1. What is entrepreneurship? How would you define it according to the readings, videos, and class discussions? 2. According to the article, Viewing marketing through entrepreneurial mindset: A systemi

Roles of Neuroentrepreneurship

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Roles of Neuroentrepreneurship

One of the significant interests of various business people in entrepreneurship study is determining the likely economic development prospects that entrepreneurs can provide. Neuroentrepreneurship can be understood as the study of the behavior of entrepreneurship with the involvement of technology-related techniques. There exist literature-related ideas from neuroscience and entrepreneurship studies, but the meanings and the interconnections are inconsistent. The investigators in entrepreneurship are working tirelessly to discover new methods of identifying and encouraging entrepreneurs on how they can perform better. To effectively solve and come up with a better response, the techniques of neuroscience such as neuroeconomics, neuropoietic, and neuromarketing are required. With this information, it is significant to understand the roles of neuroentrepreneurship.

Neuroentrepreneurship provides the idea of using various desired business tools in identifying the currently acknowledged theoretical opinions on entrepreneurial behavior. Various organizational researchers have teamed up with neuroscientists to scientifically identify how entrepreneurs' brains operate and how their neural mechanisms are distinct from others. As a currently and rapidly emerging field, neuroentrepreneurship has already dwelled on conscious and unconscious techniques behind entrepreneurial behaviors and propensities. The neuro-approach attached to entrepreneurship behaviors, however, varies from one entrepreneur to another as per their disparities in origins, involving family, region, demography, sociological, culture, and education (Pablo, 2021). Neuroscience tools and neuroentrepreneurship approach further caries an exciting potential that assists in experimenting with the new hypothesis in business and the significance of triggering theatrical variations in the current idea of entrepreneurial behavior.

Consequently, the applied neuroscience techniques, majorly involving neuromarketing, basically address the emotional dimension of customers instead of long-term impacts. Neuroentrepreneurship provides basic knowledge of understanding the process of entrepreneurial decision-making concerning the successful application of literature (Pablo, 2021). For instance, the Japanese maker Toyota Motors successfully prioritized suggesting solutions to men with midlife challenges with luxury motor vehicles. Suppose the world market competition increases very fast. In that case, the entrepreneurs must be in a position to understand the cognitive as well as neural techniques that have a driving influence on their decision-making process. This will enable them to develop their business easier and more successfully. It is also clear that most successful business individuals tend to have spontaneous and genetic abilities to overcome various business challenges. This enables multiple business organizations, entrepreneurs with talented advertising specialists, and successful marketers to cognitively understand consumer needs and respond to them on time.

Conclusively, neuroentrepreneurship has become a famous interdisciplinary area that aims to identify the entrepreneurial mindset. According to Pablo (2021), enough identification and creation of the entrepreneurial cognitive and neural processes will help business researchers to give their opinion on the more efficient decision-making process that shall create the way for a higher level of business success. Through this, entrepreneurs can focus on short-term and long-term investments, which shall be tested scientifically. Predictably, the neuroscientific methods and approaches may result in effective decision-making processes for more profitable and sustainable results, including in a hostile competitive environment. A proper understanding of the entrepreneurial decision-making process would be essential for learning and guiding business people in diverse sectors.

Reference

Pablo Martin de Holan (2013). It’s all in your head: Why we need neuroentrepreneurship;.

Journal of Management Inquiry, 23(1), 93-97. https://dergipark.org.tr/en/download/article-file/1449123