Entrepreneurship Module 1

Which of the following is NOT a common problem associated with poor entrepreneurial capabilities? Becoming obsolete Choosing among opportunities Hating your job Being inflexible

Choosing among opportunities

Paula thought she had a creative idea for an app that could help UCF students find parking, but discovered that UCF already provides an app for that. Which of the following issues related to assessing creativity is addressed by this example?

Creativity assessments must consider the history of solutions in a particular context

Nora created a successful startup venture by selling exotic scarves that were very common in Croatia to people in Chicago who 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 needs to be assessed at a particular point in time in a particular task domain

Which of the following is NOT one of the three things commonly attributed to entrepreneurs? Entrepreneurs create most new wealth in society Entrepreneurs create most new ideas Entrepreneurs diffuse innovations Entrepreneurs create most net new jobs

Entrepreneurs create most new ideas

Which of the following statements best describes recent research findings on the financial returns associated with pursuing entrepreneurship? -Entrepreneurs earn about the same as employees, but report being happier -Entrepreneurs earn about 4% less than employees, on average -Entrepreneurs earn considerably more on average, but there is more income variation -Entrepreneurs earn more for a couple years, but earn far less over time.

Entrepreneurs earn considerably more on average, but there is more income variation

According to the Techstar's video describing entrepreneurial journeys, and their efforts to support entrepreneurship, ideation is the first step in an entrepreneur's journey. True/False

False

The average time that US employees 25-34 years old have been in their current job is approximately 7* years. T/F

False

The primary criteria people use to attribute "creativity" to an idea or solution are novelty and profitability. T/F

False

The types of actions one should consider when taking "creaction" include aggressive risks that others are unlikely to consider. T/F

False

Erik spent years learning how to play drums, but was unable to find studio work because most producers he met relied on drum machines. Why was he at risk for becoming obsolete or underemployed? -He performed routine manual work -He performed non-routine cognitive work -He wasn't a very good musician -Music trends have limited the creativity afforded to drummers

He performed routine manual work

Shaun spent years learning how to play drums, but was unable to find studio work because most producers he met relied on drum machines. Why was he at risk for becoming obsolete or underemployed? -Music trends have limited the creativity afforded to drummers -He wasn't a very good musician -He performed routine manual work -He performed non-routine cognitive work

He performed routine manual work

Where do people create value with creativity and entrepreneurship problem solving methods? In startups as well as established organizations In technology companies with significant research budgets Primarily in startups and other new ventures Exclusively in innovation-driven companies

In startups as well as established organizations

Stacey 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 presenting and justifying her idea. This example best illustrates which of the following benefits of developing an entrepreneurial mindset? -Lead when you are not a leader -Attract employers -Improve your income -Amplify your superpowers

Lead when you are not a leader

According to data provided by the Panel Study of Entrepreneurial Dynamics, what is the most common reason that individuals in the US become entrepreneurs? -Lacked better job options -Belief in a good business idea -Non-financial reasons like passion and being their own boss -Wanted to generate better income

Non-financial reasons like passion and being their own boss

Why is creativity a tough choice relative to following routines? -Novel paths require people to adapt -Novel paths are uncertain and subject to delayed consequences -Novel paths offer negative feedback -Novel paths require one to use their expertise

Novel paths are uncertain and subject to delayed consequences

are the most useful thing to consider when making creativity assessments

Products, Solutions, Objects, Ideas

At any moment, over 10 million people in the United States are taking steps to launch a new business venture. These people are described as nascent entrepreneurs. risk takers. franchisees. Intrapreneurs.

nascent entrepreneurs

What kinds of jobs account for most job growth in the US? Traditional Contingent Non-routine Routine

non-routine

This course intends to help students understand creativity and entrepreneurship as a -mystical, magical, mysterious process you'll probably never learn. -repeatable problem-solving method for developing new sources of value. -highly reliable process for achieving career success. -means of generating wealth by launching large companies.

repeatable problem-solving method for developing new sources of value.

