What is true about typical motives of entrepreneurs?
a) Because entrepreneurs have a preference for high standards, they were found to have a high need for achievement.
b) Because entrepreneurs prefer to set their own goals, they were found to have a low need for achievement.
c) Because entrepreneurs prefer to set their own goals, they were found to have a low need for autonomy.
d) Because entrepreneurs have a preference for high standards, they were found to have a high need for autonomy.
Which statement is WRONG about entrepreneurial passion?
a) Professional investors tend to prefer entrepreneurs’ preparedness compared to their passion.
b) Entrepreneurs tend to attract stakeholders, such as employees, based on their passion.
c) Highlighting an entrepreneurs’ passion might reduce the feedback that this entrepreneur will receive from stakeholders.
d) Obsessive passion tends to have positive consequences for entrepreneurial well-being.
e) Passion is often connected to an entrepreneur’s identity.
f) Passion can motivate entrepreneurs to invest effort and persist.
Entrepreneurial failure - What is loss-orientation?
processing aspects of the loss experience
eventually breaking emotional bonds to the object los
=> confrontation
Entrepreneurial failure - What is restoration-orientation?
avoidance and proactiveness toward secondary sources of stress arising from loos
=> suppression
What are business opportunities?
opportunity -> anchored in a product or service, which creates or adds value for its buyer or end user
=> entrpreneurs discover, evaluate, and exploit opportunities
What factors contribute to opportunity identification?
How does knowledge help with opportunity identification?
prior experience -> determines discovery of a particular opportunity
other experiences = other opportunities
no relevant experience - no opportunities
=> people’s prior knowledge determines wether or not they will identify an opportunity
How do social networks help with opportunity identification?
What is the definition of creativity?
generation of ideas, insights, or problem solutions that are both novel and potentionally useful
What are two types of creativity?
reactive (to problems and challenges)
proactive
Which type of thinking does creativity involve?
convergent thinking -> logic, previous knowledge, rationaloty
divergent thinking -> intuition, gut feeling, irrationality
Which techniques can be used to train and elicite creativity?
conceptual combination
analogical reasoning
checklist method
Technique of creativity - How does conceptual combination work?
generating novel ideas by mentally combining different, previously unrelated concepts
e.g.: affordable luxury, healthy fast food, …
Technique of creativity - How does analogical reasoning work?
applying knowledge from one domain as a kind of model to help in understanding or developing ideas in another domain
e.g.: airplane wings from birds, velcro, …
xTechnique of creativity - How does the checklist method work?
What are the sources of opportunities?
PEST
opportunities emerge from complex patterning of chaninging conditions
-> changes in political, economic, societal, technological conditions
What are three rules to keep in mind in regard to sourcing opportunities?
Last changeda year ago
