Fundamentals of Entrepreneurship Unit 1 quiz
In Stage Two of the McMullen-Shepherd Model:
the entrepreneur decides whether or not there is an opportunity for him or her personally.
In the McMullen-Shepherd Model first-person opportunity beliefs come before third-person opportunity beliefs.
False
Role models are individuals who give psychological support to the entrepreneur especially during the start-up phase.
False
Which group in a professional network helps keep a new venture competitive?
Trade associations
Asking "How is this problem similar to problems I've already solved"? is an example of a connection task.
True
Comprehension questions are designed to stimulate entrepreneurs to think about their own understanding of the nature of the environment.
True
Entrepreneurial opportunities are those situations in which new goods, services, raw materials and organizing methods can be sold at greater than their production cost. Group starts
True
Entrepreneurial thinking is partly a mental process of recognizing a signal and then deciding if the signal represents an opportunity for someone.
True
Entrepreneurial thinking partly is about reducing doubt as to whether an opportunity for someone is also an opportunity for them specifically, and/or processing feedback from action steps taken.
True
Entrepreneurs' intentions are based on their perception of feasibility rather than someone else's impression of whether it is feasible.
True
For entrepreneurial actions that preserve nature to be considered sustainable entrepreneurship, they must also develop gains for the entrepreneur, others, and/or society.
True
In a social network there are two major properties, density and centrality.
True
Previous start-up experience is a good predictor of starting subsequent businesses.
True
Role models can include family members as well as industry professionals.
True
The effectuation process starts with what one has and selects among possible outcomes.
True
The thought experiment "Curry in a Hurry" is an example of the effectuation process.
True
The moral support network is different from the professional support network in that:
a professional support network includes finding a mentor.
Questions designed to increase an entrepreneurs' understanding of the nature of the environment are known as:
Comprehension questions
A reflection task would involve thinking about what strategies should be used to solve a problem.
False
Superficial similarities exist when the underlying mechanisms of the technology resemble, or match, the underlying mechanisms of the market.
False
Sustainable entrepreneurship provides only environmental gains for others.
False
The McMullen-Shepherd Model helps identify the common traits of successful entrepreneurs.
False
The casual process of thinking starts with what one has and selects among possible outcomes.
False
An entrepreneur considering if what they are doing makes sense is an example of:
a reflection task
With regard to thinking structurally, superficial similarities:
exist when the basic (relatively easy to observe) elements of the technology resemble the basic elements of the market.
Which among the following aspects most affects an entrepreneur's perception of feasibility?
self-efficacy
Entrepreneurial Opportunities are defined as:
situations in which new goods, services, raw materials and organizing methods can be sold at greater than their production cost.
When entrepreneurs make do by applying combinations of the resources at hand to new problems and opportunities, this is known as:
Bricolage
Entrepreneurial action can be defined as those situations in which new goods, services, raw materials and organizing methods can be sold at greater than their production cost.
False
Entrepreneurs have stronger intentions to act when taking action is perceived to be impossible and risky.
False
