Entrepreneurship Mid Term

How do the authors of the textbook define entrepreneurship?

Actions taken by an individual or a group to create something new.

All business plans need to follow the same format to lead to business success.

False

CVP stands for customer value program

False

Creativity is innate, meaning it is something you are either born with or not, it is not able to be developed.

False

Entrepreneurship can be learned passively.

False

Interviewing skills cannot generally be improved with practice.

False

Studies indicate that entrepreneurs with preexisting knowledge of a market or industry recognize the same number of opportunities as those with no such knowledge.

False

The implementation phase focuses on late stage, high-cost testing, and experimentation to strengthen ideas.

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

WISE stands for work influence standard environment

False

Which of the following statements is an example of a desire statement?

I have a desire to help first-generation students attend college

______ is the art of spontaneously creating something without preparation

Improvisation

______ is a process of creating new products, ventures, processes, or renewal within large organizations.

Intrapreneurship

The I's associated with design thinking include all of the following except:

Intuition

This type of plan is often used by entrepreneurs in the early stages of planning.

Back of a napkin

BMC stands for:

Business Model Canvas

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

Financial viability

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

Finding approach

This type of nonprofit is required to channel profits back into the organization.

Enterprising nonprofits

Which of the following is a common myth surrounding entrepreneurship?

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

This part of the business plan occurs early in the plan:

Executive summary

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

Serial entrepreneurs

This type of plan requires illustrations, graphs, and drawings to make the entrepreneur's plan come to life.

Sketches on a page

Social entrepreneurs can raise capital from their for-profit or non-profit organizations through ____________.

Social Venture Capitalists (SVC)

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

Social entrepreneurship

In addition to creating social value, social entrepreneurs must also create

economic value

Design thinking requires:

empathy

A venture that has a social venture mission and a social primary market impact is referred to as:

enterprising nonprofits

Because working in uncertain environments "goes with the territory" in entrepreneurship, the ______ mind-set requires constant thinking and rethinking, adaptability, and self-regulation.

entrepreneurial

Taking action, trying something new, and building that learning into the next iteration is a description of:

experimentation

The skill of ______ can best be described as acting in order to learn: trying something, learning from the attempt, and building that learning into the next iteration.

experimentation

Entrepreneurs should remember this about failure:

failure results in valuable learning

The CVP is about finding a ______ and then proposing a way to fulfill it.

goal

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

Four questions that are useful to ask during the design-thinking process include all of the following except:

how does it happen?

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

identifying opportunities

The habit of ______ allows entrepreneurs to quickly find a way to adapt to their circumstances, think on their feet, and create new plans to realize their vision.

improvisation

Part of the practice of entrepreneurship is being in the right ______ to start and grow a business.

mind-set

Entrepreneurs who identify links or connections between seemingly unrelated things or events are picking up on this phenomenon.

pattern recognition

From an entrepreneurial perspective, ______ is a description of the future you envision for your business.

planning

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

The traditional approach to entrepreneurship has been to view entrepreneurship as a(n) ______.

process

Social entrepreneurship is said to be ______ driven, while corporate social responsibility is said to be ______ driven.

purpose/consequence

Storyboarding is a creative way for entrepreneurs to:

solve customer problems

The definition of social entrepreneurship involves:

sourcing innovative solutions

In the suggested rules of experimentation, the focus should be on the:

stakeholders

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

Design thinking is used to do all of the following except:

decide between 2 equal alternatives

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

Through data from the 2015/16 Global Entrepreneurship Monitor report, it is estimated that there are ______ entrepreneurs worldwide.

400 million

Which step occurs early in the scientific process of experimentation?

Asking lots of questions

Which of the following best categorizes entrepreneurial activity in the era which followed the second industrial revolution?

Corporate entrepreneurship increased.

This part of the business model requires entrepreneurs to focus on a target market.

Customers

These types of thinking are part of the design-thinking process.

Divergent and convergent

______ are entrepreneurs who start a business as a means of economic survival.

Necessity-based entrepreneurs

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

Nine

______ is the action of closely monitoring the behavior and activities of users/potential customers in their own environment.

Observation

The chapter refers to this process to increase deep understanding during an interview.

Peel the onion

This is one piece of advice from the chapter about writing business plans.

Remove any of the fluff

The question "What are your startup costs?" refers to this part of the TRIM framework.

Resources

For entrepreneurs, an active search for opportunities involves this type of search:

Systematic

TRIM stands for:

Team, Resources, Idea, Market

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

The skill of play

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

True

Leading innovation and design firm IDEO has popularized design thinking.

True

Many successful entrepreneurial ideas include a product or service innovation.

True

Planning includes what you plan to do and how you plan to do it.

True

Self-efficacy can change over time.

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 scientific process of experimentation can be very useful to entrepreneurs.

True

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

alert to

In the context of social entrepreneurship, stakeholders refer to:

all the people or groups affected by or involved with the social enterprise's objectives

An apparent way of generating value through unique, novel, or desirable products or services that have not been previously exploited is the definition of:

an opportunity

This approach to opportunity identification assumes that opportunities do not exist independent of entrepreneurs, but are instead a product of the mind.

building approach

A ______ is a conceptual framework that describes how a company creates, delivers, and extracts value.

business model

A ______ is a formal document that provides background and financial information about the company, outlines your goals for the business, and describes how you intend to reach them.

business plan

The three types of value propositions listed in the chapter include all of the following except:

internal and external analysis

This type of experimentation can test the validity of an idea with little impact on the bottom line.

limited, low cost experimentation

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

The Stanford Design School Five Phases of Design Thinking include all of the following except:

simplify

The practice of entrepreneurship emphasizes ______ over ______.

smart action, planning

Entrepreneurs typically have a knack for looking at the ______ and seeing the ______.

usual/unusual