entrepreneurship test #1
Only highly trained people have the ability to think and act entrepreneurially. True False
False
Openness is a more important entrepreneurial quality for new businesses than it is for existing ones. True False
False
______ is the process when you expand concepts to new applications or add innovative twists. Anticipate Identify Target Enhance
Enhance
Arrogance is helpful in starting a new venture. True False
False
During the "discovery" phase of IDEATE, you are merely enhancing the ideas you identified. True False
False
Entrepreneurship is linear and predictable. True False
False
Franklin Yancey had no experience when he started his own business. True False
False
Franklin Yancey learned to be an entrepreneur during college. True False
False
George Leigh Mallory's climb of Mount Everest was undertaken out of necessity rather than opportunity. True False
False
If a work colleague tells you about his new work venture over lunch, you should tell your boss. True False
False
Most entrepreneurs are instantly successful. True False
False
Most inventions come from a single idea. True False
False
We are born with creativity. True False
False
Which of the following is part of deliberate practice? Do not worry about feedback; focus on repetition. Identify weaknesses and improve on them. Consistency is less important than simply putting in the time. Develop your goals as you progress through practice.
Identify weaknesses and improve on them.
In order to start her company ______, Sara Blakely spent time researching the shapewear industry. Under Armour Oiselle Spanx Handful
Spanx
What has a 2012 University of Utah study revealed about the left-brained/right-brained model? The technological age in which we live has allowed us to move from left-brained thinking to right-brained thinking. There is no evidence that one side of the brain was more dominant than the other in any given individual. While personality types are clearly associated with one hemisphere or the other, task implementation is not. There is a sea change in hemisphere dominance as the ways in which we work have changed.
There is no evidence that one side of the brain was more dominant than the other in any given individual.
SELECT ALL THAT APPLY. Which of the following should be considered when calculating affordable loss? Time Reputation Networking Money
Time, Reputation, Money
A less risky way to become an entrepreneur is to buy an existing small business. True False
True
Creating opportunities is the effectuating pathway. True False
True
Deliberate practice can actually have positive effects on your brain. True False
True
Approximately ______ of family businesses fail or are sold before the next generation takes over. 50% 70% 45% 25%
70%
______ strategies involve taking time to think carefully about a problem by breaking it up into parts. Development Search Interpersonal Analytical
Analytical
Why did famous explorer George Leigh Mallory climb Mount Everest? Because it was there. He was looking for gold. It was the only way to get to the other side. His friends dared him.
Because it was there.
SELECT ALL THAT APPLY. Which of the following are examples of growth mindset? If I don't try, I'll definitely fail. Give me the name of a successful person who never experienced failure. You aren't good at school. How will you ever run a business? Why do you want to start a business? You need accounting skills. Aren't you bad at math?
If I don't try, I'll definitely fail., Give me the name of a successful person who never experienced failure.
______ is the art of spontaneously creating something without preparation. Creativity Imagination Improvisation Passion
Improvisation
Which of the following is a characteristic of Dr. Saras Sarasvathy's theory of effectuation? It looked at entrepreneurs from only one industry. It shows us that specific thinking patterns do not matter. It showed that first-time entrepreneurs were just as creative as serial entrepreneurs. It is based on the idea that entrepreneurs can control their future.
It is based on the idea that entrepreneurs can control their future.
Why is mindset important in the recognition of opportunity? You know when to discourage people. You see an idea when it presents itself. You know to take financial risks. You watch others start new ventures.
You see an idea when it presents itself.
SELECT ALL THAT APPLY. The entrepreneurship method emphasizes smart action and moving quickly providing which of the following assurances? You will act sooner, even if you do not know what to do. You will fail sooner, giving you the ability to make changes for the next iteration. You will succeed without using the managerial method. You will do the things you can and you will try to do the things you can't.
You will act sooner, even if you do not know what to do., You will fail sooner, giving you the ability to make changes for the next iteration. You will do the things you can and you will try to do the things you can't.
