Innovation and Entrepreneurship Ch 1 - 5

Creative logic

A form of thinking that is used when the future is unpredictable and uncertain

Predictive logic

A form of thinking that sees entrepreneurship as a linear process in which steps are followed and outcomes are ideally predictable

Analytical reflection

Analyze the situation by thinking about the skills and knowledge you gained from the experience and if anything you have learned relates to anything you have heard about before

entrepreneurial

Because working in uncertain environments "goes with the territory" in entrepreneurship, the ______ mind-set requires constant thinking and rethinking, adaptability, and self-regulation.

Critical reflection

Consider the part that was played in the experience and the approach that was used, what else you might have done, what you have learned about the experience, what questions you have, and what you need to consider as a result

Corporate Entrepreneurship (Intrapreneurship)

Creates new products or ventures within an existing large organization Carried out by employees Created to enhance the organization

False

Creativity is innate, meaning it is something you are either born with or not, it is not able to be developed.

True

Deliberate practice requires high levels of focus, attention, and concentration.

Narrative reflection

Describe what happened by considering what took place, what was said, and who was involved

Truth #6

Entrepreneurs act more than they plan

Truth #4

Entrepreneurs are not extreme risk-takers

Truth #5

Entrepreneurs collaborate more than they compete

Truth #2

Entrepreneurs do not have a special set of personality traits

False

Entrepreneurship can be learned passively.

Truth #3

Entrepreneurship can be taught (it's a method that requires practice)

Truth #7

Entrepreneurship is a life skill

Truth #1

Entrepreneurship is not reserved for startups

Evaluative reflection

Evaluate the experience by focusing on what went well and what seemed to go badly, and if the experience was positive or negative, useful or helpful

The Entrepreneurship Ecosystem (Conditions that need to be put in place for small and medium businesses to flourish)

Financial resources Support from government Entrepreneurship Education Research and Development transfer Commercial and Legal Infrastructure Entry Regulation Physical Infrastructure Cultural and Social Norms

Emotional reflection

Focus on what you felt during the experience and how you managed the emotions (nervousness, anxiety, excitement, etc.)

Perceptive reflection

Focuses on your perceptions and reactions as well as the perceptions and reactions of others and how different viewpoints, needs, or preferences affected the experience

by advancing social and environmental goals

How do social entrepreneurs measure performance?

Actions taken by an individual or a group to create something new.

How do the authors of the textbook define entrepreneurship?

Eight components of the practice of entrepreneurship

Identify your desired impact on the world Start with means at hand Describe the idea today Calculate affordable loss Take small action Network and enroll others in your journey Build on what you learn Reflect and be honest with yourself

self-leadership

In the context of entrepreneurship, ______ is a process whereby people can influence and control their own behavior, actions, and thinking to achieve the self-direction and self-motivation necessary to build their entrepreneurial business ventures.

Buying a Franchise

It is often referred to as a turnkey operation

mind-set

Part of the practice of entrepreneurship is being in the right ______ to start and grow a business.

growth

People with a ______ mind-set believe their abilities can be developed through dedication, effort, and hard work.

growth

Resiliency is a feature of the ______ mind-set.

True

Self-efficacy can change over time.

prediction

The ______ approach works best in times of relative certainty and when there is access to existing information and data upon which to base decisions

Buying a Small Business

The entrepreneur is buying out the existing owner and taking over operations This is a less risky approach than starting the business from scratch

improvisation

The habit of ______ allows entrepreneurs to quickly find a way to adapt to their circumstances, think on their feet, and create new plans to realize their vision.

False

The majority of successful entrepreneurs complete formal business plans.

False

The method approach is a new concept that has been developed by entrepreneurship scholars.

smart action, planning

The practice of entrepreneurship emphasizes ______ over ______.

experimentation

The skill of ______ can best be described as acting in order to learn: trying something, learning from the attempt, and building that learning into the next iteration.

process

The traditional approach to entrepreneurship has been to view entrepreneurship as a(n) ______.

prediction, creation

The two main perspectives on entrepreneurship are the ______ approach and the ______ approach

400 million

Through data from the 2015/16 Global Entrepreneurship Monitor report, it is estimated that there are ______ entrepreneurs worldwide.

deliberate practice

To achieve high levels of performance, high performers follow a process called ______, which involves carrying out carefully focused efforts to improve current performance.

Corporate entrepreneurship increased.

Which of the following best categorizes entrepreneurial activity in the era which followed the second industrial revolution?

Entrepreneurship is an innate set of skills, it cannot be taught.

Which of the following is a common myth surrounding entrepreneurship?

The skill of play

Which of the following is considered one of the five core skills of entrepreneurship?

I have a desire to be an attorney

Which of the following statements is an example of a desire statement?

self-efficacy

Working at the practice of self-leadership, creativity, and improvisation helps build higher levels of ______.

