Assessment No. 1 | Part 1 - The Entrepreneurial Perspective

The outcome of entrepreneurial action can be economic gain for the entrepreneur and his or her family. But this may not be the only motivation for the intention to be an entrepreneur. Some individuals exploit opportunities that sustain and generate gains for others. We call this process _________________________.

Individuals become entrepreneurs because they intend to do so. The stronger the intention to be an entrepreneur, the more likely it is that it will happen. Intentions become stronger as individuals perceive an entrepreneurial career as feasible and desirable. These perceptions of feasibility and desirability are influenced by one's background and characteristics such as:

• education, personal values

• age and work history

• role models and support systems

• networks

The external environment can also have an impact on performance and therefore the entrepreneur needs to be able to adapt to changes in the environment. In this chapter, we introduced the notion of cognitive flexibility and emphasized that it is something that can be measured and learned. By asking questions related to comprehension, connection, strategy, and reflection, entrepreneurs can maintain an awareness of their thought process and in doing so develop greater _______________________.

Establish firms can create environmental conditions to motivate individuals within their organizations to act entrepreneurially, that is, conditions allow organizational members to perceive entrepreneurial outcomes as feasible and desirable. Within existing corporate structures, this entrepreneurial spirit and effort is called _______________________.

Corporate entrepreneurship requires an entrepreneurial management approach. To demonstrate this entrepreneurial approach, we contrasted entrepreneurially managed firms with traditionally managed firms on eight dimensions which are:

The process of establishing corporate entrepreneurship within an existing organization requires the commitment of management, particularly ____________________.

One of the essential acts of entrepreneurship is _______________ -- entry based on a new product, a new market, and/or a new organization.

It is created from the entrepreneur's market knowledge, technological knowledge, and other resources.

This involves copying the practices of other firms, whether those other firms are in the industry being entered or in related industries.

New organizations also may have some assets of newness, the most important of which is an ___________________________________, which provide an important strategic advantage over mature competitors, particularly in dynamic, changing environments.