What is the/a definition of entrepreneurship?
= activity involving
discovery
evaluation
exploitation
of opportunities to create somehting new (markets, products, processes,….)
by mobilizing resources
According to Joseph Schumpeter, what is an entrepreneur?
an agent of change
a source of creative destruction
(fundamental trait of capitalism)
According to Baron (2004), what are the central questions in entrepreneurship research?
Why do some persons but not others choose to become entrepreneurs?
Why do some persons but not others recognize opportunities for new products or services that can be profitably exploited?
Why are some entrepreneurs so much more successful than others?
How did entrepreneurial behaviour research change over time?
What is part of the framework for the psychology of entrepreneurship?
personality
motivational/affective antecedents
action characteristics
cognitive and social preconditions
cognitive antecedents
environment
entrepreneurial sucess
How is personality defined?
personality traits
-> high degree of stbility over time (esp. after adolescence)
What are personality traits?
dispositions to (re)act in a certain way across various situations
relate to braod personality factors, temperatment, motives, as well as attitudes and beliefs
What is personality influenced by?
genetics
environmental factors
mainly experiences in childhood
Why is it interesting to focus on personality with regard to entrepreneurship?
dispositions may facilitate or restrain managers from undertaking entrepreneurial activities
What are the “Big Five” of broad personality factors?
introversion vs. extroversion
neuroticism vs. emotional stability
antagonism vs. agreeableness
undirectedness vs. consicientiousness
closedness vs. openness to experience
What are personality traits of “introversion”?
reserved
quiet
task oriented
What are personality traits of “extraversion”?
outgoing
talkative
energetic
What are personality traits of “neuroticism”?
emotional instable
lack of self confidence
difficulties to adapt to new situations
What are personality traits of “emotional stability”?
even-tempered
hardy
self-satisfied
What are personality traits of “antagonism”?
self-centered
skeptical
unsympathetic
What are personality traits of “agreeableness”?
friendly
non competitive
campassionate
What are personality traits of “undirectedness”?
disorganized
sloppy
unambitious
What are personality traits of “conscientiousness”?
organized
trustworthy
dependable
What are personality traits of “closedness”?
conventional
down-to-earth
likes routines
What are personality traits of “openness”?
curious
creative
artistic
What is the finding of the Big Five in entrepreneurship - conscientiousness?
entrepreneurs higher than manager
What is the finding of the Big Five in entrepreneurship - neuroticism?
entrepreneurs lower than managers
What is the finding of the Big Five in entrepreneurship - openness to experience?
entrepreneurs higher than managers
What is the finding of the Big Five in entrepreneurship - agreeableness?
What is the finding of the Big Five in entrepreneurship - extraversion?
not significant
What are motives?
internal forces that push people into certain actions
What is need for achievement?
preference for high (internal or external) standards
desire for success
engagemnt on task-oriented behaviour
What is need for autonomy?
preference for making decisions independently
setting one’s own goals
being in control
avoidance of restrictions
How is the need for achivement and need for autonomy in entrepreneurs compared to managers?
both higher
acievemnt: small - medium
autonomy: medium
What is risk taking propensity?
willingness to pursue decisions or courses of action involving some risk to achieve rewards
Do entrepreneurs have a higher risk taking propensity that managers?
yes (small effect)
Do entrepreneurs need to have the typical personality traits?
no, always based on average scores
role in firm not taken into account
characteristics may facilitate entrepreneurial career and success but no dterministic relationship
knowledge on strenghts and weaknesses chelp choosing roles of oneself and teammates
What is affect in entrepreneurship?
How affect shapes entrepreneurial cognition - information processing?
positive affect triggers global perception -> seeing big picture
positive affect leads to heuristic and less careful information processing
How affect shapes entrepreneurial cognition - memory?
mood is filter for information storage (mood congruent memory)
recall is facilitated if mood is similar to encoding (mood-dependent retrieval)
How affect shapes entrepreneurial cognition - coping with stress?
positive affect leads to health benefits in terms of the immune system
positive affect is connected to bigger network of supporters
How is entrepreneurial passion defined?
enduring and intensive positive affect experienced while engaging in entrepreneurial activities
What effect does entrepreneurial passion have on the entrepreneur?
passion = expression of personal identity
focus on activities that are object of passion
drive and persistence
harmonious vs. obsessive passion -> can be a burden
What effect does entrepreneurial passion have on stakeholders?
passion can help attract stakeholders
investors value signals of competence much higher
for employees -> object of passion is important
-> if not shared effects are negative
passion limits feedback
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