Thinking Entrepreneurially - Entrepreneurial Motivation
Entrepreneurs cause entrepreneurship: market opportunities, technology changes and other factors influence entrepreneurship – but, the entrepreneur is at the heart of the matter.
Understanding entrepreneurs: who are they, what they think, how do they think and what influences their decision.
Entrepreneurial Motivation:
1. Self-efficacy: It is related to control and confidence and is defined as your belief in your ability to accomplish a specific task. It is top indicator of individual performance in a wide variety of tasks.
Improving self-efficacy:
a. Mastery: Start small: learn by small things and move on to big tasks. Experience incremental success.
b. Role modelling: Observe success of others that are similar.
c. Social persuasion: Verbal encouragement from trusted sources.
d. Psychological cues: Exhibit a positive mood and high energy.
2. Cognitive motivation: Cognition is the process of thought. Individuals high in need for cognition (thinking) tend to seek, acquire, think and reflect on relevant information. Individuals low in need for cognition tends to rely on experience, assumptions and luck. Analysis paralysis is when you over analyse the situation.
3. Tolerance for ambiguity: It is defined as the tendency to perceive ambiguous situation as desirable than threatening. It is important for entrepreneurs to make complex decisions quickly with limited information.
Understanding entrepreneurs: who are they, what they think, how do they think and what influences their decision.
Entrepreneurial Motivation:
1. Self-efficacy: It is related to control and confidence and is defined as your belief in your ability to accomplish a specific task. It is top indicator of individual performance in a wide variety of tasks.
Improving self-efficacy:
a. Mastery: Start small: learn by small things and move on to big tasks. Experience incremental success.
b. Role modelling: Observe success of others that are similar.
c. Social persuasion: Verbal encouragement from trusted sources.
d. Psychological cues: Exhibit a positive mood and high energy.
2. Cognitive motivation: Cognition is the process of thought. Individuals high in need for cognition (thinking) tend to seek, acquire, think and reflect on relevant information. Individuals low in need for cognition tends to rely on experience, assumptions and luck. Analysis paralysis is when you over analyse the situation.
3. Tolerance for ambiguity: It is defined as the tendency to perceive ambiguous situation as desirable than threatening. It is important for entrepreneurs to make complex decisions quickly with limited information.
This blog post is based on my learnings from the course on ‘entrepreneurship’ offered by Maryland Technology Enterprise Institute, University of Maryland through Coursera (2014).
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