Entrepreneurship Evolutionary Development

Running Head: EP 0
Entrepreneurship
2/13/2019

EP 1
Topic 1: Entrepreneurship Evolutionary Development
Q.1 Discuss the evolution of the term Entrepreneurship.
Ans1. The word “entrepreneurship originated from the French word “entre prendre”, which
states to undertake. It started as a concept to recognize one who carries out to organize and
manage the risks of the business. It is stated that several definitions are being used to
determine entrepreneurship, which has associated with capitalism and free enterprise, while
specific activities have been predicted that entrepreneur serve as a catalyst for transformation,
assist to grow the business, encourage to perform, deliver creative ideas for the organization,
and make profits for the future. Entrepreneurship has been defined as the method of
launching a new business, which typically delivers a product, service, or process for sale
(Kuratko, 2016).
Q.2What is the macro view of entrepreneurship.
Ans2. The macro view of entrepreneurship determines an extensive range of factors that
associate to failure or success in entrepreneurial ventures. This range of factors involves
external processes that are often beyond the individual’s control. It is a view, which
represents broad factors in entrepreneurial process in the external locus of control. There are
three schools of thought involves the environmental school, which deals with external aspects
that impact the lifestyle of a potential entrepreneur. The financial school deals from a
financial point of view. The displacement school of thought focuses on the adverse side of the
group, where someone can be displaced from the group (Welter et al., 2017).
Q.3What is the micro view of entrepreneurship.
Ans3. The micro view of entrepreneurship evaluates the aspects that are specific, which is a
part of internal locus of control. The potential entrepreneur has the capability to manage the
outcome of major influence. It also categorizes in three schools of thought, which involves
the entrepreneurial school concentrates on researches about identifying similar characteristics
that can enhance the opportunities for the future. The venture school of thought deals with the
capability to identify new opportunities and ideas and execute the necessary action. The
strategic formulation of thought concentrates on profitable venture development (Davidsson,
2015).

EP 2
Topic 2: The Entrepreneurial Mind-Set
Q.1What is “entrepreneurial cognition and how does it affect entrepreneurs mindset? How
does “metacognition come into play here?
Ans1.The cognition of entrepreneur is determined as the structures that people use to make
appropriate decisions, judgments, and assessments incorporating venture creation, growth,
and development. It is maintained to how an entrepreneur thinks, innovate new things, and
based on the matters of thinking upon the reason for doing things. Entrepreneurial cognition
is about understanding in which manner entrepreneur utilize models to collaborate that assist
them to renovate new product and accumulate the required resources to grow and develop the
business. Metacognition is the study of higher-study cognitive processes so that the
entrepreneur can frame the task effectively and efficiently. It involves a particular strategy
gathered into a new set of various responses to the decision task (Shepherd et al., 2019).
Q.2 Entrepreneur has a tolerance for ambiguity is termed as risk takers. What do these
characteristics mean for any potential entrepreneur?
Ans2. Start-up entrepreneur deals with uncertainty compounded by continuous changes that
introduce stress and ambiguity into each aspect of the business. It is stated that surprises and
setbacks are unavoidable, which involves structure, order, and delegation, and lack of
organization is a way of life. A tolerance for ambiguity exists when the entrepreneurs face
several transformation and setbacks continuously in their careers and can easily adapt to
diverse situations. They are also willing to take risk frequently, adapt it in a careful manner,
and avoid taking unnecessary risks. They are passionate about their employment, which
means that they are involved in actions in which they are interested in (Lian and Yen, 2017).
Q.3Is it true that entrepreneurs have failed in their business careers.
Ans3.Yes, it is true because of the reason as ventures generated to pursue unique and
innovative opportunities fail due to the uncertain situation within which they grow and
develop. It is quite satisfied for entrepreneurs to fail at some point in their business careers
and there are other reasons for the decline of entrepreneurs like poor marketing, promotional
activities, human resource planning, and poor management (Wyrwich, Stuetzer and
Sternberg, 2016).
Topic 3 The Entrepreneurial Mind-Set in company
Q.1What is corporate Entrepreneurship.

EP 3
Ans1. Corporate Entrepreneurship is a process in which a person or a group of person in
relation to an existing company. It generates a new organization or initiates development
within an organization. A method assists the organization’s efforts to innovate continuously
and adapt efficiently with the competitive environment that organization experience when
contending in the international market. It assimilates the activities that attain resource
commitments and organizational sanction for the objective of innovative results (Dentchev et
al., 2016).
(Hughes and Mustafa, 2017)
Q.2What are two reasons that such a strong commitment to maintaining corporate
entrepreneurs, which has arisen in recent years?
Ans2. The reasons, which elaborate on the strong commitment to develop corporate
entrepreneurship, which has grown in recent years, are economic development, competition,
and publicity. It traditionally maintained the organization, which has a well-suited structure
for the internal efficiencies of distributing controlled resources. It is significant to keep the
entrepreneurial spirit in a company to grow and innovate (İyigün, 2015).
Q.3 Elaborate corporate obstacles that must be overcome to develop corporate entrepreneurial
environment.