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Questions and Answers
What role does motivation play in the success of an entrepreneur?
What role does motivation play in the success of an entrepreneur?
According to Hertzberg’s Two-Factor Theory, what are the two distinct categories that influence job satisfaction?
According to Hertzberg’s Two-Factor Theory, what are the two distinct categories that influence job satisfaction?
Which motivation theory suggests that unmet needs can hinder personal progress?
Which motivation theory suggests that unmet needs can hinder personal progress?
What does Theory Y emphasize regarding job satisfaction?
What does Theory Y emphasize regarding job satisfaction?
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What does Douglas McGregor's Theory X emphasize?
What does Douglas McGregor's Theory X emphasize?
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What does entrepreneurial motivation primarily involve?
What does entrepreneurial motivation primarily involve?
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Which of the following is NOT one of the entrepreneurial competencies listed by McBer and McClelland?
Which of the following is NOT one of the entrepreneurial competencies listed by McBer and McClelland?
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How does persistence manifest in an entrepreneur's behavior?
How does persistence manifest in an entrepreneur's behavior?
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In Maslow's hierarchy, what is the fundamental reason humans are motivated?
In Maslow's hierarchy, what is the fundamental reason humans are motivated?
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Which of the following best describes the relationship between satisfaction and dissatisfaction in Hertzberg’s theory?
Which of the following best describes the relationship between satisfaction and dissatisfaction in Hertzberg’s theory?
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Which characteristic allows an entrepreneur to take actions beyond job requirements?
Which characteristic allows an entrepreneur to take actions beyond job requirements?
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What is a key characteristic of entrepreneurs with high motivation?
What is a key characteristic of entrepreneurs with high motivation?
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What does the competency of 'sees and acts on opportunities' involve?
What does the competency of 'sees and acts on opportunities' involve?
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Which of the following best describes a key trait of successful entrepreneurs according to McBer and McClelland?
Which of the following best describes a key trait of successful entrepreneurs according to McBer and McClelland?
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In the context of entrepreneurial competencies, what does 'efficiency' refer to?
In the context of entrepreneurial competencies, what does 'efficiency' refer to?
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Which characteristic is essential for entrepreneurs to overcome challenges and reach goals?
Which characteristic is essential for entrepreneurs to overcome challenges and reach goals?
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What defines an entrepreneur's approach to overcoming obstacles?
What defines an entrepreneur's approach to overcoming obstacles?
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How does an entrepreneur ensure they have the necessary information to address business challenges?
How does an entrepreneur ensure they have the necessary information to address business challenges?
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What reflects an entrepreneur's concern for high quality of work?
What reflects an entrepreneur's concern for high quality of work?
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Which behavior illustrates an entrepreneur's commitment to completing work contracts?
Which behavior illustrates an entrepreneur's commitment to completing work contracts?
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What exemplifies an entrepreneur's efficiency orientation?
What exemplifies an entrepreneur's efficiency orientation?
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What is the primary characteristic of systematic planning by an entrepreneur?
What is the primary characteristic of systematic planning by an entrepreneur?
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Which action best demonstrates information seeking in entrepreneurship?
Which action best demonstrates information seeking in entrepreneurship?
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What does concern for high quality of work indicate about an entrepreneur?
What does concern for high quality of work indicate about an entrepreneur?
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Which of the following is a characteristic of effective problem solving in entrepreneurs?
Which of the following is a characteristic of effective problem solving in entrepreneurs?
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What is an example of self-confidence in an entrepreneur?
What is an example of self-confidence in an entrepreneur?
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Which of these behaviors exemplifies assertiveness in entrepreneurship?
Which of these behaviors exemplifies assertiveness in entrepreneurship?
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What strategy might an entrepreneur use to influence others?
What strategy might an entrepreneur use to influence others?
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What does having a high achievement motivation imply for an entrepreneur?
What does having a high achievement motivation imply for an entrepreneur?
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How can persuasion play a role in an entrepreneur's success?
How can persuasion play a role in an entrepreneur's success?
