Module 2

What are "intelligent failures at the frontier"? Failures that help improve creativity and defensibility "Acceptable" failures reflecting known risks inherent in uncertain and complex work "Bad" failures resulting from deviance, inattention, or lack of ability performing routine tasks "Good" failures from experimentation resulting in new knowledge and reduced uncertainty

"Good" failures from experimentation resulting in new knowledge and reduced uncertainty

Barry loved to go to startup workshops and meet with experienced advisors so he could learn from their experiences and improve his proposals. Which of the following attributes of an entrepreneurial mindset does Barry seem to possess? - Initiative - Coachability -Entrepreneurial self-efficacy -Grit

- Coachability

Which bias occurs when one increases investment in failing courses of action, rather than cutting losses and incurring "sunk costs"? - Escalation of commitment - Illusion of control - Confirmation bias -Law of small numbers

- Escalation of commitment

What did Angela Duckworth discover while teaching 7th grade math? - IQ was not the only difference between her best and worst students -Social intelligence was the greatest predictor of student success -Household income was the greatest predictor of student success -The smartest students had the highest IQ scores

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

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 -Coachability -Creative Personality -Entrepreneurial Self-Efficacy

- Initiative

Matthew is excited about starting a new venture that sells cereal bars that reverses the aging process. Once he gives this a little more thought, which of the following new venture idea assessments is most likely to prevent Matthew from determining that this represents a "3rd person opportunity"? -Do I WANT to do it? - Is the return worth the investment? - Can I do it? - Is it feasible?

- Is it feasible?

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 - It can allow for improvising solutions to urgent problems - It can lead to envisioning strategic positioning innovations - It can help with designing business model innovations

- It can create a more intuitive process for developing valuable solutions

In his TED Talk, Tony Fadell describes a process called habituation where people experience diminished responses to frequently observed situations. What is the consequence of habituation that most concerns Fadell? - People start noticing so many problems it becomes hard to take action -Creative effort becomes focused on creating solutions to unimportant problems -It inhibits productivity and performance - Peoplle stop noticing the problems that are around us, or how to solve them

- Peoplle stop noticing the problems that are around us, or how to solve them

Your entrepreneurial mindset can help you do all of the following except: -Imagine - Sell - Act - Create

- Sell

According to Tony Fadell, if we didn't habituate things then what would happen? - We'd notice every little detail all of the time -We'd notice only important details - We'd never notice any details -We'd notice the important details but not the insignificant details

- We'd notice every little detail all of the time

Grit is commonly described as a person's ability to sustain effort and interest in long-term projects. By extending the timeframe of success/failure judgments, grit provides entrepreneurs with - an improved learning orientation related to novel ideas. -an enhanced ability to think creatively. - an increased action orientation. - an improved ability to recover from short-term setbacks.

- an improved ability to recover from short-term setbacks

Entrepreneurs Don't follow paths, they ____________________. - follow concrete plans - create paths -follow the money - follow their hearts

- create paths

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 get better at doing their job. - develop ways to avoid their fears. -seek learning experiences through mentors and coaches. - gradually confront their fears through a series of small steps.

- gradually confront their fears through a series of small steps

Having low optimism ___________________; while having high optimism _________________. -gives you room to grow; limits your ability to see things clearly -limits your ability to think positively about the future; allows you to effectively take on any constraints or competitors - leads to low expectations; leads to success in the long run - hinders motivation; leads to underestimating the challenges you face

- hinders motivation; leads to underestimating the challenges you face

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 -acting. -justifying. - imagining. - evaluating.

- imagining.

When trying to develop an entrepreneurial mindset you must invest in -a lot of thought and reflection about what you want. -new threads to help you look the part of an entrepreneur. - new experiences. - lots of resources to help you move forward.

- new experiences.

Since _______ contributions are seldom required, more initiative is required to be an "original"or ______________ than to perform a well-defined role. -useful, guru -perfect, a trend-setter - novel, entrepreneur - expensive, a CEO

- novel, entrepreneur

In Tony Fadell's TED Talk, "The first secret of design is...noticing," he discusses the tendency for people to get used to design problems and fall into habituation. In order to combat habituation, he tells people to look broader, look closer, and think younger. As a result, he believes product design would improve primarily because - creativity would be exercised more naturally. - better designs are a result of habit. -solutions would be thought of quicker. - problems would become more apparent and noticeable.

- problems would become more apparent and noticeable.

