Ch1 Concepts
Making due with the resources at hand
Bricolage
What is the effectuation process?
Process starts with individual resources and selecting among possible outcomes rather than focusing on a specific goal.
What term does this definition go with?
Offering a new product to an established or new market, offering an established product to a new market, or creating a new organization
what is New Entry
entrepreneurial action within an established organization, involving the development of new products, services, processes, and markets
corporate entrepreneurship
This company is one of the three largest stocks in the U.S. today, they are known for selling phones, electronics, and recently broke into the VR world
Apple
Entrepreneurship focused on preserving nature, life support, and community (sustainability) in the pursuit of perceived opportunities to bring future products, processes, and services into existence for gain (entrepreneurial action) where gain is broadly construed to include economic and noneconomic benefits to individuals, the economy, and society (development)
sustainable entrepreneurship
What are connection tasks?
These tasks stimulate entrepreneurs to think about similarities and differences between current and past situations.
what are 3 key stages of an entrepreneurial strategy?
1) generation of new entry opportunity
2) exploitation of the new entry opportunity
3) feedback loop from generation and exploitation
What are the characteristic of an entrepreneurial environment? (12 characteristics)
organization operates on frontiers of technology, new ideas encouraged, trial and error encouraged, failures allowed, resource available and accessbility, teamwork approach, reward systems, sponsors, support of top management, long time horizon, volunteer program, no opportunity parameters
Term for the stock market in which there is a financial period of increasing prices or expected increases.
Bull Market
What is entrepreneurial action?
What is cognitive adaptability?
This term describes an entrepreneur's ability to adapt, be flexible, and generate mulitple decision frameworks in response to changes?
What is market knowledge?
possession of information, technology, know-how, and skills that provide insight into a market and its customers
Why has corporate entrepreneurship become more important?
hypercompetition has driven companies to focus on developing new products, services, processes, and markets
A famous stock index that includes 30 large publicly traded companies in the U.S.
Dow Jones Industrial Average
what is entrepreneurial thinking?
The mental process by which individuals decide if an opportunity is for them, including overcoming ignorance and processing feedback.
What are entrepreneurial intentions?
copying products that already exist and attempting to build an advantage through minor variations
an approach to negative emotions that involves working through and processing some aspect of the loss experience
Loss orientation
An index that includes 500 of the biggest U.S. companies listed on the stock exchange.
S&P 500
What are realizing an opportunity exists for someone and accessing if the opportunity is feasible and desirable for oneself.
What is sustainable entrepreneurship?
cost advantage, less competition, securing important channels, prime position for customers, and expertise from participation
approaches to negative emotions based on both avoidance and a proactiveness toward secondary sources of stress arising from a major loss
restoration orientation
The most successful and accomplished investor of all time (Currently the CEO of BerkShire Hathaway)
Warren Buffett