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The Entrepreneurial Mindset (EM) – CSELab
Content
Topic 1: Introduction to Entrepreneurship
This unit presents the ideas, theories and examples of entrepreneurship. The learning unit is introductory as it focus on explaining key concepts and providing examples, such as entrepreneurship, intrapreneurship, social entrepreneurship and corporate social entrepreneurship. The unit also focuses on the context for entrepreneurship to happen and flourish, including key aspects such as innovation, corporate identity, purpose, perception, rules, routines and the use of the external environment. Specific unit content: Concepts of entrepreneurship Examples of entrepreneurship The entrepreneur and the components of the entrepreneurial mindset
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The importance of entrepreneurship
The understanding of entrepreneurship over time
Concepts derived from entrepreneurship
Where good ideas come from
The Entrepreneurial Mindset (EM)
Identifying and explaining the key aspects of entrepreneurship
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Entrepreneurship test
30:00
Entrepreneurship slides for classes
Topic 2: Introduction to Corporate Social Entrepreneurship
This learning unit introduces the concept of Corporate Social Entrepreneurship (CSE), related theories and ideas. The unit also presents key aspects for individuals implementing CSE to consider and succeed, e.g. corporate identity, need for change, the importance of purpose and perception, rules and routines, networks and stakeholders, use of local circumstances. Based on a real-world approach, the key CSE dimensions and relevant case studies are depicted, which will provide students with the tools to implement CSE.
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Topic 3: Innovation and Entrepreneurship
This learning unit introduces potential entrepreneurs and learners on the subject to the world of business innovation. In a demystifying approach, the technological and non-technological aspects of innovation are explained, as well as the different levels by which business innovation can occur. This unit presents different ways by which individuals can be responsive in their own environment by exploring opportunities, adapting and creating innovative solutions for changing environments. Specific unit content: Business innovation concept The four different types of business innovation The three different levels of business innovation Incremental vs. Radical innovation
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Topic 4: Introduction to strategic planning
This learning unit aims at presenting down-to-earth methods for entrepreneurs to assess their resources and identify the best solutions to explore opportunities, adapt to them and create innovative solutions for their organisations. The unit explores tools that allow ideas to be developed and converted into value for the organisation and its employees. This unit invites the student to visit different perspectives by which strategy can be formulated and implemented. Specific unit content: Explaining strategy and strategic planning Key elements of strategic planning Generic strategies model Strategic stages
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Topic 5: Introduction to social innovation
This learning unit introduces and discusses key concepts to understand social innovation. This learning unit also explores (i) how sustainability can be considered in business operation and culminate with social innovation; and (ii) the connection between social challenges and business innovation. Specific unit content: The issues for sustainability Social innovation concepts Business models for sustainability
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Introduction to Corporate Social Entrepreneurship

Entrepreneurs are unique individuals who differ significantly from other types of leaders, such as managers and capitalists. The main aspect of the entrepreneurs is their capacity to transform ideas and opportunities into business.

The table below pinpoints. the main characteristics and behaviour of entrepreneurs, capitalists and managers.

(Cuervo, Ribeiro and Roig, 2007)

Another very important aspect that defines the entrepreneurs is the Entrepreneurial Mindset (EM). The EM is an ability and willingness of individuals to rapidly sense, act, and mobilize in response to a judgmental decision under uncertainty about a possible opportunity for gain (Shepherd, Patzelt and Haynie, 2010). The EM leads entrepreneurs to think, reason,make decisions, plan and set goals in relatively unique ways (Baron, 2014).

The influencing attributes of the EM are as follows (Naumann, 2017).

Attribute 1: Cognitive tuning and goal orientation

The mindset changes over time depending on the activity an individual is involved and has the capacity to influence individuals’ cognition for that activity, which is tuned towards that activity to ensure that the task at hand is done most effectively.
 

Attribute 2. Heuristic-based decision logic

 
The use of heuristics and biases is useful in situations of decision making, in which involves high complexity, uncertainty, strong emotion and time pressure. This is because entrepreneurs need to make decisions quickly to use their window of opportunity and to encourage their stakeholders to trust.
 
A heuristic often used by entrepreneurs is representativeness, which is the willingness to generalise from small samples. Individuals tend to draw conclusions from few observations about people or of a situation and infer that this represents the reality.
 
Besides heuristics, entrepreneurs make use of biases to cope with complexity and to make decisions:
 

Attribute 3: Alertness

 
Alertness refers to attentiveness to new opportunities and ability to identify value unexpectedly. It is not the possession of knowledge that leads to the identification of opportunities, but the alertness to the information.
 

Attribute 4: Prior knowledge

 
The combination of work experience, personal events, education and social networks generates knowledge. Individuals possess different knowledge due to their past experiences and sources of information received.
 

Attribute 5: Social interaction

 
Social interaction (or social capital) is created through cooperative trustful relationships with stakeholders, which requires time, energy and financial resources. It is through social interactions that entrepreneurs can access information, make connections and see patterns evolve. Entrepreneurs can leverage their networks and make use of the resources involved in unique ways.
 
