Chapter 8 Entrepreneurship

What is entrepreneurial creativity?

Generating innovative ideas for business opportunities.

What is the first step in creativity?

Identify unsupported assumptions.

What does it mean to challenge assumptions?

Question existing beliefs or norms.

What is assumption-less thinking?

Creating ideas without relying on assumptions.

What is the formal decision-making process?

A step-by-step method for making decisions.

What is the first step in decision making?

Identify the problem.

What is identifying decision criteria?

Determining what factors matter.

What is allocating weights?

Assigning importance to each criterion.

What is developing alternatives?

Creating possible solutions.

What is analyzing alternatives?

Evaluating pros and cons.

What is selecting an alternative?

Choosing the best option.

What is implementation?

Putting the decision into action.

What is evaluation?

Assessing if the decision worked.

What is rational decision making?

Logical, objective decision process.

What is bounded rationality?

Limited ability to process all information.

What is satisficing?

Choosing a “good enough” option.

What is maximizing?

Choosing the best possible option.