Lesson 1, Topic 1
In Progress

1.8 Entrepreneurial Scripts

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  • Why do some people, or groups of people, achieve high performance economic results while others donot? Is there a relationship between the attainment of high performance economic results and transaction cognitions (a type of economic thought
    • “Cognition has emerged as an important theoretical perspective for understanding andexplaining human behavior and action” (Dutta & Thornhill, 2008, p. 309).
      • Cognitions are all processes by which sensory input is transformed, reduced, elaborated,stored, recovered, and used (Neisser, 1976).
      • Cognitions lead to the acquisition of knowledge, and involve human information processing.
    • Knowledge structure/script:
      • Is a mental model, or information processing short-cut that can give information form andmeaning, and enable subsequent interpretation and action.
      • The subsequent interpretation and actions can result in expert performance … they can alsoresult in thinking errors.
    • Entrepreneurial scripting exercises are critical to giving learners an explicit understanding of:
      • the processes that transfer expertise, and
      • the actual expertise itself.
    • The structure of scripts (based upon Mitchell (2000)
      • Scripts are generally framed as a linear sequence of steps, usually with feedback loops, thatcan explain how to achieve a particular task – perhaps like developing a business plan.
      • Sometimes scripts can be embedded within other scripts. For example, within a general venturing script that outlines the sequences of activities that can lead to a successful businesslaunch, there will probably be sub-scripts describing how entrepreneurs can search for ideas,screen those ideas until one is selected, plan how to launch a sustainable business baseduponthat idea and including securing the needed financial resources, setting up the business, starting it, effectively managing its ongoing operations, and managing the venture such that that

entrepreneur can extract the value that they desire from the enterprise at the times and inthe ways they want it.

  • The most effective scripts include an indication of the norms that outline performance standards and indicate how to determine when any step in the sequence has been properly completed.