Topic 2 Assignment_ Entrepreneurship.docx - 1 What is...

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1. What is entrepreneurial cognition, and how does it impact the mind-set of entrepreneurs? How does metacognition come into play here? Entrepreneurial cognition is the knowledge structures that people use to make assessments, judgments, or decisions involving opportunity evaluation, venture creation, and growth. It impacts the mind-set of entrepreneurs by making it a more creative space. It helps them make a visual picture of their ideas. Metacognition comes in play because it will help them put their ideas into action. It will motivate them by showing them a mental picture of the finished product. 2. Entrepreneurs have a tolerance for ambiguity, are calculated risk takers, and exude passion. What do these characteristics mean for any potential entrepreneur? These terms mean that any potential entrepreneur will take risks, but they will be conscious of their actions and they will do anything in a thought out manner. These characteristics will determine the potential entrepreneurs determination, but it will show it in a careful and calculated manner. 3. Is it true that most successful entrepreneurs have failed at some point in their business careers? Explain. Each entrepreneur has failed at some point in their career. Whether that means an idea failed or they failed to have the funds for a project. Even the most successful entrepreneurs, such as Bill Gates, have failed, but it is how you use this failure that will define you. With any type of failure comes a learning opportunity 4. How should failure be dealt with by entrepreneurs? How does grief play a role in this process? Entrepreneurs should use failure as a learning opportunity. Trial-and-error is the nature of becoming a successful entrepreneur. Grief will play a role in this because it will be how you respond to this failure that will determine your success. As a plausible account for the failure is constructed, the individual is able to begin to break the emotional bonds to the project lost. However, empirical research has found that this loss orientation toward grief recovery can sometimes exacerbate the negative emotional reaction. By focusing on the failure, the entrepreneur’s thoughts can shift from the events leading up to the failure to the emotions surrounding the failure event.

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