Exam 1
One of the eight components of the Practice of Entrepreneurship is to take large action. True False
False
One of the seven truths about entrepreneurs is they act less than they plan. True False
False
Our mindset is static. True False
False
The more you practice, the better you will be at whatever you are practicing. True False
False
Today's scientists have proven that one side of the brain is more dominant than the other. True False
False
SELECT ALL THAT APPLY. Which of the following are improvisation guidelines? It's about being spontaneous, imaginative, and dealing with the unexpected. There's no such thing as being wrong. Improvisation is just for actors or musicians. It is an individual activity but you will have support of the group.
It's about being spontaneous, imaginative, and dealing with the unexpected. There's no such thing as being wrong.
One of the most common mistakes of entrepreneurs is to ______. risk too much give up too soon be overly optimistic and confident ask for too much help from mentors
be overly optimistic and confident
The methods to increase self-awareness and manage behaviors, particularly when dealing with necessary but unpleasant tasks, are ______. passion self-observation behavior-focused strategies habit
behavior-focused strategies
Recent studies show that ______ can create a fixed mindset. studying too much working hard being overly praised taking on challenges
being overly praised
If you find a strategic partner or contact friends to test out your new idea, you are using the ______ method. small business managerial startup entrepreneurial
entrepreneurial
What is the ability to quickly sense, take action, and get organized under uncertain conditions? entrepreneurial mindset fixed mindset leadership mindset growth mindset
entrepreneurial mindset
The belief that entrepreneurs have in their ability to begin new ventures is known as ______. deliberate practice entrepreneurial spirit entrepreneurial self-efficacy entrepreneurial mindset
entrepreneurial self-efficacy
If you and your sisters take over your grandfather's store, you are part of a(n) ______. family enterprise startup intrapreneurship benefit entrepreneurship
family enterprise
SELECT ALL THAT APPLY. James L. Adams, a Stanford University professor, identified what main emotional roadblocks preventing creativity? fear overthinking the process no appetite for chaos inability to distinguish reality from fantasy
fear no appetite for chaos inability to distinguish reality from fantasy
The assumption that is held by people who perceive their talents and abilities as set traits is a ______. habit passion grown mindset fixed mindset
fixed mindset
SELECT ALL THAT APPLY. In rating a new idea, which idea dimensions rank high in novelty? invention innovation improvement irrelevant
invention innovation
What is a useful improvisation exercise to overcome fear of being shot down? "Yes, and" "Move on" "Divide and conquer" "Dance around an idea"
"Yes, and"
A process is a systematic way of approaching a task. True False
False
An entrepreneur will succeed as long as the idea is good. True False
False
An entrepreneurial venture tends to have lots of data and tools to predict outcomes. True False
False
Franklin Yancey had no experience when he started his own business. True False
False
Why did Richard Lindon look for an option for footballs other than animal bladders? His father told him about rubber-inflated tubes. The new balls were easier to make. His wife died from an infection from helping him inflate the balls. It was too expensive to continue to make them this way.
His wife died from an infection from helping him inflate the balls.
SELECT ALL THAT APPLY. Why is the iPhone an example of the design pathway? It required no imagination. It created a new global market of communication. Nothing like it had existed before. It was a value-creating idea.
It created a new global market of communication. It was a value-creating idea.
Which of the following is a characteristic of Dr. Saras Sarasvathy's theory of effectuation? It looked at entrepreneurs from only one industry. It showed that first-time entrepreneurs were just as creative as serial entrepreneurs. It shows us that specific thinking patterns do not matter. It is based on the idea that entrepreneurs can control their future.
It is based on the idea that entrepreneurs can control their future.
SELECT ALL THAT APPLY. People with a growth mindset do which of the following? They see failure as an opportunity. They believe that brains and talent are all one needs for success. They take constructive criticism personally. They believe their abilities can be developed.
They see failure as an opportunity. They believe that brains and talent are all one needs for success. They believe their abilities can be developed.
