Entre

Joseph is a sales manager for ETC Corporation, a manufacturer of high-end kitchen appliances for restaurants. Nicole has been lobbying him to allow her to design and sell a range of consumer-grade appliances using ETC's design and manufacturing resources. Nicole is a(n) ______. A. corporate entrepreneur B. franchisee C. entrepreneur inside D. social entrepreneur

C. entrepreneur inside

What is the process of creating new products, ventures, processes, or renewal within large organizations? A. entrepreneurs inside B. tech entrepreneurship C. social entrepreneurship D. intrapreneurship

D. intrapreneurship

4. Which of the following is a truth about entrepreneurship? a. Entrepreneurship is not reserved for startups. b. Entrepreneurship cannot be taught. c. Entrepreneurs compete more than they collaborate. d. Entrepreneurs have a special set of personality traits.

a. Entrepreneurship is not reserved for startups.

Why is the 10-step process not enough for entrepreneurial ventures? a. It relies too much on past history to predict the future. b. It only works for small businesses. c. It's too fluid. d. It's too complex.

a. It relies too much on past history

Your professor has asked you to implement the entrepreneurial approach on your final project without much further instruction. What do you do first? a. Look at what means you have to start the process. b. Ask your classmates for ideas. c. Ask your professor for help. d. Make the project a priority, even if it means skipping class.

a. Look at what means you have to start the process.

If you do not have a large market for your product or service, what should you do to be sure it retains its value? a. Make sure to scale your business and its cost to the size of your market. b. Identify other products or services that you could include alongside the original in order to increase market size. c. Consider ways to substantially change your product or service in order to increase your market size. d. Shelve your idea; perhaps the market will increase in future.

a. Make sure to scale your business and its cost to the size of your market.

Which of the following is true about effectual entrepreneurs? a. They focus on creating a future rather than predicting it. b. They find markets rather than make them. c. They do not accept failure. d. They focus on a single reliable stakeholder.

a. They focus on creating a future rather than predicting it.

Michael is a franchise restaurant owner. Which of the following best describes his franchising costs? a. a franchise fee to start, a monthly royalty as a percentage of sales, and other operational costs b. a royalty to the franchisor, calculated as a percentage of net income plus other operational costs c. the same as any other restaurant owner d. a franchise fee to start, plus other operational costs

a. a franchise fee to start, a monthly royalty as a percentage of sales, and other operational costs

The authors define entrepreneurship as ______. a. a way of thinking, acting, and being that combines the ability to find or create new opportunities with the courage to act on them b. starting a small business by finding investors and launching a product c. developing a new market by creating a product that does not currently exist d. a mindset that compels people to start multiple ventures throughout a lifetime

a. a way of thinking, acting, and being that combines the ability to find or create new opportunities with the courage to act on them

In the context of entrepreneurship, passion is ______. a. an intense positive emotion that keeps entrepreneurs focused and motivated b. the only thing needed to be successful in entrepreneurship c. always motivated by an entrepreneur's financial interests d. a sporadic emotion occasionally experienced by the entrepreneur

a. an intense positive emotion that keeps entrepreneurs focused and motivated

A ______ describes the rationale of how a new venture creates, delivers, and captures value. a. business model b. business plan c. mission d. vision

a. business model

Rafael is struggling with next steps for his startup. He asks his friends for feedback on his idea. What part of the entrepreneurship method is he using? a. collaboration b. phases of learning c. planning d. creating

a. collaboration

In what area does the difference between innovation and invention lie? a. demand b. cost c. originality d. value

a. demand

What concept in design thinking is described by the question "what can be possibly achieved in the near future?" a. feasibility b. viability c. durability d. desirability

a. feasibility

When Georgina is frustrated, she perseveres until she resolves the issue causing her frustration. This shows that Georgina has a ______. a. growth mindset b. fixed mindset c. fearful mindset d. left-brain mindset

a. growth mindset

When Karen is frustrated, she perseveres until she resolves the issue that is causing her frustration. This shows that Karen has a ______. a. growth mindset b. fixed mindset c. fearful mindset d. right-brained mindset

a. growth mindset

Maci has an idea for a business. For her idea to be recognized as a viable opportunity, the idea must ______. a. have the capacity to generate value b. include a pitch deck c. be tried and true d. be market-researched already

a. have the capacity to generate value

To be certified as a benefit corporation (or B-Corp), an organization is rated on which of the following? a. how its employees are treated b. how multicultural its board and employees are c. minimum profitability d. stakeholder commitment

