ENT3613 MidTerm Review

When bringing people along on your entrepreneurial journey, what type of support from customers and other stakeholders is most beneficial to the development of a startup? Enrolling Freelancing Distributing Negotiating

Enrolling

An entrepreneurial skillset that involves telling the story behind your creative value proposition and building a capable team is called Launching. Business modeling. Enrolling others. Understanding problems and people. Creating solutions.

Enrolling others.

Customers who are so concerned with the problem that they often tinker with developing their own solutions are commonly described as Skeptics. Pragmatists. Enthusiasts. Conservatives.

Enthusiasts.

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

Entrepreneur

Which of the following contributes to an entrepreneurial mindset primarily by creating favorable judgments regarding potential actions? Initiative Entrepreneurial self-efficacy Grit Practical imaginativeness

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? Earnings are approximately equal, but entrepreneurs are happier Entrepreneurs earn approximately 15% more Wage earners earn approximately 4% more Entrepreneurs earn approximately 40% more

Entrepreneurs earn approximately 40% more

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

Entrepreneurship

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

Escalation of commitment

The final chapter we are reading in the Just Start book describes the case of the unbroken egg. What is the main point of this story as it relates to creation (creative action)? Metaphorically, entrepreneurship requires breaking a few eggs so you can make a tasty omelet It's important to symbol a team of good eggs so you can create and succeed together Even if something is predictable and could be analyzed, sometimes it's quicker and cheaper to act It's important to package your eggs in a well-designed container to avoid unexpected shocks

Even if something is predictable and could be analyzed, sometimes it's quicker and cheaper to act

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 Novices who show an interest in the solutions Professors who know ... well ... pretty much everything :-) Laypeople who are familiar with general societal trends

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. Creative activities Fact finding Deep meditation Strategic planning

Fact finding

Which of the following is not a typical attribute to consider when developing a customer persona? Favorite teams Attitudes Demographics Habits

Favorite teams

Which of the following is a useful and popular method for understanding the causes of a problem? Fact or fiction analysis Fishbone diagram Business model canvas Why-why-why scoreboard

Fishbone diagram

Which of the following is not characteristic of transactional marketing? Focus on customer retention Focus on single sale Emphasizes product features One-way communication

Focus on customer retention

Which of the following is not characteristic of relationship marketing? Ongoing dialogue with the customer Emphasizes product benefits Focus on new customers Focus on customer retention

Focus on new customers

The compelling quote offered by Dr. William Green from the University of Miami describes entrepreneurship as a Means of avoiding obsolescence. Means of building wealth. Form of social responsibility. Precursor to innovation.

Form of social responsibility.

Instead of having thought of an idea, OK Go believes it: Found it Built it Reinvented it Molded it

Found it

Which of the following represents the process of opening a new location of someone else's startup idea? Innovating Franchising Wholesaling Litigating

Franchising

Which of the following problem characteristics is the most central feature of keeping up with social media? Expense Importance Frequency Obviousness

Frequency

If a particular problem affects people every day, an entrepreneur could characterize that problem as Frequent. Growing. Important. Pervasive.

Frequent.

The video you watched regarding the creation of customer journeys described how software products often interject pop-up warnings to help you make mindful decisions with your work. Which of the following attributes of experience design does this example best illustrate? Time - duration Emotion - positive and/or negative Participation - interfaces and/or people Friction and flow - sequence or structure

Friction and flow - sequence or structure

The primary emotion that entrepreneurs need to understand is customer Sadness. Curiosity. Embarrassment. Frustration.

Frustration.

Which of the following is not one of the primary motivations individuals try to address by seeking solutions to their problems? Gaining control Feeling good NOT feeling bad Getting stuff done

Gaining control

Which of the following is NOT a characteristic that Dr. Ford mentions as being associated with having an entrepreneurial mindset? Amplifying your superpowers Gaining the approval of investors and stakeholders Being more attractive to employers Leading when you are not a leader

Gaining the approval of investors and stakeholders

Determining that many students place a high priority on control and being their own boss is an example of a priority related to Jobs. Alternatives. Gains. Pains.

Gains.

The most important reasons we discussed for analyzing features and benefits provided by alternative solutions is to Determine appropriate pricing strategies. Avoid duplicating competitors' packaging and color schemes. Generate hypotheses about the relative value attributes offered two different customer segments. Develop criticisms of your competitors you can use when marketing your ideas.

Generate hypotheses about the relative value attributes offered two different customer segments.

Strategic knowledge is a type of empathy that concerns Who is likely to be affected, who cares, and who objects. Goals, plans, and issues that are current priorities. Norms regarding the presentation of credible evidence. How other people perceive you.

Goals, plans, and issues that others hold as current priorities.

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. Gradually get better at doing their job. Seek learning experiences through mentors and coaches. Develop ways to avoid their fears.

Gradually confront their fears through a series of small steps.

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

Grit

The population of the United States is aging rapidly. This might lead an entrepreneur to conclude that problems related to vision loss, hearing loss, limited mobility, etc. are likely to change in the future. Which of the following problem characterizations is best illustrated by this example? Frequency Growth Importance Pervasiveness

Growth

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

Help people develop their creative confidence

Which of the following is not a reason why we have trouble understanding problems? High absorptive capacity High empathy Confirmation bias Low myopia

High empathy

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

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 Facts and evidence Convergent thinking

Hope, faith and guesses

Which of the following did Dr. Ford offer as an illustration of a problem definition that is likely to unleash creativity? How can we better prepare students for successful careers? How can we improve awareness about available student organizations? How can we improve dining options available in the Student Union? How can we improve students' parking and transportation experiences?

How can we better prepare students for successful careers?

Which of the following did Dr. Ford offer as an illustration of a problem definition that is likely to unleash creativity? How can we improve awareness about available student organizations? How can we better prepare students for successful careers? How can we improve students' parking and transportation experiences? How can we improve dining options available in the Student Union?