What is empathy? -A genuine understanding of and concern for policies and procedures -A deep desire to nurture and care for others - A deep desire to take on others' burdens -A genuine understanding of and concern for other's problems, interests, and perspectives

-A genuine understanding of and concern for other's problems, interests, and perspectives

What is the concept for determining how much you can personally risk when taking a smart step? -Adequate loss -Willing to risk -Affordable loss -Common cost

-Affordable loss

According to the book Just Start, what should you do every time you consider taking a smart step forward in the face of high uncertainty? -Network with others to improve your ability to accumulate resources -Assess acceptable losses associated with that step - Protect your intellectual property from being stolen - Meditate to reduce your stress

-Assess acceptable losses associated with that step

James was excited about making money by investing in Bitcoin. In order to learn and evaluate this investment idea James read articles resulting from a Google search for "Best reasons to invest in Bitcoin". Which of the following judgment biases is James most likely to suffer as a result of his research strategy? -Confirmation bias - Law of small numbers - Escalation of commitment - Illusion of control

-Confirmation bias

Which of the following is associated with an individual's identity with respect to regularly undertaking novel and valuable actions? -Creative Personality -Coachability -Grit -Initiative

-Creative Personality

According to Just Start chapter 3, two major elements to the creative process are: -Ambition & Past Experiences - Emotion & Future Ambitions -Desire & Current Reality - Hope & Past Experiences

-Desire & Current Reality

Desire has been shown to be crucial to the startup process because it helps people move beyond judging something to be a "3rd person opportunity" (good for someone with the right talent and motivation) to a 1stperson opportunity (good for them). What judgment is most closely associated with making this transition between a 3rd and 1st person opportunity? - Is it feasible? - Is the return worth the investment? -Do I want to do it? -Can I do it?

-Do I want to do it?

Which of the following questions is not a basis of 3rd person opportunity beliefs? -Can I do it? -Do I want to do it? - Is the return worth the investment? - Is it feasible?

-Do I want to do it?

Which of the following questions is not a basis of 3rd person opportunity beliefs? - Is it feasible? - Is the return worth the investment? -Do I want to do it? -Can I do it?

-Do I want to do it?

Instead of having thought of an idea, OK Go believes it: -Molded it -Reinvented it -Built it -Found 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 -Being more attractive to employers -Leading when you are not a leader -Amplifying your superpowers

-Gaining the approval of investors and stakeholders

Local companies have expressed their enthusiasm about hiring UCF graduates who are able to sustain effort and interest in long term projects that often entail delayed gratification and responding to negative feedback. Which of the following entrepreneurial mindset attributes does is most closely associated with this employer preference? -Grit - Optimism - Entrepreneurial intensions -Creative personality

-Grit

What did David Kelley (Ted Talk) want to do after being confronted by his own death? -Travel the world and create new things with his hands -Quit his job and start a business -Help people develop their productivity -Help people develop their creative confidence

-Help people develop their creative confidence

Which type of failures are worthy of being celebrated? -Intelligent failures - Unavoidable failures - Preventable failures - Intentional failures

-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. -It allows individuals to create novel ideas out of the blue which can be used to form valuable solutions. - It allows individuals to take simple ideas and turn them into creative solutions that will then bring value to those in need. - It allows individuals to focus their creative energy in a way that allows them to form novel ideas, which later turn into valuable solutions.

-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 practial imaginativeness can help entrepreneurs? -It helps entrepreneurs create plans for their ideas. - It helps entrepreneurs generalize ideas across diffferent settings. -It helps entrepreneurs anticiapte problems that might affect the realization of novel ideas. -It helps entrepreneurs create critical contingencies in the face of adversity.

-It helps entrepreneurs create plans for their ideas.

How does empathy help entrepreneurs' judgments? -It helps them assess whether a novel solution is valuable to others -It helps them estimate the costs and benefits of investing in a novel proposal - It helps them determine if a novel idea will benefit themselves - It helps them determine which ventures will be profitable

-It helps them assess whether a novel solution is valuable to others

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? -The return won't be worth the investment -He lacks motivation -He doesn't have the desire to do it -It isn't feasible

-It isn't feasible

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? -Pursuing your passions -Premature commitments and ugly breakups - Rapid progress assessing the value of novel ideas - Learning more about specific ideas

-Premature commitments and ugly breakups

Which was not one of the populations that Angela Duckworth mentions studying? -Professional athletes -West Point Military Academy Cadets -Rookie teachers working in tough neighborhoods -National Spelling Bee competitors

-Professional athletes

By extending the timeframe of success/failure judgments, grit allows: -Time to recover from short-term setbacks -Time to recover from long-term setbacks -The ability to exercise creativity -The creation of an action orientation

-Time to recover from short-term setbacks

In his PowerPoint presentation, Dr. Ford describes entrepreneurs as being: - Trendsetters -Problem Solvers -Trailblazers - Creative Savants

-Trailblazers

According to Tony Fadell's Ted Talk "The first secret of design is...noticing," What is habituation? - When we encode our own habits into others -When we encode behaviors in our everyday lives as habits -When we get rid of a habit - When we reinforce a habit with rewards

-When we encode behaviors in our everyday lives as habits

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? -Who am I? -Where should I go? -What do I know?

-Where should I go?

Understanding how to answer the question of what specific skills and abilities you can use to take a smart step answers which of the following questions? -What can I afford? -Who am I? -Who do I know? -What do I know?

-Who am I?

Confidence increases motivation to take_________, but overconfidence can lead to _____________. -action, dumb steps -smart steps, overstepping -higher risk, taking on too much risk -initiative, missteps

-action, dumb steps

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 risk averse because since they have limited success in previous efforts. -be willing to take a risk because they are "fat and happy". -be willing to take a risk since their opportunity cost is low. -be risk averse since they don't have much to gamble.

