ENT 3613 Module 5

One of the ways of anticipating change is by surveying the business environment. This may be accomplished by asking "Are there changing laws or regulations?" "Are there changing trade alliances and policies?" "Are there changing preferences in existing markets?" "What are there emerging best practices?"

"Are there changing laws or regulations?"

Which of the following best describes the learning objective for Module 5? Ability to understand customers and quantify market opportunities Ability to identify stakeholders and overcome their objections to novel ideas Ability to accumulate resources necessary to begin a startup journey Ability to combine ideas and resources to design and refine innovative solutions

Ability to combine ideas and resources to design and refine innovative solutions

Which of the following business models pioneered connecting the dots between people with surplus resources and people in need of resources (i.e., the "sharing economy")? GrubHub TikTok Air Bnb Home Depot

Air bnb

__________ uses comparisons to precedents (other companies, offerings, objects, processes, etc.) to frame problems and suggest solutions. Problem framing Analogical reasoning Convergent thinking Divergent thinking

Analogical reasoning

Which of the following is not one of the popular innovation or entrepreneurship methods based on evolutionary cycles wherein novel ideas are introduced to stakeholders in hopes of changing a particular domain of practice? Lean startup Agile design Design thinking Business plan development

Business plan development

Which of the following is not one of the questions you should ask to determine if the value you offer to customers and stakeholders is essential? Does your solution address a new or unsatisfied job? Are you better than doing nothing and better than using an alternative? Does your solution solve a customer's most extreme unsolved pain? Can your new venture earn a profit?

Can your new venture earn a profit?

Which of the following analogies inspired Ford (the company, not your professor) to develop their assembly line process that dramatically reduce costs and enabling many more people to adopt automobiles? Local supermarkets Bicycle manufacturers Cattle slaughterhouses Oil refineries

Cattle slaughterhouses

In Matt Ridley's TED Talk, "When ideas have sex," what processes does he propose as essential to improving wealth and living conditions? Bootstrapping and economic spillover Comparative advantage and specialization Rising inflation and new industry creation Competition and market fluctuations

Comparative advantage and specialization

What are judgment processes used to determine the fitness or quality of novel ideas called? Wishful thinking Divergent thinking Convergent thinking Inspired thinking

Convergent thinking

Which of the following is not an example of a divergent thinking process? Associative thinking Critical thinking Divergent thinking Analogical reasoning

Critical thinking

A popular metaphor used to describe how novel ideas instigate change is Darwinian evolutionary theory. the Pythagorean theorem. the Big Bang theory. disruptive innovation theory.

Darwinian evolutionary theory.

What is the most important rule of brainstorming? Defer judgment Be visual Go for quantity over quality Build on the ideas of others

Defer judgment

Which of the following is not one of the creative thinking processes that you can apply to create value for others? Heuristic thinking Analogical reasoning Associative thinking Divergent thinking

Heuristic thinking

Low fidelity prototypes like napkin sketches, canvases, and mockups are an effective means of "inviting others to play", thereby getting them involved in evaluating and co-creating novel proposals. Letting others join you in imagining encourages them to enroll. With respect to engaging investors in this manner, which of the following bits of advice reinforces this point? If you want my money, ask for my advice If you need my help, just ask for it If you want my advice, ask for my money If you want me to join, make me an offer

If you want my money, ask for my advice

Which of the following is not one of the primary ways that low fidelity prototypes promote creativity? -Increasing the number of convergent thinking processes employed -Requiring early consideration of constraints -Engaging stakeholders (gatekeepers) as co-creators -Provoking imagination

Increasing the number of convergent thinking processes employed

Which of the following is not one of the "official rules" of brainstorming? Go for quantity Judge ideas as you go Encourage wild ideas Be visual

Judge ideas as you go

Which of the following are most valuable for promoting the evolution of novel ideas until they are valuable to stakeholders? Descriptions Stories Prototypes Pictures

Prototypes

What are the three processes that contribute to novel associations? -Luck, existing ideas, and creativity -Serendipity, luck, and similarity -Routine, stereotypes, and existing knowledge -Serendipity, similarity, and shared links

Serendipity, similarity, and shared links

What does Tim Brown from IDEO, the world's leading design firm, mean when he says that design is human-centered? -The process starts by assessing feasibility -The process starts by imagining how you are personally affected by a problem -The process starts by quantifying the size of a market -The process starts by considering humans needs

The process starts by considering humans needs

When IDEO designers were tasked with building a better cubicle, what was the first thing they did? -They generated ideas with brainstorming -They experimented by creating and demonstrating prototypes -They split up into small groups and engaged in ideation -They gained empathy by observing and experiencing cubicle environments

They gained empathy by observing and experiencing cubicle environments

Which of the following used design ideas inspired by using grocery stores as an analogy that motivated the development of their value proposition? Target Best Buy Amazon Toys 'R Us

Toys 'R Us

This class presents you with "learning modules." How do we use modular architecture in the way this course in designed? -We try to be a little less boring than other classes with online components -We allow students to practice lessons as many times as they need to in order to master the material -We present a comprehensive description of creativity processes and methods -practicing professionals -We record small components that can be organized and navigated in many different ways

We record small components that can be organized and navigated in many different ways

Which of the following questions is most likely to promote divergent thinking processes? What is the best comparison for our product? What are the possible uses for a blanket? What are three trends that might make our solution more valuable in the future? Which is the best solution for us to pursue?

What are the possible uses for a blanket?

