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Chapter 2
The Entrepreneurial Mindset
HOW ENTREPRENUERS THINK
Entrepreneurs think differently when faced with a task or decision environment.
Must make decisions in highly uncertain environments where the risk is high and
there is considerable emotional investment.
Effectuation
1. Causation is the focus on the means to generate the out come and does
not focus on the desired outcome.
2. Effectuation Process is the process that starts with what one has (who
they are, what they know, and whom they know) and selects among
possible outcomes.
3. Patchwork Quilt Principle. Means driven action that emphasizes the
creation of something new with existing means rather than discovering
new ways to achieve given goals.
4. Affordable Loss Principle. Prescribes committing in advance to what one
is willing to lose rather that investing in calculations about expected
returns to the project.
5. The Bird in Hand Principle. Involves negotiating with any and all
stakeholders who are willing to make actual commitments to the project:
determines the goals of the project.
6. Lemonade Principle. Prescribes leveraging surprises for benefits rather
than trying to avoid them, overcome them, or adapt to them. This uses
unexpected situations as an opportunity instead of dealing with them.
7. The Pilot in the Plane Principle. Urges relying on and working with
people as the prime driver of opportunity and not limiting entrepreneurial
efforts to exploiting factors, external to the individual. They will focus on
aspects of the future you can control; they do not need to predict the
future.
8. Entrepreneurial Mindset. Involve the ability to rapidly sense, act, and to
mobilize, even under uncertain conditions.
Cognitive Adaptability
Definition:
Describes the extent to which entrepreneurs are dynamic, flexible, self regulating,
Engaged in the process of generating multiple decision frameworks focused on
sensing and processing changes in their environment.
Then acting on them!
We can achieve this by asking ourselves a series of questions that relate to:
1. Comprehension Questions. Designed to increase entrepreneurs
understanding of the nature of the environment.
HOMEWORK
Answer the following questions in detail:
1. When you have lost something important, did you
predominantly use a loss or restoration orientation?
Describe.
2. Were able to move (oscillate) between the two?
3. If you did oscillate, do you believe that it helped you
overcome the loss?
4. Did you learn from the experience in the end? Did it make
sense?