Ma, H., and J. Tan (2006), Key Components and Implications of Entrepreneurship: a 4P Framework

31 important questions on Ma, H., and J. Tan (2006), Key Components and Implications of Entrepreneurship: a 4P Framework

Where does the 4-P framework consist of?

  • Pioneer
  • Perspective
  • Practice
  • Performance

What is expected of the 4-P framework?

That it helps better understand the essence of entrepreneurship: its theoretical underpinnings as well as its practical implications

What is a pioneer?

The entrepreneur as an innovator or champion for innovation
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What is perspective denoting?

The mindset of the entrepreneur

What is performance denoting?

The outcome or result of entrepreneurial actions and activities

What is the entrepreneurial mindset?

It is a mindset that assigns different values to resources and opportunities than does the general population and a mindset that encourages creativity and innovation, changing the game, and being unique. Finding new ways of doing things: how could we do things differently from current standard practices and therefore become more effective and/or efficient?

What is the intuitive entrepreneurial response regarding perspective?

There has to be a better way!

What are the two themes of perspective?

  • Purpose
  • Policy

Why do entrepreneurs have to be in the entrepreneurial perspective all the time?

  • To constantly refine their vision
  • Sharpen their focus
  • Discover their true destination 

What is the entrepreneurial response of purpose?

Everyone is here for a reason

What does the decision to exploit an opportunity involve?

Weighing the value of the opportunity against the costs to generate that value and the costs to generate the value in other ways.

What is the entrepreneurial response of policy?

It's in the strategy, stupid!

What is the entrepreneurial response for pioneer?

We can make a difference!

What traits do entrepreneurs share?

  • Passion
  • Perseverance (vasthoudendheid)

What is the entrepreneurial response of passion?

Chase your dream!

What are true entrepreneurs?

  • Hopelessly optimistic
  • Amazingly reslilient
  • Unwaveringly resolute (particularly when they are relatively unfamiliar with the problem and/or substantial uncertainty exist)

What is the entrepreneurial response of perseverance?

Never give up!

What about practice: action matters? Where is it about?

Entrepreneurship, as a practice, alters personal fortunes, changes the competitive landscape, and brings fundamental revolution to the world economy. As a business activity, entrepreneurship features a strong action orientation. It is about
  • Doing something
  • Creating something
  • Making things happen.

What will determine the entrepreneurial venture's performance?

The entrepreneurial intensity, the amount and degree of entrepreneurship demonstrated in a firm's activities

How can entrepreneurial intensity be measured?

Through observing how entrepreneurs actively engage in their pursuit of market opportunities and the command of societal resources and human attention under turbulent institutional transformation

What are the two forms of practice?

  • Persuasion (overtuiging)
  • Pursuit

What is the entrepreneurial response of persuasion?

Salesmanship is a natural ingredient of entrepreneurship

What about the pursuit of opportunities?

Entrepreneurial ventures will not fail if they are never launched. But to be successful, the entrepreneurs must be in motion, searching for
opportunities, waiting for the big break, and relying on all the different resources they can draw on to keep going.

What is the entrepreneurial response of pursuit?

God help those who help themselves

What do entrepreneurs aspire?

  • Their vision and shape the future
  • Achieve personal impact on our society
  • Secure their legacy through posterity

What is the entrepreneurial response of profit?

Creating economic value is socially responsible!

Why is entrepreneurship about innovation for the people and by the people?

  • It is about understanding people's needs and desires, as well as their potential.
  • It is about improving the quality of human life, providing people with better value and enabling them to live life to the fullest
  • It is about involving and energizing people inside and outside the organization  

What is the entrepreneurial response of people?

Entrepreneurship is about helping people!

What are the relationships among the 4 Ps?

  • Direct effect model
  • Mediation model
  • Interaction model
  • Full model

What is the direct effect model

Pioneer + Practice + Perspective --> Performance

Why, when and how opportunities for the creation and service come into existence?

  • PURPOSE
  • PROFIT

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