I have to submit these today. I'm taking
Developing Innovative Ideas for New Companies: The First Step in Entrepreneurship by Dr. James V. Green
Question 5
How would you define the "entrepreneurial
mindset"? Be sure to discuss each of the five factors. Please respond in
one to two paragraphs.
Entrepreneurial mindset has five factors. They are; high
need for achievement, individualism, locus of control focus, and optimism. Need
for achievement is defined as having a preference for challenge, an acceptance
of personal responsibility for outcomes, and a personal drive for
accomplishment. Individualism means that entrepreneurs need less support or
approval from others. High individualism is associated with an emphasis on individual
initiative and achievement. Often results in entrepreneurs needing less support
or approval from others.
Control has two segments, which is autonomy and locus of
control. Autonomy is an individual’s belief about their level of freedom from the
influence of others. Locus of control is an individual’s belief that they can
influence the environment in which they are found. People with higher levels of
autonomy and an internal locus on control are more likely to discover an
entrepreneurial opportunity. Internally-oriented locus of control people
believed that they are able to influence their environment.
Successful entrepreneurs are able to focus attention on a
single task and see it through to completion. This leads selected individuals
to react and to become successful entrepreneurs. While optimism enables
entrepreneurs to try new things and attempt difficult tasks, optimism may also
present negative impacts. Optimism leads entrepreneurs to frequently make judgements
on subjective positive factors.
Question 6
We are interested in your personal perspectives on
"entrepreneurial motivation". Discuss each of the three factors
through which goal-directed behavior is initiated, energized and maintained as
related to entrepreneurial strategic decision-making. Please respond in one to
two paragraphs.
Entrepreneurial motivation is having high self-efficacy in
all task, having high cognitive motivation, Self-efficacy is defined as one’s
belief in one’s ability to accomplish a specific task. Self-efficacy differs as
it is task dependent. For example my self-efficacy is low in selling in an
audience because I fear public speaking. In improving one’s self-efficacy,
there different approaches, namely; increasing mastery, having a role model/observing,
verbal encouragement from trusted sources like a coach or mentor, and exhibiting
a positive mood and high energy.
Cognition is the process of thought. Individuals exhibiting
a high need for cognition tend to seek, acquire, think, and reflect on relevant
information. In other words their brain is active in thinking for solutions all
the time. Tolerance for ambiguity is defined as the tendency to perceive ambiguous
situations as desirable rather than threatening. Entrepreneurs make complex decisions
in ambiguous situations and desire them. It is a necessary factor for
entrepreneurs based on dynamic nature of markets and competition.
Question 7
In considering the role of "risk" in entrepreneurial
decision-making, why do entrepreneurs accept risks that traditional managers
may avoid? Please respond in one paragraph.
Entrepreneurs engage in risk that traditional managers may
avoid because they have intuition, have individualistic view, have high
tolerance for ambiguity and high confidence in skills, knowledge, and expertise.
Entrepreneurs mitigate risk based on intuition which is improved through past
experiences. They have individualistic view complemented by relationships and
team orientation. They have high tolerance for ambiguity based on comfort with
making difficult choices with in complement information in the past. And lastly
they have high confidence in skills, knowledge, and expertise enhanced based on
past success.
Entrepreneurs engage in risk that traditional managers may
avoid because they lack in necessary information in a situation needing prompt
decision. They develop an inside view of the decisions they face. They also ignore
elements of past situations. And they favor positive possible outcomes over
negative outcomes. Entrepreneurs assess real risk and improve decision-making by
using the following keys. They apply multiple perspectives to a decision situation,
they integrate these perspectives into the decision, they use a complex
cognitive framework regarding a decision situation, and they have broader and
deeper view of the decision at hand which may result in a more accurate assessment
of risk.
Question 8
How can you improve your confidence level and risk
tolerance? Please respond in one paragraph.
Entrepreneurs need to improve their confidence level and
risk tolerance. It is important for entrepreneurs to believe in themselves and
their abilities, balanced by the reality of the tasks at hand. It may require them
to go against the norm, and against popular opinion and advice of friends and
family. They need to address their self-doubts. Entrepreneurs also need to addresses
their willingness to accept risk, perceive risk differently, consider the
risk-reward balance, and their potential to return to the status quo.
Question 9
How can you increase your comfort level with making
strategic decisions quickly, with limited information and high consequences?
Please respond in one paragraph.
Entrepreneurs assess real risk and improve decision-making by
using the following keys. They apply multiple perspectives to a decision situation,
they integrate these perspectives into the decision, they use a complex
cognitive framework regarding a decision situation, and they have broader and
deeper view of the decision at hand which may result in a more accurate assessment
of risk.
Update: I got a score of 10.38 out of 12.00
