ENTR SB 1

In Stage Two of the McMullen-Shepherd Model

the entrepreneur decides whether or not there is an opportunity for him or her personally.

Which group in a professional network helps keep a new venture competitive?

trade associations

Identify a feature of entrepreneurship.

An entrepreneurship opportunity will always represent something new.

What is an accurate statement about the impact of education on entrepreneurship?

Education has a positive impact on an entrepreneur's ability to identify a potential opportunity.

A process that starts with what one has (who they are, what they know, and whom they know) and selects among possible outcomes is known as a

Effectuation process

The process of ___involves individuals' mental processes of overcoming ignorance to decide whether a signal represents an opportunity for someone and/or reducing doubt as to whether an opportunity for someone is also an opportunity for them specifically, and/or processing feedback from action steps taken.

Entrepreneurial Thinking

Which of the following is true of the impact of age on entrepreneurs?

Entrepreneurial careers are quite popular later in life after one's children have the left the home.

The motivational factors that influence individuals to pursue entrepreneurial outcomes are known as

Entrepreneurial intentions

A(n) ___ ___-___involves the ability to rapidly sense, act, and mobilize, even under uncertain conditions.

Entrepreneurial mind-set

Situations in which new goods, services, raw materials, and organizing methods can be introduced for financial or nonfinancial gain are known as

Entrepreneurial opportunities

A true statement about entrepreneurial action is that ______

Entrepreneurs need to evaluate the amount of uncertainty of a potential opportunity

Identify a true statement about the impact of work history on entrepreneurship.

Experience in the areas of finance and product development is important while starting a new venture.

A reflection task would involve thinking about what strategies should be used to solve a problem.

False

An entrepreneur is rarely able to start a new business without some form of formal education.

False

Entrepreneurial action can be defined as times when entrepreneurs make do with resources at hand, applying those resources to new problems or opportunities.

False

Strategic tasks stimulate the entrepreneur to compare the current situation with previous similar situations.

False

Sustainable entrepreneurship provides only environmental gains for others.

False

The casual process of thinking starts with what one has and selects among possible outcomes.

False

The entrepreneurial challenge often lies in making creative mental leaps based on superficial similarities.

False

True or false: Entrepreneurial action is not often intentional.

False

Identify an accurate statement about effectuation.

It allows entrepreneurs to think effectively in highly uncertain situations.

Which of the following is true of the McMullen-Shepherd model?

It describes how knowledge and motivation impress upon the stages of entrepreneurial action.

Which of the following is a feature of cognitive adaptability?

It is mirrored in an entrepreneur's metacognitive awareness.

Which statement is true regarding cognitive adaptability?

It is possible to learn to be cognitively adaptable.

Which of the following is increasingly required as a venture becomes established and starts growing?

Managerial experience and skills

An individual's attitude toward entrepreneurial action—the degree to which he or she has a favorable or an unfavorable evaluation of the potential entrepreneurial outcome is referred to as

Perceived desirability

Tasks that are designed to stimulate entrepreneurs to think about their understanding and feelings as they progress through the entrepreneurial process are called ______ tasks.

Reflection

The conviction that one can successfully execute the entrepreneurial process is known as entrepreneurial

Self-efficacy

Tasks that are designed to stimulate entrepreneurs to think about which methods are appropriate for solving a problem (and why) or pursuing an opportunity are known as ______ tasks.

Strategic

An entrepreneurial challenge often lies in making creative mental leaps based on ______ similarities.

Structural

While there are many components in a professional-support network, ________Blank are particularly good with insight on both trends and competitors.

Suppliers

What are the major factors that lead to an entrepreneur understanding the nature of his or her environment? (Check all that apply.)

The nature of a particular situation, Recognition that an issue is present

Identify the accurate statement about connection tasks:

They motivate entrepreneurs to delve into their knowledge reserves without overgeneralizing.

Asking "How is this problem similar to problems I've already solved?" is an example of a connection task.

True

Bricolage is entrepreneurs making do by applying combinations of the resources at hand to new problems and opportunities.

True

Dissatisfaction with various aspects of one's job often motivates the launching of a new venture.

True

Entrepreneurial thinking is partly a mental process of recognizing a signal and then deciding if the signal represents an opportunity for someone.

True

Entrepreneurial thinking partly is about reducing doubt as to whether an opportunity for someone is also an opportunity for them specifically, and/or processing feedback from action steps taken.

True

Entrepreneurs' intentions are based on their perception of feasibility rather than someone else's impression of whether it is feasible.

True

In a social network there are two major properties, density and centrality

True

Role models can include family members as well as industry professionals.

True

Structural similarities exist when the underlying mechanisms of the technology resemble, or match, the underlying mechanisms of the market.

True

The McMullen-Shepherd Model explains how knowledge and motivation influence two stages of entrepreneurial action.

True

The effectuation process starts with what one has and selects among possible outcomes.

True

The question "What is this technology all about?" is a comprehension question.

True

An entrepreneur considering if what they are doing makes sense is an example of

a reflection task.

Questions designed to increase an entrepreneurs' understanding of the nature of the environment are known as

comprehension questions.

Strategic tasks are most likely to _____

enable entrepreneurs to think of the details of a particular method required to resolve a situation

All of the following statements are true of sustainable entrepreneurship except

entrepreneurs with a positive attitude toward the natural environment never disengage these values to exploit an opportunity.

According to the Measure of Adaptive Cognition, a higher score means that one is more ______, which helps provide cognitive adaptability.

metacognitively aware

Jimmy seeks to start a company that manufactures mobile phone accessories. He does not have a lot of capital, so he uses the materials that he has available at home to start designing phone covers. He sticks simple pictures, drawings, and illustrations onto phone covers and acquires sufficient capital by selling them. He uses this method to launch his business operations. In this example, Jimmy has compensated for his lack of resources by using the method of __

Bricolage

The term ______ refers to entrepreneurs making do by applying combinations of the resources at hand to new problems and opportunities.

Bricolage

How is a reflection task most likely to affect entrepreneurs?

By prompting them to create their own feedback to provide the opportunity to change

A process that starts with a desired outcome and focuses on the means to generate that outcome is known as a(n) ______ process.

Causal

Evaluation stage

ChoiceProspective entrepreneurs need to assess if a viable opportunity matches their knowledge and motivation levels.

Attention stage

ChoiceProspective entrepreneurs need to recognize if there is an opportunity.

____ ____ describes the extent to which entrepreneurs are dynamic, flexible, self-regulating, and engaged in the process of generating multiple decision frameworks focused on sensing and processing changes in their environments and then acting on them.

Cognitive Adaptability

Questions that are designed to increase entrepreneurs' understanding of the nature of the environment are known as ______ questions

Comprehension

Tasks that are designed to stimulate entrepreneurs to think about a current situation in terms of similarities to and differences from situations previously faced and solved are known as ______ tasks.

Connection