The entrepreneurship method is ______. collaborative linear competitive predictive
collaborative
Your passion can contribute to the entrepreneurial mindset by ______. limiting problems that arise connecting you to a meaningful venture helping you take unnecessary risk refusing to listen to negative information
connecting you to a meaningful venture
SELECT ALL THAT APPLY. You can train yourself to recognize entrepreneurial opportunities by identifying changes in ______. demographics markets technology global exchange rates
demographics, markets, technology
If your job at the company is to improve existing products, you are probably using the ______ strategy. development corporate updating imagination
development
As an important component of entrepreneurship, creativity is ______. refreshing difficult to define genetic self-cueing
difficult to define
When applying the ______ stage, the entrepreneur may come up new applications or innovative twists. brainstorm discovery identity enhance
enhance
The founder of Chobani admitted to which emotional roadblock? dislike for incubating ideas preference for judging over generating ideas no appetite for chaos fear
fear
During the "target" process of IDEATE, you are ______. discovering how to come up with customers sizing the market place coming up with ideas figuring out where to sell your product
figuring out where to sell your product
What is an example of a development strategy? group brainstorming imagining a better product working in isolation linking ideas together
group brainstorming
People with a ______ mindset tend to persevere rather than giving up. lucky fixed natural growth
growth
For an opportunity to be viable, the idea must ______. have lots of social media support be something that has never been tried before generate millions of dollars have the capacity to generate value
have the capacity to generate value
SELECT ALL THAT APPLY. What does Franklin Yancey credit for his success? his supportive family environment playing football his college education his early experiences of risk-taking
his supportive family environment, his college education, his early experiences of risk-taking
Being an entrepreneur produces a different type of career stress that may include ______. answering to a boss dictate responsibilities working a boring 9-5 job focusing on a business plan how to pay your bills
how to pay your bills
Typically, the first step in the process for an entrepreneur is ______. creativity idea generation passion opportunity recognition
idea generation
If you come up with a product that you feel passionate about because you believe it will radically change lives, you have ______. identified your desired impact on the world calculated affordable loss reflected and been honest with yourself taken a small action
identified your desired impact on the world
What does IDEATE stand for? identify, destroy, execute, apply, text, and exit index, discovery, enhance, anticipate, try, and evaluate index, discovery, execute, apply, target, and exit identify, discovery, enhance, anticipate, target, and evaluate
identify, discovery, enhance, anticipate, target, and evaluate
Entrepreneurs benefit from ______ because it helps them rapidly sense and act as well as change direction quickly. habit creativity self-cueing improvisation
improvisation
In what specific way do you find this business helps others? inspires healthy lifestyle operates with a great business plan supports family preferences services a specific population
inspires healthy lifestyle
The process of creating new products, ventures, processes, or renewal within large corporations is ______. intrapreneurship social entrepreneurship family enterprise franchising
intrapreneurship
SELECT ALL THAT APPLY. With what effects has passion been associated? misery joy pain energy
joy, energy
SELECT ALL THAT APPLY. Which of the following represent a mindset that helps overcome challenges? keep the client happy stay upbeat avoid being depressed avoid freebies
keep the client happy, stay upbeat, avoid being depressed
Entrepreneurship as a method requires ______. certainty expected return competition learning as you go
learning as you go
Throughout the ages, entrepreneurs have made changes to the world with inventions such as Benjamin Franklin's ______. potato chip automatic dishwasher lightning rod blimp
lightning rod
The way to manage the chaos and craziness of a new business is known as entrepreneurship______. training model method process
method
The power of ______ is what led Franklin Yancey to success. desire mindset passion habit
mindset
Which best describes how an entrepreneur balances their business? take weekends off accomplish finite tasks punch the clock and do your work mix personal life and business
mix personal life and business
How does having a mentor or business partner help, according to this entrepreneur? maintain cash flow dictate responsibilities select business deals motivate each other
motivate each other
SELECT ALL THAT APPLY. Identify all the selections below practiced by Pulp Pours' competition. no dairy or sugar nation-wide company bottled products pasteurization
nation-wide company, bottled products, pasteurization
SELECT ALL THAT APPLY. James L. Adams, a Stanford University professor, identified what main emotional roadblocks preventing creativity? no appetite for chaos inability to distinguish reality from fantasy fear overthinking the process
no appetite for chaos, inability to distinguish reality from fantasy, fear
In response to an unforeseen situation with a client where there was no power, the interviewee shared a way to help keep a satisfied client by ______. offering another event for free refunding entire price paid ignoring a bad review bouncing it off business partner
offering another event for free
Which is one of the strongest differentiators that Pulp Pours provides and their competitor does not? on-site, live bartender experience to-go bottles brick and mortar locations nation-wide company
on-site, live bartender experience,
An apparent way of generating value through unique, novel, or desirable products, services, and processes that have not been previously exploited in a particular context is ______. habit lifestyle passion opportunity
opportunity
SELECT ALL THAT APPLY. Which items below identify the business opportunities that led to the development of Pulp Pours? previous love for product farming background with fruits and vegetables unnatural choice fun for entrepreneur
previous love for product, fun for entrepreneur
ELECT ALL THAT APPLY. Favorable opportunities are those that are ______. rare easy costly to imitate valuable
rare, costly to imitate, valuable
When considering an entrepreneurial idea, it is important to ______. avoid collaboration because someone might steal your idea listen to your friends rather than be honest with yourself. kill your idea if you have had some setbacks. reflect and be honest with yourself.
reflect and be honest with yourself.