Entrepreneurs report greater control over decisions, hours, and job security, thus suggesting that an important motivation for pursuing entrepreneurship is -self-determination. -relationships. -status. -income.

self-determination.

An entrepreneurial process that involves getting other involved through help-seeking, storytelling and partnering is -financial organizing. -conceptual organizing. -material organizing. -social organizing.

social organizing

Effective entrepreneurs are most likely to -take giant leaps of faith. -take smart steps that require only tiny bits of faith. -use prediction to develop creative insights. -jump off a cliff and build a plane on the way down.

take smart steps that require only tiny bits of faith.

A popular, concise definition of entrepreneurial leadership that clearly distinguishes it from traditional management or administration describes entrepreneurship as -a means of allocating investments. -self-employment. -the pursuit of opportunity beyond resources controlled. -owning a company's means of production.

the pursuit of opportunity beyond resources controlled.

When you create something new that others adopt (an innovation), you are likely to -be acquired by a bigger company that wants to own your intellectual property. -undermine existing routines and solutions. -make a lot of money. -attract venture capital investors.

undermine existing routines and solutions

A temporary organization used to search for repeatable and scalable business models is best described as -a corporation. -a not-for-profit. -a startup. -an opportunity.

a startup

The book "Just Start" proposes a new word called _______________ to describe two action principles - taking small smart steps, and reflecting on experience - that entrepreneurs need to embrace to promote learning, imagining, creating, and judgment?

accept creaction, creacting, creact, create, creating, creation, creativity

One value that guides entrepreneurial leaders might be stated simply as "You never know what could happen until you try!" Click on the portion of the creative action cycle we discussed to indicate which part of the model is most directly associated with this value statement. learning imagining creating acting

acting

Considering a creative action cycle as a way of understanding creative and entrepreneurial leadership highlights the importance of

acting on creative ideas and learning from the consequences of those actions.

Considering a creative action cycle as a way of understanding creative and entrepreneurial leadership highlights the importance of -advancing creative ideas as quickly as possible before others can develop the same idea. -hiring experts and relying on them to lead creative and entrepreneurial initiatives. -acting on creative ideas and learning from the consequences of those actions. -isolating creators from others who might distract them from innovating.

acting on creative ideas and learning from the consequences of those actions.

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 -an excellent driver. -a scientist. -an explorer. -a teacher.

an explorer

Creativity is best thought of as -a characteristic possessed by only a few people who are considered "gifted". -a personality characteristic that helps people become entrepreneurs. -a process that inventors use to develop their innovations. -an intangible, subjective attribute of an idea or solution.

an intangible, subjective attribute of an idea or solution.

The possibility of introducing an innovation to a specific market at a profit is best described as -an innovation. -an opportunity. -a corporation. -a not-for-profit.

an opportunity

Conceptual organizing processes are especially important early in an entrepreneurial journey when trying to reach the organizing milestone of -forming a founding team. -earning sales. -articulating a value proposition. -designing a business model.

articulating a value proposition.

Which of the following is NOT one of the ways that entrepreneurs create value?

be alert

Darwinian evolution processes derived from biology have been served as analogies for creativity, innovation, and business strategy for decades. One implication of adopting this analogy is that it emphasizes that -novel ideas are born from creative genius. -creativity is competitive, and new solutions make render existing solutions obsolete. -emotions are more important than how people thing about new ideas and solutions. -evolution results in homogeneity/conformity over time.

creativity is competitive, and new solutions make render existing solutions obsolete

Individuals and organizations need to balance their respective investments in -creating novel solutions and adopting -popular innovations. -tangible and intangible assets. -exploiting current routines and exploring novel alternatives. -equipment and employees.

exploiting current routines and exploring novel alternatives.

Dr. William Green from the University of Miami suggests that everyone should learn entrepreneurial methods by describing entrepreneurship as a -means of avoiding obsolescence. -better way to earn a high income. -precursor to innovation. -form of social responsibility.

form of social responsibility.

A creative solution that is intended to be adopted by others and diffused to different settings is best described as a

innovation

Although they represent a relatively small proportion of new companies, most venture capital and a substantial amount of job creation can be attributed to -mergers and acquisitions. -side hustles. -small and medium sized enterprise. -innovation-driven enterprise.

innovation-driven enterprise.