How can we better prepare students for successful careers?

In her TED talk explaining why design should include everyone, Sinead Burke makes a compelling case for considering How startups can disrupt industries by serving those with special needs. How society creates new opportunities for those with special needs. How innovations can spread more quickly. How designs affect people with special needs.

How designs affect people with special needs.

Which the following is not one of the questions you should ask as you're trying to judge whether you can be helpful to others? What do you know about the problem? How much income do you want to earn? What resources do you have at hand? Do you know others who can support your efforts?

How much income do you want to earn?

Which of the following assumptions regarding what customers do without you would be well addressed by assessing customer frustrations with current alternatives? What do people do to address this problem? Why does the problem typically occur? How satisfied are they with their current alternatives? Where do they buy a solution?

How satisfied are they with their current alternatives?

Federal funding for scientific research and innovation has had a profound impact on society, but nevertheless most scientific discoveries are not commercialized. Consequently, this research does not benefit society because people do not gain access to potential innovations that could result from funded research. What entrepreneurship education program has the National Science Foundation implemented to address this problem? Science Start Venture Well I-Corps

I-Corps

Which of the following is a helpful database that allows you to research an industry and its competitive landscape? ProQuest JSTOR IBISWorld EBSCOhost

IBISWorld

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

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

Learning about problems so you understand them better most directly improves which of the following elements of creative action cycles? Imagining Creating Acting Justifying

Imagining

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 Justifying. Acting. Imagining. Evaluating.

Imagining.

Which of the following problem characteristics is the most central feature of having a flat tire? Expense Importance Frequency Obviousness

Importance

Which of the following are attributes you should consider when selecting problems that offer the most potential for creating value? Global, service, rare Important, frequent, and prominent Better, faster, cheaper Frequent, focused, and inconvenient

Important, frequent, and prominent

If a particular problem hurts customers a lot, thereby imposing considerable frustration, an entrepreneur could characterize that problem as Frequent. Growing. Important. Pervasive.

Important.

Mariam Ezzeddine launched a food blog called Cookin with Mima. Her page is easily one of the largest food blogs on Instagram with her 2.5 million followers. With respect to stakeholders, she can be best described as a Influencer. User. Saboteur. Buyer.

Influencer.

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 Entrepreneurial Self-Efficacy Coachability Creative Personality

Initiative

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

Innovation

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 Ideation Funding Scaling up

Inspire

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

Intelligent failures

Which of the following best describes the sequence of processes that guide new venture development motivated by aspirations to become an entrepreneur? Interested entrepreneur, developing an offering, examining alternatives, judging feasibility Interested entrepreneur, understanding the problem, learning about customers, creating solution Interested entrepreneur, creating solution, understanding the problem, learning about customers Interested entrepreneur, assessing alternatives, understanding customers, acquiring offerings

Interested entrepreneur, assessing alternatives, understanding customers, acquiring offerings

Which of the following best describes the sequence of processes that guide new venture development motivated by technology push? Interested entrepreneur, developing an offering, examining alternatives, judging feasibility Interested entrepreneur, understanding the problem, learning about customers, creating solution Interested entrepreneur, creating solution, understanding the problem, learning about customers Interested entrepreneur, assessing alternatives, understanding customers, acquiring offerings

Interested entrepreneur, creating solution, understanding the problem, learning about customers

Which of the following best describes the sequence of processes that guide new venture development motivated by market pull? Interested entrepreneur, developing an offering, examining alternatives, judging feasibility Interested entrepreneur, understanding the problem, learning about customers, creating solution Interested entrepreneur, creating solution, understanding the problem, learning about customers Interested entrepreneur, assessing alternatives, understanding customers, acquiring offerings

Interested entrepreneur, understanding the problem, learning about customers, creating solution

In the context of understanding how customers acquire alternatives, retailers and wholesalers function as Innovators Intermediaries Producers Suppliers

Intermediaries

The most effective means of gaining empathy are to engage in Building and testing. Investment and immersion. Research and discovery. Prioritizing and introspection.

Investment and immersion.

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? Can I do it? Is the return worth the investment? Is it feasible?

Is it feasible?

A feature is what something _____, and a benefit is what something _____. Does; improves Is; costs Is; does Costs; offers

Is; does

The process by which individuals influence others to pay attention to an issue is best described as Issue selling. Problem branding. Product pitching. Customer discovery.

Issue selling.

Which of the following statements best describes creative imaginativeness? 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 make novel connections among pieces of existing knowledge and information that can help form valuable solutions. 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 that creative imaginativeness affects imagining? 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 It can allow for improvising solutions to urgent problems

It can create a more intuitive process for developing valuable solutions

Which of the following is NOT one of the ways practical imaginativeness can help entrepreneurs? It helps entrepreneurs create critical contingencies in the face of adversity. It helps entrepreneurs create plans for their ideas. It helps entrepreneurs generalize ideas across different settings. It helps entrepreneurs anticipate problems that might affect the realization of novel ideas.

It helps entrepreneurs create plans for their ideas.

How does empathy help entrepreneurs' judgments? 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 assess whether a novel solution is valuable to others It helps them determine which ventures will be profitable

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

How is the Value Creation Canvas that Dr. Ford created as a guide to this course different from the value proposition canvas? It includes consideration of entrepreneur and alternative attributes It simplifies the description of your value proposition It's round It allows you to describe the offerings you provide to your customers

It includes consideration of entrepreneur and alternative attributes

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 He doesn't have the desire to do it The return won't be worth the investment He lacks motivation

It isn't feasible

How does the Value Proposition Canvas relate to our course, Creativity and Entrepreneurship? It's an alternative to a business model canvas It covers all the concepts emphasized in modules 3 through 5 It serves as a roadmap that integrates the courses material It's one more damn thing to memorize

It serves as a roadmap that integrates the courses material

It's often the case in software sales that the focus of sales effort is on the Chief Information Officer (CIO) of the company rather than people who'd actually be using the software on a day-to-day basis. Typically, CIOs are both the decision-makers and buyers for these types of solutions. Why do you need to consider issues like these when you prioritize problems? It's important to prioritize problems by evaluating customer importance It's important to prioritize problems based on pleasing everyone It's important to prioritize problems based on necessary trade-offs It's important to prioritize problems by ranking jobs, pains and gains

It's important to prioritize problems by evaluating customer importance

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 Creation Evaluation. Learning. Justification.