Which element of self-leadership did the interviewee most closely identify with? self-observation rewards and reflection self-correcting feedback setting goals
self-correcting feedback
When you write lists, notes, or motivational posters, you are practicing ______. self-cueing self-goal setting self-punishment self-observation
self-cueing
Entrepreneurs tend to ______. be extreme risk-takers take more risks than anyone else take calculated risks understand that gambling tendencies are usually successful
take calculated risks
Researchers found that jazz pianists could freely express themselves without restriction because they ______. tended to switch off the self-censoring part of the brain believed they were lucky and were, therefore, successful had parents and other supporters who encouraged them to do so had anomalous thought processes from birth
tended to switch off the self-censoring part of the brain
The "Yes, and" principle is designed to help an entrepreneur have ______. access to successful entrepreneurs unexpected results (because no one will say no) the ability to share an idea without being shot down friends support the new venture
the ability to share an idea without being shot down
SELECT ALL THAT APPLY. How did the selection of flavors originate? tried different combinations established 20 tried and true flavors research and internet searches customers would ask for certain selections
tried different combinations, established 20 tried and true flavors, customers would ask for certain selections
Which of the following was identified by the entrepreneur as prior knowledge items? tried fresh juices for a sick family member practiced healthy lifestyle gained access to fresh fruits and vegetables enjoyed cooking and trying out different recipes
tried fresh juices for a sick family member
Those with an entrepreneurial mindset move quickly under uncertain conditions. true False
true
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 ______. memorized concepts expected results self-control unpredictable ideas
unpredictable ideas
Many new entrepreneurs have fear of being shot down, so they should ______. act out a skit at a comedy club to relieve stress continue without considering outsiders opinions use improvisation to change negative feedback into positive feedback block out fear by telling their friends to support their idea
use improvisation to change negative feedback into positive feedback
Innovation generates more customer appeal than improvement ideas. True False
False
Liddabit Sweets used the finding pathway to start a new food product business. True False
False
Why don't the same processes that help large corporations succeed work as well for entrepreneurial ventures? Following steps in a process relies on past history to predict the future of the business and new ventures don't have any history to draw from. Proven business models don't work as well for large corporations as they do for entrepreneurial ventures. Large corporations have more to lose if they fail so they have to be more methodical in their practices. Entrepreneurial ventures have more competitors to worry about so their processes have to be more complex than those of large corporations.
Following steps in a process relies on past history to predict the future of the business and new ventures don't have any history to draw from.
Franklin Yancey was curious and that curiosity contributed to his success. True False
True
Habit-breaking strategies involve taking the role of an admired individual and thinking about how he or she might perceive the situation. True False
True
The design pathway uncovers high-value opportunities by focusing on the ______ of customers. unmet needs habit response desire
unmet needs
Entrepreneurs tend to have more prior knowledge than non-entrepreneurs. True False
True
Entrepreneurs use prior knowledge to link seemingly unrelated events and trends. True False
True
Entrepreneurs will use both managerial and entrepreneurial thinking. True False
True
Entrepreneurs with more signs of improvisational behavior tend to outperform those who did not. True False
True
Inventions that succeed in finding a market move to the innovation stage. True False
True
Our lives change due to the work of entrepreneurs, regardless of current economic conditions. True False
True
People who engage in improvisation tend to be more tolerant of failure. True False
True
Serial entrepreneurs start several businesses. True False
True
Visualizing successfully performing an activity may help us perform the task in reality. True False
True
We think more like entrepreneurs at a young age. True False
True
With an entrepreneurial mindset, entrepreneurs are positioned to see new opportunities. True False
True
The process of identifying links or connections between apparently unrelated things or events is ______. imagination habit pattern recognition self-identification
pattern recognition
SELECT ALL THAT APPLY. Which of the selections below should be included when trying to creatively accommodate a customer's request that were identified in the video? financial impact talent management customer's price point customer's price point
financial impact, customer's price point
SELECT ALL THAT APPLY. Which of the following may be included in teaching typical entrepreneurship courses? focus on business plan development how to provide a service healthy eating practices whatever can go wrong, will
focus on business plan development, whatever can go wrong, will
Every entrepreneur featured in the text ______. found a way to identify new opportunities could rely on private or family wealth founded a for-profit business was an extraordinary risk-taker
found a way to identify new opportunities
Part of the joy of Pulp Pours is the entire nationally recognized brand personal experience ease of selection variety of flavors
personal experience
SELECT ALL THAT APPLY. Collaboration with which items below helped the entrepreneur to meet a customer's demand. picking recipe and event planner deciding on colors and sizes choosing wrapper and storing temperature selecting days and time
picking recipe and event planner, choosing wrapper and storing temperature
Research has shown that if you continue to practice over and over, you ______. learn what you do not know plateau achieve professional status continue to improve
plateau
The example provided in this video of using a creative approach was how to meet the customer's need for ______. fruit desserts popsicles ice cream yogurt
popsicles
Entrepreneurs tend to have more creativity because they are ______. using trial and error practicing the creative process more regularly learning from creative specialists studying creativity in school
practicing the creative process more regularly
The General Self-Efficacy Scale (GSES) is used to measure ______. motivation habit self-efficacy stress
self-efficacy
Behavior-focused, natural reward, and constructive thought pattern are all strategies for ______. self-observation self-punishment self-leadership self-reward
self-leadership
If an entrepreneurial employee is not certain about future conflicts between her side job and her company, what is her most logical first step? Consider changing her employer to one with which a conflict of interest is impossible. Disclose the basic information to a human resources representative. Spend as much time at work on the side job as is possible without being detected by management. Do not disclose anything to anyone at the company.
