CHAPTER 2: THE ENTREPRENEURIAL MINDSET IN INDIVIDUALS
TRUE/FALSE
1.Each and every person has the potential and free choice to pursue a career as an
entrepreneur.
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2.The generation of the 21st century may become known as generation E because they
are becoming the most entrepreneurial generation since the Industrial Revolution.
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NAT:AACSB Reflective Thinking | Motivation ConceptsKEY:pg 29
3.Determining a person’s “entrepreneurial perspective” is an exact science.
ANS:F PTS:1
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4.Entrepreneurs are pessimists who see the cup half empty, rather than half full.
ANS:FPTS:1
NAT:AACSB Reflective Thinking | Motivation ConceptsKEY:pg 29
5. The Academy of Management Review is an example of a journal used in en-
trepreneurial research.
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NAT:AACSB Reflective Thinking | Motivation ConceptsKEY:pg 29
6.Government publications are used in researching small business.
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NAT: AACSB Reflective Thinking | Motivation ConceptsKEY:pg 30
7.Inexperience and incompetent management are the main reasons for failure.
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NAT:AACSB Reflective Thinking | Motivation ConceptsKEY:pg 29
8.Good entrepreneurs seek feedback from others.
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9.A good trait for an entrepreneur is to be a calculated risk taker.
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10. Most successful entrepreneurs have failed at one time or another.
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The Entrepreneurial Mind-Set in Individuals: Cognition and Ehtics
Entrepreneurial Cognition
Entrepreneurial Cognition Cognition is used to refer to the mental functions,
mental processes (thoughts), and mental states of intelligent humans. Entrepreneurial
cognition is about understanding how entrepreneurs use simplifying mental models to
piece together previously unconnected information that helps them to identify and
invent new products or services, and to assemble the necessary resources to start and
grow businesses.
Metacognitive Perspective
Metacognitive model of the entrepreneurial mind-set integrates the combined
effects of entrepreneurial motivation and context, toward the development of
metacognitive strategies applied to information processing within an entrepreneurial
environment.
Who Are Entrepreneurs?
Starting a new business requires more than just an idea; it requires a special
person, an entrepreneur, who combines sound judgment and planning with risk taking
to ensure the success of his or her own business.
Characteristics Associated with Entrepreneurial Mind-Set
DETERMINATION AND PERSEVERANCE
More than any other factor, total dedication to success as an entrepreneur can
overcome obstacles and setbacks. It can also compensate for personal shortcomings.
DRIVE TO ACHIEVE
Entrepreneurs are self-starters who appear to others to be internally driven by a
strong desire to compete, to excel against self-imposed standards, and to pursue and
attain challenging goals.
OPPORTUNITY ORIENTATION
One clear pattern among successful growth-minded entrepreneurs is their focus
on opportunity rather than on resources, structure, or strategy.
PERSISTENT PROBLEM SOLVING
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