Justification.

Dr. Ford just signed up for an Instagram account so he could learn more about what kids are talking about these days. With respect to innovation adoption, Dr. Ford would be described as a(n) ________________ adopter of social media. Late majority Enthusiast Early majority Laggard

Laggard

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. Business modeling. Enrolling others. Understanding problems and people. Creating solutions.

Launching.

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

Law of small numbers

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? Improve your income Lead when you are not a leader Attract employers Amplify your superpowers

Lead when you are not a leader

What you can imagine is based on what you've Learned. Evaluated Created. Experienced.

Learned.

Which of the following analogies does the article from the Smithsonian offer to help you understand "combinatorial" processes that connect diverse bits of knowledge into creative solutions? Legos Grocery shopping Soccer Elections

Legos

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 form of reasoning and problem solving. Economic process of value creation. Social process that connects the interests of different stakeholders. Political process of promoting your ideas over those of others.

Logical form of reasoning and problem solving.

Which of the following is not one of the benefits commonly associated with bringing other people along? Lowering costs Spreading risks Gaining more resources Improving creativity

Lowering costs

Pursuing a new venture proposal because of entrepreneurial aspirations one wants to pursue can be best described as trying to Make people want things. Make things people want. Make a new job for yourself. Invent new technology.

Make a new job for yourself.

When a person has more of an entrepreneurial mindset, they have a strong ability to Make better judgments about problems and come up with creative solutions. Act on their impulses and create a great product or service that many people will love. Find the right people to help them take the next step in their entrepreneurial journey. Be more forward thinking and anticipate what people will need create, then create that needed product or service.

Make better judgments about problems and come up with creative solutions.

Pursuing a new venture proposal because of technology push can be best described as trying to Make people want things. Make things people want. Make a new job for yourself. Invent new technology.

Make people want things.

Pursuing a new venture proposal because of market pull can be best described as trying to Make people want things. Make things people want. Make a new job for yourself. Invent new technology.

Make things people want.

By talking to students on campus, Maria discovers that a major problem many students have is that lunch options are too limited. She found that most students don't want to leave campus to get food because they don't want to give up their parking spot. She decides to create a campus food delivery service that will deliver food from any place within a 5-mile radius of campus. The type of problem Maria is addressing is a good example of Entrepreneurial self-efficacy. Making people want things. Market pull. Technology push.

Market pull.

When entrepreneurs are motivated to start something because of a strong interest in a problem, this is most typically described as entrepreneurship motivated by Market pull. Value creation. Technology push. Entrepreneurial intentions.

Market pull.

Evidence that relevant gatekeepers (e.g., customers, distributors, etc.) value your ideas and are willing to support your venture or purchase your offering is key to building new venture Value propositions. Cash flow. Empathy. Momentum.

Momentum.

Which of the following is not one of the primary sources of "gaps" between current experiences and desired situations that motivates customers to seek new alternative solutions? Pains Money Jobs Gains

Money

According to Simon Sinek, what is the recipe for success? Money, the right people, and the right market conditions Commitment, talent, and the right people A good idea, the right people, and the right market conditions Money, a good idea, and grit

Money, the right people, and the right market conditions

Conventional thinking resulting from being too focused on one's current role and routines is often described as Myopia (nearsightedness). Writers block. Empathic resistance. Absorptive capacity.

Myopia (nearsightedness).

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

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? Lacked better job options Person had a good business idea Wanted to generate better income Non-financial reasons like being their own boss

Non-financial reasons like being their own boss

What kinds of jobs account for most job growth in the US? Non-routine Routine Professional Information technology

Non-routine

Normative knowledge is a type of empathy that concerns Who is likely to be affected, who cares, and who objects. Goals, plans, and issues that are current priorities. Norms regarding the presentation of credible evidence. How other people perceive you.

Norms regarding the presentation of credible evidence.

What are the primary criteria that people use to attribute "creativity" to an idea or solution? Faster and cheaper Novel and valuable Productive and efficient Innovative and profitable

Novel and valuable

Creative problem-solving is often provoked by High job satisfaction. Novel questions. Cohesive teams. Careful analysis.

Novel questions.

Since _______ contributions are seldom required, more initiative is required to be an "original"or ______________ than to perform a well-defined role. Expensive, a CEO Useful, guru Novel, entrepreneur Perfect, a trend-setter

Novel, entrepreneur

Tesla offers cutting edge innovation in the electric car market as a means of offering a creative value proposition that distinguishes it from other auto manufacturers. Which of the following is the most prominent dimension of their creative value proposition? Efficiency Value Sustainability Novelty

Novelty

Which of the following is not one of the types of general benefits you should consider when listing features of current alternatives? Offers discounts Alleviates pains Helps with jobs Provides gains

Offers discounts

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 $250,000 in Angel Investor funding Elon Musk An innovation opportunity

One little spark of inspiration

Optimism refers to 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. Being overconfident in what the outcomes will be surrounding your success. 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.

Based on the logical relationships among these concepts, which of the following is the hardest to find or create? Creative ideas Opportunities Innovations Startups

Opportunities

What is the primary difference between opportunity and necessity-based motives of entrepreneurship? Ultimately, there is no difference between motives that promote entrepreneurship Opportunity-based motives seek to attain positive outcomes, while necessity-based motives seek to avoid negative outcomes Opportunity-based motives seek to attain wealth creation, while necessity-based motives seek to attain social impact Opportunity based motives are considered a way to push, while necessity-based motives are a way to pull

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

A common analogy that entrepreneurs use to describe attributes of their customers and the markets they serve is Pain. Baseball. Flying. Working out.

