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Entrepreneurship - ENT3003 - Ch. 1-4 Tests - Exam 1

Terms in this set (63)

Throughout the ages, entrepreneurs have made changes to the world with inventions such as Benjamin Franklin's ______.
lightning rod
The outdated process approach to entrepreneurship suggested that if you ______.

a. understand the pitfalls of starting a new business, you will succeed

b. follow the methods used by other entrepreneurs, you will succeed

c. follow ten particular steps, your new venture is more likely to succeed

d. have your family members help you, you will succeed
follow ten particular steps, your new venture is more likely to succeed
True or False: Entrepreneurship can be taught.
True
True or False: A less risky way to become an entrepreneur is to buy an existing small business.
True
If you find a strategic partner or contact friends to test out your new idea, you are using the ______ method.

a. startup

b. entrepreneurial

c. small business

d. managerial
entrepreneurial
True or False: One of the eight components of the Practice of Entrepreneurship is to take large action.
False
What are the Eight Components of the Entrepreneurship Method?
1. Identify your desired impact on the world
2. Start with the means at hand
3. Describe the idea today
4. Calculate affordable loss.
5. Take small action.
6. Network and enroll others in your journey.
7. Build on what you learn.
8. Reflect and be honest with yourself.
A method of carrying out carefully focused efforts to improve current performance is ______.

a. entrepreneurship

b. habitual practice

c. effectuation

d. deliberate practice
Deliberate Practice
When you are starting your new company, you ______.

a. should check your employment contract for any language prohibiting you from working a side job

b. can use your current employer's resources

c. should only work on the weekends as to not interfere with your other job

d. should quit your job right away to pursue your new interest
should check your employment contract for any language prohibiting you from working a side job
True or False: Serial entrepreneurs start several businesses.
True
The majority of funding is usually contributed by ______.

a. entrepreneurs

b. friends

c. family

d. investors
entrepreneurs
True or False: An entrepreneurial venture tends to have lots of data and tools to predict outcomes.
False
The entrepreneurship method is ______.

a. linear

b. predictive

c. collaborative

d. competitive
collaborative
True or False: One of the eight components of the Practice of Entrepreneurship is to describe the idea today.
True
One of the most common mistakes of entrepreneurs is to ______.

a. risk too much

b. ask for too much help from mentors

c. be overly optimistic and confident

d. give up too soon
be overly optimistic and confident
True or False: If a work colleague tells you about his new work venture over lunch, you should tell your boss.
False
Something that is an unconscious pattern of behavior carried out often and regularly is ______.

a. midset

b. creativity

c. passion

d. habit
Habit
Which of the following are improvisation guidelines?

a. There's no such thing as being wrong.

b. Improvisation is just for actors or musicians.

c. It's all about being predictable.

d. It is an individual activity but you will have support of the group.
There's no such thing as being wrong
True or False: Today's scientists have proven that one side of the brain is more dominant than the other.
False
True or False: People who consider themselves lucky are more open to recognizing chance opportunities.
True
When entrepreneurs set out what they want to accomplish, they are ______.

a. self-correcting

b. self-goal setting

c. self-observing

d. self-rewarding
self-goal setting
It was Franklin Yancey's ______ that kept him on the right track and ultimately led to his success in multiple businesses.

a. experience

b. persistence

c. mindset

d. risk-taking focus
mindset
The assumption held by people who believe that their abilities can be developed through dedication, effort, and hard work have a ______.

a. fixed mindset

b. lucky streak

c. growth mindset

d. passion
growth mindset
By studying jazz pianists using an MRI machine, scientists learned that when the self-censoring area part of the brain is shut off, the brain is able to generate ______.

a. memorized concepts

b. self-control

c. expected results

d. unpredictable ideas
unpredictable ideas
Entrepreneurs tend to have more creativity because they are ______.

a. studying creativity in school

b. using trial and error

c. practicing the creative process more regularly

d. learning from creative specialists
practicing the creative process more regularly
The General Self-Efficacy Scale (GSES) is used to measure ______.

a. habit

b. motivation

c. stress

d. self-efficacy
self-efficacy
When you stop throughout the day to ask yourself what you have accomplished, you are using ______.

a. self-reward

b. self-observation

c. self-cueing

d. self-goal setting
self-observation
Franklin Yancey's entrepreneurial ______ made it possible for him to start his stadium seat business.

a. drive

b. mindset

c. help

d. spirit
mindset
What is the ability to quickly sense, take action, and get organized under uncertain conditions?

a. fixed mindset

b. leadership mindset

c. growth mindset

d. entrepreneurial mindset
entrepreneurial mindset
Entrepreneurs benefit from ______ because it helps them rapidly sense and act as well as change direction quickly.

a. creativity

b. improvisation

c. self-cueing

d. habit
improvisation
Creative people tend to have what type of traits?

