Course
Topic
Faculty
Entrepreneurship
Essentials of Entrepreneurship: Thinking & Action
Dr. Sumukh S. Hungund
Essentials of Entrepreneurship: Thinking & Action
Learning Objectives
At the end of this session, you will be able to:
 Introduce the concept of entrepreneurship and explain the process of
entrepreneurial action
 Describe the entrepreneurial thinking process
Essentials of Entrepreneurship: Thinking & Action
Nature of Entrepreneurship
 Entrepreneurship plays an important role in the creation and growth of business.
 Entrepreneurial opportunities
 Situations in which new goods, services, raw materials, and organizing methods:
Can be introduced
 Sold at greater than their cost of production
 Entrepreneurial action:
 Involves creation of new products or processes
 Involves entry into new markets

Essentials of Entrepreneurship: Thinking & Action
Nature of Entrepreneurship
 May occur through a newly created organization or within an
established organization
Entrepreneurial thinking
 An individuals’ mental processes of overcoming ignorance to:
 Decide whether a signal represents an opportunity for someone
 Decide whether that opportunity is applicable to the individual
specifically
 Process feedback from action steps taken
Essentials of Entrepreneurship: Thinking & Action
Entrepreneurial Action
Fig. : McMullen-Shepherd model
Essentials of Entrepreneurship: Thinking & Action
Entrepreneur’s Thinking
 Think Structurally
 Superficial similarities
 Structural similarities
 Engage in Bricolage
 Effectuation
 Causal Process
 Effectuation Process
 Cognitive Adaptability
 Comprehension Questions
 Connection task
 Strategy
 Reflection
Essentials of Entrepreneurship: Thinking & Action
Intention to Act Entrepreneurially

Entrepreneurial Intention

Entrepreneurial Self-efficacy

Perceived Desirability
Essentials of Entrepreneurship: Thinking & Action
Entrepreneur Background and Characteristics

Education

Age

Work History
Essentials of Entrepreneurship: Thinking & Action
Summary
Key points discussed in this session:
 Nature of entrepreneurship
 Entrepreneur’s thinking
 Background and Characteristics
Essentials of Entrepreneurship: Thinking & Action
References
Book References:
 Hisrich, R D., Peters, M P, Shepard D A, Entrepreneurship ( 10e), Tata McGrawHill, 2017
 Murray, E L., Neck, H M., Neck, C P.
Entrepreneurship: The Practice and Mindset (2 edition) Sage Publication