Ch.1 and 2 entr

general self-efficiency scale

designed to asses degree to our self belief ranged 10-40

entrepreneurs inside

employees who think and act entrepreneurially within organizations.

constructive thought patterns

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

Compare and contrast the prediction and creation approaches to entrepreneurship?

prediction approach in entrepreneurship uses prediction and a set of steps to approach things, while creation approaches things by using what is available and trying to create something.

social entrepreneurship

pursues innovative ways to solve pressing social problems

8 components of the entrepreneurship method

1. Identify desired impact on world 2.) Start with means at hand 3.)Describe idea today 4.) calculate affordable loss 5.)Take small action 6.)network and enroll others in your journey 7.)Build on what you've learned 8.)Reflect and be honest with yourself

The seven lesser-known truths of entrepreneurship?

1.) Entrepreneurship is not reserved for startups. 2.)Entrepreneurs do not have a special set of personality traits. 3.) Entrepreneurship can be taught (it's a method that requires practice). 4.) Entrepreneurs are not extreme risk-takers. 5.) Entrepreneurs collaborate more than they compete. 6.) Entrepreneurs act more than they plan. 7.) Entrepreneurship is a life skill.

How can the book help you to practice entrepreneurship.

1.) Mindshift features 2.) Ethics feature challenges us to think 3.) Research at work viewing real work 4.) Case study presented

Six main emotional roadblocks preventing us from practicing creativity

1.) fear 2.) no appetite for chaos 3.) preference for judging over generating ideas 4.) dislike for incubating ideas 5.) perceived lack of challenge 6.) inability to distinguish reality from fantasy

Learning Objectives

1.1 Explain the importance of action and practice in entrepreneurship. Practice and action make it possible to achieve success. Many of the successful entrepreneurs behind major corporations today established their companies by acting, learning, and building what they learned into their next actions. Many entrepreneurs have learned entrepreneurship by doing entrepreneurship, but this text is designed to help you practice the essentials in the hope that you can avoid some of the more common pitfalls. 1.2 List the seven lesser-known truths about entrepreneurship. There are seven lesser-known truths about entrepreneurship: (1) entrepreneurship is not reserved for startups; (2) entrepreneurs do not have a special set of personality traits; (3) entrepreneurship can be taught and it is a method that requires practice; (4) entrepreneurs are not extreme risk takers; (5) entrepreneurs collaborate more than they compete; (6) entrepreneurs act more than they plan; (7) entrepreneurship is a life skill. 1.3 Compare and contrast the different forms of entrepreneurship in practice today. Corporate entrepreneurship (or intrapreneurship) is entrepreneurship within large corporations. Inside entrepreneurs are similar to corporate entrepreneurs, but they can be found in any type of organization, large or small, nonprofit or for-profit, and even among governing bodies. Franchising and buy-outs are popular ways to start relatively near the ground level. Social entrepreneurship—entrepreneurship focused on making the world a better place—is manifested in nonprofit and large, for-profit firms alike. A form of social entrepreneurship is the Benefit Corporation, or B Corp, which designates for-profit firms that meet high standards of corporate social responsibility. Family enterprises, entrepreneurship started within the family, remain a dominant form of business development in the United States and abroad. Serial entrepreneurs are so committed to entrepreneurship that they're constantly on the move creating new businesses. 1.4 Distinguish between entrepreneurship as a method and as a process. The Entrepreneurship Method outlines the tools and practices necessary to take action. Entrepreneurship as a process, instead, guides would-be creators along a thorough but static path from inception to exit. [Page 27] 1.5 Compare and contrast the prediction and creation approaches to entrepreneurship. The two main perspectives on entrepreneurship are the predictive logic, the older and more traditional view; and the creation logic, which has been developed through recent advances in the field. Prediction is the opposite of creation. Whereas prediction thinking is used in situations of certainty, the creation view is used when the future is unpredictable. 1.6 Illustrate the key components of the Entrepreneurship Method. The Entrepreneurship Method is designed so entrepreneurs can embrace and confront uncertainty rather than avoid it. The eight components are identify your desired impact on the world; start with the 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; and reflect and be honest with yourself. 1.7 Assess the role of deliberate practice in achieving mastery. Practice doesn't make perfect; rather, deliberate practice makes perfect. Starting with specific goals, deliberate practice involves consistent, targeted efforts for improvement. Feedback and self-reflection are necessary for meaningful improvement, and repetition is required to achieve lasting results. 1.8 Propose different ways in which this book can help you practice entrepreneurship. The tools for success and methods to hone entrepreneurial skills will be available in every chapter. Thought and action exercises alike will be employed, and research and testimonials from proven academics and entrepreneurs will be provided as we move through the text. As a final test of application, case studies will follow every chapter, giving you the opportunity to employ what you've learned, a chance for entrepreneurship within a unique and real-world context.

