Questions and Answers
What is the primary outcome of entrepreneurial opportunities?
What is a key characteristic of entrepreneurial action?
What is the primary focus of entrepreneurial thinking?
Which of the following is NOT a type of entrepreneurial thinking?
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What is the outcome of successful entrepreneurial action?
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What is the primary purpose of revisiting 'deceptively simple questions' in entrepreneurial thinking?
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What is the key benefit of developing multiple decision frameworks in entrepreneurial thinking?
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Which of the following is an example of a comprehension task in cognitive adaptability?
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What is the primary characteristic of entrepreneurs who exhibit cognitive adaptability?
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What is the primary goal of cognitive adaptability in entrepreneurial thinking?
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Study Notes
Entrepreneurship and Opportunities
- Entrepreneurship plays a crucial role in creating and growing businesses, as well as promoting regional and national growth and prosperity.
Entrepreneurial Concepts
- Entrepreneurial Opportunities: Situations where new goods, services, raw materials, and organizing methods can be introduced and sold at a higher price than their production cost.
Entrepreneurial Action
- Entrepreneurship requires action through the creation of new products/processes and/or entry into new markets.
- This action can occur through a newly created organization or within an established organization.
Entrepreneurial Thinking
- Entrepreneurial Thinking: The mental process of overcoming ignorance to identify opportunities, reducing doubt, and processing feedback from action steps taken.
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Types of Entrepreneurial Thinking:
- Think Structurally:
- Bricolage:
- Effectuation:
Cognitive Adaptability
- Enables individuals to rapidly sense, act, and mobilize in uncertain conditions.
- Involves making sense of opportunities in the context of changing goals and questioning the dominant logic in a changing environment.
- Requires revisiting deceptively simple questions about what is thought to be true about markets and firms.
Characteristics of Cognitive Adaptability
- Dynamic: being able to change and adapt to new situations.
- Flexible: able to adjust to new information or circumstances.
- Self-regulating: able to control and manage one's own response to changes.
- Engaged: actively involved in the process of generating decision frameworks.
Decision Frameworks
- Organized around knowledge about people and situations.
- Used to help make sense of what is going on.
- Focused on sensing and processing changes in the environment.
Types of Cognitive Adaptability Tasks
Comprehension Tasks
- Aim to understand and interpret information.
Connection Tasks
- Involve making connections between different pieces of information.
Strategic Tasks
- Focus on developing strategies and plans to address changes in the environment.
Reflection Tasks
- Encourage reflection on past experiences and decisions to learn and improve.
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Description
Assess your understanding of entrepreneurial opportunities and actions that drive business growth and regional prosperity. Learn about introducing new products, services, and methods to the market.
