MGT 427 smartbook questions

effectuation process

A process that starts with what one has (who they are, what they know, and whom they know) and selects among possible outcomes

Which of the following entrepreneurs is most likely to have a high level of cognitive adaptability?

An entrepreneur who is able to adjust to new situations

Identify a feature of entrepreneurship.

An entrepreneurship opportunity will always represent something new.

McMullen-Shepherd model

Attention stage- Prospective entrepreneurs need to recognize if there is an opportunity. Evaluation stage- Prospective entrepreneurs need to assess if a viable opportunity matches their knowledge and motivation levels.

How can entrepreneurs enhance personal affiliations as a part of a professional-support network?

By participating in sporting events By sharing hobbies

How is a reflection task most likely to affect entrepreneurs?

By prompting them to create their own feedback to provide the opportunity to change

Which of the following is true of the impact of age on entrepreneurs?

Entrepreneurial careers are quite popular later in life after one's children have the left the home.

sustainable entrepreneurship

Entrepreneurship that is focused on preserving nature, life support, and community in the pursuit of perceived opportunities to bring future products, processes, and services into existence for gain where gain is broadly construed to include economic and noneconomic benefits to individuals, the economy, and society

Identify a true statement about the impact of work history on entrepreneurship.

Experience in the areas of finance and product development is important while starting a new venture.

True or false: General education has no influence on an entrepreneur's ability to resolve problems.

False

moral support network

Individuals who give psychological support to an entrepreneur

professional-support network

Individuals who help an entrepreneur in business activities

role models

Individuals whose example an entrepreneur can aspire to and copy

Identify an accurate statement about effectuation.

It allows entrepreneurs to think effectively in highly uncertain situations.

Which of the following is true of the McMullen-Shepherd model?

It describes how knowledge and motivation impress upon the stages of entrepreneurial action.

How does previous startup experience impact entrepreneurs in their ventures?

It provides them with expertise in running independent businesses. It gives them benchmarks for judging the relevance of information

Which of the following is increasingly required as a venture becomes established and starts growing?

Managerial experience and skills

entrepreneurial opportunities

Situations in which new goods, services, raw materials, and organizing methods can be introduced and sold at greater than their cost of production.

Types of similarities

Superficial similarities- They exist when the basic elements of a technology resemble the basic elements of a market. Structural similarities- They exist when the underlying mechanisms of a technology resemble the underlying mechanisms of a market.

Which of the following are true of professional-support networks? (Check all that apply.)

Suppliers are an integral aspect of an entrepreneur's professional-support network. Entrepreneurs develop such networks by creating a network of business associates.

What are the major factors that lead to an entrepreneur understanding the nature of his or her environment?

The nature of a particular situation and Recognition that an issue is present

How do suppliers form an important component in an entrepreneur's professional-support network?

They ensure the adequate availability of required materials. They provide good information on the nature of trends in the industry

When are entrepreneurial actions considered most sustainable?

When they focus on preserving the environment When they contribute to the development of a society

An accurate statement about role models is that _____.

an entrepreneur's support system or role model is possibly most crucial in the start-up phase

Jimmy seeks to start a company that manufactures mobile phone accessories. He does not have a lot of capital, so he uses the materials that he has available at home to start designing phone covers. He sticks simple pictures, drawings, and illustrations onto phone covers and acquires sufficient capital by selling them. He uses this method to launch his business operations. In this example, Jimmy has compensated for his lack of resources by using the method of _____.

bricolage

The term _____ refers to entrepreneurs making do by applying combinations of the resources at hand to new problems and opportunities.

bricolage

A process that starts with a desired outcome and focuses on the means to generate that outcome is known as a(n) _____ process

causal

Questions that are designed to increase entrepreneurs' understanding of the nature of the environment are known as _____ questions.

comprehension questions

Tasks that are designed to stimulate entrepreneurs to think about a current situation in terms of similarities to and differences from situations previously faced and solved are known as _____ tasks.

connection

cognitive adaptability

describes the extent to which entrepreneurs are dynamic, flexible, self-regulating, and engaged in the process of generating multiple decision frameworks focused on sensing and processing changes in their environments and then acting on them.

An accurate statement about the impact of education on entrepreneurship is that _____.

education has a positive impact on an entrepreneur's ability to identify a potential opportunity

Strategic tasks are most likely to _____.

enable entrepreneurs to think of the details of a particular method required to resolve a situation

The motivational factors that influence individuals to pursue entrepreneurial outcomes are known as

entrepreneurial intentions

A true statement about entrepreneurial action is that _____.

entrepreneurs need to evaluate the amount of uncertainty of a potential opportunity

True or false: Entrepreneurial action is not often intentional.

false

True or false: Most entrepreneurs express that their coworkers are their biggest supporters.

false; spouses

A true statement about self-efficacy is that _____.

individuals who feel that they possess the ability to perform tend to do well

entrepreneurial thinking

involves individuals' mental processes of overcoming ignorance to decide whether a signal represents an opportunity for someone and/or reducing doubt as to whether an opportunity for someone is also an opportunity for them specifically, and/or processing feedback from action steps taken.

entrepreneurial mindset

involves the ability to rapidly sense, act, and mobilize, even under uncertain conditions.

A feature of cognitive adaptability is that _____.

it is mirrored in an entrepreneur's metacognitive awareness

An individual's attitude toward entrepreneurial action—the degree to which he or she has a favorable or an unfavorable evaluation of the potential entrepreneurial outcome is referred to as

perceived desirability

Tasks that are designed to stimulate entrepreneurs to think about their understanding and feelings as they progress through the entrepreneurial process are called _____ tasks.

reflection

The conviction that one can successfully execute the entrepreneurial process is known as entrepreneurial

self efficacy

entrepreneurial actions

Action through the creation of new products/processes and/or the entry into new markets, which may occur through a newly created organization or within an established organization

A characteristic of the entrepreneurial process is that _____.

a suitable predictor of entrepreneurial success is prior start-up experience

An entrepreneurial challenge often lies in making creative mental leaps based on ___ similarities.

structural similarities

Individuals are most likely to have a great desire to act entrepreneurially if _____. Multiple choice question.

they have a high degree of perceived desirability

An accurate statement about connection tasks is that _____.

they motivate entrepreneurs to delve into their knowledge reserves without overgeneralizing

True or False: Friends play important roles in an entrepreneur's moral-support network by providing the entrepreneur with understanding, encouragement, and assistance.

true

True or false: One of the best predictors of entrepreneurial success is entrepreneurial experience.

true

True or false: To be an entrepreneur is to act on the possibility that one has identified an opportunity worth pursuing.

true