This document provides an overview of key concepts in entrepreneurship and the entrepreneurial mindset. It defines an entrepreneur as someone who takes initiative and bears risk to bundle resources innovatively. Entrepreneurship is creating something new with value through time and effort. The entrepreneurial process involves creating value while assuming financial, psychic and social risks. Other concepts covered include opportunity identification, the entrepreneurial mindset of rapid sensing and acting under uncertainty, and business ethics.

1. Entrepreneurship Management
Chapter 1: ENTREPRENEURSHIP AND THE ENTREPRENEURIAL MIND-SET
ENTREPRENEUR - An individual who takes initiative to bundle resources in
innovative ways and is willing to bear the risk and/or uncertainty to act.
ENTREPRENEURSHIP – The process of creating something new with value by
devoting the necessary time and effort.
ENTREPRENEURIAL ACTION - The behavior in response to a judgemental
decision under uncertainty about a possible opportunity for profit.
ENTREPRENEURIAL PROCESS – The process of creating something new with
value by devoting the necessary time and effort assuming the accompanying
financial psychic and social risk and receiving the resulting rewards of
monetary and personal satisfaction.
OPPORTUNITY IDENTIFICATION – The process by which an entrepreneur
comes up with the opportunity for a new venture.
WINDOW OF OPPORTUNITY – The time period available for creating the new
ventures.
BUSINESS PLAN – The description of the future direction of the business
CAUSAL PROCESS A – A process that starts with a desired outcome and
focuses on the means to generate that outcome.
EFFECTUATION PROCESS A – A process that starts with what one has (who
they are, what they know, and whom they know) and select among possible
outcomes.
ENTREPRENEURIAL MINDSET – Involves the ability to rapidly sense, act and
mobilize, even under uncertain condition.
COGNITIVE ADAPTABILITY – Describes the extent to which entrepreneurs are
dynamic, flexible, self regulating, and engaged in the process of generating
multiple decision frameworks focused on sensing and processing changes in
their environments and then acting on them.
COMPREHENSION QUESTIONS – Questions designed to increase
entrepreneurs understanding of the nature of the environment.

2. CONNECTION TASK – Tasks designed to stimulate entrepreneurs to think
about the current situation in terms of similarities to and differences from
situations previously faced and solved.
STRATEGIC TASKS – Tasks designed to stimulate entrepreneurs to think
about which strategies are appropriate for solving the problem (and why) or
pursuing the opportunity (and how).
REFLECTION TASKS – Tasks designed to stimulate entrepreneurs to think
about their understanding and feelings as they progress through the
entrepreneurial process.
LOSS-ORIENTATION – An approach to negative emotions that involves
working through, and processing, some aspect of the loss experience and, as a
result of this process, breaking emotional bonds to the object loss.
RESTORATION- ORIENTATION – An approach to negative emotions based on
both avoidance and a proactiveness toward secondary sources of stress arising
from a major loss.
DUAL PROCESS FOR COPING WITH NEGATIVE EMOTIONS – Involves
oscillation and restoration orientation.
BUSINESS ETHICS – The study of behavior and morals in a business
situation.
PRODUCT EVOLUTION PROCESS- The process for developing and
commercializing an innovation.
INTERATIVE SYNTHESIS – The intersection of knowledge and social need that
starts the product development process.
ORDINARY INNOVATION – New products with little technological change.
TECHNOLOGICAL INNOVATIONS – New products with significant
technological advancement.
BREAKTHROUGH INNOVATIONS – New products with significant
technological advancement.