Recognize that unethical consequences that can result in organizations where there are barriers to innovation. Caring is a feminine alternative to the more traditional and masculine ethics based on rules and regulations. In attempting better to understand the driving forces within entrepreneurs, we can gain a more complete perspective if we take a psychological look at entrepreneurs and consider the entrepreneurial mind-set.
Part of that mind-set includes the package of mental processes that entrepreneurs possess, which include attention, remembering, producing and understanding language, solving problems, and making decisions. Entrepreneurial cognition refers to the knowledge structures that people use to make assessments, judgments, or decisions involving opportunity evaluation, venture creation, and growth.
This process is metacognitive. The process responsible for ultimately selecting a response i. Entrepreneurs have a tolerance for ambiguity, are calculated risk takers. What do these characteristics mean for any potential entrepreneur? Entrepreneurs face uncertainty compounded by constant changes that introduce ambiguity and stress into every aspect of the enterprise.
A tolerance for ambiguity exists when the entrepreneur can deal with the various setbacks and changes that constantly confront him or her. Successful entrepreneurs are not gamblers—they are calculated risk takers. They do everything possible to get the odds in their favor, and they often avoid taking unnecessary risks. These strategies include getting others to share inherent financial and business risks with them—for example, by persuading partners and investors to put up money, creditors to offer special terms, and suppliers to advance merchandise.
Entrepreneurial passion is a fundamental emotional experience for entrepreneurs. It is a discrete emotion that is quite intense being described as an underlying force that fuels our strongest emotions, or the intensity felt when engaging in activities that are of deep interest, or the energy that enables entrepreneurs to achieve peak performance.
Is it true that most successful entrepreneurs have failed at some point in their business careers? Entrepreneurs use failure as a learning experience; hence, they have a tolerance for failure. How should failure be dealt with by entrepreneurs? As noted above, the most effective entrepreneurs are realistic enough to expect difficulties and failures.
If they can deal effectively with any grief that emanates from the failure then they will not become disappointed, discouraged, or depressed by a setback or failure. In this way entrepreneurs will believe that they learn more from their early failures to form the foundation of later successes.
Research shows that an entrepreneur recovers more quickly from a failure if he or she oscillates between a loss and a restoration orientation. This oscillation means that the entrepreneur can gain the benefits of both orientations while minimize the costs of maintaining either for an extended period. Be complete in your answer. The dark side of entrepreneurship is a destructive course that exists within the energetic drive of a successful entrepreneur.
There are three major traits that are associated with the dark side of entrepreneurship: risk, stress, and the entrepreneurial ego. All potential entrepreneurs need to be aware that the dark side of entrepreneurship exists. What are the four specific areas of risk that entrepreneurs face.
Describe each. The four specific areas of risk are as follows: 1. Financial risk—In most new ventures the individual puts a significant portion of his savings or other resources at stake. Career risk—A question frequently raised by would-be entrepreneurs is whether they will be able to find a job or go back to their old jobs if their venture should fail.
Family and social risk—Entrepreneurs expose their families to the risk of an incomplete family experience and the possibility of permanent scars. Psychic risk—The greatest risk may be to the well-being of the entrepreneur. What are the four causes of stress among entrepreneurs? How can an entrepreneur deal with each of them? There are four causes of stress: loneliness, immersion in business, people problems, and need to achieve.
To reduce stress, entrepreneurs must define the cause of the stress. After clarifying the cause of stress, the entrepreneur can combat excessive stress by acknowledging its existence, developing coping mechanisms, and probing personal unacknowledged needs. Describe the factors associated with the entrepreneurial ego.
The factors associated with the entrepreneurial ego include: an overbearing need for control; a sense of distrust; an overriding desire for success; and unrealistic optimism. Ethics must be based more on a process than on a static code.
What does this statement mean? Do you agree? Why or why not? Yes, I agree, because we live in an ever-changing environment where each day is different and each decision has differing alternatives and circumstances. A small pharmaceutical firm has just received permission from the Food and Drug Administration FDA to market its new anticholesterol drug. Although the product has been tested for five years, management believes that serious side effects may still result from its use, and a warning to this effect is being printed on the label.
If the company markets this FDA-approved drug, how would you describe its actions from an ethical and legal standpoint? Use Figure 2. There is nothing illegal about marketing the product, because all necessary actions were taken to get the drug approved by the FDA and the benefits must have outweighed the side effects. On the other side, however, marketing the product may not be unethical, because the company is providing information concerning the side effects on the product for the consumer, and therefore, the consumer must make the choice.
Management may continue to put more money into the research and development of the product. The four distinct roles are non-role, role failure, role distortion, and role assertion. Role failure includes superficial performance appraisals and not confronting expense account cheating by employees. Role assertion refers to socially questionable acts such as not withdrawing a product in the face of product safety allegations.
Why do complex decisions often raise ethical considerations for the entrepreneur? The reasons why business decisions of entrepreneurs are so complex are as follows: l ethical decisions have extended consequences, 2 business decisions involving ethical questions have multiple alternatives, 3 ethical business decisions often have mixed outcomes, 4 most business decisions have uncertain ethical consequences, and 5 there are personal implications in most ethical business decisions. Cal Whiting believes entrepreneurs need to address the importance of ethics in their organizations.
However, in his own company he is unsure of where to begin because the entire area is unclear to him. What would you suggest? Where can he begin? What should he do? Be as practical as you can in your suggestion. Cal Whiting needs to carefully examine his organization in order to determine actions that might be considered morally questionable. From there he can develop a code of conduct that would represent the ethical positions expected of all employees.