Pain.

What advice, inspired by Apple's early focus, did Simon Sinek's offer to aspiring leaders in his popular TED Talk on "How Great Leaders Inspire Action?" People don't buy what you do, they buy why you do it. People don't buy what you do, but how you do it. Customers like beautifully designed technological tools. Sell at higher prices to make them appear as they have higher value.

People don't buy what you do, they buy why you do it.

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

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

If a particular problem is commonly experienced, thereby affecting many people, an entrepreneur could characterize that problem as Frequent. Growing. Important. Pervasive.

Pervasive.

The "total available market" for a particular solution is a way of describing the "universe" of people affected by a problem. Which of the following problem characteristics is the most central feature described by estimates of total available market? Frequency Obviousness Pervasiveness Importance

Pervasiveness

Which of the following is a common method for describing openings in a competitive landscape where there are few alternatives available? Listing alternatives on a spreadsheet, sorted by market share Conducting Google searches and listing alternatives that appear in the results Using diffusion curves to predict new market entries Plotting competitors on an X and Y axis representing important attributes that customers value

Plotting competitors on an X and Y axis representing important attributes that customers value

Interactions with customer service, satisfaction surveys, and loyalty programs are most directly related to the __________________ phase of customer experiences. Branding services Pre-purchase Post-purchase Purchase

Post-purchase

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. Status and authority. Social networks. Income.

Power and control

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

Practical Imaginativeness

Interactions with direct email, social media, and referrals from friends are most directly related to the __________________ phase of customer experiences. Branding services Pre-purchase Post-purchase Purchase

Pre-purchase

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 Learning more about specific ideas Premature commitments and ugly breakups Rapid progress assessing the value of novel ideas

Premature commitments and ugly breakups

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

Preventable failures in predictable operations

Looking for gaps between current and desired states is commonly called Fact framing. Problem framing. Problem finding. Fact finding.

Problem finding.

Making a judgment regarding whether you have a problem worth solving is best described as assessing Product market fit. Problem/solution fit. Scale. Ideation.

Problem/solution fit.

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 Problems would become more apparent and noticeable. Better designs are a result of habit. Creativity would be exercised more naturally. Solutions would be thought of quicker.

Problems would become more apparent and noticeable.

Dr. Ford suggested that the best approach to enjoying a fulfilling career, one where you create value and make an impact, is to stop thinking about "getting" a job and to start thinking "doing" work that connects the Professional connections you know, and the employment opportunities they control. Problems you care about, the talents you possess, and the things you like to do. Major you select, the income you want to earn, and the work experiences you need to pursue. Place you want to live, local employment opportunities, and living expenses.

Problems you care about, the talents you possess, and the things you like to do.

Design thinking is one of the leading processes that entrepreneurs and innovation-driven companies use to develop valuable new solutions and offerings. However, design thinkers make significant investments in understanding problems before they try to generate solutions. Which of the following is not one of the "pre-solution" processes design thinkers pursue before they invest in developing solutions? Fact Finding Problem Framing Problem Finding Product Development

Product Development

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

Interactions with ecommerce sites, sales staff, and packaging are most directly related to the __________________ phase of customer experiences. Branding services Pre-purchase Post-purchase Purchase

Purchase

Developing a compelling narrative and telling and engaging story are especially essential with respect to creating ______________ for yourself and others. Self-esteem. Purpose and meaning. Opportunity and profits. Startup success.

Purpose and meaning.

According to Simon Sinek, what is the neocortex responsible for? Feelings and decision-making Creativity and divergent thinking Rational and analytical thought and language Future planning and memory

Rational and analytical thought and language

Which of the following was not one of the tradeoffs that entrepreneurs must face when designing their offerings? We can produce it Regulations allow it Customers want it Economics sustain it

Regulations allow it

What is a 5-why analysis also known as? Step analysis Problem-solution analysis Root cause analysis Cause-effect analysis

Root cause analysis

Creative proposals inevitably impose negative consequences on those who currently provide alternative solutions. In markets, this can lead competitors to pursue predatory pricing and other aggressive tactics. In organizations, this can lead to political resistance aimed at undermining new initiatives. With respect to stakeholders, individuals who seek to protect their own initiatives by undermining new initiatives are best described as a Influencer. User. Saboteur. Buyer.

Saboteur.

Betsey owns a wildly successful local boutique and is considering opportunities for franchising. This would be an example of which startup stage? Product market fit. Problem/solution fit. Scale. Ideation.

Scale.

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? Funding Ideation Scaling up Inspire

Scaling up

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

Sell

What type of support is best characterized as getting others to do something that you want them to do? Referring Selling Investing Co-creating

Selling

The total number of customers experiencing the specific problem you are trying to in the geographic area that interests you is commonly described as the Serviceable available market. Total available market. Forecast of market. Share of market.

Serviceable available market.

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 Startup steps Next steps Smart steps Dance steps

Smart steps

Actions that serve as small experiments capable of testing your assumptions and turning your guesses into evidence are called Test steps. Next steps. Startup steps. Smart steps.

Smart steps.

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 Social imaginativeness Practical imaginativeness Technical imaginativeness Creative imaginativeness

Social imaginativeness

Brandon decided to invest in an expensive designer suit so that others would view him as a highly successful young professional. Which of the following types of customer jobs is motivating Brandon's purchase in this example? Functional job Supporting job Emotional job Social job

Social job

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 Customer and their problems. Customer experiences and the entrepreneur providing the offering. Solution and how people experience your offerings. Customer and their alternatives.