a. how its employees are treated

Inventions that succeed in finding a market move on to the ______ stage. a. innovation b. manufacturing c. product development d. testing

a. innovation

Recognizing patterns generates ______ that let entrepreneurs see everyday objects in new light. a. insights b. actions c. demand d. observation

a. insights

When studying medical students and the way in which they learn clinical skills, researchers found the students who used deliberate practice were ______. a. learning how to learn b. too focused to really improve their skills c. missing some key "big picture" aspects of their training d. becoming more knowledgeable but less proficient

a. learning how to learn

People with a fixed mindset ______. a. perceive their talents and abilities as set traits b. are fixated on perfection and precision c. tend to attribute others' success to greater effort d. take constructive criticism well

a. perceive their talents and abilities as set traits

In the Entrepreneurship Method, ______ requires thinking about and analyzing existing information. a. prediction b. planning c. creating d. processing

a. prediction

Sam is tired of seeing injustice and mistreatment of children in inner cities and has an innovative idea to help them develop self-esteem. Sam is an example of a ______ entrepreneur. a. social b. corporate c. nascent d. benefit

a. social

A temporary organization in search of a scalable business model is known as a(n) ______. a. startup b. corporation c. LLC d. entrepreneur

a. startup

Entrepreneurial self-efficacy is ______. a. the belief that entrepreneurs have in their ability to begin new ventures b. the belief that entrepreneurs are born, not made c. the ability to efficiently maximize returns d. the ability of entrepreneurs to be self-deprecating despite their successes

a. the belief that entrepreneurs have in their ability to begin new ventures

______ is a toolkit for an entrepreneur to solve complex problems for people. a. One-on-one interviewing b. Design thinking c. Product brainstorming d. Social media

b. Design thinking

______ is among the six main roadblocks that can prevent an entrepreneur from practicing creativity. a. Self-reliance b. Fear c. Motivation d. Persistence

b. Fear

Which of the following statements reflects a fixed mindset? a. When I'm frustrated, I persevere. b. I'm either good at something or I'm not. c. I like to be told that I try hard. d. I'm inspired by others' successes.

b. I'm either good at something or I'm not.

Gina wants to develop an app to match animal shelters to adopters. She has crafted the following statement: "I am developing this app so that more pets will be adopted." What component of the practice of entrepreneurship is she implementing? a. Describe your idea today. b. Identify your desired impact on the world. c. Start with means at hand. d. Take small action.

b. Identify your desired impact on the world.

______ are people who start several businesses, whether at the same time or one after the other. a. Social entrepreneurs b. Serial entrepreneurs c. High-risk entrepreneurs d. Low-risk entrepreneurs

b. Serial entrepreneurs

What would be the insight if an empathy map revealed that someone said he enjoyed being a vegetarian, but sighed and said that he had trouble making food so that the family would not miss meat? a. The person is struggling with being a vegetarian. b. There is a conflict between his enjoyment and the goal of serving the family what they like. c. Vegetarian diets cause family discord. d. The interviewee resents nonvegetarians.

b. There is a conflict between his enjoyment and the goal of serving the family what they like.

Why is design thinking important as an entrepreneurial skill? a. It reduces the cost of engineering and production. b. Today's businesses are faced with complex challenges with no easy answers. c. Today's customers are less engaged with products. d. It is difficult to get quality products at a reduced price.

b. Today's businesses are faced with complex challenges with no easy answers.

Drew notices that her electric cables and cords are unsightly and could cause someone to trip. She asks, "How might these wires be secured differently?" This question is known as which of the following? a. an initiating question b. a design challenge c. a customer vision d. an end state

b. a design challenge

Robert has a business that he wants to pass down to others in his family to run. Robert has ______. a. an entrepreneurship b. a family enterprise c. a role as an entrepreneur inside d. interest in a benefit corporation

b. a family enterprise

An empathy map is a tool that helps you ______. a. rate the emotional content of an interview b. collate and integrate your interview data to discover new insights c. organize your thoughts during the interview d. define your assumptions and beliefs

b. collate and integrate your interview data to discover new insights

In the context of design thinking, what kind of thinking allows us to move from openness to understanding, from abstract to concrete, and from what is to what can be? a. inspirational b. convergent c. desirable d. guided

b. convergent

The ______ stage of the IDEATE method involves expanding a concept to new applications. a. identify b. enhance c. discovery d. expose

b. enhance

Your professor gives you a project with little direction or planning. This is an example of ______. a. managerial thinking b. entrepreneurial thinking c. the effectuation theory d. the entrepreneur inside

b. entrepreneurial thinking

By definition, a ______ is a systematic way of approaching a task. a. process b. method c. straight-line d. collaborative