Finally, he can follow the four principles for ethical management involved in the holistic approach. These include: 1 Hire the right people.
What is the concept of entrepreneurial motivation? Because motivation plays an important part in the creation of new organizations, theories of organization creation that fail to address this notion are incomplete. Therefore, one research approach is the motivational process that an entrepreneur experiences. Explain the concept of entrepreneurial persistence and how it is being examined.
Entrepreneurs are not intimidated by difficult situations. Although entrepreneurs are extremely persistent, they are realistic in recognizing what they can and cannot do and where they can get help to solve difficult but unavoidable tasks. Experience and persistence teaches lessons to entrepreneurs that are used to vault them into future successes.
The decision to persist is influenced by personal characteristics of the entrepreneur as well as by feedback from the environment. One of the most important characteristics of a successful entrepreneur is the desire to be a high achiever. Ten questions are provided to help the reader identify their achievement drive. Choices for each question are a, b, and c.
A scoring table is provided after the exercise. Once the reader has tabulated their score, information for interpreting the results is provided. The reader is given a list of eight actions, and asked to classify them as either ethical and legal, unethical and legal, ethical and illegal, or unethical and illegal.
Which of the three applicants do you think comes closest to having the mindset of an ideal entrepreneur? Each entrepreneur is as individual as the characteristics that make up the entrepreneur. An ideal entrepreneurial profile would consist of a desire to achieve, ability to solve problems so achievement can continue, ability to remain open to changes and indecisions that occur, a tolerance for failure, integrity and reliability, and self-confidence.
A possible answer: The applicant that best displays these characteristics is Phil Hartack. Phil is the only applicant that shows a high persistence in problem solving. This will be very beneficial to Phil because as an entrepreneur he will continually be working out his business complications. However, his tolerance for ambiguity will help him continue to see the overall picture. The combination of these two characteristics will help him keep a realistic view. His high integrity and reliability displays that he is a responsible person who supports his standards.
His high self-confidence shows that he is sure of himself and his values. These characteristics make Phil Hartack the closest to the ideal.
To which applicant would you recommend the bank lend money? Defend your answer. The recommendation would be for Richard Trumpe. Richard has the highest drive to achieve with a high initiative to accomplish his goals.
He possesses a high tolerance for failure, so if he is not successful the first time he will not give up. His creativity and innovativeness will help him develop new ideas.
The new ideas can be continually implemented for the improvement and success of his venture. Can these three entrepreneurs do anything to improve their entrepreneurial profile and their chances for success? Be specific in your answer.
The three entrepreneurs in the case study need to improve different areas in their profile. Robin Wood needs the most improvement in her tolerance for ambiguity. If she does not learn to face the uncertainty of her business, she may find the venture too stressful and be unable to cope. Another improvement area is her persistence in problem solving. Once Robin learns how to tolerate the inevitable, she will be a stronger entrepreneur.
Next is Richard Trumpe. Richard could improve his integrity and reliability. As an entrepreneur, Richard has to stay faithful to his vision for his success. By improving his integrity he will be more likely to be able to stand by his standards. Improvement is also needed in his persistence in problem solving.
Solving problems as they occur will help keep the problems from growing. Phil Hartack is the last entrepreneur to be discussed. He needs to be able to come up with new ideas. These ideas need to then be applied by Phil in his venture. These are some of the improvements that the three entrepreneurs need to make to improve their profile and chance for success.
CASE 2. Is the recommendation of the marketing vice president legal? Is it ethical? The marketing vice president has recommended that production continue using the substitute fur. While this is not illegal, since there are no laws specifically governing what type of simulated fur is used, it is unethical to delude the public into thinking the product is of high quality when the material is actually of low quality. Especially since the company knows exactly what it is doing in trading away good faith and trust for the sake of profits.
No, it would not be ethical since the firm already sold 1, bears with the higher-quality simulated fur that lasts seven years and is in the middle of producing 25, more. While the legal question may be debated as to the actual fraud, the ethics question is not debatable.
This is a prime example of disregard for ethics. If you were advising Paula, what would you recommend? As an adviser to Paula, you should utilize Table 4. The strategy segment especially applies to Paula in that she must assume a leadership role when ethical dilemmas arise. In dealing with consumers, enlightened self-interest means that by having concern for others consumers , you are also taking care of yourself business in the future.
Thus, Paula will find that either full disclosure to the public of the lesser-quality fur with a slogan change or absorption of the extra costs associated with the quality fur are the best options for her to choose. About This Issue Black Enterprise Source Citation: "Are entrepreneurs born or made? About This Issue. Small Business Resource Center. Higher Education.
Source Citation: "Candy wrapper. Questions: 1. Are entrepreneurs born or made? What does the research seem to tell us, from this article? What is your opinion? The article first gives us a little perspective about the question. Many of these daring capitalists dreamed of starting their own company as a child, while others were thrust into business ownership for a variety of reasons- -be it lack of upward mobility in the corporate workforce or the loss of a job.
It begs the question: are entrepreneurs born or created? According to a survey by Northeastern University's School of Technological Entrepreneurship, there isn't really such a thing as an accidental entrepreneur. So while business owners--those who create jobs for themselves out of circumstance or necessity--can be created, it seems true entrepreneurs are born.
The DNA of true entrepreneurs propels them to get on the roller coaster ride that comes with launching a venture. They defiantly disregard red flags of caution, the words of naysayers, or any statistics that conclude their business may fail. Even though the article takes the perspective that most entrepreneurs have the natural ability to gauge and take risks, it will be interesting to hear student opinions about whether or not training can appropriately prepare them for the world of entrepreneurship.
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