GEED 019: The Entrepreneurial Mind - Comprehensive Lecture Review

Vocabulary practice flashcards covering the entrepreneurial mindset, traits, business plan components, opportunity identification approaches, and creativity frameworks from GEED 019.

Entrepreneurial Mindset (Hisrich, Peters, and Shepherd, 2017)

Involves the ability to rapidly sense, act, and mobilize, even under uncertain conditions.

Entrepreneurial Mindset (Bosman and Fernhaber, 2018)

The inclination to discover, evaluate, and exploit opportunities.

Entrepreneurial Mindset (H. Neck, C. Neck, and Murray, 2017)

The ability to quickly sense, act, and get organized under uncertain conditions.

Curiosity

An entrepreneurial trait characterized by always asking 'what if' and 'why' and seeking new and creative ways of learning and doing.

Growth Mindset

Recognizing one's potential for learning and achieving anything, along with the power to stretch brains and sharpen minds.

Courage

Daring to step out of comfort zone/s to accomplish great things.

Persistence and Grit

Learning to work through failure to create solutions for problems an entrepreneur is passionate about.

Opportunity-Seeking

Actively observing, identifying, and acting on circumstances where one can innovate or solve a problem.

Redefining Failure

Seeing failure as a learning opportunity and a launchpad for the next success or discovery.

Resourcefulness

Developing quick and clever ways to overcome challenges.

Adaptability

Making smart changes when challenges arise without losing heart or giving up.

Empathy

Thinking about other people's needs and feelings and keeping these in mind when solving a problem.

Design Thinking

An entrepreneurial skill where entrepreneurs put the user first and seek feedback to design effective solutions with users in mind.

Prototyping

Creating simple models to explain an idea, get feedback, and learn how a product can be improved.

Pitching

Rallying an entrepreneur's idea to potential users and investors through clear, short, and persuasive communication.

Metacognition

The way in which an individual understands their performance or the process of thinking about thinking.

Passion (in Entrepreneurship)

An intense positive emotion aroused by engaging in activities one enjoys, which motivates entrepreneurs to overcome obstacles, recognize new patterns, and remain focused on goals.

Dysfunctional Side of Passion

Becoming blinded or obsessed with an idea or new venture to the point of ignoring warning signs and refusing negative feedback, which curbs business growth and creative problem-solving.

Habit Loop

The process by which the brain decides whether a certain behavior should be restored and repeated.

Self-Leadership Habit

A process whereby people influence and control their behavior, actions, and thinking to achieve the self-direction and self-motivation necessary to build entrepreneurial ventures.

Behavior-Focused Strategies

Strategies that help increase self-awareness to manage behaviors, particularly when dealing with necessary but unpleasant tasks.

Self-Observation

The first step toward addressing unhelpful or unproductive behaviors in order to devise ways of altering them to enhance performance.

Self-Goal Setting

The process of setting individual goals for ourselves.

Self-Reward

The way in which an individual compensates for or rewards himself/herself for achieving their goals.

Self-Punishment / Self-Correcting Feedback

A process that allows an individual to examine their own behaviors in a constructive way to reshape them.

Self-Cuing

A prompting process that acts as a reminder of desired goals and keeps an individual's attention on what they are trying to achieve.

Natural Reward Strategies

Endeavors to make aspects of a task more enjoyable by building in certain features or reshaping perceptions to focus on its most positive aspects and value.

Constructive Thought Patterns

Forming positive, productive ways of thinking to benefit performance by identifying destructive beliefs and reframing them through self-talk and mental imagery.

Creativity Habit

The capacity to produce new ideas, insights, inventions, products, or artistic objects considered unique, useful, and valuable to others; a developed skill rather than an innate condition.

Six Emotional Roadblocks to Creativity (James L. Adams)

Emotional barriers identified by a Stanford professor: Fear, No appetite for chaos, Preferences for judging over generating ideas, Dislike for incubating ideas, Perceived lack of challenge, and Inability to distinguish reality from fantasy.

Improvisation Habit

The art of spontaneously creating something without preparation when facing obstacles like limited resources, unforeseen market conditions, or team conflicts.

Belief

According to collinsdictionary.com, a feeling of confidence that something exists, is true, or is good.

Personal Resolve

The determination arising from strong beliefs that governs how people think, act, and behave.

Business Plan (Hisrich, Peters, and Shepherd, 2017)

A written document prepared by the entrepreneur that outlines all applicable external and internal elements involved in the start-up of a new business, addressing short- and long-term decisions for the first three years.

Entrepreneur's View

The business plan viewpoint that explains the business idea, creativity, and technology.

Marketing View

The business plan viewpoint focusing on whether people will actually buy the product or service.

Investor's View

The business plan viewpoint that examines financial details and profit potential.

Introductory Page

The cover or title page providing a summary of the business plan's contents, including company name, address, entrepreneur contact info, business description, financing required, and a statement of confidentiality.

Executive Summary

A short (2 to 3 pages) but powerful section that gives investors a quick overview of the business concept, its uniqueness, the founders, and profit expectations.

Environmental Analysis

An assessment that helps entrepreneurs understand outside forces—such as the economy, culture, technology, and legal concerns—so they can prepare for changes and challenges.

