Entrepreneurship: Several Principles Of Teaching

Entrepreneurial thinking involves getting into the stories of certain individuals and realizes how they find the reason of specific problems to transform an idea into specific firm. The entrepreneurial thinking lets an individual to talk to others and solve decision problems for building a company based on the same product idea. Thorough analysis of gathered information leads to several principles of teaching. When this set of principles is put together based on logic to distinguish the rational form which can be recognized as entrepreneurial. The reasons that become clear in such a way can be termed as entrepreneurial reasoning.

Entrepreneurial thinking is different from causal thinking as the latter one is a set of pre- decided goal with given series of means to find out the suitable, fastest, cheapest and the most effective way to achieve the target goal. Causal reasoning involves make vs. buy decision in production or selection of the target market. Causal reasoning is also involves the making of extra alternatives for attaining the target goal. Entrepreneurial thinking does not start with a fixed target goal unlike causal thinking. Rather, it allows the goals to emerge gradually from imagination and aspiration (Sarasvathy 2001, p. 2).  

To be able to think like an expert entrepreneur is the best option for an individual. The experts choose entrepreneurial reasoning over causal reasoning because it is effective in the beginning of a new venture as most of the entrepreneurs do not do well with the growing of the company which needs causal reasoning. It is essential for an entrepreneur to be creative so to think like an expert entrepreneur is very relevant to the major field of study. It is mentioned in the study that both causal and entrepreneurial reasoning requires skills and training for the specific domain but entrepreneurial thinking demands more spontaneity, imagination, innovation, improvisation along with salesmanship and risk taking. The relevance lies in the field of study because the entrepreneurs begin the process of entrepreneurship with their own identity, abilities, likes and what is their knowledge base along with the knowledge of their acquaintances. These ways are used by the entrepreneurs to think and imply the feasible effects. This is because they start with a meager means which are instantly available at a close distance and move towards their target without much planning and plotting. Causal reasoning involves proper planning and execution but entrepreneurial thinking involves only execution. (399 words)

About entrepreneurial mindset, the author has mentioned that uncertainty can be used for the benefit of an individual to create a way of thinking about the business which grabs the advantages of uncertainty. It is important to note in this book that if the entrepreneurial nature becomes secondary then it will be easy to recognize the uncertain and potential opportunities in the market which can be exploited with total confidence and speed. The author stated that at this particular point, uncertainty gets the support of the individual instead of negligence.

The points mentioned in this book by McGrath and MacMillan (2000, p. 2) can be argued that as the success of entrepreneurship is action- oriented therefore the contents of this book are intended to give insights that can be put instantly to work even in uncertain situations. Again, it can be argued that the concepts are made in such a way that they are easy and simple to describe. With rapid movement, only confusion and delay is caused because of complexity. A role of an entrepreneur is to solve complexity such that the colleagues can retain their self- confidence.

The major field of study is entrepreneurial mindset which grabs the individual when he begins to think and act as the unusual people who are known as habitual entrepreneurs. These individuals start their careers by making business, working in a business or starting independent ventures. This book focuses on the observation carried out by these entrepreneurs, their thinking, behavior and what is their actual ability. They mainly look into the factor of uncertainty to create simplicity in those areas which are found complex by others and they also engage in adopting learning taken from calculated risks. They are able to determine the passing opportunities which can be expensive to be slow rather than be wrong. (299 words)

Reference

McGrath, R.G. and MacMillan, I.C., 2000. The entrepreneurial mindset: Strategies for continuously creating opportunity in an age of uncertainty (Vol. 284). Harvard Business Press.

Sarasvathy, S.D., 2001. What makes entrepreneurs entrepreneurial?.