Creativity and Entrepreneurship Exam 1

Which of the statements below best describes that of a growth mindset

Believing your talents can be developed through hard work, good strategies and input from others

An entrepreneurial skillset that involves articulating configurations of economic relationships one might create in order to deliver a solution is called

Business modeling

When Dr. Ford argued that entrepreneurs are not stupid, but they are often ignorant, he was making the point that

Contemporary entrepreneurs often lack knowledge when they begin their journey, but they employ modern methods that help them learn from their actions

When judging the fit between an entrepreneur's capabilities and the types of offering they are considering, which of the following questions would be most relevant?

Can you deliver the experience at a profit

Having low optimism ___________________; while having high optimism _________________.

Hinders motivation; leads to underestimating the challenges you face

When one begins an entrepreneurial journey to pursue a novel idea, their next steps are primarily motivated by their passion to pursue a novel idea. Their next steps are primarily motivated by

Hope faith and guesses

An entrepreneurial skillset that involves assembling the human, knowledge, network and financial capital necessary to succeed, and developing contingency plans capable of addressing unexpected contingencies is called

Launching

Jessica recently accepted an entry level position at a social media marketing company but was able to get her company to invest in a new staffing initiative she created by developing and justifying her idea. This example best illustrates which of the following benefits of developing an entrepreneurial mindset?

Lead when you are not a leader

Temporary organizations used to search for repeatable and scalable business models are called

Startups

An entrepreneurial skillset that seeks to address how you will help others, and often employs methods such as customer discovery is called

Understanding problems and people

When judging the fit between a problem and a customer, it is especially important to consider whether you

Understanding the way the customer experiences the problem

The article from the Smithsonian you read provides provocative quotes and recent neuroscience research evidence that describe creativity as resulting from

Novel combinations of previously learned ideas

Since _______ contributions are seldom required, more initiative is required to be an "original"or ______________ than to perform a well-defined role

Novel; entrepreneur

According the Figment, the adorable dragon featured in Disney's imagination ride at Epcot, what is at the heart of all creation - right at the start of everything new?

One little spark of inspiration

Optimism refers to

Ones expectations that situations will be supportive, favorable, and fair

What is the primary difference between opportunity and necessity-based motives of entrepreneurship?

Opportunity-based motives seek to attain positive outcomes, while necessity-based motives seek to avoid negative outcomes

Really good businesses, especially those that have high profit margins, find ways to offer delightful, sometimes unexpected touches to their offerings that motivate purchases, loyalty and positive referrals. Understanding how to "kick it up a notch" like this requires judging the fit between your

Solutions and how people experience your offerings

According to the Techstar's video describing entrepreneurial journeys, and their efforts to support entrepreneurship, what is the first step that happens in an entrepreneur's journey?

inspire

The process of decide whether to make additional investments in a course of action by imagining or forecasting what might happen if you take another step is called

justification

What you can imagine is based on what you've

learned

What kinds of jobs account for most job growth in the US?

non-routine

Based on the logical relationships among these concepts, which of the following is the hardest to find or create?

opportunities

Your entrepreneurial mindset can help you do all of the following except

sell

Your entrepreneurial mindset can help you do all of the following except:

sell

According to Just Start chapter 1, a core creativity and entrepreneurship action principle requires that you reflect, learn and imagine how you will make progress to your next milestone. This action principle most directly addresses

smart steps

Startup ventures need to be profitable in order to deliver their offerings to their customers long term. Which of the following best describes this creative value proposition attribute?

sustainability

Taco Bell offers common Mexican food options to mass market customers. Which of the following is the most prominent dimension of their creative value proposition?

value

According to a compelling survey by Purdue University and the Gallup company, the percentage of Millennials, Gen-X, and Baby Boomer who report being engaged at work is approximately:

30%

What is the concept for determining how much you can personally risk when taking a smart step?

Affordable loss

It is critically important for entrepreneurs to be aware of competition they face when trying to engage customers. Which of the following potential contributors to novelty and value most directly addresses competition?

Alternatives

The primary goal of using the Value Proposition Canvas is to

Articulate a value proposition that is demonstrably novel and valuable

One important judgment that successful entrepreneurs make is their affordable loss related to a specific startup step. If someone is currently far below their aspirations and is focused on the best case scenario related to a startup step, you should expect them to

Be willing to take risk since their opportunity cost is low

Entrepreneurs Don't follow paths, they ____________________

Create paths

An entrepreneurial skillset that utilizes disciplinary knowledge and expertise to design viable offerings, and often employs prototyping as a means of generating feedback and improving designs is called

Creating solutions

Which of the following is associated with an individual's identity with respect to regularly undertaking novel and valuable actions?