Royalties

A percentage of actual sales that a licensee pays to a licensor, usually anywhere from 5 to 15 percent

self-reward

A process that involves compensating ourselves when we achieve our goals. These rewards can be tangible or intangible

self-leadership

A process whereby people intentionally influence their thinking and behavior to achieve their objectives

Entrepreneurs are not extreme risk takers but rather they...

Act, learn, build

B Corporation

Also know as a benefit corporation, in which the company is legally required to adhere to socially beneficial practices, such as helping consumers, employees, or the environment

Entrpreneurial mindset

An entrepreneurial mindset is the ability to quickly sense, take action, and get organized under certain conditions. Of the two mindsets proposed by Carol Dweck, the growth mindset represents a fundamental belief that failure is something to build on, and a learning mindset is essential for personal and professional growth.

Relate the mindset for entrepreneurship to entrepreneurial action.

As entrepreneurship demands practice to achieve success, the right mindset is necessary for that practice to be successful. When people believe they can succeed, they're more likely to pursue the right activities to make that happen.

Asses the role of deliberate practice in achieving mastery.

Deliberate practice helps you improve yourself by identifying what weaknesses you have and apply extreme effort to fix on them for prolonged periods of time. When brain notices fix it send mil stein to help improve cognition.

Explain how to develop the habit of creativity.

Developing the habit of creativity requires engaging in new experiences, making new associations, and letting go of fears and insecurities

How to develop habit of improvisation.

Developing the habit of improvisation requires practice to quickly adapt to changing circumstances, think on your feet, and build on the ideas of others

Entrepreneurship

Is a way of thinking, acting, and being that combines the ability to find or create new opportunities with courage to act on them.

inbound marketing

Marketing activities that draw the attention of customers through blogs, Twitter, LinkedIn, and other online sources, rather than using more traditional activities that require having to go out to get customers' attention, such as making a sales call.

behavior focused strategies

Methods to increase self-awareness and manage behaviors particularly when dealing with necessary but unpleasant tasks. These strategies include: self-observation, self-goal setting, self-reward, self-punishment, and self-cueing

2.1 Appraise the effectiveness of mindset in entrepreneurship?

Part of the Entrepreneurship Method is having the right mindset (or mental attitude) to start and grow a business. Entrepreneurs who have the right mindset are more likely to persist with ideas and act on potential opportunities.

Explain how to develop self-leadership.

Self-leadership is a process of self-direction that is developed by using behavior strategies, reward strategies, and constructive thought patterns

Distinguish between entrepreneurship as a method and as a process?

The process approach emphasizes planning and prediction from firm creation to exit. Follow and b believe in steps to end. However, the method process is learning and practicing as you go with no guarantee at success.

habit

a behavior that is repeated so often that it becomes almost automatic

family enterprise

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

deliberate practice

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

Corporate Entrepreneurship (Intrapreneurship)

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

self-punishment

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

Self-observation

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

Steve Blanks definition start-up?

a temporary business idea with a scalable business model.

Franchise

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

creativity

ability to produce new ideas, insights, inventions, products, or artistic objects.

Metacognition

being aware of how we think andd the process.

Explain the importance of action and practice in entrepreneurship.

by taking action and putting ideas into practice, everyone "has what it takes" to be an entrepreneur.

Outbound Marketing

form of marketing that tries to reach consumers through general media advertising as well as through in-person contact

Saras Sarasvathy effectuation:

idea that the future is unpredictable yet controllable. they create future rather than predict.

Compare and contrast the different forms of entrepreneurship in practice today.

inside entr and corp entrepreneurship create and act on new ideas inside a company. franchises and inside entrance both have limitations however inside entrance can change more freely if they. have support from higher up while

Improvisation

the art or act of making, inventing, or arranging offhand, without advance planning

Entrepreneurial self-efficacy

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

growth mindset

the idea that our abilities are malleable qualities that we can cultivate and grow

Effectuation

the idea that the future is unpredictable yet controllable

fixed mindset

the idea that we have a set amount of an ability that cannot change

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 (posters on wall etc)

Self-goal setting

the process of setting individual goals for ourselves

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