quiz 1 ent. 315

In the business model canvas, how many components are listed?

9

Most research on entrepreneurs says that they

Do not discuss their fear of failure

Which of the following is a common myth surrounding entrepreneurship?

Entrepreneurship is an innate set of skills, it cannot be taught

This approach to opportunity identification assumes that opportunities exist independent of entrepreneurs and are waiting to be found.

Finding approach

______ allows entrepreneurs to make a profit while simultaneously addressing specific problems facing the general public

Social entrepreneurship

Which of the following is not a characteristic of a wicked problem?

The problem is created by lawmakers whose intentions are money-driven rather than socially driven.

Which statement is true?

There is no single right way to determine your pricing strategy

In order to discover opportunities, entrepreneurs must be ______ their environment.

alert to

Which step occurs early in the scientific process of experimentation?

asking alot of questions

To achieve high levels of performance, high performers follow a process called ______, which involves carrying out carefully focused efforts to improve current performance

deliberate practice

If you are giving away something for nothing, you need to make sure you are still:

earning substantial revenues

Entrepreneurship can be learned passively.

false

The majority of successful entrepreneurs complete formal business plans.

false

The method approach is a new concept that has been developed by entrepreneurship scholars.

false

CVP stands for customer value program

false cost per view

This is a reason why some entrepreneurial firms choose not to experiment.

fear failure seen as risky it may require a tradeoff between short-term loss and long-term gain

Revenues and cost structures are a part of this aspect of the business model

financial and viability

People with a ______ mind-set believe their abilities can be developed through dedication, effort, and hard work.

growth

Resiliency is a feature of the ______ mind-set.

growth

For entrepreneurs, the concept of mind-set is important in:

identifying oppertunities

This type of failure can provide valuable new knowledge that can help a start-up innovate and stride ahead of its competition.

intelligent failure

Having learned from failure, entrepreneurs often feel ______ to start up a new venture.

more prepared more confident more motivated

The ______ approach works best in times of relative certainty and when there is access to existing information and data upon which to base decisions

prediction

The two main perspectives on entrepreneurship are the ______ approach and the ______ approach

prediction, creation

Working at the practice of self-leadership, creativity, and improvisation helps build higher levels of ______.

self-efficacy

in the context of entrepreneurship, ______ is a process whereby people can influence and control their own behavior, actions, and thinking to achieve the self-direction and self-motivation necessary to build their entrepreneurial business ventures.

self-leadership

are people who start several businesses, sometimes concurrently, sometimes consecutively.

serial ent

Which of the following is considered one of the five core skills of entrepreneurship?

skill of play

Storyboarding is a creative way for entrepreneurs to:

solve customer problems

The definition of social entrepreneurship involves:

sourcing innovative solutions

This is an early form of prototyping that provides a high-level view of thoughts and ideas arranged in sequence in the form of drawings, sketches, or illustrations.

storyboarding

Deliberate practice requires high levels of focus, attention, and concentration.

true

Many successful entrepreneurial ideas include a product or service innovation.

true

Social entrepreneurs are taking an inclusive approach to resolving problems in developing countries.

true

The first part of the business model is the offering.

true

The reality is that many start-ups fail.

true

The unit sales revenue model measures the amount of revenue generated by the number of items sold by a company.

true