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ifs flashcards
topic = opportunity+analysis+canvas
| Question | Answer |
|---|---|
| what is an opportunity | creation of new venture (profit/non-profit venture) that creates value for customers and opertors |
| what is valuable in the present to benefit us | our decision making |
| how do entrepreneurs think | they ask themselves what's missing, the need for something new / new tools are needed to develop the ideas that can lead to business planning and successful ventures of all types |
| how are business models formed | when a new venture idea is formulated, discovering what type of customers you're looking for to sell your product or service |
| what are entrepreneurial opportunities | a situation in which new goods, services, raw materials and organizing methods can be introduced and sold at greater than cost of production |
| what is needed to join entrepreneur population that sees opportunity | understanding decision-making in the context of entrepreneurial thinking |
| what is strategic decision-making | it's a thinking process, individual decision-making and selection of specific course of action that brings a specific result |
| what is meant by strategic decisions | decisions are significant in time and resources involved and in the consequences of their outcomes |
| making informed choices become easier when what happens | only if expected outcomes can be better predicted |
| what are some characteristics of an entrepreneur | independent individuals / committed to preserver in starting and growing a venture / confident and optimistic / strive for success / have competitive desire and use failure as a learning tool |
| why is the entrepreneurial mindset so important | it helps us understand how to develop and launch successful ventures |
| how does achievement influence an entrepreneur | it drives the person to accomplishment / makes them accept their responsibilities for outcomes |
| how does achievement motivate an entrepreneur | helps them overcome obstacles in their attempt to reach success |
| what does individualism mean | you need less support or approval from others |
| what characteristics does individualism influence on an entrepreneur | it gives them willingness and preference to go against the norm |
| what role does control play on an entrepreneur | it gives them a level of freedom to pursue a venture how they would like it to be done / making them believe they can influence the environment and outcomes |
| what happens when a person has high levels of autonomy and locus on control | they are more likely to discover an entrepreneurial opportunity than others |
| what is self-evaluation | the degree to which you believe that you can influence the envornment and your circumstances |
| what is the benefit of focus for entrepreneurs | being able to focus attention on a single task and see it through to completion |
| how does optimism influence entrepreneurs | enables entrepreneurs to try new things and attempt difficult tasks |
| what can optimism influence | it can influence the team to also be optimistic and excited even the investors |
| what does optimism lead to for an entrepreneur | frequently make judgements on subjective positive factors, which can lead to overlooking critical elements and discount uncertainties |
| what can excessive optimism lead to | it can lead to high levels of risk acceptance and business losses or complete failure |
| what are some tips you can use to develop your entrepreneurial mindset | need for professional achievement / work hard and be committed to your ideas / high level of control / collaborative positive relationships |
| what do enterpreneurs do to maximise success | set high goals / plan accordingly / avoid poor focus |
| why is optimism important | if you don't believe you can succeed nobody else will |
| what is over optimism | convincing yourself your solution is better than competitors which leads into not seeing things realistically when critiquing your own ideas |
| why is object evaluation important | you check your product or service of its strengths or weaknesses to the customers needs now and in the future |
| what is entrepreneurial motivation | it encompasses the factors by which goal-directed behaviour is initiated, energized and maintained |
| what are the three factors for entrepreneurial strategic decision-making | self-efficacy, cognitive motivation and tolerance for ambiguity |
| what is self-efficacy | your belief in your ability to accomplish a specific task |
| what does self-efficacy intersect | the entrepreneurial mindset and entrepreneurial motivation |
| what do locus control and confidence characteristics apply to | these characteristics apply to all tasks |
| what is self-efficacy a key predictor of | individual performance in entrepreneurial endeavours |
| what is cognitive motivation | process of thought / when you seek, acquire, think and reflect on relevant information |
| what happens when cognitive is low in a person | that person relies on experience, assumptions and luck |
| what happens when cognitive is high in a person | they tend to make better decisions / they engage and enjoy effortful cognitive activities / they recall more valuable info about challenges and opportunities |
| what are the characteristics of a cognitive thinker | they more accurately analyze argument and generate more alternative solutions / demonstrate more logical reasoning abilities |
| what is tolerance for ambiguity | tendency to perceive ambiguous situations as desirable rather than threatening (open to more than one perspective) |
| how is a tolerance for ambiguity a good thing for entrepreneurs | it gives them dynamic nature of markets and competition / important for entrepreneurs to make complex decisions quickly with limited info |
| what are some tips for developing entrepreneurial motivation | seek opportunities to build firsthand experience in areas that interest you / success in these tasks will elevate your self-efficacy and comfort with new unpredictable situations |
| how do you enhance your cognitive motivation | best achieved by exploring business ideas that alight with your personal interests |
| what is entrepreneurial behaviour | this is where thinking transitions into seeing and acting / focus on the bahviours most critical to entrepreneurial opportunity analysis and action |
Created by:
NtokozoN
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