-be willing to take a risk since their opportunity cost is low.

Optimism refers to -being overconfident in what the outcomes will be surrouding your success. -one's expectation that situations will be supportive, favorable, and fair. - one's ability to be confident in their ability to solve any problem that they face. - believing that you are naturally lucky and will be able to navigate unknown paths successfully.

-one's expectation that situations will be supportive, favorable, and fair.

The authors of Just Start and other advocates of "lean startup" methods argue that the best way for startups to reduce risk is to -carefully predict market share and market growth. - estimate resource requirements and how long it will take to break even. -create sophisticated financial projections. -test ideas with experiments that turn guesses into evidence.

-test ideas with experiments that turn guesses into evidence.

Initiative refers to -those individuals who proactively engage in their role expectations and often are willing to contribute beyond what their role requires. -those individuals who always look busy but in reality, are just looking to avoid being given extra work. -those individuals who are able to do any task you ask of them and constantly ask questions about things they are working on. - those individuals who are willing to work on their own terms and always seek ways to be independent and venture on their own.

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

Entrepreneurs with low initiative are -very unlikely to need assistance and will eventually find the motivation to move forward with their plans once it is solidified. -more inclined to delegate tasks to others since they themselves are not motivated. - more likely to move at a slower pace but will still accomplish their entrepreneurial goals. -very unlikely to take any steps at all towards pursing their entrepreneurial goals.

-very unlikely to take any steps at all towards pursing their entrepreneurial goals.

When a person has more of an entrepreneurial mindset, they have a strong ability to: A: make better judgements about problems and come up with creative solutions. B: find the right people to help them take the next step in their entrepreneurial journey. C: act on their impulses and create a great product or service that many people will love. D: be more forward thinking and anticipate what people will need create, then create that needed product or service.

A: make better judgements about problems and come up with creative solutions.

Individual characteristics are habits of motivation. All the above action.

All the above

Which of the following statements best describes the research surrounding having an entrepreneurial mindset? A: There is specific research that studies the minds of entrepreneurs and allows us to better understand what cognitive processes are needed to have an entrepreneurial mindset. B: There is an abundance of research on personality and motivation that is associated with having a strong entrepreneurial mindset. C: There is only a little bit of research surrounding entrepreneurial mindsets and we must rely on the testimonies of successful entrepreneurs to better understand what makes them successful. D: There is a lot of research that describes entrepreneurship as a wholistic process that incorporates a lot of different personality and motivational aspects.

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

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. Believing that your talents are better used on tasks that you already excel at. Believing that your talents are innate gifts that are unlikely to change. Believing that your talents can be developed but only to a small degree.

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

What was the number one predictor of success in Angela Duckworth's research? Grit Intelligence Creativity Socio-economic background

Grit

What did Angela Duckworth discover while teaching 7th grade math? IQ was not the only difference between her best and worst students Social intelligence was the greatest predictor of student success Household income was the greatest predictor of student success The smartest students had the highest IQ scores

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

Which bias occurs when one assumes a small number of observations can lead to valid and reliable conclusions? - Law of small numbers -Confirmation bias -Illusion of control - Escalation of commitment

Law of small numbers

Failures resulting from deviance, inattention, or lack of ability performing routine (high certainty) tasks are considered what? Unavoidable failures in complex systems Intentional failures that lead to next steps Preventable failures in predictable operations Intelligent failures at the frontier

Preventable failures in predictable operations

Entrepreneurial methods that involve observing and interviewing people to learn more about their experiences, perspectives, and feelings are important tools entrepreneurship use to improve their Creative imaginativeness Technical imaginativeness Practical imaginativeness Social imaginativeness

Social imaginativeness

In Angela Duckworth's Ted Talk, she discusses Carol Dweck's concept "Growth Mindset." What is a "Growth Mindset"? The belief that your ability comes from your parents The belief that your ability to learn is not fixed and can change with your effort The belief that your ability is fixed and cannot be changed The belief that your ability comes from your childhood development, and afterward is fixed

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 is able to coach others The degree to which an entrepreneur is empathetic The degree to which an entrepreneur is able to learn and absorb knowledge The degree to which an entrepreneur seeks, carefully considers, and integrates feedback from others

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? Escalation of commitment The illusion of control Confirmation bias Law of small numbers

The illusion of control

Which of the following is NOT one of the benefits associated with developing the individual characteristics associated with an entrepreneurial mindset? -They help you to take full advantage of your entrepreneurial judgment - They are sought after by employers interested in promoting an "ownership culture" -They help you make judgments quickly so you can gain "first mover" advantage - They help promote better creative problem solving

They help you make judgments quickly so you can gain "first mover" advantage

An investment loss would be an example of which type of failure? Preventable failures in predictable operations Intentional failures that lead to next steps Unavoidable failure in complex systems Intelligent failure at the frontier

Unavoidable failure in complex systems

Alex Osborn is often attributed with inventing "brainstorming" and argues that one must engage in _________________ before developing creative solutions. - strategic planning - deep meditation - creative activities - fact finding

fact finding

Individual characteristics are habits of action. motivation. thought.

thought.