects the entrepreneur's experience. •Most entrepreneurs are between 22 and 45 when starting their career.

•Strategic tasks

•Identify strategies that are appropriate for solving the problem or pursuing the opportunity

•Comprehension questions

•Increase an entrepreneur's understanding of the nature of the environment

•Connection tasks

•Stimulate thinking about similarities and differences of current situations with situations previously faced and solved

Most managers need to take an entrepreneurial mind-set

•To develop this mindset, managers must: •attempt to make sense of opportunities, •constantly question their dominant logic, and •revisit what they think true about markets and firms.

Entrepreneurial intentions

•When actions are feasible and desirable, there are stronger intentions to act.

•Work History.

•Work history plays a role in the growth and success of a new venture. •Experience in financing, product development, manufacturing, distribution, and marketing are particularly important.

A role model

•is an important factor influencing an entrepreneur's career path.

Sustainable entrepreneurship

•is focused on preserving nature, supporting life and community in the pursuit of opportunities to bring future products and services into existence for gain.

Perceived desirability

•refers to an individual's attitude toward entrepreneurial action.

Entrepreneurial self-efficacy

•refers to the conviction that one can successfully execute the behavior required.

A causal process involves

•thinking of a desired outcome and then coming up with a plan to achieve that outcome.

Structural similarities

•underlying mechanisms of the technology resemble the underlying mechanisms of the market.

entrepreneurial thinking

Acting on and pursuing the identified opportunity involves

cognitive adaptability

The extent entrepreneurs are dynamic, flexible, self-regulating, and engaged in sensing and acting on changes in their environments

Entrepreneurial opportunities

situations in which new goods, services, raw materials and organizing methods can be introduced or sold at greater than their cost of production.