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Which of the following behaviors demonstrates a lack of effective planning?
Which of the following behaviors demonstrates a lack of effective planning?
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What is a potential consequence of not using influence strategies as an entrepreneur?
What is a potential consequence of not using influence strategies as an entrepreneur?
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Study Notes
Chapter 2: Entrepreneurial Motivation and Competencies
- Chapter focuses on entrepreneurial motivation and competencies.
- Learning Outcomes:
- Explain key entrepreneurial motivation.
- Explain competencies of successful entrepreneurs.
Introduction
- Entrepreneurial success depends on commitment to the venture.
- High motivation is crucial for pursuing entrepreneurial opportunities and processes.
- Entrepreneurs should identify their strengths and weaknesses.
- Motivation amplifies strengths to navigate uncertainty.
Entrepreneurial Motivation
- Motivation is internal and external enthusiasm for achieving goals.
- It satisfies personal needs (Gray & Starke, 1988; Robbins, Coulter, & De Cenzo, 2014).
- Entrepreneurial motivation turns individuals into opportunity creators.
- It leads to achieving fortune and economic development.
Motivation Theories
- Abraham Maslow's Theory of Needs
- Hertzberg's Two-Factor Theory
- Douglas McGregor's Theory X and Theory Y
Abraham Maslow's Theory of Needs
- (Hierarchy of Needs) A pyramid model.
- Needs are arranged in order with basic needs at the bottom and self-actualization at the top. - Psychological Needs - Safety/Security Needs - Social/Belongingness Needs - Esteem Needs - Self-Actualization Needs
Theory of Needs
- A model for understanding human behavior.
- Humans are motivated to fulfill needs in a hierarchical order.
- Unmet needs can hinder progress towards other needs.
- Explains why individuals might feel unmotivated.
Hertzberg's Two-Factor Theory
- Factors driving workplace satisfaction are different from those causing dissatisfaction.
- Hygiene factors (e.g., company policies, supervision) prevent dissatisfaction.
- Motivators (e.g., achievement, recognition) drive satisfaction.
- Satisfaction and dissatisfaction are independent.
Douglas McGregor's Theory X & Theory Y
- Theory X: Employees dislike work, avoid responsibility, require external rewards & penalties.
- Theory Y: Employees are self-motivated, enjoy work, and are ready for responsibility.
- Theory Y emphasizes motivation through internal factors and empowerment.
- Theory Y suggests positive management relations.
Personal Entrepreneurial Competencies (PECS)
- Key characteristics of successful entrepreneurs.
- Necessary for entrepreneurial functions.
- Competency list provided by McBer and McClelland (1985):
McClelland and McBer (1985) - Entrepreneurial Competencies
- Initiative: Entrepreneurial actions exceeding job requirements; leading others.
- Sees and acts on opportunities: Identifying and pursuing business opportunities.
- Persistence: Repeated efforts to overcome obstacles in reaching goals.
- Information seeking: Seeking information to clarify problems and achieve goals.
- Concern for high quality of work: Meeting high standards and satisfying customers.
- Commitment to work contract: High priority on completing work.
- Efficiency orientation: Finding faster ways to accomplish tasks with fewer resources.
- Systematic planning: Logical step-by-step plans to achieve goals.
- Problem solving: Identifying, analyzing, and resolving problems.
- Self-confidence: Strong belief in one's abilities.
- Assertiveness: Directly confronting problems and issues.
- Persuasion: Influencing others to achieve business goals.
- Use of influence strategies: Utilizing influential people to reach business objectives.
Summary
- High motivation is essential for entrepreneurial success.
- Clear goals are fundamental for entrepreneurs.
- Early-stage motivation is crucial for overcoming the risks of starting a business.
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Description
This quiz explores key concepts of entrepreneurial motivation and the competencies necessary for success in entrepreneurship. It covers theories of motivation and how they apply to entrepreneurial ventures, emphasizing the importance of internal and external enthusiasm for achieving goals. Test your understanding and discover what drives successful entrepreneurs.