Marshall wants to offer a cleaning service that alleviates his customers' hassles. He is attempting to: -alert her customers -bundle features to create essential benefits -alleviate customer pains -meet or exceed customer expectations

alleviate customer pains

When you determine that your solution can be offered to others at a profit, you have demonstrated that your proposal has business model fit personal fit. problem-solution fit. product-market fit.

business model fit

Judging whether your new venture idea can deliver its value proposition at a profit is often described as an assessment of problem-solution fit. product-market fit. business model fit. entrepreneur-opportunity fit.

business model fit.

The illustrative example Dr. Ford used to illustrate how novel solutions change the world was e-sports. cell phones. augmented reality. frozen foods.

cell phones

The UCF startup success story that Dr. Ford shared as an illustrative example of divergent thinking was based on finding alternative uses for obsolete computers. recyclable water bottles. used vegetable oil. chickpeas.

chickpeas

In Matt Ridley's TED Talk, "When ideas have sex," he explains how human progress has resulted from exchange and collaboration. Ultimately, Ridley argues -creativity arises from collective effort rather than individual genius. -sex sells. -innovation results from the fusion of opposing cultures. -the best ideas come from highly productive people.

creativity arises from collective effort rather than individual genius.

The purpose of a minimum viable product (MVP) is to accelerate buy-in. customer learning. revenue. problem solving.

customer learning

Addressing the judgment of whether people are willing to pay for your solution is most closely associated with market risk. product risk. customer risk. financial risk.

customer risk

Creative and entrepreneurial journeys provide many opportunities to engage in -critical and methodical thinking processes. -divergent and convergent creative thinking processes. -self-doubt and despair. -investor meetups.

divergent and convergent creative thinking processes

Borrowing in order to acquire resources you need to develop your creative ideas involves -using what you have on hand. -taking someone else's idea and "borrowing" it to start a new venture. -exchanging something you'll have in the future for something you need now. -exchanging something you have now for something you will need soon.

exchanging something you'll have in the future for something you need now.

To frame problems and suggest solutions, analogical reasoning compares current ideas with historical precedents. case laws. future precedents. strategic planning.

historical precedents

To frame problems and suggest solutions, analogical reasoning compares current ideas with future precedents. strategic planning. case laws. historical precedents.

historical precedents.

What type of startup capital is characterized by peoples' knowledge, skills, and abilities? Human Social Natural Intellectual

human

The goal in divergent thinking is to maximize the number of ideas produced. ideas connected. critical questions asked. analogies considered.

ideas produced

Group "process losses" decrease brainstorming group effectiveness because leader dominance and self-censorship limits collaboration. groupthink. emergent leadership. individual expression.

individual expression.

According to Tim Brown from IDEO, the world's leading design firm, what does design thinking begin with? An idea Creative thinking Integrative thinking A plan

integrative thinking

What type of startup capital is characterized by knowledge, routines, and inventions embodied in new venture processes and practices? Natural Intellectual Social Human

intellectual

Problem framing should _________ with alternative generation. associate interact disconnect combine

interact

What analogy best represents "chunks" and interfaces you can use to create a "modular architecture" that enables users/buyers to innovate and customize their own solutions? IKEA furniture Car parts Legos Computer components

legos

Addressing the judgment of whether you can offer your solution at a profit is most closely associated with market risk. financial risk. customer risk. product risk.

market risk.

What type of startup capital is characterized by land and other locally available factors of production? Natural Human Social Intellectual

natural

The primary value proposition offered by Impossible Burger (made without meat) is customization. cost reduction. brand. newness.

newness.

Creative ideas can change the world by instigating evolutionary change processes that link -novel alternatives, users/buyers, and current practices. -problems, customers, and current alternatives. -customers, markets, and products. -novel alternatives, prototypes, & products.

novel alternatives, users/buyers, and current practices.

If you intend to help customers by making a service faster and more efficient than alternative offerings, you would create value by offering a relative advantage with respect to customization. newness. brand. performance.

performance.

The first step in developing a value proposition is problem definition. creative design. solution validation. venture startup.

problem definition

Addressing the judgment of whether you solve a problem or not is most closely associated with customer risk. financial risk. product risk. market risk.

product risk

It's very important for entrepreneurs to recognize and understand resources around them because the essence of entrepreneurship is to -recognize weak competition and make them obsolete with your creative innovations. -pursue opportunity even when you lack formal authority or budgets. -realize an income that averages 42% more than average wage earners. -gain control over your schedule and working fewer hours.

pursue opportunity even when you lack formal authority or budgets.

David Nash, the recent UCF PhD graduate, creatively combined knowledge related to spectrometry, smart phones, and police procedures to create an innovation that allows police to turn on audio recordings on their phones using voice commands. reduce response time for police calls. scan people for weapons without having to touch their bodies. quickly and accurately identify controlled substances in field settings.

quickly and accurately identify controlled substances in field settings.

According to the design thinking explainer video, which of the following is not part of the design thinking process? Ideating Researching Testing Prototyping

researching

Alternative generation should be __________ judgment. intertwined with conducted after combined with separated from

separated from

What type of startup capital is characterized by trust-based relationships that promote exchange, goodwill, and brand equity? Intellectual Social Natural Human

social

Results of associative processes can vary from stereotypical to novel. disconnected to connected. sustaining to disruptive. unusual to radical.

stereotypical to novel.

Building in order to acquire resources you need to develop your creative ideas involves -exchanging something you'll have in the future for something you need now. -taking someone else's idea and "borrowing" it to start a new venture. -using what you have on hand. -exchanging something you have now for something you will need soon.

using what you have on hand.

A popular entrepreneurship method used to assess whether creative solutions actually address customer problems is called the creative solution canvas. opportunity template. value proposition canvas. problem-solution canvas.

value proposition canvas