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Entrepreneurship
| Term | Definition |
|---|---|
| Entrepreneurial opportunities | those situations in which new goods, services, raw materials, and organizing methods can be introduced and sold at greater than their cost of production |
| Entrepreneurial action | action through the creation of new products/processes and/or the entry into new markets, which may occur through a newly created organization or within an established organization |
| Entrepreneurial thinking | indivduals mental processes of overcoming ignorance to decide whether a signal represents an opportunity for someone &or reducing doubt as to whether an opportunity for someone is also an opportunity for them specifically, &or processing feedback from act |
| Superficial similarities | exist when the basic (relatively easy to observe) elements of the technology resemble (match) the basic (relatively easy to observe) elements of the market |
| Structural similarities | exist when the underlying mechanisms of the technology resemble (or match) the underlying mechanism of the market |
| Bricolage | entrepreneurs making do by applying combinations of the resources at hand to new problems and opportunities |
| Casual process | a process that starts with a desired outcome and focuses on the means to generate that outcome |
| Effectuation process | a process that starts with what one has (who they are, what they know, and whom they know) and selects among possible outcomes |
| Entrepreneurial mind-set | involves the ability to rapidly sense, act, and mobilize, even under uncertain conditions |
| 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 |
| Comprehension questions | questions designed to increase entrepreneurs’ understanding of the nature of the environment |
| Connection tasks | tasks designed to stimulate entrepreneurs to think about the current situation in terms of similarities to and differences from situations previously faced and solved |
| Strategic tasks | tasks designed to stimulate entrepreneurs to think about which strategies are appropriate for solving the problem (and why) or pursuing the opportunity (and how) |
| Reflection tasks | tasks designed to stimulate entrepreneurs to think about their understanding and feelings as they progress through the entrepreneurial process |
| Entrepreneurial intentions | the motivational factors that influence individuals to pursue entrepreneurial outcomes |
| Entrepreneurial self-efficacy | the conviction that one can successfully execute the entrepreneurial process |
| Perceived desirability | the degree to which an individual has a favorable or unfavorable evaluation of the potential entrepreneurial outcomes |
| Work history | the past work experience of an individual |
| 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 |
| Sustainable entrepreneurship | 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 |
| Corporate entrepreneurship | entrepreneurial action within an established organization |
| Strategic orientation | a focus on those factors that are inputs into the formulation of the firm’s strategy |
| Entrepreneurial orientation toward opportunity | a commitment to taking action on potential opportunities |
| Entrepreneurial orientation toward commitment of resources | a focus on how to minimize the resources that would be required in the pursuit of a particular opportunity |
| Entrepreneurial orientation toward control of resources | a focus on how to access others’ resources |
| Entrepreneurial orientation toward management structure | more organic focus—has few layers of bureaucracy between top management and the customer and typically has multiple informal networks |
| Entrepreneurial philosophy toward rewards | one that compensates employees based on their contribution toward the discovery/generation and exploitation of opportunity |
| Entrepreneurial orientation toward growth | a focus on rapid growth |
| Culture | the environment of a particular organization |
| Entrepreneurial orientation toward culture | a focus on encouraging employees to generate ideas, experiment, and engage in other tasks that might produce opportunities |
| Top management commitment | managers in an organization strongly supporting corporate entrepreneurship |
| Dual process model of coping with negative emotions | involves oscillation between a loss orientation and a restoration orientation |
| Loss orientation | an approach to negative emotions that involves working through, and processing, some aspect of the loss experience and, as a result of this process, breaking emotional bonds to the object lost |
| Restoration orientation | an approach to negative emotions based on both avoidance and proactiveness toward secondary sources of stress arising from a major loss |
| New entry | offering a new product to an established or new market, offering an established product to a new market, or creating a new organization |
| Entrepreneurial strategy | the set of decisions, actions, and reactions that first generate, and then exploit over time, a new entry |
| Resources | the inputs into the production process |
| Entrepreneurial resource | the ability to obtain, and the recombine, resources into a bundle that is valuable, rare, and inimitable |
| Market knowledge | possession of information, technology, know-how, and skills that provide insight into a market and its customers |
| Technological knowledge | possession of information, technology, know-how, and skills that provide insight into ways to create new knowledge |
| Window of opportunity | the period of time when the environment is favorable for entrepreneurs to exploit a particular new entry |
| Error of commission | negative outcome from acting |
| Error of omission | negative outcome from not acting |
| Assessment of a new entry’s attractiveness | determining whether the entrepreneur believes she or he can make the proposed new entry work |
| Key success factors | the requirements that any firm must meet to successfully compete in a particular industry |
| Emerging industries | industries that have been newly formed and are growing |
| Demand uncertainty | considerable difficulty in accurately estimating the potential size of the market, how fast it will grow, and the key dimensions along which it will grow |
| Technological uncertainty | considerable difficulty in accurately assessing whether the technology will perform and whether alternate technologies will emerge and leapfrog over current technologies |
| Uncertainty for customers | customers may have considerable difficulty in accurately assessing whether the new product or service provides value for them |
| Lead time | the grace period in which the first mover operates in the industry under conditions of limited competition |
| Switching costs | the costs that must be borne by customers if they are to stop purchasing from the current supplier and begin purchasing from another |
| Risk | the probability, and magnitude, of downside loss |
| Scope | a choice about which customer groups to serve and how to serve them |
| Imitation strategies | copying the practices of other firms |
| “Me-too” strategy | copying products that already exist and attempting to build an advantage through minor variations |
| Liabilities of newness | negative implications arising from an organization’s newness |
| Assets of newness | positive implications arising from an organization’s newness |
| Focus groups | groups of individuals providing information in a structured format |
| Brainstorming | a group method for obtaining new ideas and solutions |
| Problem inventory analysis | a method for obtaining new ideas and solutions by focusing on problems |
| Creative problem solving | a method for obtaining new ideas focusing on the parameters |
| Reverse brainstorming | a group method for obtaining new ideas focusing on the negative |
| Gordon method | method for developing new ideas when the individuals are unaware of the problem |
| Checklist method | developing a new idea through a list of related issues |
| Free association | developing a new idea through a chain of word associations |
| Forced relationships | developing a new idea by looking at product combinations |
| Collective notebook method | developing a new idea by group members regularly recording ideas |
| Attribute listing | developing a new idea by looking at the positives and negatives |
| Big-dream approach | developing a new idea by thinking without constraints |
| Parameter analysis | developing a new idea by focusing on parameter identification and creative synthesis |
| Product life cycle | the stages each product goes through from introduction to decline |
| Product planning and development process | the stages in developing a new product |
| Idea stage | first stage in product development process |
| Concept stage | second stage in product development process |
| Product development stage | third stage in product development process |
| Test marketing stage | final stage before commercialization in product development process |
Created by:
nolanwiltshire