The biggest difference between creative solutions and innovations is that -creative solutions are more valuable than innovations. -innovation is less tangible to measure than creativity. -creative solutions are typically more profitable than innovations. -innovations are intended to be adopted by other people.

innovations are intended to be adopted by other people.

Entrepreneurial leaders use methods that help them pursue creative ideas even when they lack authority or have necessary resources. Those who pursue creative ideas who DO have authority and necessary resources would typically be characterized as managers. designers. investors. stakeholders.

managers

Activities that are least susceptible to automation include -stakeholder interaction and unpredictable physical work. -data collection and data processing. -predictable physical work. -managing others and applying expertise.

managing others and applying expertise.

Approximately ___________________ percent of employing establishments fail after one year.

20

Graphene is a material that has the potential to make batteries lighter, higher-capacity, faster-charging, and less harmful to the environment. Click on the numbered arrow in the diagram of Michael Porter's business strategy diagram that best describes the impact that an innovation like this could have on businesses that use battery technologies in their offerings. 1 2 3

3

According to a recent Gallup-Purdue poll, approximately ___________ percent of employees report being engaged at work.

30

The possibility of introducing an innovation to a specific market at a profit is best described as a corporation. entrepreneurship. an innovation. an opportunity.

An opportunity

According to a recent Gallup-Purdue poll, approximately ___________ percent of employees report being engaged at work.

Any answer between 25-35% is acceptable.

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? -Scaling up -Funding -Inspire -Ideation

Scaling up

An essential creativity and entrepreneurship action principle that emphasizes acting, reflecting and learning as a means of addressing the unknown is called -Smart steps -Next steps -Spiral steps -Startup steps

Smart steps

What happens when decision makers use conservative decision criteria that limits their exposure to failed ventures? -They lower their standards for success -They miss more opportunities -They improve performance -They become more efficient

They miss more opportunities

According to the Techstar's video describing entrepreneurial journeys, and their efforts to support entrepreneurship, inspire is the first step in an entrepreneur's journey. False/True

True

Entrepreneurship is best described as a process of designing, implementing and sustaining business models that create value by diffusing innovations that make things better. T/F

True

Entrepreneurship is best understood and appreciated as a means of creating value for others. T/F

True

Intellectual property (patents, trademarks, etc.), barriers to entry, and brand development are all common strategies used to protect novel ideas and solutions. False/True

True

The average time that US employees 25-34 years old have been in their current job is approximately 3* years. T/F

True

The types of actions one should consider when taking "creaction" include smart steps limited by one's current means at hand and acceptable losses.

True

When should decision makers use routine decision methods that predict outcomes associated with current choices? -When probabilities associated with choices are unavailable -When patterns are familiar, but not fully known -When situations are well known -Never - creaction is always a superior decision making process

When situations are well known

Evolutionary models stand in contrast to traditional sequential/stage models of creativity, innovation and change that isolate creativity from outside influences. What benefits do you realize by adopting an evolutionary rather than a sequential process view of creativity and entrepreneurship?

You increase input diversity, enhance novelty, and reduce risk associated with underestimating uncertainty

Evolutionary models stand in contrast to traditional sequential/stage models of creativity, innovation and change that isolate creativity from outside influences. What benefits do you realize by adopting an evolutionary rather than a sequential process view of creativity and entrepreneurship? -You decrease conflict among those invested in a particular problem -You increase input diversity, enhance novelty, and reduce risk associated with underestimating uncertainty -You focus on incremental innovations offered to established markets -You reduce costs and increase quality of primary activities

You increase input diversity, enhance novelty, and reduce risk associated with underestimating uncertainty

One description of entrepreneurship characterizes it as a method of human action, as important as democracy or science, that can be learned as -An economic process of value creation. -a logical form of reasoning and problem solving. -A political process of promoting your ideas over those of others. -A social process that connects the interests of different stakeholders.

a logical form of reasoning and problem solving.