Solution and how people experience your offerings.

A(n) ____________ describes a general approach for addressing a problem, while a(n) ____________ describes the actual experiences customers have with products and services. Offering; opportunity Startup; innovation Alternative; solution Solution; offering

Solution; offering

What company does Dr. Ford use as an example when he explains the customer journey map? Chipotle Starbucks Panera Bread McDonalds

Starbucks

If you imagine better customer experiences because of learning about problems, customers, and existing solutions, the next step in your start up journey should be to Start pitching to investors. Start creating. Start negotiating. Start hiring.

Start creating.

Temporary organizations used to search for repeatable and scalable business models are called Startups. Opportunities. Innovations. Projects.

Startups.

When articulating your problem for your business case, why should you craft an emotional story? Stories are more memorable than data Stories can be easily changed Stories are shorter than data Stories can't be faked

Stories are more memorable than data

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? Efficiency Value Sustainability Novelty

Sustainability

What are the two action principles entrepreneurs need to embrace that promote learning, imagining, and judgment? Learn from the mistakes of your predecessors, and roll with the punches Take small smart steps, and reflect on experiences to justify next steps Fail quick and often, and ask for a lot of help Take leaps of faith, and learn from your mistakes

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

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

Test ideas with experiments that turn guesses into evidence.

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 childhood development, and afterward is fixed The belief that your ability is fixed and cannot be changed 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 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 The degree to which an entrepreneur is able to learn and absorb knowledge The degree to which an entrepreneur is empathetic The degree to which an entrepreneur is able to coach 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? The illusion of control Escalation of commitment Confirmation bias Law of small numbers

The illusion of control

It's important to understand that creative solutions compete, at least implicitly, with Distribution channels. The status quo. International corporations. Venture capital investors.

The status quo.

A market opportunity is usually described as The amount of personal wealth that an entrepreneur will earn from their startup. The amount of time it will take for a well-executed startup to earn a profit. The total revenue that might be earned from a specified share of the market. The total number of people who are likely to buy your product of service.

The total revenue that might be earned from a specified share of the market.

Gaining empathy for the characteristics and roles of your customers is an important part of empathy mapping that can help you understand What they buy and use. What they think and feel. What the perceive and do. Their goals.

Their goals.

Which of the following statements best describes the research surrounding having an entrepreneurial mindset? 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. There is a lot of research that describes entrepreneurship as a wholistic process that incorporates a lot of different personality and motivational aspects. There is an abundance of research on personality and motivation that is associated with having a strong entrepreneurial mindset. 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.

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

According to the article from Inc. magazine that you read, what is the primary reason that scientists fail to commercialize their discoveries as marketable innovations? They lack sufficient expertise to establish a genuinely world-class solution They lack necessary funding to pursue business development They fail to identify a real-world problem their discoveries can address They have little interest in solving societal problems

They fail to identify a real-world problem their discoveries can address

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

Companies that employ design thinking will often assemble teams of innovators, managers, sales people, and investors to consider a problem and identify its root causes. Based on best practices related to finding and describing problems, what is the best rationale for holding these types of meetings? They typically have the authority to execute successful new venture proposals They help you understand problems by connecting diverse perspectives They provide a more efficient, lower-cost means of understanding problems They help you develop solutions more quickly

They help you understand problems by connecting diverse perspectives

What effect does the introduction of "better, faster, cheaper" solutions have on "worse, slower, relatively-expensive" alternatives? They expand the number of customers in the market They result in lower costs for raw materials and labor They pull away resources so they can be invested in innovation They require increased investment in marketing

They pull away resources so they can be invested in innovation

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 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 always look busy but in reality, are just looking to avoid being given extra work.

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

The video you watched regarding the creation of customer journeys described how packaging pain reliever pills and a bottle makes it more efficient to dispense large numbers of tablets. Which of the following attributes of experience design does this example best illustrate? Time - duration Emotion - positive and/or negative Participation - interfaces and/or people Friction and flow - sequence or structure

Time - duration

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

Time to recover from short-term setbacks

Which of the following best describes the motivations that lead people to pursue a new venture primarily based on their entrepreneurial aspirations? To solve a problem To become wealthy To be their own boss To pursue a solution (innovation)

To be their own boss

Which of the following is not one of the three primary reasons that entrepreneurs start something? To solve a problem To become wealthy To be their own boss To pursue a solution (innovation)

To become wealthy

Which of the following best describes the motivations that lead people to pursue technology push venture development processes? To solve a problem To become wealthy To be their own boss To pursue a solution (innovation)

To pursue a solution (innovation)

Which of the following is not a primary reason why people pursue entrepreneurship? To pursue purpose and meaning To earn more money To avoid obsolescence To work in a more competitive environment

To work in a more competitive environment

When considering the customer's experience, you should think about all of the __________ or "moments of truth" that define the quality of a customer's experience and the authenticity of a company's brand promise. Touchpoints Sales Payments Conversations

Touchpoints

Capacitech, a UCF startup company that recently won the $75,000 Joust New Venture Challenge, followed up their victory by earning a $225,000 grant from the National Science Foundation that has helped them to engage potential corporate partners interested in developing their technology solutions. This kind of momentum demonstrating that gatekeepers are attributing value to a novel offering is commonly described as Forecasting. Traction. Incorporating. Investing.

Traction.

Invisasox is a student-led startup that offers innovative no-show socks (seriously, they're awesome!). They started by making 1500 socks to see if people would buy them. Customers did, so Invisasox used their revenue to make and sell 5000 socks, and then used those profits to make and sell 15,000 socks. This kind of momentum demonstrating that gatekeepers are attributing value to a novel offering is commonly described as Traction. Grit. Mojo. Prediction.

Traction.

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

Trailblazers

While watching the UCF football game on television you notice an advertisement for a "buy one get one free" offer from Pizza Hut. You decide to take advantage of the offer, so you log in to your Pizza Hut account and order online. This example best illustrates Efficient marketing. Realization marketing. Transactional marketing. Relationship marketing.