a. confusing
b. creative
c. polarized
d. authentic
polarized
True or False:
Most inventions come from an isolated inventor.
False
Several reasons exist as to why entrepreneurs spot opportunities more than non-entrepreneurs, including the fact that they ______.

a. possess different cognitive styles
b. do not take risks
c. have more passion
d. are luckier
possess different cognitive styles
In rating a new idea, which idea dimension ranks high in novelty?

a. imitation
b. innovation
c. irrelevant
d. improvement
Innovation
Why is the iPhone an example of the design pathway?

a. Nothing like it had existed before.
b. It required no imagination.
c. It was a value-creating idea.
d. It was based on an existing global market of communication.
It was a value-creating idea.
This is defined as a pathway that can uncover high-value opportunities because the entrepreneur is focusing on unmet needs of customers, specifically latent needs.

a. Find Pathway

b. Search Pathway

c. Design Pathway

d. Effectuate Pathway
Design Pathway
This is defined as a pathway that assumes that opportunities exist independent of entrepreneurs and are waiting to be found.

a. Find Pathway

b. Search Pathway

c. Design Pathway

d. Effectuate Pathway
Find Pathway
This is defined as a pathway used when entrepreneurs are not quite sure what type of venture they want to start, so they engage in an active search to discover new opportunities.

a. Find Pathway

b. Search Pathway

c. Design Pathway

d. Effectuate Pathway
Search Pathway
This is defined as a pathway that involves using what you have (skills, knowledge, abilities) to uncover an opportunity that uniquely fits you.

a. Find Pathway

b. Search Pathway

c. Design Pathway

d. Effectuate Pathway
Effectuate Pathway
______ is the process when you expand concepts to new applications or add innovative twists.

a. Enhance

b. Anticipate

c. Target

d. Identify
Enhance
True or False: The best strategy to generate new ideas is the analytical strategy.
False
The most common form of value is ______.

a. opportunity

b. economic

c. environmental

d. social
economic
Successful entrepreneurs often have prior knowledge with respect to which of the following?

a. services

b. customers

c. goods

d. competitors
Customers
The easiest and most common pathway is the ______ approach.

a. searching

b. finding

c. designing

d. effectuating
Finding
When applying the ______ stage, the entrepreneur may come up with new applications or innovative twists.

a. discovery

b. identity

c. brainstorm

d. enhance
enhance
True or False:

Inventions that succeed in finding a market move to the innovation stage.
True
For an idea to be viable, it should be ______ and ______.

a. unique and useful

b. unusual and trendy

c. unique and unusual

d. trendy and useful
unique and useful
True or False:

IDEO found it easy to redesign the Los Angeles voting system since it was only a matter of making a voting machine.
False
Developing keen observation skills requires _______.

a. personality

b. perfection

c. participation

d. practice
Practice
True or False:

Desirability is how sustainable the idea is in the long term.
False
_______ is determining what products or services people need.

a. Feasibility

b. Desirability

c. Viability

D. Sustainability
Desirability
True or False:

Design thinking involves "if you build it, they will come."
False
What type of questions should the designer ask during the inspiration phase?

a. yes/no

b. fill-in-the-blank

c. true/false

d. multiple choice
fill-in-the-blank
When conducting an interview, you should ________.

a. act nervous to put the person at ease

b. ask questions you know the answers to as confirmation

c. ask yes/no questions

d. ask broad, open-ended questions
ask broad, open-ended questions
Which of the following is the correct order of Stanford Design School's five phases of design-thinking from first to last?

a. prototype, test, ideate, define, empathy

b. ideate, empathy, define, prototype, test

c. empathy, define, ideate, prototype, test

d. define, ideate, prototype, empathy, test
empathy, define, ideate, prototype, test
In addition to designing a voting machine for the Los Angeles community, IDEO needed to consider ________.

a. regulations

b. transportation

c. exposure

d. exclusivity
regulations
For design thinkers, an idea is deemed successful if it strikes a balance among three main criteria. To determine ______, they ask how sustainable an idea is in the long term.

a. viability

b. feasibility

c. sustainability

d. desirability
viability
Human emotions or desires discovered during the design-thinking process are ______.

a. social status

b. wants

c. needs

d. irrelevant
needs
What is the action of closely monitoring the behavior and activities of users/potential customers in their own environment?

a. observation

b. inspiration

c. insight

d. ideation
observation
One of the key factors of brainstorming, according to writer and advertising executive, Alex Osborne, is to ______.

a. tell people to only come up with their best three ideas

b. forget that creativity matters

c. activate brainstorming by handing out awards

d. hold back criticism until the creative current has had every chance to flow
hold back criticism until the creative current has had every chance to flow
When conducting an interview, in addition to the questions, you should record ______.

a. the person's tone when answering the question

b. but not repeat the answers

c. the time and temperature during the interview

d. basic facts about the person
basic facts about the person
True or False:

Design thinking applies to new products and services only.
False
What is the starting point of design thinking?

a. sustainability

b. viability

c. feasibility

d. desirability
desirability
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