1.

Explain what entrepreneurial thinking represents.

Entrepreneur is a person who takes initiative to collect the resources in innovative

ways and is willing to face the risk and uncertainty to act. Entrepreneurial thinking is
the ability to observe the world and the environment as a marketplace and in turn
developing the necessary actions to exploit opportunities that present themselves.
Entrepreneurial thinking involves visualizing what the future can brings to people and
looking beyond the current and others collective initiative. The problem with
entrepreneurial thinking though is that most of us were not taught to think in this sort
of way. Entrepreneurs in particular situation may think differently when faced with a
different task or decision environment. Since the nature of their decision-making
environment, Entrepreneurs need to be effectuate, be cognitive and learn from
failure.
Entrepreneurial thinking is easy to learn because it involves training your minds to
view the products and services with different ways and understanding how to
improve them. Training yourself for keep learning for something new and evaluating
for different type of businesses. This is how to create new ideas itself and capture
new valuable insight into this industry.
Entrepreneurial thinking also taught us for taking an opportunities from current jobs
and other department in your life. But it does not mean that you should quit your job
today. However, you should begin trying put an effort for a type of businesses that
you interested. The marketplace is full of opportunities and for those who dare to
take this challenges give them a great chance to create the happiness, wealth and
security that can be achieved by starting your own business.

2.

The concepts of thinking structurally, bricolage, effectuation and cognitive

adaptability are some of the approaches entrepereneurs can engage in to
create or pursue opportunities. Briefly explain any three concepts.

Think structurally
Superficial similarities. Exist when the basic element of technology resemble the
element in the market. The concept of thinking structurally is the entrepreneur must
have good in thinking and search for new a creative way to became a successful
entrepreneur. They have to keep looking the opportunities or another chance before
other catch it.
Structural similarities. Ecist when the basic mechanism of the technology resemble
the underlying mechanism of the market. A person or individual who can create the
structural matches between the technology and a target market especially
entrepreneurial opportunities.
Bricolage
An entrepreneur often lack of resources. Some of entrepreneur can combine the
existing resources to new create new opportunities. This involves in taking the
existing resources and experimenting, tinkering, repackaging and reframing them so
they can be used in a way for which they were not originally designed.
Effectuation
Causal process. A process that start with desire result and giving attention on how to
generate the outcome. Professor Saras Sarasvathy has found that an entrepreneurs
do not always think the problem with how to start with the wanted outcome and
giving fully attention to use this effectuation process, which mean they have to take
any actions on ; who they are, what they are and whom they know and select among
the possible outcomes.
Cognitive adaptability
This is describe the distance between the entrepreneurs with their dynamic, flexible,
self-regulating, and engaged in the process of generating multiple decision
frameworks focus on sensing and processing changes in their environmental and
then acting on them. Entrepreneurs who are able to increase cognitive adaptability
have to improve ability to adapt the new environment to be more creative and
communicate ones reasoning behind a particular response. Achieving cognitive
environment before addressing an entrepreneurial challenge. Then, connection tasks,
stimulates thinking about the current situation in terms of similarities and differences
with situations previously faces and solved. Also, strategic tasks, stimulates thoughts
about which strategies are appropriate for solving the problem (and why) pursuing
the opportunity (and how).

3.

Define entrepreneurial intention and state two key factors that influence how
strong the entrepreneurial intention will be.

Entrepreneurial intentions is defined as motivational factors that affect to a person to

generate the entrepreneurial outcomes. Intention is a powerful when the action is
recognized to be feasible and desirable. Entrepreneurial action is most often
intentional. Entrepreneurs desire to pursue certain opportunities, enter new markets
and offer new products. This is not often in the process of unintentional behaviour.
Intentions capture the motivational factors that influence a behaviour, they are
indications of how hard people are willing to try, of how much of an effort they are
planning to expert to perform the behaviour.
Two key factors that influence how powerful the entrepreneurial intention will be is
entrepreneurial self-efficiency and perceived desirability.

4.

Entrepreneurial actions can fail, and as a result, need to be terminated. Explain

how the failure itself can present an opportunity for the enterprising individual.

Learning from business failure

Uncertainty, changing the conditions and lack of experience can assist to failure
among the entrepreneurial firms. An entrepreneurs motivation is not simply from
personal profit but from ; loyalty to a product. Loyalty to a market and customers.
Personal growth. The need to prove oneself. Loss of a business can result in a
negative emotional response from the entrepreneur. It can interfere with :
entrepreneurs ability to learn from the failure.
Motivation to try again
Emotional recovery from failure happens when thoughts about the occasions
surrounding, and leading to loss of the businesses, no longer generate the negative
emotional response. Primary description of the process of recovering are :
I.
Loss-orientation. Involves working though, and processing, some aspect of
the loss experience and as a result of this process, breaking emotional bonds
to the object lost. This process slowly provides the meaningful losses and
finally generate changed perception. And also involves confrontation, which is
the physically and mentally exhausting. Characterized by feelings of relief and
pain that wax and wane over time.
II. Restoration-orientation. Based on both avoidance and pro-activeness toward
secondary sources of stress arising a major loss. Involves suppression, which
requires mental effort and present potentially adverse consequences for
health. Also provides an opportunity to address secondary causes of stress.
May reduce emotional significance of the loss.

5.

List three factors that affect an entrepreneurs decision to exploit a new entry
opportunity.

The factors that effected an entrepreneurs decision to come out with new entry
opportunities is by using the sources as a sources of competitive advantages. The
function of performance and the firm, source is a basic building which are : they as a
input in the production process. The resources given by the firm can increase the
performance to the top. The resources must be valuable, where as it can give a
great opportunities and also neutralize the thread and offer the products or services
to the consumer or customers. Next is the resource must rarely happens where as
not all the competitors and the resources at the past can be imitated, which is when
the replica combination are very difficult and too costly for the competitors.
The next factor is by the evaluating the attractiveness the new entry opportunities. Its
depends on the level of information gathered and the courage in making the decision
although without completed information.
Besides, the last factor is by the comfort with making a decision under the
uncertainty situation. An entrepreneur will be in dilemma if the trade-off between the
too much information and possibly the level of opportunities will closed. This will
bring to the error of commission, that is the negative outcome from the acting on the
perceived opportunity and the error of commission which is the negative outcome
from not acting on the new entry opportunity.

6.

Being the first mover in exploiting a new entry opportunity, it has many
advantages but it also has its share of disadvantages. List two factors that
contribute to the first mover disadvantages.

The factors that contribute to the first-mover disadvantages are the demand
uncertainty. The first-mover faces difficulty in estimating future demand which is,
overestimate brings to higher cost meanwhile underestimate resulted in not being
able to satisfy customer demand. Demand uncertainty also resulted in difficulty in
predicting key dimensions along market grow such as the changing in customer
need and taste.
Next, the factors that contribute to the first-mover disadvantages are the technology
uncertainty. they will having difficulty in assessing whether technology will perform
and whether alternate technology will emerge and leapfrog over on going
technologies. This is because if it not being performed correctly as expected, it will
ruin the reputation and resulted in higher cost in Research and Development (R&D)
and production. In contrary, if it works as expected, superior technology may be
imitate by the late entrants.
First-movers face a number of challenges unique to their market timing. For
example, they almost always carry the burden of having to educate their market and
change pre-existing behaviours. They always need to make research about the
changing market behaviour and also being able to target their timing as well as the
changes happened. As a result, teaching users a new way to do something can be a
long (and expensive) road.