b. method

Idea generation is defined as the production of ideas for something ______. a. profitable b. new c. useful d. scalable

b. new

Your classmate is planning a new venture. He has spent a lot of time on planning and analysis, taking a managerial approach as he attempts to predict the future. This type of path is typically taken by what type of entrepreneur? a. social entrepreneur b. novice entrepreneur c. corporate entrepreneur d. family entrepreneur

b. novice entrepreneur

Improvisation is connected to the entrepreneurial mindset because it helps develop ______. a. objective thinking b. the ability to change direction quickly c. linear thinking d. comedic timing

b. the ability to change direction quickly

After months of sharing his fitness venture with his high school football team and receiving feedback, Jarod decided to start promoting it on Facebook. This illustrates what concept? a. serial entrepreneurship b. the practice of entrepreneurship c. franchising d. managerial thinking

b. the practice of entrepreneurship

According to the authors, what is the precursor to entrepreneurial action? a. a business process b. the right mindset c. an understanding that failure is probable d. the acquisition of resources

b. the right mindset

How are ideas tested in the implementation stage? a. through detailed, high-cost experiments b. through rapid prototyping c. by designing the final product d. by producing products and having the customer use them

b. through rapid prototyping

What concept in design thinking is described by the question "how sustainable is the idea in the long term?" a. feasibility b. viability c. durability d. desirability

b. viability

Which of the following is a benefit of having a growth mindset in the context of entrepreneurship? a. A growth mindset gives entrepreneurs confidence in their natural abilities. b. A growth mindset recognizes the importance of fixed traits. c. A growth mindset encourages entrepreneurs to take action even in uncertain circumstances. d. A growth mindset encourages entrepreneurs to view others' success as mere luck.

c. A growth mindset encourages entrepreneurs to take action even in uncertain circumstances.

_____ have touched every corner of our lives, affecting every aspect of the way we live. a. Lifestyles b. Corporations c. Entrepreneurs d. Managers

c. Entrepreneurs

Which of the following statements best reflect a growth mindset? a. When I'm frustrated, I give up. b. My natural abilities determine my success. c. I can learn anything I want to. d. I don't like to be challenged.

c. I can learn anything I want to.

The main purpose of the implementation phase is to do which of the following? a. Choose the best ideas and move forward with them. b. Eliminate all but the best ideas. c. Test assumptions of new ideas to shape them into viable opportunities. d. Start creating the designs selected through previous phases.

c. Test assumptions of new ideas to shape them into viable opportunities.

What method emphasizes moving quickly from the initial plan to reality? a. The Process Method b. The Franchise Method c. The Entrepreneurship Method d. The Startup Method

c. The Entrepreneurship Method

Desirability in design thinking refers to which of the following concepts? a. The idea improves upon the competition. b. The idea is feasible. c. The idea gives people something they need. d. The idea is viable.

c. The idea gives people something they need.

The starting point of human-centered design thinking is which of the following? a. Will the idea make money? b. Can it be done? c. What do people need? d. How can this product or service be improved?

c. What do people need?

In which of the following stages of the IDEATE method would you think about future scenarios? a. target b. discovery c. anticipate d. enhance

c. anticipate

Tony is a manager at a company that builds solar panels. In his position, he used the feedback from his team members as the basis of a plan for the company to start installing the solar panels in order to enhance the company's competitive position and profitability. Tony is an example of a(n) ______. a. operational entrepreneur b. marketing professional c. corporate entrepreneur d. strategist

c. corporate entrepreneur

The ______ approach is a concept that assumes that opportunities exist independent of entrepreneurs and are waiting to be discovered. a. mountain b. idea location c. finding d. searching

c. finding

What is the first step in creating and identifying opportunities? a. market analysis b. cost-benefit analysis c. idea generation d. product testing

c. idea generation

Janelle notices that a consumer rubs a piece of candle over the outer edge of a can before replacing the lid. She asks the customer to explain why he does that. The answer to the question will provide Janelle with which of the following? a. new knowledge of consumer application b. viability of a product c. insight into consumer behavior d. expanded experience

c. insight into consumer behavior

The entrepreneurial mindset is about ______. a. who you know b. who knows you c. knowing who you are d. knowing what you know

c. knowing who you are

In the inspiration phase, closely monitoring the behavior and activities of users in their own environment is called ______. a. environmental scanning b. capturing c. observation d. situational monitoring

c. observation

Approaching entrepreneurship as a ______ caters to its unpredictable and uncertain nature. a. management challenge b. startup c. process d. method

