1. Explain the importance perception of feasibility
Entrepreneurial action is most often intentional.
Entrepreneurs intend to pursue certain opportunities, enter new markets, and offer new
products– and this is rarely the process of unintentional behavior.
Entrepreneurial intentions: the motivational factors that influence individuals to pursue
entrepreneurial outcome.
The perception of feasibility has much to do with an entrepreneur’s self-efficacy.
2. What is entrepreneur self-efficacy
Entrepreneurial self-efficacy: the conviction that one can successfully execute the
entrepreneurial process.
People who believe they have the capacity to perform (high self-efficacy) tend to perform well.
It reflects the perception of a personal capability to do a particular job or set of tasks.
High self-efficacy leads to increased initiative and persistence and thus improved performance
Low self-efficacy reduces effort and thus performance.
3. Discuss entrepreneur background and character
Education: education is important in the upbringing of the entrepreneur.
Age: the relationship of age to the entrepreneurial career process also has been carefully
researched.
It is important to differentiate between entrepreneurial age (the age of the entrepreneur
reflected in his or her experience) and chronological age (years since birth).
Work History: It can influence the decision to launch a new entrepreneurial venture, but it also
plays a role in the growth and eventual success of the new venture.
4. What are role model and support system?
Role Model: Individuals whose example an entrepreneur can aspire to and copy.
One of the most important factors influencing entrepreneurs in their career path is their choice of a role
model.
Role models can be parents, brothers or sisters, other relatives, or other entrepreneur.
Successful entrepreneurs frequently are viewed as catalysts by potential entrepreneurs.
5. What is corporate entrepreneurship
Entrepreneurial action within an established organization.
The resistance against flexibility, growth, and diversification can, in part, be overcome by developing
a spirit of entrepreneurship within the existing organization called corporate entrepreneurship.
An increase in corporate entrepreneurship reflects an increase in social, cultural, and business
pressures.
New business venturing (sometimes called corporate venturing) refers to the creation of a new
business within an existing organization.
These entrepreneurial activities consist of creating something new of value either by redefining
the company’s current product or service, developing new markets, or forming more formally
autonomous or semiautonomous units or firms.
Self-renewal is the transformation of an organization through the renewal of the key ideas on
which it is built.
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