Creative personality

In his TED Talk, "How to build your creative confidence," David Kelly explains why creativity is shouldn't be perceived as a special ability accessible only to a select few. His overall message is that we should not divide people into creative vs. non-creative, but rather work to build everyone's

Creative self-efficacy

Bruce was having an argument with his friends about whether his favorite band was "creative". His friends thought the music was novel, but also weird and unpleasant. Thus, they didn't consider it to be creative. Which of the following aspects of defining creativity is most important to understanding why Bruce's friends didn't attribute creativity to his favorite band?

Creativity is an assessment that reflects both novelty and value

Nora created a successful startup venture by selling exotic scarves that were very common in Croatia to people in Chicago were unfamiliar with the designs and, therefore, considered them to be creative. Which of the following aspects of defining creativity is most important to understanding Nora's success in this example?

Creativity needs to be assessed at a particular point in time in a particular task domain

Entrepreneurial journeys typically require you to create your own path, rather than follow a path defined by others. This requires you to adopt the mindset of a(n)

Creator and explorer

Which of the following potential source of novelty and value requires the greatest focus on individual's goals, preferences and habits?

Customer

Judging whether customers are frustrated is an important evaluation to make when assessing fit between

Customers and their current alternatives

David Kelly is one of the world's most famous CEO's and designer. He is dedicating his life to improving peoples' creative confidence by using a guided mastery technique created by the famous psychologist Albert Bandura in which people

Gradually confront their fears through a series of small steps

The outer ring of the Value Proposition Canvas highlights ways in which you might differential your proposal from other offerings thereby promoting

Divergent thinking

Which of the following questions is not a basis of 3rd person opportunity beliefs?

Do I want to do it?

An entrepreneurial skillset that involves telling the story behind your creative value proposition and building a capable team is called

Enrolling others

Which of the following potential contributors to novelty and value requires consideration of an individual's desire, knowledge and mindset?

Entrepreneur

Which of the following contributes to an entrepreneurial mindset primarily by creating favorable judgments regarding potential actions?

Entrepreneurial self efficacy

Based on the clever study conducted by Dr. Thomas Astebro and his colleagues that examined entrepreneurs' consumption (rather than income, which entrepreneurs tend to understate), how do entrepreneurs' average earnings compare to average employee earnings?

Entrepreneurs earn approximately 40% more

___________________ is a process of designing, implementing and sustaining business models that diffuse innovations and create value.

Entrepreneurship

Which bias occurs when one increases investment in failing courses of action, rather than cutting losses and incurring "sunk costs"?

Escalation of commitment

According to Dr. Ford, who are the best people to seek out as judges of the creativity of a particular solution?

Experts familiar with norms and recent innovations in a particular task domain

Alex Osborn is often attributed with inventing "brainstorming" and argues that one must engage in _________________ before developing creative solutions

Fact finding

The compelling quote offered by Dr. William Green from the University of Miami describes entrepreneurship as a

Form of social responsibility

Instead of having thought of an idea, OK Go believes it

Found it

Which of the following is NOT a characteristic that Dr. Ford mentions as being associated with having an entrepreneurial mindset?

Gaining the approval of investors and stakeholders

What is empathy?

Genuine understanding of and concern for others problems interests and perspectives

What did Angela Duckworth discover while teaching 7th grade math?

IQ was not the only difference between her best and worst students

OK GO is famous for their creative "performance art" music videos. Their explanation of their creative process suggests that deeply immersing yourself in a problem space, as they did when they rode the anti-gravity inducing "vomit comet" airplane, can help inspire

Imaging

Which of the following are attributes you should consider when selecting problems that offer the most potential for creating value?

Important frequent and prominent

Which of the following characteristic is associated with proactively engaging role expectations, and often contributing beyond what a role formally requires (e.g., acting creatively)?

Initiative

Entrepreneurship requires entrepreneurs to develop novel, valuable solutions that can be offered to customers, thus suggesting that _________________ must precede entrepreneurship.

Innovation

Which type of failures are worthy of being celebrated?

Intelligent failures

Which of the following statements best describes creative imaginativeness?

It allows individuals to make novel connections among pieces of existing knowledge and information that can help form valuable solutions

Which of the following is NOT one of the ways that creative imaginativeness affects imagining?