c. process

In the context of moving from idea generation to opportunity recognition, creativity is the ______. a. production of ideas that will generate significant economic value b. production of ideas for something new but not useful c. production of ideas for something that is new and also potentially useful d. results of brainstorming with friends and family

c. production of ideas for something that is new and also potentially useful

A shoe company starts an initiative to manufacture an affordable shoe for the poor in developing countries. This is an example of what form of value? a. economic value b. market value c. social value d. environmental value

c. social value

In addition to understanding how people do things, empathy helps you understand ______. a. what markets respond to b. why industries boom and bust c. why people do things d. how product lifecycles work

c. why people do things

Opportunity is defined as ______. a. the worth of something in terms of the number of other things for which it can be exchanged b. any conception, thought, or notion existing in the mind as a result of mental understanding and awareness c. being perceived as desirable d. an apparent way of generating value through unique, novel, or desirable products or services that have not been previously exploited

d. an apparent way of generating value through unique, novel, or desirable products or services that have not been previously exploited

Mindset has been traditionally described as ______. a. a person's inherent traits b. a type of personality c. a person's emotional intelligence d. an established set of attitudes held by someone

d. an established set of attitudes held by someone

Group brainstorming is an example of a(n) ______ strategy. a. relationship-seeking b. habit-breaking c. imagination-based d. development

d. development

Rosario is passionate about design thinking. She was approached to design an automatic door system that would shield nursing home residents from extreme weather as they travel between facility buildings. As part of her process, she talked to residents about what was important to them, interviewed staff, and observed the ways the current doors were used in order to better meet the needs of the people actually using the doors. This shows that Rosario possesses what essential skill for design thinkers? a. curiosity b. contextual thinking c. innovative thinking d. empathy

d. empathy

What are the three criteria for a successful idea in design thinking? a. feasibility, market competitiveness, longevity b. feasibility, financial benefit, market competitiveness c. creativity, feasibility, financial benefit d. feasibility, viability, desirability

d. feasibility, viability, desirability

What are the three processes that entrepreneurs typically go through before they are able to identify an opportunity for a new business venture? a. cost-benefit analysis, market research, and product development b. networking, resourcing, and marketing c. funding, team building, and resource allocation d. idea generation, creativity, and opportunity recognition

d. idea generation, creativity, and opportunity recognition

In the design-thinking process, generating and developing new ideas based on observations gained during the inspiration process is called ______. a. brainstorming b. inspiration c. generation d. ideation

d. ideation

During what phase of design thinking are ideas generated through the ideation process are transformed into concrete actions? a. action b. inspiration c. ideation d. implementation

d. implementation

To develop empathy, design thinkers make use of what two primary tools? a. testing and surveying b. immersion and pattern recognition c. research and needs assessment d. interviewing and observation

d. interviewing and observation

The entrepreneurial method requires consistent practice so that ______ can be continuously developed and applied to future endeavors. a. a strong business plan b. education and application c. business processes d. knowledge and expertise

d. knowledge and expertise

What are the three central characteristics of opportunity? a. size of the market, level of disposable income of the customer, and access to manufacturing b. niche appeal, degree of innovation, and knowledge of market c. affordability, simplicity, and reliability d. potential economic value, novelty or newness, and perceived desirability

d. potential economic value, novelty or newness, and perceived desirability

An entrepreneurial mindset can be described as the ability to ______. a. avoid failure and mistakes b. take action in stable, low-risk environments c. develop high-tech solutions in emerging markets d. quickly take action and get organized under uncertain conditions

d. quickly take action and get organized under uncertain conditions

Muhammed is working on a project for a new gaming console that needs a floating pivot point, something with which he has no experience. After thinking about the problem, he remembers watching his grandfather, a sign painter, use a maul stick as a pivot point for his wrist, and realizes he can use that knowledge to apply it to his console design. This is an example of what king of strategy? a. habit-breaking b. imagination-based c. analytical d. search

d. search

Social entrepreneurs ______. a. must rely on fundraising to keep their company economically stable b. can only be found in the nonprofit sector c. must choose between making either a social or an economic impact d. seek innovative solutions to social and environmental problems

d. seek innovative solutions to social and environmental problems

Early adopters can play a crucial role in what stage of the IDEATE method? a. enhance b. discovery c. identify d. target

d. target

In the context of design thinking, what is meant by inspiration? a. an emotional moment that stirs creativity b. an idea for a product, service, or solution c. a motivation or promise of reward d. the problem or opportunity that triggers the search for a solution

d. the problem or opportunity that triggers the search for a solution