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16/07/2018

BUS502 Entrepreneurship

The Entrepreneurial Mind-Set

Week 1

Learning Objectives

To introduce the concept of entrepreneurship and explain the process of entrepreneurial action

To describe how structural similarities enable entrepreneurs to make creative mental leaps

To highlight bricolage as a source of entrepreneurs’ resourcefulness

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Learning Objectives (cont’d)

To introduce effectuation as a way expert entrepreneurs sometimes think

To develop the notion that entrepreneurs cognitively adapt

To introduce different forms of entrepreneurship as discussed in the literature

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The Nature of Entrepreneurship

Entrepreneurial opportunities

Situations in which new goods, services, raw materials, and organizing methods:

Can be introduced

Sold at greater than their cost of production

The Nature of Entrepreneurship

Entrepreneurial action:

Involves creation of new products or processes

Involves entry into new markets

May occur through a newly created organization or within an established organization

The Nature of Entrepreneurship

Entrepreneurial thinking

An individuals’ mental processes of overcoming ignorance to:

Decide whether a signal represents an opportunity for someone

Decide whether that opportunity is applicable to the individual specifically

Process feedback from action steps taken

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Definition of Entrepreneurial Mind-Set

Naumann (2017)

How Entrepreneurs Think

Entrepreneurs should:

Think structurally Engage in bricolage Effectuate Cognitively adapt Learn from failures

How Entrepreneurs Think

Think structurally

Superficial similarities:

Basic elements of the technology resemble the basic elements of the market

Structural similarities:

Underlying mechanisms of the technology resemble the underlying mechanisms of the market

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How Entrepreneurs Think

Bricolage

Applying combinations of the resources at hand to new problems and opportunities

Taking existing resources and tinkering and/or reframing them so they can be used in new ways

http://rymamm.blogspot.com/2010/10/bricolage.html

Starts with a desired outcome

Focuses on the means to generate that outcome

Starts with what one has

Selects among possible outcomes

How Entrepreneurs Think

Effectuation

Causal process

Effectuation

process

– Entrepreneurial mind-set:

Ability to rapidly sense, act, and mobilize, even under uncertain conditions

Causal vs. Effectual Reasoning

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Brief Guide to Effectuation

https://youtu.be/oC-yWrC0P1_3E

http://www.yourlocalfruitshop.com.au/seasonal-produce/lemon/

When life gives you lemon …

… make lemonade!

http://avcr8teur.blogspot.com/2009/07/lemonade-stand.html

How Entrepreneurs Think Cognitive adaptability

Describes the extent to which entrepreneurs are:

Dynamic, flexible, self-regulating and engaged in the process of generating multiple decision frameworks

Focused on sensing and processing changes in their environments and then acting on them

Metacognitive awareness: Ability to reflect upon, understand, and control one’s thinking and learning

http://www.cjlt.ca/index.php/cjlt/article/view/26414/19596

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How Entrepreneurs Think

Achieving cognitive adaptability

Increase entrepreneurs’ understanding of the nature of the environment

Comprehension questions

Stimulate thinking about similarities and differences of current situations with situations previously faced and solved

Connection tasks

Identify strategies that are appropriate for solving the problem or pursuing the opportunity

Strategic tasks

Stimulate entrepreneurs to think about their understanding and feelings as they progress through the entrepreneurial process

Reflection tasks

How Entrepreneurs Think

Increasing cognitive ability helps in:

Adapting to new situations

Being creative

Communicating one’s reasoning behind a particular response

Growth vs. Fixed Mindset

https://www.big-change.org/growth-mindset-research-2/

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The Intention to Act Entrepreneurially

Entrepreneurial intentions

Motivational factors that influence individuals to pursue entrepreneurial outcomes

Entrepreneurial self-efficacy

Conviction that one can successfully pursue entrepreneurial outcomes

Perceived desirability

Degree to which a potential entrepreneurial outcome is evaluated as favorable or unfavorable

Entrepreneur Background and Characteristics

Facilitates integration and accumulation of knowledge thus providing a larger opportunity set

Education • Casts a wider net for the discovery or generation of potential opportunities

Chronological age – Usually between the ages 22 and 45

Age

Past work experience of an individual

Work

history

Age shift of Entrepreneurs in Australia

https://www.nbnco.com.au/content/dam/nbnco2/documents/small%20Business-big-thinking-nbn-report.pdf

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Role Models and Support Systems

Role models:

Individuals whose example an entrepreneur can aspire to and copy

Moral-support network:

Individuals who give psychological support to an entrepreneur

Professional- support network:

Individuals who help the entrepreneur in business activities

Possible forms of Entrepreneurship

Corporate entrepreneurship / Intrapreneurship

Small businesses / family businesses

Start-ups

Social entrepreneurship

Sustainable entrepreneurship

Female entrepreneurship

Indigenous entrepreneurship

Migrant entrepreneurship

Lifestylepreneur

Preparation for next week

Find examples of different types of entrepreneurs (e.g. start-up, social, sustainability, etc.) that inspire you.

List and add link to the website/source.

What in particular inspired you for each of them?

Think about possible business ideas and identify some current trends – this is important for your writing assessments!