A less risky way to become an entrepreneur is to buy an existing small business. True False
True
A method is a systematic way of approaching a task. True False
True
An important part of the entrepreneurship practice is to network and share your ideas. True False
True
Inventions that succeed in finding a market move to the innovation stage. True False
True
One of the eight components of the Practice of Entrepreneurship is to describe the idea today. True False
True
People who consider themselves lucky are more open to recognizing chance opportunities. True False
True
One of the main reasons over 50 percent of startups fail after years of business is ______. a lack of entrepreneurship education the competition a loss of interest there is no longer a need for the idea or product
a lack of entrepreneurship education
When applying the ______ stage, the entrepreneur may come up new applications or innovative twists. identity discovery brainstorm enhance
enhance
When entrepreneurs set out what they want to accomplish, they are ______. self-rewarding self-goal setting self-correcting self-observing
self-goal setting
Behavior-focused, natural reward, and constructive thought pattern are all strategies for ______. self-punishment self-observation self-leadership self-reward
self-leadership
Entrepreneurs tend to ______. be extreme risk-takers understand that gambling tendencies are usually successful take calculated risks take more risks than anyone else
take calculated risks
If a work colleague tells you about his new work venture over lunch, you should tell your boss. True False
False
______ is the process when you expand concepts to new applications or add innovative twists. Target Anticipate Enhance Identify
Enhance
SELECT ALL THAT APPLY. Which of the following are truths about entrepreneurship to debunk the myths? Entrepreneurs plan more than they act. Entrepreneurs are extreme risk-takers. Entrepreneurs collaborate more than they compete. Entrepreneurship is not reserved for startups.
Entrepreneurs collaborate more than they compete. Entrepreneurship is not reserved for startups.
Entrepreneurs inside consist of employees who think and act entrepreneurially within an organization. True False
True
Entrepreneurs will use both managerial and entrepreneurial thinking. True False
True
Entrepreneurship can be taught. True False
True
Entrepreneurship is a way of thinking, acting, and being which combines courage and new ideas. True False
True
Entrepreneurship requires a deep understanding of self. True False
True
Serial entrepreneurs start several businesses. True False
True
SELECT ALL THAT APPLY. Entrepreneurship is a life skill which helps people deal with an uncertain future by providing them with the ability to ______. adapt to new conditions take control of personal goals and ambitions apply a set of skills to other fields work alone
adapt to new conditions take control of personal goals and ambitions apply a set of skills to other fields
Using this strategy is a good way to generate ideas for improvement of products or services by breaking the idea into parts. imagination-based analytical interpersonal search
analytical
Studying change and analyzing future scenarios is which step in IDEATE? trust anticipate analyze identify
anticipate
A(n) ______ person feels entitled to success and that the person will be successful without help. arrogant self-confident happy entrepreneurial
arrogant
As an important component of entrepreneurship, creativity is ______. refreshing self-cueing genetic difficult to define
difficult to define
The entrepreneurship method is ______. competitive predictive linear collaborative
collaborative
SELECT ALL THAT APPLY. Improvisation is taught at top business schools such as UCLA's Anderson School of Management to teach skills such as ______. communication negotiation teamwork outsourcing
communication negotiation teamwork
A method of carrying out carefully focused efforts to improve current performance is ______. effectuation entrepreneurship habitual practice deliberate practice
deliberate practice
A method of carrying out carefully focused efforts to improve current performance is ______. habitual practice deliberate practice effectuation entrepreneurship
deliberate practice
Group brainstorming is a good example of a ______ strategy. development habit-breaking search relationship seeking
development
Managerial thinking works best ______. during the first few months of a business when you want your business to succeed during times of certainty when you do not have much data
during times of certainty
Large corporations have corporate entrepreneurs to ______. enhance competitive position keep other large corporations from improving on their products spend more money on new products force employees to take learn new skills
enhance competitive position
The outdated process approach to entrepreneurship suggested that if you ______. follow ten particular steps, your new venture is more likely to succeed understand the pitfalls of starting a new business, you will succeed have your family members help you, you will succeed follow the methods used by other entrepreneurs, you will succeed
follow ten particular steps, your new venture is more likely to succeed
The outdated process approach to entrepreneurship suggested that if you ______. follow the methods used by other entrepreneurs, you will succeed have your family members help you, you will succeed understand the pitfalls of starting a new business, you will succeed follow ten particular steps, your new venture is more likely to succeed
follow ten particular steps, your new venture is more likely to succeed
Some entrepreneurs purchase already existing businesses in order to trade under the business name. These businesses are known as ______. home offices department stores franchises stand-alone shops
franchises
Good habits may be developed by using a ______ whereby our brain decides whether the behavior should be stored and repeated. benefit tracker reward system passion habit loop
habit loop
If an entrepreneur approaches an idea from the total opposite way as originally thought, that is the ______ strategy. imagination new perspective development habit-breaking
habit-breaking
SELECT ALL THAT APPLY. What does Franklin Yancey credit for his success? his supportive family environment playing football his college education his early experiences of risk-taking
his supportive family environment his college education his early experiences of risk-taking
If you come up with a product that you feel passionate about because you believe it will radically change lives, you have ______. reflected and been honest with yourself calculated affordable loss taken a small action identified your desired impact on the world
