Nbc Slide
Slide 12
Entrepreneurial opportunities (definition)
Those situations in which new goods, services, raw materials and organizing methods can be introduced and sold at greater than their cost of production. An entrepreneurial opportunity could stem from introducing an existing technological product used in one market to create a new market or it could be creating a new technological product for an existing market or creating a new product for a new market.
1. Because opportunities exist in high uncertainty, entrepreneurs must use their judgment about whether or not to act.
2. The individual’s prior knowledge can decrease the amount of uncertainty.
Entrepreneurial action (definition)
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
Slide 13
Entrepreneurial thinking (definition)
Individuals’ mental processes of overcoming ignorance to decide whether a signal represents an opportunity for someone and/or reducing doubt as to whether an opportunity for someone is also an opportunity for them specifically, and/or processing feedback from action steps taken
Slide 14
The McMullen-Shepherd model explains how knowledge and motivation influence two stages of entrepreneurial action.
1. Signals of changes in the environment that represent possible opportunities will be noticed by some individuals but not others.
2. Individuals with knowledge of markets and technology are more capable of detecting changes in the external environment, and if motivated will allocate further attention to processing this information.
3. The result of Stage 1 is an individual’s realization that an opportunity exists for someone.
4. The result of Stage 2 is the individual then needs to determine whether it represents an opportunity for him or her.
Slide 15
Entrepreneurs think differently than nonentrepreneurs. Sometimes they have to make
Entrepreneurial opportunities (definition)
Those situations in which new goods, services, raw materials and organizing methods can be introduced and sold at greater than their cost of production. An entrepreneurial opportunity could stem from introducing an existing technological product used in one market to create a new market or it could be creating a new technological product for an existing market or creating a new product for a new market.
1. Because opportunities exist in high uncertainty, entrepreneurs must use their judgment about whether or not to act.
2. The individual’s prior knowledge can decrease the amount of uncertainty.
Entrepreneurial action (definition)
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
Slide 13
Entrepreneurial thinking (definition)
Individuals’ mental processes of overcoming ignorance to decide whether a signal represents an opportunity for someone and/or reducing doubt as to whether an opportunity for someone is also an opportunity for them specifically, and/or processing feedback from action steps taken
Slide 14
The McMullen-Shepherd model explains how knowledge and motivation influence two stages of entrepreneurial action.
1. Signals of changes in the environment that represent possible opportunities will be noticed by some individuals but not others.
2. Individuals with knowledge of markets and technology are more capable of detecting changes in the external environment, and if motivated will allocate further attention to processing this information.
3. The result of Stage 1 is an individual’s realization that an opportunity exists for someone.
4. The result of Stage 2 is the individual then needs to determine whether it represents an opportunity for him or her.
Slide 15
Entrepreneurs think differently than nonentrepreneurs. Sometimes they have to make