Entrepreneurial Thinking Final (ENI 3101)

Which of the following is data that an entrepreneur can derive from demographics research?

Ethnicity

Why is Step 1 of the creative problem-solving process to clarify?

Failure to identify the specifics of a problem makes it nearly impossible to solve

What is the purpose of the customer empathy map?

accurately portray the target market for the product/service

To delve more deeply into ideation as a practice, the text introduced the Six Thinking Hats method, where the White Hat ____

acts as information gatherer by conducting research and bringing quantitative analysis to the discussion

The primary purpose of the pitch is to _________________

ask for something

Why does the design thinking process use the term "spaces" instead of phases?

because the spaces can happen simultaneously

For entrepreneurs, the simplest method of framing a problem in the form of a question ___

can be eye opening.

Which is not a contributing factor to the desire to become an entrepreneur?

certainty of employment and income

Which type of analysis uses a grid to compare all the vendors that provide the same product or service in an area?

competitive analysis

All of the following except ________________________ describe entrepreneurs.

corporate sponsors

Which of the following is the story of the business?

corporative narrative

In order for human-centric design to work, ________ must be based on honest, rational, and emotional observation.

defining the problem

Which of the following is a method that focuses the design and development decisions of a product on the needs of the customer, typically involving an empathy-driven process?

design thinking

Which of the following best describes an entrepreneurial mindset?

desiring to take business risk for growth

A(n) ______________ is typically less than 5 minutes.

elevator pitch

The human ability to feel what other human beings are feeling, which in the context of creativity, innovation, and invention is essential to beginning a process of human-centric design, is called _______

empathy

If the costs of a venture are too high and the profit is too low, the entrepreneur may need to consider whether the venture is ________

feasible

The ideation practice which comes from Stanford's Design School (d-school) has the objective to ________

generate as many ideas as possible and start to develop some of them

Which of the following characterizes a great team?

have chemistry, and are cohesive and diverse

Which three spaces compose the design thinking process?

inspiration, ideation, and implementation

Which type of canvas is most typically used by entrepreneurs?

lean canvas

Which of the following combinations creates the greatest entrepreneurial opportunity?

low supply, high demand

Which of the following is an example of adaptive problem solving?

minimizing the impact of the flu virus impacting a local school district

The business model canvas has _______ key components.

nine

A _____ is a formal presentation that you typically deliver to potential investors

pitch

The __________ is the presentation to accompany your pitch to persuade the audience to take action

pitch desk

According to the text, designing for other people means building a _________

prototype, which is the fourth step

An entrepreneur wants to conduct research on a potential business opportunity. Which of the following is an example of a primary source?

public opinion polls

According to the text, Sara Blakely developed the ability to adapt to difficult or challenging circumstances as a result of events in her childhood. This ability is known as __________

resilience.

Which of the following best describes expanders and scalers' approach to venturing? innovating?

seeking new opportunities to expand processes, products, or creating methods.

Uber, Lyft, and DoorDash are examples of which type of economy?

shared company

Which of the following is not an example of a lifestyle venture?

starting a fashion-focused eyeglasses company

Brainstorming creatively means going beyond ___

the common basic whiteboard scribbling

A(n) _________________ describes the value customers can expect from the product/service.

value proposition

According to the text, fostering creativity and innovation ____

will add essential tools to your entrepreneurial toolkit.

Which of the following are not examples of the gig economy?

working as in-house catering at a restaurant

What percentage of startups include immigrants?

40%

Which country is most attractive for entrepreneurial ventures?

Australia

Which of the following is an example of an entrepreneur?

Innovator

Why is creating a vision statement an important step in the entrepreneurial process?

It can remind people what they are capable of in their market.

How is design thinking an "empathy-driven process"?

It focuses on the needs of the customer and creating the customer experience.

Why should the focus first be on the right side of the business model canvas?

These are the most critical aspects of starting a new venture.

True or False? A competitive analysis provides information about how competitors market their products and services.

True

Which of the following is an example of a lifestyle venture?

Wander Girls

Which of the following statements is true about women entrepreneurs?

Women receive significantly less venture capital funding than men

Why should you develop the vision statement before the mission statement?

You need to be able to state the venture's broader purpose and what it can become.