Transactional marketing.

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

Unavoidable failure in complex systems

When judging the fit between a problem and a customer, it is especially important to consider whether you Understand the way the customer experiences the problem. Can deliver your offerings at a profit. Can provide a delightful experience to your customers. Have knowledge that helps you under understand the problem.

Understand the way the customer experiences the problem.

Which of the following is an important component of the first Learning Objective, understanding creativity and entrepreneurship? Understanding entrepreneurship as a means of exploiting opportunities Understanding entrepreneurship as a means of expressing creative ideas Understanding entrepreneurship as a way to achieve social status Understanding entrepreneurship as a way of earning income

Understanding entrepreneurship as a means of expressing creative ideas

An entrepreneurial skillset that seeks to address how you will help others, and often employs methods such as customer discovery is called Launching. Business modeling. Enrolling others. Understanding problems and people. Creating solutions.

Understanding problems and people.

If you want to portray yourself as a lead among other alternatives on a competitive analysis diagram, you need to organize your framework so that your alternative appears in the Lower left quadrant Lower right quadrant Upper right quadrant Upper left quadrant

Upper right quadrant

When you utilize Google maps to find directions, you can be best described as a Influencer. User. Saboteur. Buyer.

User.

The "notorious" gap between scientific discovery and innovation commercialization is often referred to as the Falls of Failure.. Gulf of Government Funding. Catastrophe of Commercialization. Valley of Death.

Valley of Death.

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? Efficiency Value Sustainability Novelty

Value

Entrepreneurs with low initiative are More inclined to delegate tasks to others since they themselves are not motivated. Very unlikely to need assistance and will eventually find the motivation to move forward with their plans once it is solidified. 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.

Situations that require the use of entrepreneurial thinking and methods occur when you Want to pursue opportunities beyond your current authority and resources. Lack current opportunities but want to develop creative ideas. Are faced with conflicts between novel and routine ideas. Want to increase your income.

Want to pursue opportunities beyond your current authority and resources.

Which of the following assumptions regarding what customers do without you would be well addressed by developing a competitor map with comparisons of features and benefits? What do people do to address this problem? Why does the problem typically occur? How satisfied are they with their current alternatives? Where do they buy a solution?

What do people do to address this problem?

The young woman you saw visiting a delightful café with smiling staff, free muffins, and discounts for promoting on social media avoided the hassles of the cheap diner she visited previously and attained some unexpected happy surprises. With respect to empathy mapping, these insights into the pains and gains guiding her morning can help you understand Her goals What she perceives and does. What she thinks and feels. What she buys and uses.

What she thinks and feels.

When you watched a young woman leave a restaurant because she saw the cook as careless, sloppy, and unclean, you could likely empathize with her experience. This example of how things that people see and hear during a brand experience impact their journey is a good illustration of how __________________ can be characterized during empathy mapping. What they buy and use Their goals What they think and feel What they perceive and do

What they perceive and do

The start of a new venture development journey is best focused on developing your understanding of How you reach and interact with customers. What you do and who you help. Revenue streams and your cost structure. Activities you will undertake and the resources you will require.

What you do and who you help.

The results of the Fishbone Diagram help you know What is the path of least resistance? What you know. What you need to sell. What you don't know.

What you don't know.

Under what circumstances are you supposed to use "prediction" as described in the Just Start book? When a situation is risky, but with clear probabilities associated with different choices When a situation is familiar and similar to past experiences When a situation is extremely important When a situation is novel and the future is uncertain

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 reinforce a habit with rewards When we get rid of a habit When we encode behaviors in our everyday lives as habits When we encode our own habits into others

When we encode behaviors in our everyday lives as habits

Under what circumstances should you use "creation" as described in the Just Start book? When comparing risky employment options When you want to expand a successful initiative When you cannot predict the future When you face a routine situation

When you cannot predict the future

Which of the following assumptions regarding what customers do without you would be well addressed by gaining a better understanding of distribution channels? What do people do to address this problem? Why does the problem typically occur? How satisfied are they with their current alternatives? Where do they buy a solution?

Where do they buy a solution?

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

Where should I go?

Which of the following questions is most directly related to learning about customer gains? Which is more important to you, lower prices or higher quality? What issues or concerns keep you up at night? Do you find it difficult to follow the instructions for your current solution? What tasks are you responsible for completing each day?

Which is more important to you, lower prices or higher quality?

Understading 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? Who am I? Who do I know? What can I afford? What do I know?

Who am I?

Relational knowledge is a type of empathy that concerns Who is likely to be affected, who cares, and who objects. Goals, plans, and issues that are current priorities. Norms regarding the presentation of credible evidence. How other people perceive you.

Who is likely to be affected, who cares, and who objects.

Which of the following assumptions regarding what customers do without you would be well addressed by using root cause analysis? What do people do to address this problem? Why does the problem typically occur? How satisfied are they with their current alternatives? Where do they buy a solution?

Why does the problem typically occur?

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 refine your proposal or collect better evidence. You should show some grit and keep trying. You should quit. Your idea is pointless. You should refine your question to better fit your available evidence.

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

When considering potential stakeholders that may be affected by your new venture proposal, it is important to recognize that Your stakeholders will likely have focused and well-aligned interests. You will face different stakeholders with different interests. It is unlikely that you will be able to identify all your stakeholders. Stakeholders will often fight over who controls your venture.

You will face different stakeholders with different interests.

Some of the biggest risks associated with launching new ventures can be mitigated by understanding the motivations of those who might want you to fail. What is the primary reason that others might want you to fail? It may require them to offer discounts on future offerings It may require them to add new features to their offerings Your creation might be destructive to their interests They may be jealous of your potential success

Your creation might be destructive to their interests

If you want to create a map of your competitive landscape, you should focus your attention on Substitute products and services. Customer habits. Your direct competition. Complementary products and services.

