MGMT 2820 Quiz Review Guide

Measuring Success

Actual vs. plan, execution. Actual vs. plan, closeness to the vision, within margin. Valued novelty, getting to somewhere that has potential

You must have a world-changing idea before you start a venture.

False

You influence what happens in the market using

Control

Opportunities are:

Created and Made

What matters

Data, information that was collected in the past. Variance and possibilities Expertise, influence, and control

Entrepreneurs evaluate potential ventures in terms of affordable loss rather than potential profit, among other things. What does this mean?

Entrepreneurs evaluate the worst-case-scenario and make a decision on how much he/she can afford to lose.

What is the best definition of entrepreneurship, according to this course?

Entrepreneurship is the pursuit of opportunity without regard to resources currently controlled.

Which of the below are key takeaways from this module?

Everyone is capable of coming up with good ideas. Entrepreneurship is accessible to most people. Opportunities are abundant. Entrepreneurs see problems as opportunities rather than obstacles.

In text, aspirin was used as an example of which of the following types of transformation?

Exaptation

All people that have lots of great ideas are entrepreneurs/entrepreneurial.

False

Doing things you don't like in the short term in the hope that one day you will be able to live your dream is a great plan for making that dream happen

False

The average amount of funding it takes to create a business in the U.S. is:

Less than $30,000

Which is the more important motivation for an entrepreneur?

Passion for solving a significant problem

Which of the following are sources of people in your social network?

People you meet by chance. People immediately accessible to you. People you don't directly know, but are linked to though people you do know.

What is the best strategy for an existing mature market?

Prediction

There are generally two tools that enable decision making. They are:

Prediction and Control

Dealing with surprises

Quality checking. Weather the storm, work to stay on track/on plan. Embrace and rethink.

How you move ahead

Refine prior effects- strive for a perfect business plan. Robustness, preparedness--scenarios. Co-creation and affordable loss.

effectual thinkers:

See the world as open and still being made. Believe in creating, recognizing, and discovering opportunities. See markets as made rather than found.

The biggest takeaway from Chapter 10 is:

Starting with your means tells you that you can start a venture inexpensively, and that your means form the basis of your competitive advantage.

What are four ways to think about the "plunge" decision, according to the Read textbook?

Toes first/start small Walk before you jump Opportunity cost What you can lose

Control strategies are effective for early-stage startups where the environment is uncertain.

True

Most people change course many times before finding the best match for their skills and interests.

True

Entrepreneurs deal primarily with:

Uncertainty

Entrepreneurs starting a venture start with their means. These typically are:

Who I am What I know Who I know

The sweet spot for your career is finding a job/career where:

Your passions overlap with your skills and market demand.

The principle of forming partnerships works well with the affordable loss concept. Effective partnerships help reduce uncertainty early in a venture's lifecycle. This principle is also an example of:

a control strategy

"To the extent that we can predict the future, we can control it." This is an example of

casual logic

"To the extent that we can control the future, we do not need to predict it." This is an example of:

effectual logic

Transformation, in the context of Chapter 11, is transforming into .

ideas; opportunities

You have developed an online platform that connects college students and recent graduates with mentors/interviewers/professionals in the their field of study...cont.

leveraging contingencies

What are the categories means available to every entrepreneur, according to the textbook?

who we know, what we know, and who we are

Prediction

more appropriate as the venture matures.

Control

more appropriate in the early stages of a venture.

Most entrepreneurs and startups in the United States are:

small businesses

Effectuation

starting by taking action.

Managerial

think is characterized by accumulating the means necessary to achieve a pre-determined goal.

Entrepreneurship

thinking characterized by imagining many possible paths using your existing means.

Causation

using prediction to identify a goal.