Disclose the basic information to a human resources representative.
The entrepreneurship method allows entrepreneurs to avoid uncertainty. True False
False
What is one of the "pros" of owning a franchise? It offers a ready-made business system. The sale of a franchise requires approval. You share a percentage of gross sales with the franchisor. All monies are paid upfront.
It offers a ready-made business system.
In what type of thinking are you more likely to apply a straightforward approach to problems and opportunities? Entrepreneurial Managerial CEO Employee
Managerial
SELECT ALL THAT APPLY. Which one of the following is identified as one of the four main traits of entrepreneurs in early research? a tendency to take risks an ability to see the future a need for achievement an innate sense of having the ability to influence events
a tendency to take risks, a need for achievement, an innate sense of having the ability to influence events
The inventor of Post-it Notes was not actively looking to invent a specific adhesive. Rather, his ______ took him to the idea. passion creativity alertness discovery
alertness
What is the concept that allows us to recognize opportunities even when we are not looking? capacity habit passion alertness
alertness
SELECT ALL THAT APPLY. An entrepreneur will typically control their business by following which of the listed options? always thinking about the business doing things right having a career plan not shutting down at the end of the day
always thinking about the business, doing things right, not shutting down at the end of the day
What is a startup? a business without a funding source an idea for a scalable business model the last phase of a business the only path for an entrepreneur starting a business
an idea for a scalable business model
Using this strategy is a good way to generate ideas for improvement of products or services by breaking the idea into parts. analytical interpersonal search imagination-based
analytical
SELECT ALL THAT APPLY. Which of the following are strategies for idea generation? analytical dominant risk-taking development
analytical, development
Studying change and analyzing future scenarios is which step in IDEATE? anticipate trust identify analyze
anticipate
One of the most common mistakes of entrepreneurs is to ______. ask for too much help from mentors be overly optimistic and confident risk too much give up too soon
be overly optimistic and confident
You can change your mindset by ______. taking on easier challenges and showing yourself you can do it questioning your ability to take on a new challenge making sure you are lucky and smart becoming aware of the voice in your head and realizing that you have a choice in how to interpret what it is telling you
becoming aware of the voice in your head and realizing that you have a choice in how to interpret what it is telling you
The methods to increase self-awareness and manage behaviors, particularly when dealing with necessary but unpleasant tasks, are ______. behavior-focused strategies habit self-observation passion
behavior-focused strategies
Jason Craparo decided to replace ______ with an online platform because people were not using them anymore. car manuals business cards menus telephone books
business cards
When you invite your friends to a dinner party and ask them to bring an ingredient of their choice, you are thinking like a(n) ______. employee entrepreneur independent contractor manager
entrepreneur
If you find a strategic partner or contact friends to test out your new idea, you are using the ______ method. startup managerial small business entrepreneurial
entrepreneurial
If you see the world in a predominantly positive way, you are more likely to have a(n) ______. entrepreneurial mindset lucky streak calm personality fixed mindset
entrepreneurial mindset
Entrepreneurs who have the ability to effectively confront demands or stressors, and thus improve entrepreneurial performance, tend to have ______. growth mindset self-observation entrepreneurial mindset entrepreneurial self-efficacy
entrepreneurial self-efficacy
The belief that entrepreneurs have in their ability to begin new ventures is known as ______. entrepreneurial spirit entrepreneurial mindset entrepreneurial self-efficacy deliberate practice
entrepreneurial self-efficacy
One of the 7 truths of entrepreneurship is ______. entrepreneurs have a plan entrepreneurship is a life skill entrepreneurs are extreme risk-takers entrepreneurship cannot be taught
entrepreneurship is a life skill
When you are starting your new company, you ______. can use your current employer's resources should quit your job right away to pursue your new interest should only work on the weekends as to not interfere with your other job should check your employment contract for any language prohibiting you from working a side job
should check your employment contract for any language prohibiting you from working a side job