Your direct competition.

What do you control in the early stages of the startup process? Problems Customers Your imagination Your success

Your imagination

A useful way to understand how customer personas can help you imagine use scenarios for the type of solution you're developing is to think about customer personas as "Artificially intelligent actors." "Algorithms that improve judgment." "Avatars of your imagination." "Representing people you know."

"Avatars of your imagination."

Efforts to expand sales of an innovation beyond small early adopter markets into large mainstream consumer markets is commonly described as "Crossing the chasm." "Taking the plunge." "Walking the plank." "Swimming the channel."

"Crossing the chasm."

The two most important judgments you need to make when deciding who you can help include asking "Do people want innovation, and are you knowledgeable?" "Are people happy, and are you sustainable?" "Do people need help, and can you be helpful?" "Do people trust you, and are you trustworthy?"

"Do people need help, and can you be helpful?"

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

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

Sinead Burke ends her TED talk explaining why design should include everyone by saying, "Design is an enormous privilege, but..." "It is a bigger responsibility." "It is a small aspect of creativity." "It is a bigger investment." "It begins with small change."

"It is a bigger responsibility."

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% 10% 50% 70%

30%

A method for rigorously exploring factors that contribute to a problem is called Fishbone diagram Step analysis. Problem finding excursions. 5-why analysis.

5-why analysis.

The primary elements of the value proposition canvas include Creativity and judgment diagrams. Competitor profiles and profit map. A customer profile and value map. Customer demographics and cash flow diagram.

A customer profile and value map.

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

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

What metaphor does Dr. Ford use to describe the relationship between people and problems? A plane crashing into a mountain A tree falling in the woods A swimmer diving into an empty pool A zebra being chased by a lion

A tree falling in the woods

The authors of the just start book advocate for balancing prediction and creaction even under circumstances that present considerable predictability. An important and provocative reason they propose for their position is that Predictions are seldom accurate, so you're better off taking your chances by acting Action helps you avoid losses, but analytic methods often lead to poor judgment Creaction always leads to success, but habits usually lead to failure Action always leads to evidence and learning, but thinking does not

Action always leads to evidence and learning, but thinking does not

Confidence increases motivation to take_________, but overconfidence can lead to _____________. Action, dumb steps Higher risk, taking on too much risk Smart steps, overstepping Initiative, missteps

Action, dumb steps

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

Affordable loss

The context of much of Sinead Burke's TED Talk on "Why design should include everyone?" is a(n) Hotel. Cruise ship. Train station. Airport terminal.

Airport terminal.

Individual characteristics are habits of Action. Thought. Motivation. All the above

All the above

It's important to consider how people are currently addressing your problem. An important question to ask yourself is what you know about ___________ solutions. Complementary Unrelated Alternative Obsolete

Alternative

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? Customers Solutions Problems Alternatives

Alternatives

A creative solution that is intended to be adopted by others and diffused to different settings is best described as An innovation. A startup. An opportunity. A creative solution.

An innovation.

A common negotiation tactic is to present an extreme proposal at the beginning of the discussion. This is justified by research demonstrating that opponents will be influenced to accept a position closer to an extreme proposal than they would have if it had not been presented. This well-established decision-making bias is called Gain preferences. Anchoring an adjustment. Behavioral decision theory. Loss aversion.

Anchoring an adjustment.

Which of the following questions is most directly related to learning about customer pains? How do your customers measure success and failure? What would make your customers' jobs or lives easier? What jobs, if completed would give the user a sense of self-satisfaction? Are there upfront costs, a steep learning curve, or other obstacles preventing adoption?

Are there upfront costs, a steep learning curve, or other obstacles preventing adoption?

The primary goal of using the Value Proposition Canvas is to Validate assumptions about your business model. Highlight team building needs you will need to address. Forecast the likely profitability of your venture proposal. Articulate a value proposition that is demonstrably novel and valuable.

Articulate a value proposition that is demonstrably novel and valuable.

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? Protect your intellectual property from being stolen Assess acceptable losses associated with that step Network with others to improve your ability to accumulate resources Meditate to reduce your stress

Assess acceptable losses associated with that step

Nicole interviewed dozens of potential customers and learned that people really hate to wait in line at fast-casual restaurants. Thus, she determined that the primary value proposition for her restaurant "speed pass" system was to help people Avoid risks. Enjoy desired gains. Complete customer jobs. Avoid undesired outcomes (pains).

Avoid undesired outcomes (pains).

An important reason why individuals are often resistant to creative proposals is that research on problem framing shows that people prefer Coke over Pepsi. Pursuing long-term outcomes over short-term outcomes. Attaining large outcomes rather than experimenting with small outcomes. Avoiding bad outcomes over attaining good outcomes.

Avoiding bad outcomes over attaining good outcomes.

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 since they don't have much to gamble. 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 because since they have limited success in previous efforts.

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

Which of the statements below best describes that of a growth mindset Believing that your talents are better used on tasks that you already excel at. Believing your talents can be developed through hard work, good strategies, and input from others. Believing that your talents can be developed but only to a small degree. Believing that your talents are innate gifts that are unlikely to change.

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

Which of the following is not a typical attribute to consider when developing a customer persona? Frustrations Birthplace Favorite influencers Behaviors

Birthplace

If you want to promote a discussion that explores a wide range of novel proposals, what type of problem framing should you employ? Tall Short Narrow Broad

Broad

The practice of offering a configuration of features that provides an important benefit to a specific market segment is commonly called Bundling. Catalyzing. Branding. Discounting.

Bundling.

An entrepreneurial skillset that involves articulating configurations of economic relationships one might create in order to deliver a solution is called Launching. Business modeling. Enrolling others. Understanding problems and people. Creating solutions.

Business modeling.