It can create a more intuitive process for developing valuable solutions

Matthew is looking to start his own business and sell anti-gravity shoes. He considers the four questions that every entrepreneur should ask himself before starting a new venture. What is the primary problem that this personal reflection is likely to reveal?

It isn't feasible

One description of entrepreneurship characterizes it as a method of human action, as important as democracy or science, that can be learned as a(n)

Logical reasoning and problem solving

When a person has more of an entrepreneurial mindset, they have a strong ability to

Make better judgements about problems and come up with creative solutions

Which of the following is an important component of the first Learning Objective, understanding creativity and entrepreneurship?

Means of expressing creative ideas

When trying to develop an entrepreneurial mindset you must invest in

New experiences

In Dr. Ford's presentation it listed different reasons that people are motivated to start their own business. What was the biggest reason listed?

Non financial reasons like being their own boss

What are the primary criteria that people use to attribute "creativity" to an idea or solution?

Novel and Valuabe

According to thought leaders discussing modern careers, entrepreneurial capabilities are likely to help you enjoy a sustainable career and avoid obsolescence by providing you with greater

Power and control

_____________________ is the ability to apply existing methods to solve new problems, visualize processes/systems, and anticipate potential obstacles.

Practical imaginativeness

Tanya had several new venture ideas that interested her. Rather than pick one to pursue right away, she spent a little time investigating and gaining feedback on several ideas to see if her desire to pursue any of them would grow. What do low commitment smart steps like these prevent with respect to entrepreneurial desire?

Premature commitments and ugly breakups

According to the Techstar's video describing entrepreneurial journeys, and their efforts to support entrepreneurship, what is the final step that happens in an entrepreneur's journey?

Scaling up

A(n) ____________ describes a general approach for addressing a problem, while a(n) ____________ describes the actual experiences customers have with products and services

Solution; offering

What are the two action principles entrepreneurs need to embrace that promote learning, imagining, and judgment?

Take small smart steps and reflect on experiences to justify next steps

In Angela Duckworth's Ted Talk, she discusses Carol Dweck's concept "Growth Mindset." What is a "Growth Mindset"?

The belief that your ability to learn is not fixed and can change with your effort

One of the highest complements an entrepreneur can receive is that they are "coachable". Which of the following is the best description of "coachability"?

The degree to which an entrepreneur seeks, carefully considers, and integrates feedback from others

What do you call the bias of believing one's superior skills can insure success in settings where chance, luck, or timing play a large part?

The illusion of control

Which of the following statements best describes the research surrounding having an entrepreneurial mindset?

There is an abundance of research on personality and motivation that is associated with having a strong entrepreneurial mindset

Which of the following is NOT one of the benefits associated with developing the individual characteristics associated with an entrepreneurial mindset?

They help you make judgements quickly so you can gain first mover advantage

Which of the following is an important component of the first Learning Objective, understanding creativity and entrepreneurship?

Understanding as a means of creating value for others

Initiative refers to

Those individuals who proactively engage in their role expectations and often are willing to contribute beyond what their role requires

In his PowerPoint presentation, Dr. Ford describes entrepreneurs as being

Trailblazers

Entrepreneurs with low initiative are

Very unlikely to take any steps at all toward pursuing their entrepreneurial goals

Situations that require the use of entrepreneurial thinking and methods occur when you

Want to pursue opportunities beyond your current authority and resources

According to Tony Fadell, if we didn't habituate things then what would happen?

Wed notice every little detail all of the time

Under what circumstances are you supposed to use "prediction" as described in the Just Start book?

When a situation is familiar and similar to past experiences

According to Tony Fadell's Ted Talk "The first secret of design is...noticing," What is habituation?

When we encode behaviors in our everyday lives

Under what circumstances should you use "creation" as described in the Just Start book?

When you cannot predict the future

In Just Start chapter 3, it is suggested that when you begin to take inventory of the resources you have at hand, you should ask yourself three questions. Which of the following is not one of those questions?

Where should I go?

What does it mean if you answer "no" to any of the evaluation and justification judgment questions presented in the Value Creation Canvas?

You lack evidence of fit/fitness and should redefine your proposal or collect better evidence

Which of the following potential contributors to novelty and value requires consideration of an individual's desire, knowledge and mindset?

entrepreneur

Which of the following is an entrepreneurial mindset characteristic primarily associated with acting to realize your creative ideas?

grit