Ewing Marion Kauffman ‘© Major League Besabell taam owner, philanthropist. © Success was @ direct result of one fundamental philosophy: Treat others as you would like to be rested, © Garden City, Missour! © Laundry deliver person © Pharmaceutical sales person (1947) ‘© Marion Laboratories (1950) ‘© Vicam , vitamin product and Oyster Shell Calcium. © abilly to think in an environment of high uncertainty, bbe faxitle, and learn from one's fares Entrepreneurship- plays an important rola in the creation and growth of business and prosperity of nations. Entrepreneurial Mindset - ability to rapicly sense , ect and ‘motilize undor uncertain conditions + Entrepreneurial Opportunities - situations of goods, services, raw materials, and organizing methods cen be introduced and sold at greater than their cost of production. ‘+ Entrepreneurial Action - creation of naw products oF the entry into new markets, which ‘may occur through a newly created organization corwithin an established organization, + Entrepreneurial Thinking - individuals’ mental processes of overcoming ignorance to decide whather @ signal represents an opportunity for ‘someone and/or reducing doubt as to whether ‘an opportunity for someone is also an ‘opportunity for them specifically, andor processing feedback from action steps taken, [Roons 4 enerecrenewnaracion——SSSSSS~*™d HOW ENTREPRENEURS THINK? © Think differentiy from when faced with some other task or decision environment. © Often make decssions in highly uncertain environments where there ere stakes at high and ime pressures, 1. Think Structurally ‘© Forming opportunity requires creative mental /eape knowisdge about existing markets to a new technology that could lead to products/services that satisfy that market Altemativaly, the crestive mental leap could be from knowledge about a technology to a ew market that could bene‘t from its Introduction, ‘© Superficial similarities - exist when basic slements of technology are resembled, © Structural similarities» exist when Underlying mechanisms of techndogy resemble. 2. Bricolage '¢ Do by applying combinations of resources at hand to new probleme and oppertuntie. ‘© Seek resources from others to provide the slack ¢ Process of "making do" © Involves experimenting, tinkering repackaging, 3. Effectuation © Alternative thinking ways that entrepreneurs sometimes use, especially when thinking about opportunites. i. Bffectuation process - means they take what they have (who they are, what they know, and whom they know) and select among possible cutcomes, li, Causation process - that starts With & desired outcome and focuses on the means to generate that ceuteome. 4. Cognitive Ability ‘© extent to which entrepreneurs are dynarric flexible in the process of generating multiple decision, ‘frameworks. metacognitive awareness and adaptability. Decision frameworks are organized on knowledge - use tohelp someone make senso of what is goin on. © Comprehension questions - designed to increase entrepreneurs understanding of, ature of environment before begin to eddress entrepreneurial chellenge. © Connection Tasks - stimulate entrepreneurs to think about the current situation in terms Compiled by: MLIR (Inclusive only for PUP Students)of similarities to and differences. from situations previously faced and solved, © Strategic Tasks - to think about which strategies are appropriate for solving the problem (end why) or pursuing the ‘opportunity (and how). © Reflection Tasks - to think ebout their understanding and feelings as they progress through the entrepreneurial process. Entrepreneur who ere able to increase cogniive adeptabiity have an improved abiity to. (1) adapt to new situations—that is, it provides © basis by which a person's prior experience and knowledge affect learning or problem solving in a new situation; (2) be creative—thet is, it can lead to original and adaptive ideas, solutions, or insights; and (3) communicate one's reasoning behind a particular response. PARANOIA « recognition that others want to achieve success and are willing to take it away from you, Particularly when the business environment is characietized in terms of high levels of competition and high number of opportunities. PRINCIPLE ACTING PARANOIA, 1, Paranola means not resting on your laurels ‘Simply means that even given your successes there ‘rest thresths out hare. 2 Paranoia means being detall oriented. Means attending to the smallest details since this is @ major line of defense against threats. DOWNSIDE OF PARANOIA: Worrying obsessively inability to tum it of , psychological and physical problems "CRITICAL EVALUATION RATHER THAN PARANOIA” - ANDREW GROVE ‘THE INTENTIONS TO ACT ENTREPRENEURSHIP ‘© Entrepreneurial ection is most often intentional © Self efficacy affects a parson's choice of action and effort exerted. © High Seif Efficacy increased initiative, think ifferonty, and behave. © Low Self efficacy reduces efforts. Entrepreneurial Intentions are the motivational factors that influence individuals to pursue entrepreneurial cutcomes, © Entrepreneurial Self-afficacy- conviction that one can ‘execute the entrepreneurial process. ‘+ Entrepreneurial Desirabiliy - Degree of individual hae 2 favorable or unfavorable evaluation of potential enirepreneurial outcomes. Entrepreneur Background and Characteristics 1. Education «is important in the upbringing of the entrepreneur. ts importance is reflected not only in the level of education obtained but also in the fact that it continues to play @ major role in helping entrepreneurs cope with the problems they confront. 2. Age - entrepreneurial age (experience ex. 22-48 yro old) is different from chronological age (years since birth), 3. Work History - The past work experience of an indivi 4. Role Models - individuals whose example an entrepreneur can inspire 5. Moral Support Network - Individuals who give psychological support. 6. Professional- Support Network - Help entrepreneurs in business activities. (Lawyers, Accountants, Doctors etc.) ‘Sustainable Entrepreneurship ‘© entrepreneurship fecused on preserving nature. Organization Code of Ethies 1. Leaders are the "Walking Talking” Embodiment of Ethicel Values of Organization 2. Creating # Safe Environment for Employees to Voice Concems. 3. Ethicsis one of the organization values. 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