Which of the following options do people often pursue if their primary motivation to pursue a new venture is their entrepreneurial aspirations? Gain empathy through immersive learning experiences Patent an innovation Pursue "intrapreneurship" Buy a business

Buy a business

When a private K-12 school enrolls a student, that student's parents can be best described as a Influencer. User. Saboteur. Buyer.

Buyer.

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 create a novel solution? Do you understand the problem? Can you deliver the experience at a profit? Are customers frustrated?

Can you deliver the experience at a profit?

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 Grit Entrepreneurial self-efficacy

Coachability

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

Confirmation bias

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. People with high levels of education and capability typically avoid entrepreneurship and pursue high-paying jobs instead. Entrepreneurial journeys quickly sort out those who are highly capable from those who are not talented enough to be successful. Entrepreneurs have to undertake extreme levels of risk, and only those with limited knowledge are willing to take such risks.

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

The inner ring of the Value Proposition Canvas highlights different judgments of "fit" and value-creation between various elements associated with your value proposition, thereby promoting Thoughtful thinking. Creative thinking. Convergent thinking. Divergent thinking.

Convergent thinking.

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

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 Launching. Business modeling. Enrolling others. Understanding problems and people. Creating solutions.

Creating solutions.

In circumstances where future is very uncertain and probabilities associated with actions are completely unpredictable, you would be well advised to proceed using Statistical methods. Pattern recognition Creation. Prediction.

Creation.

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

Creative Personality

Based on the logical relationships among these concepts, which of the following is most common (occurs in the largest numbers)? Opportunities Startups Creative ideas Innovations

Creative ideas

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. Creative mindset. Creative talent. Creative productivity.

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 Creativity is best judged by experts Creativity needs to be assessed at a particular point in time in a particular task domain Creativity is most usefully thought of as a personality characteristic

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 is best judged by experts Creativity needs to be assessed at a particular point in time in a particular task domain Creativity is most usefully thought of as a personality characteristic Creativity is an assessment that reflects both novelty and value

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. Researcher or scholar. Excellent driver. Musician or athlete.

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 Alternatives Solutions Entrepreneur

Customer

Entrepreneurs need to have a clear vision of the person they're trying to help, to a point where they could likely pick their customer out of a crowd. This kind of detailed character development in an entrepreneur's narrative often results in the creation of a Demographic map. Customer archetype. Competitor analysis. Customer solution.

Customer archetype.

The customer segment of the Value Proposition Canvas focuses on gains, pains, and Customer jobs. Customer alternatives. Customer needs. Customer habits.

Customer jobs.

What do entrepreneurs call a visual representation of an individual's relationship with an organization, service, product, or brand? Customer journey map Customer persona Customer relationship journey Customer life cycle

Customer journey map

Judging whether customers are frustrated is an important evaluation to make when assessing fit between Customers and their current alternatives. Solutions and offerings. Problems and customers. Entrepreneurs and customers.

Customers and their current alternatives.

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

Desire & Current Reality

Which of the following best describes the learning objective for Module 3? Developing your ability to create novel and valuable solutions Developing your ability to deeply understand and articulate problems Developing your ability to judge the likely success of the venture proposals Developing your ability to empathize with the interests, preferences and circumstances of others

Developing your ability to deeply understand and articulate problems

Which of the following best describes the learning objective for Module 4? Developing your ability to judge the likely success of the venture proposals Developing your ability to empathize with the interests, preferences and circumstances of others Developing your ability to create novel and valuable solutions Developing your ability to deeply understand and articulate problems

Developing your ability to empathize with the interests, preferences and circumstances of others

The primary reason that different alternatives often provide different mixes of benefits is that There is a considerable amount of randomness in the innovation process. Rapid innovation makes it too hard for competitors to copy each other's offerings. Companies are typically not aware of the features and benefits offered by their competitors. Different offerings are designed to appeal to different customer segments.

Different offerings are designed to appeal to different customer segments.

If you decide to sell a product at a farmer's market you would be distributing your product through a(n) Consumer channel. Direct channel. TV channel. Indirect channel.

Direct channel.

What is it called when the product is sold straight to the consumer without any "middleman" or intermediaries? Indirect sales Retail sales Direct sales Distributors/resellers

Direct sales

The outer ring of the Value Proposition Canvas highlights ways in which you might differential your proposal from other offerings thereby promoting Thoughtful thinking. Creative thinking. Convergent thinking. Divergent thinking.

Divergent thinking.

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 1st person opportunity (good for them). What judgment is most closely associated with making this transition between a 3rd and 1st person opportunity? Do I want to do it? Can I 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? Do I want to do it? Is it feasible? Is the return worth the investment? Can I do it?

Do I want to do it?

Creativity is best defined, according to Dr. Ford's description, as a: Process of designing, implementing and sustaining business models that diffuse innovations and create value. Possibility of introducing an innovation to a specific market at a profit Domain-specific attribution of the relative novelty and usefulness/value of a particular solution. Solution that is intended to be adopted by others and diffused to different settings.

Domain-specific attribution of the relative novelty and usefulness/value of a particular solution.

Entrepreneurs are often advised to focus their initial startup efforts on small markets of highly enthusiastic customers, rather than try to satisfy everyone. Which of the following phrases is commonly associated with this popular bit of advice? Don't break an egg Don't shoot for the moon Don't run too fast Don't boil the ocean

Don't boil the ocean

According to the product adoption curve, the greatest percentage of customers include those described as Late majority and laggard adopters. Innovators and early adopters. Early majority and late majority adopters. Early adopters and early majority.

Early majority and late majority adopters.

Which of the following is not typically considered as an attribute of a creative value proposition? Efficiency Value Sustainability Novelty

Efficiency

Which of the following professional methodologies is commonly used to describe customer experiences? Empathy mapping Customer personas/archetypes Value proposition canvas Diffusion curves

Empathy mapping