Industry Demand

Studying whether the market is expanding or shrinking, competitor entrance rates, and changing customer needs to estimate business potential.

Description of Venture

A section of the business plan that outlines what the business is, what it offers, where it operates, who runs it, its history, and its mission statement.

Production Plan

Specifies whether a product is manufactured by the entrepreneur or subcontractors, detailing machine requirements, raw material suppliers, costs, and plant layout.

Operations Plan

Outlines how a business delivers products or services, managing storage, shipping, order flows, technology utilization, and transaction steps.

Marketing Plan

The business's road map for pricing, distributing, and promoting products/services; an annual requirement adjusted weekly or monthly to guide short-term decisions.

Organizational Plan

Explains the ownership structure, partner agreements, board members, management backgrounds, and chain of command using an organization chart.

Assessment of Risk

Identifies potential hazards (competition, production, management), analyzes their potential effects, and presents contingency strategies to prevent or minimize them.

Financial Plan

Shows if a venture is economically feasible by providing sales and expenses forecasts, cash flow projections, and balance sheet projections.

Appendix

The supporting section or 'evidence folder' containing backup material such as customer letters, research data, leases, contracts, and supplier price lists.

Inventory Control

A progress measurement control that ensures sufficient stock for customers while allowing faster reinvestment of capital.

Production Control

Compares planned versus actual costs to effectively manage machine time, worker hours, and operational delays.

Quality Control

A control mechanism that ensures finished products consistently meet standards and perform well.

Sales Control

Tracks units sold, revenues, delivery dates, and credit terms, including effective collections for accounts receivable.

Disbursements

Reviews all outgoing cash payments in order to closely monitor expenses.

Website Control

Evaluates online performance to ensure the venture's site effectively supports sales and business goals.

Entrepreneurial Opportunity

An apparent way of generating value through unique, novel, or desirable products, services, or processes that have not been previously exploited.

Economic Value

The capacity of an entrepreneurial idea or opportunity to generate profit.

Social Value

The capacity of an opportunity to address an unmet social need.

Environmental Value

The value generated when an opportunity protects or preserves the environment.

Idea Classification Matrix

A 2x2 matrix categorizing ideas based on Degree of Novelty and Value/Usefulness into Innovation, Invention, Improvement, and Irrelevant.

Innovation

An idea classification scoring high in both novelty and value/usefulness (e.g., today's smartphone).

Invention

An idea scoring high in novelty but low in usefulness/market demand; moves to innovation only if it reaches a market.

Improvement

An idea based on enhancing existing products, scoring high in value/usefulness but low in novelty.

Irrelevant Ideas

Ideas scoring low in both novelty and usefulness that fail to meet consumer expectations (e.g., New Coke, Crystal Pepsi).

Analytical Strategies

Breaking a problem into parts or viewing it in a broader way to generate ideas for improving or innovating products/services.

Search Strategies

Using memory and stimuli to retrieve information and make past-experience links relevant to a current problem.

Imagination-Based Strategies

Suspending disbelief and dropping realistic constraints to create unrealistic states or fantasies for ideation.

Habit-Breaking Strategies

Techniques designed to break the mind out of mental fixedness, such as taking an opposite belief or adopting another person's perspective.

Napoleon Technique

A habit-breaking strategy where one takes the role of a famous leader to consider how they would perceive and solve the situation.

Relationship-Seeking Strategies

Consciously forging links between concepts or words that are not normally associated with each other (e.g., applying doorknob traits to a distinct problem).

Developmental Strategies

Idea generation strategies employed to enhance and modify existing ideas to create better alternatives and possibilities.

Interpersonal Strategies

The most dominant group-based strategy, where members collaborate to produce new or improved ideas.

Finding Approach

An opportunity identification pathway assuming opportunities exist independently in the environment waiting to be found; views decision-making as risky.

Building Approach

An opportunity identification pathway assuming opportunities do not exist independently but are created from prior knowledge, experience, and action; views decision-making as uncertain.

Active Search

Searching one's existing knowledge bases and information sets (e.g., networks, family, contacts) to discover opportunities.

Alertness

The ability of entrepreneurs to spot non-obvious, existing opportunities in their environment during routine daily activities.

Prior Knowledge

Preexisting information gained through life and work experience regarding a specific market, industry, or customer group.

Pattern Recognition

The process of 'connecting the dots' by identifying links or connections between apparently unrelated events or things.

Baron & Shane's Ideation to Opportunity Continuum (2008)

A framework showing the progression of increasing relevance to founding new ventures: Idea Generation produces something new; Creativity produces something new and potentially useful; Opportunity Recognition adds the potential to generate economic value.

SEEC Model

A 4-part framework designed to enhance creativity and transform ideas into opportunities through Securing, Expanding, Exposing, and Challenging.

Securing (SEEC Model)

The capacity to focus on and deliberately capture ideas before they drift away (e.g., maintaining a written log of observed opportunities).

Expanding (SEEC Model)

Broadening or acquiring new skills to generate ideas and share knowledge (e.g., brainstorming problem solutions in groups).

Exposing (SEEC Model)

Opening oneself to diverse, fluctuating circumstances and unstructured environments to build resilience and creative insight.

Challenging (SEEC Model)

Overcoming past failures by braving new encounters and using mistakes as learning tools for further idea identification.