The previous five EM attributes explored up to now are the core attributes of EM. These five core attributes share a common characteristic: the effect of their respective cognitive processes translates into recognisable and observable behaviour. The next two attributes of EM are of metacognitive nature and impacts the other five as well.
 

Attribute 6. Metacognition

 
The first metacognitive attribute is the metacognition itself, which consists of the thinking about thinking and applying different strategies depending on the context and task.
 
Entrepreneurs are different in the way they think and act through their different metacognitive abilities and interpretation of the environment. By reflecting on their own thinking process prior to decision-mak- ing, entrepreneurs can adapt their cognition and consequently their actions.
 

Attribute 7. Cognitive adaptability

 
The second meta-cognitive attribute is cognitive adaptability. Cognitive adaptability is the ability to be dynamic, flexible, and self-regulating in one’s cognitions given dynamic and uncertain task environment.
 
The higher the uncertainty in a situation is, the higher the awareness is, and the more strategies will be applied in the thought process (e.g. scenario planning, brainstorming).
 
Therefore, in order to understand the EM, it is necessary to understand its seven influencing attributes. The figure below present an overview of the seven attributes of the EM (based on Naumann, 2017).
 
 

References:

 
•Acs, Z., Audretsch, D., Braunerhjelm, P. and Carlsson, B. (2005) The knowledge spillovertheory of entrepreneurship, Small Business Economics, 32(1), 15-30.
•Antoncic, B. and Hisrich, R.D. (2001). Intrapreneurship: Construct refinement and cross-cultural validation. Journal Business Venturing, 16 (5), 495–527.
•Austin, J.E.; Reficco, E. Corporate Social Entrepreneurship; Harvard Business School: Boston, MA, USA, 2010. Available online: http://www.hbs.edu/faculty/Publication%20Files/09-101.pdf (accessed on 29 October 2021).
•Covin, Jeffrey G., and MP Miles. 1999. Corporate entrepreneurship and the pursuit of competitive advantage. Entrepreneurship Theory and Practice 23 (3):47-63.
•Cuervo, Á., Ribeiro, D., and Roig, S. (2007) Entrepreneurship: concepts, theory and perspective. Introduction. In Entrepreneurship (pp. 1-20). Springer, Berlin, Heidelberg.
•Dees, J. Gregory. 1998. The Meaning of ‘Social Entrepreneurship. Boston, MA: Harvard Business School. Comments and suggestions contributed from the Social Entrepreneurship Funders Working Group.
•Doran, J., McCarthy, N., and O’Connor, M. (2016) Entrepreneurship and employment growth across European regions. Regional Studies, Regional Science, 3(1), 121-128.
•Drucker, P. (1985). Innovation and Entrepreneurship: Practice and Principles. New York: HarperCollins Publishers.

Hill, S., Ionescu-Somers, A. and Coduras, A. (2021) Global Entrepreneurship Monitor 2021/2022 Global Report. Global Entrepreneurship Research Association.

•Kotey, B. Entrepreneurship and regional development: a theoretical framework. Small Enterprise Research, 14(2) 20-45.
•Kuratko, D.F., Montagno, R.V., and Hornsby, J.S. (1990). Developing an intrapreneurial assessment instrument for an effective corporate entrepreneurial environment. Strategic Management Journal, 11, 49–58.
•Leinwand, P. and Mainardi, C. (2014) The 3 elements of a strong corporate identity. Harvard Business Review. https://hbr.org/2014/12/the-3-elements-of-a-strong-corporate-identity
•Mair, J. and Martí, I. (2006). Social Entrepreneurship Research: A Source of Explanation, Prediction, and Delight. Journal of World Business, 41 (1), 36-44.
•Naumann, C. (2017) Entrepreneurial mindset: A synthetic literature review. Entrepreneurial Business and Economics Review, 5(3), 149-172.
•Nicholls, A. (2006). Social Entrepreneurship: New models of sustainable social change. Oxford: Oxford University Press.
•Reynolds, P.D. (2005). Understanding business creation: Serendipity and scope in two decades of business creation studies. Small Business Economics, 24, 359-364.
•Schumpeter, J. A. 1934. The Theory of Economic Development. Cambridge, MA: Harvard University Press.

Shepherd, D.A., Patzelt, H., & Haynie, J.M. (2010). Entrepreneurial spirals: Deviation-amplifying loops of an entrepreneurial mindset and organizational culture. Entrepreneurship: Theory and Practice, 34(1), 59-82. https://doi.org/10.1111/j.1540-6520.2009.00313.x

•Stevenson, Howard, and D. E. Gumpert. 1985. The Heart of Entrepreneurship. Harvard Business Review.
•Schwab, K., (2008). Global corporate citizenship: working with governments and society, Foreign Affairs, 87(1), 107-118.
•Tasavori, M. (2012). «Corporate Social Entrepreneurship at the Bottom of the Economic Pyramid:Antecedents and Outcomes in India», Doctoral thesis, The University of Manchester, UK.
•Thornton, P. H. (1999), “The sociology of entrepreneurship”, Annual Review of Sociology, 25, 19-46.

•Zhao, F. (2005) Exploring the relationship between entrepreneurship and innovation, International Journal of Entrepreneurial Behaviour & Research, 11(1), 25-41.

 
 
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