Social entrepreneurship

______ allows entrepreneurs to make a profit while simultaneously addressing specific problems facing the general public

Necessity-based entrepreneurs

______ are entrepreneurs who start a business as a means of economic survival.

Serial entrepreneurs

______ are people who start several businesses, sometimes concurrently, sometimes consecutively.

Intrapreneurship

______ is a process of creating new products, ventures, processes, or renewal within large organizations.

Improvisation

______ is the art of spontaneously creating something without preparation

Entrepreneurship as a method

a body of skills that together compromise a toolkit for entrepreneurial action

Family enterprise

a business that is owned and managed by multiple family members typically for more than one generation

Entrepreneurship

a discipline that seeks to understand how opportunities are discovered, created, and exploited, by whom, and with what consequences

benefit corporation (B-Corp)

a form of organization certified by the nonprofit B lab that ensures strict standards of social and environmental performance, accountability, and transparency are met

Deliberate practice

a method of carrying out carefully focused efforts to improve current performance

Self-punishment (self correcting feedback)

a process that allows us to examine our own behaviors in a constructive way in order to reshape these behaviors

Self-reward

a process that involves compensating ourselves when we achieve our goals

Self-observation

a process that raises our awareness of how, when, and why we behave the way we do in certain circumstances

Self-leadership

a process whereby people can influence and control their own behavior, actions, and thinking to achieve the self-direction and self-motivation necessary to build their own entrepreneurial business ventures

Royalties

a share of the proceeds based on the sales revenue

habit

a sometimes unconscious pattern of behavior that is carried out often and regularly

franchise

a type of license purchased by an entrepreneur from an existing business that allows the entrepreneur to trade under the name of that business

skill of experimentation

acting in order to learn: trying something, learning from the attempt, and building that learning into the next iteration

Passion

an intense positive emotion, which is usually related to entrepreneurs who are engaged in meaningful ventures, or tasks and activities, and which has the effect of motivating and stimulating entrepreneurs to overcome obstacles and remain focused on their goals

Serial Entrepreneurs

are the type of entrepreneurs who start several businesses, whether simultaneously or one after the other Also known as habitual entrepreneurs

We can use self-talk to

change our mindset and thought patterns by engaging in dialogue with that irrational voice in our heads that tells us we can't do something

skill of play

frees the imagination, opens our minds to a wealth of opportunities and possibilities, and helps us to be more innovative as entrepreneurs

The Global Entrepreneurship Model (GEM)

gathers data according to different phases of entrepreneurship

skill of reflection

helps make sense of all the other actions required of play, empathy, creativity, and experimentation.

We can engage in mental imagery to

imagine ourselves performing a certain task or activity

new business owners

individuals who are former nascent entrepreneurs and have been actively involved in a business for over three months but less than three and a half years

Necessity based entrepreneurs

individuals who are pushed into starting a business because of circumstance such as redundancy, threat of job loss, and unemployment

potential entrepreneurs

individuals who believe they have the capacity and know-how to start a business without being burdened by the fear of failure

nascent entrepreneurs

individuals who have set up a business they will own or co-own that is less than three months old and has not generated wages or salaries for the owners

Opportunity based entrepreneurs

individuals who make a decision to start their own businesses based on their ability to create or exploit an opportunity, and whose main driver for getting involved in the venture is being independent of increasing their income, rather than merely maintaining their income

entrepreneurial mindset

is about understanding yourself, who you are, and how you view the world

Behavior focused strategies

methods to increase self-awareness to manage behaviors particularly when dealing with necessary but unpleasant tasks

Constructive thought patterns

models to help us to form positive and productive ways of thinking that can benefit our performance

Six main emotional roadblocks preventing us from practicing creativity

o No appetite for chaos o Preference for judging over generating ideas o Dislike for incubating ideas o Perceived lack of challenge o Inability to distinguish reality from fantasy o Fear

The traditional steps of am entrepreneurship process

o Step 1 - Think of an idea o Step 2 - Do market research o Step 3 - Get some financial projections o Step 4 - Find a partner/team o Step 5 - Write a business plan o Step 6 - Get financing o Step 7 - Find space, build a prototype, hire people o Step 8 - Bring your product/service to market o Step 9 - Manage the business o Step 10 - Plan an exit

growth mindset

people believe that their abilities can be developed through dedication, effort, and hard work

fixed mindset

people perceive their talents and abilities as set traits

skill of creativity

requires a general openness to the world and relates to unleashing our creative ability to create and find opportunities and solve problems

Entrepreneur

someone who takes an action to create something new

Social entrepreneurs create ventures to

tackle social problems and bring about social change

Improvisation

the art of spontaneously creating something without preparation

Entrepreneurial self-efficacy

the belief that entrepreneurs have in their own ability to begin new ventures

Creativity

the capacity to produce new ideas, insights, inventions, products, or artistic objects that are considered to be unique, useful, and of value to others

Entrepreneurship as a process

the means of identifying an opportunity, understanding resource requirements, acquiring resources, planning, implementing, and harvesting

established business owners

the people who are still active in business for over three and a half years

Total Entrepreneurial Activity (TEA)

the percentage of the population of each country between the ages of 18 and 64, who are either a nascent entrepreneur or owner-manager of a new business

Self-cueing

the process of prompting that acts as a reminder of desired goals, and keeps your attention on what you are trying to achieve

Self-goal setting

the process of setting individual goals for ourselves

Social Entrepreneurship

the process of sourcing innovative solutions

skill of empathy

the understanding of emotion, circumstances, intentions, thoughts, and needs of others

Natural reward strategies

types of compensation designed to make aspects of a task or activity more enjoyable by building in certain features, or by reshaping perceptions to focus on the most positive aspects of the task and the value it holds

Microloans

very small, short-term loans often associated with entrepreneurs in developing countries

The General Self-Efficacy Scale (GSES)

was designed by researchers to assess the degree to which we believe our actions are responsible for successful results

Components of deliberate practice

• It required high levels of focus, attention, and concentration • It strengthens performance by identifying weakness and improving on them • It must be consistent and be maintained for long periods of time • It must be repeated and produce lasting results • It requires continuous feedback on outcomes • It involves setting goals beforehand • It involves self-observation and self-reflection after practice sessions are completed