autotelic

the term self-regulation refers to a collection of skills and capabilities indi-viduals use to select key goals, monitor progress toward them, and adjust their behav-ior (their thoughts, emotions, and actions) so as to enhance such progress.

he “BigFive” dimensions of personality

In combination, high levels of optimism and high levels of self-efficacycan prove deadly for entrepreneurs with limited resources.

Perhaps the variable found in research to distinguish entrepreneurs from others is self-efficacy

Loose or weak ties, in contrast, lead to (or are associated with) bridging social capital

Close (strong) ties are often viewed as leading to, or at least being associated with, whatis known as bonding social capital

ocial capital provides entrepreneurs with increased accessto both tangible and intangible resources.

social capital refers to, and derives from, the social ties entrepreneurs have withothers and the benefits they can obtain from these ties

The combined benefits entrepreneurs derive from their social networks are oftenknown as social capital.

Social networks are social structures composed of a set of members (which can beeither individuals or organizations), and the ties between them—in essence, who knowswhom, to what extent, and in what context.

counterintuitively, entrepreneurs may actually experience lower levels of stress thanpersons in many other occupations.

cognitive, emotional, and physiological reactions resulting fromthe perception by an individual that she or he cannot cope with current, seeminglyoverwhelming conditions

Psychological capital refers to a combination of four variables: self-efficacy, optimism,hope, and resilience

feelings of subjective well-being

effects fall into threedistinct categories

Dealing with Business Failure

There’s nothing better thanachieving your goals, whatever they might be,

The greater the extent to which they possess this equipment —skills,knowledge, understanding of their own motives, the self-discipline to act on them, sev-eral personal characteristics, and an effective balance between passion and reality (e.g.,setting attainable goals)—the more likely they will be to succeed

some have gone so far as tosuggest that entrepreneurs are, to a large extent interchangeable: If one person does notrecognize and act on an opportunity, someone else will, and there is little if anythingspecial about the persons who are first on the scene

: trying to understand entrepreneurship without understandingentrepreneurs is like trying to understand Shakespeare without including Hamlet.

While creativity and effective opportunity recognition are important cognitive toolsfor entrepreneurs, another is the ability to resist what might be termed “cognitive traps.

ne view of opportunities suggests that they exist “out there” as patternsthat have not yet been recognized by individuals—anyone!—but then, when a personwith the right background experience and training appears, these patterns are identifiedand may form the basis for important entrepreneurial activity. Another view of oppor-tunities is that they are created by entrepreneurs themselves

pattern recognition—what is known in everyday speech as “connecting the dots.” More formally, it refers toperceiving connections between various conditions, events, or markets that are notcurrently recognized by others

Identifying potential opportunities does not necessarily involve new ideas, but inmany cases it does. In such instances, opportunity recognition refers to processeswhich lead to the discovery or creation of the means of generating value (financial orsocial) that are not currently being exploited

ideas emerge from, and reflect,individual creativity.

entrepreneurship begins with ideas—ideas for something new,useful, and, hopefully, better than what exists at present