identified your desired impact on the world
When virtuoso violinist Nathan Milstein asked his professor about practicing more, his professor told him that ______. if he practiced all day, he would improve no matter how much he practiced, he would never be good enough if he practiced with his head, 2 hours is plenty if he did not practice, he would not improve
if he practiced with his head, 2 hours is plenty
Entrepreneurs benefit from ______ because it helps them rapidly sense and act as well as change direction quickly. habit creativity improvisation self-cueing
improvisation
Creating a new product or venture within a large corporation is known as ______. family enterprise intrapreneurship benefit entrepreneurship startup
intrapreneurship
Throughout the ages, entrepreneurs have made changes to the world with inventions such as Benjamin Franklin's ______. blimp potato chip automatic dishwasher lightning rod
lightning rod
Throughout the ages, entrepreneurs have made changes to the world with inventions such as Benjamin Franklin's ______. potato chip blimp lightning rod automatic dishwasher
lightning rod
The way to manage the chaos and craziness of a new business is known as entrepreneurship______. method model training process
method
It was Franklin Yancey's ______ that kept him on the right track and ultimately led to his success in multiple businesses. persistence experience mindset risk-taking focus
mindset
Entrepreneurship is all about ______. innovation taking risks openness imagination
openness
What is the element of entrepreneurial mindset which deeply connects with a desired impact? kindness passion growth understanding
passion
The process of identifying links or connections between apparently unrelated things or events is ______. pattern recognition self-identification habit imagination
pattern recognition
Creative people tend to have what type of traits? authentic polarized creative confusing
polarized
Entrepreneurs tend to have more creativity because they are ______. using trial and error practicing the creative process more regularly studying creativity in school learning from creative specialists
practicing the creative process more regularly
When considering an entrepreneurial idea, it is important to ______. avoid collaboration because someone might steal your idea listen to your friends rather than be honest with yourself. reflect and be honest with yourself. kill your idea if you have had some setbacks.
reflect and be honest with yourself.
What part of the brain do musicians tend to shut off? self-censoring expressive sensory creative
self-censoring
The General Self-Efficacy Scale (GSES) is used to measure ______. habit self-efficacy motivation stress
self-efficacy
People can influence and control their own behavior with ______. entrepreneurial brainstorming breaking bad habits behavior strategies self-leadership
self-leadership
The process of examining our own behavior in a constructive way in order to reshape the behavior is known as ______. self-reward self-punishment self-goal setting self-observation
self-punishment
People who start many businesses are known as ______. serial entrepreneurs effectuators multipliers risk-takers
serial entrepreneurs
When you are starting your new company, you ______. can use your current employer's resources should only work on the weekends as to not interfere with your other job should quit your job right away to pursue your new interest should check your employment contract for any language prohibiting you from working a side job
should check your employment contract for any language prohibiting you from working a side job
When you are starting your new company, you ______. should check your employment contract for any language prohibiting you from working a side job should quit your job right away to pursue your new interest can use your current employer's resources should only work on the weekends as to not interfere with your other job
should check your employment contract for any language prohibiting you from working a side job
SELECT ALL THAT APPLY. Entrepreneurial thinking involves ______. expected return small actions experimentation starting with what you have
small actions experimentation starting with what you have
If you follow the entrepreneurship method, a change in mindset will lead to new skills and ______. unrealistic expectations smarter work an easy path poor decisions
smarter work
A social entrepreneurship is mainly meant to ______. provide jobs reject corporate profits solve social problems provide income
solve social problems
What prior knowledge did Allen Lim, founder of Skratch Labs, possess? sports science corporate operations educational resources food services
sports science
Pathways to opportunities should be thought of as ______. hurdles passion steps ideas
steps
When calculating affordable loss, ______. take the most risk you possibly can you cannot calculate the risk think about what you are willing to lose let the risk of failure control your decision
think about what you are willing to lose
The art of improvisation is important to entrepreneurs for ______. making tough times funny teaching employees how to react to tough customers creating conflict among other entrepreneurs thinking quickly on their feet
thinking quickly on their feet
The pathway of an entrepreneur is ______. premeditated known planned unknown
unknown
By studying jazz pianists using an MRI machine, scientists learned that when the self-censoring area part of the brain is shut off, the brain is able to generate ______. unpredictable ideas self-control expected results memorized concepts
unpredictable ideas
Many new entrepreneurs have fear of being shot down, so they should ______. continue without considering outsiders opinions use improvisation to change negative feedback into positive feedback block out fear by telling their friends to support their idea act out a skit at a comedy club to relieve stress
use improvisation to change negative feedback into positive
A fundamental part of the entrepreneurship method is providing ______. a guarantee for success a step-by-step guide to starting a new business ways to confront uncertainty rather than avoid it help from serial entrepreneurs who know what it is like
ways to confront uncertainty rather than avoid it
You should implement the entrepreneurial approach ______. during times of certainty once the business has a good track record when you do not have much data when your manager has a suggestion
when you do not have much data