ENTR3500 Midterm

Based on what we discussed in class. Design Thinking has an ending. True False

False

CVP stands for customer value program True False

False

Creativity is innate, meaning it is something you are either born with or not, it is not able to be developed. True False

False

Entrepreneurship can be learned passively. True False

False

Interviewing skills cannot generally be improved with practice. True False

False

Strategic thinkers are more comfortable with ambiguity. True False

False

Studies indicate that entrepreneurs with preexisting knowledge of a market or industry recognize the same number of opportunities as those with no such knowledge. True False

False

The majority of successful entrepreneurs complete formal business plans. True False

False

The method approach is a new concept that has been developed by entrepreneurship scholars. True False

False

WISE stands for work influence standard environment True False

False

Describe the concept of an idea being anchored in a product or service.

The concept of an idea being anchored in a product or service is that the idea adds or creates value for its buyer or end user. If it does create or add value, entrepreneurs can start hunting, doing research, and focusing on what industry it will be in.

Describe the concept of an idea being attractive.

The concept of attraction is that there is a demand for it. People are asking for it and they want it. It is a good, interesting, and new product or idea that has enough people willing or wanting to support it as a solution to the problem that you are solving.

Describe the concept of an idea being durable.

The concept of being durable is that the product or opportunity is sustainable and can be replicated over and over again. This replication needs to be able to be done in the production, operation and creation of the product or service as well.

Describe the concept of an idea being timely.

The concept of timeliness is that the timing is correct for the presented idea. This means that there are not bigger problems at hand that need to be addressed with time, money, and energy before your product or idea. Economic and financial conditions impact the timing of when an idea is the most attractive and will be the most successful.

What is the difference between 'idea' and 'opportunity'? List the 4 characteristics to receive full points.

The difference between 'idea' and 'opportunity' is that an idea is something that might be more wishful thinking that does not have a strategic plan to make it happen. An opportunity is something that gives us the answers to start moving forward and it checks the boxes and provides the standing grounds to where we will invest our time, money, energy and resources. The 4 characteristics of opportunities are that they are attractive, timely, durable, and they are anchored in a productive service.

Anyone, including yourself, can become an entrepreneur. True False

True

Deliberate practice requires high levels of focus, attention, and concentration. True False

True

Effectual thinkers are more comfortable with ambiguity. True or False

True

In class, the 50 data points activity is used to gain customer feedback. True False

True

Leading innovation and design firm IDEO has popularized design thinking. True False

True

Many successful entrepreneurial ideas include a product or service innovation. True False

True

Self-efficacy can change over time. True False

True

Social entrepreneurs are taking an inclusive approach to resolving problems in developing countries. True False

True

The first part of the business model is the offering. True False

True

The scientific process of experimentation can be very useful to entrepreneurs. True False

True

To understand the needs of the customer, Design Thinking recommends A LOT of customer interviews during the process to gain valuable feedback. True False

True

Which step occurs early in the scientific process of experimentation? a. Asking lots of questions b. Developing hypotheses c. Using statistical software d. Writing up the results

a. Asking lots of questions

This type of nonprofit is required to channel profits back into the organization. a. Enterprising nonprofits b. Social ventures c. Financial ventures d. Small businesses

a. Enterprising nonprofits

Effectual Thinkers, those more "OK" with ambiguity, are more associated with: a. Entrepreneurs b. Risk Takers c. Bipolar Disorder d. Strategic Thinkers

a. Entrepreneurs

The ability to do more with less when it comes to Entrepreneurship is often referred to as: a. Leveraging Resources b. Jack of all trades c. Juggling Resources d. Networking

a. Leveraging Resources

Who do I use to compare Effectual vs Strategic thinkers? a. My wife and I b. Chris Brown and Rihanna c. Bill Gates and Steve Jobs d. Bert and Ernie

a. My wife and I

______ are entrepreneurs who start a business as a means of economic survival. a. Necessity-based entrepreneurs b. Social entrepreneurs c. Opportunity-based entrepreneurs d. Corporate entrepreneurs

a. Necessity-based entrepreneurs

The chapter refers to this process to increase deep understanding during an interview. a. Peel the onion b. Take off the gloves c. Remove the coat d. Open your eyes

a. Peel the onion

______ allows entrepreneurs to make a profit while simultaneously addressing specific problems facing the general public a. Social entrepreneurship b. Corporate entrepreneurship c. A franchise d. A family enterprise

a. Social entrepreneurship

To achieve high levels of performance, high performers follow a process called ______, which involves carrying out carefully focused efforts to improve current performance. a. deliberate practice b. method-based training c. iterative repetition d. weakness ideation

a. deliberate practice

A venture that has a social venture mission and a social primary market impact is referred to as: a. enterprising nonprofits b. social consequence c. traditional d. social purpose

a. enterprising nonprofits

Because working in uncertain environments "goes with the territory" in entrepreneurship, the ______ mind-set requires constant thinking and rethinking, adaptability, and self-regulation. a. entrepreneurial b. growth c. prospective d. inventive

a. entrepreneurial

The CVP is about finding a ______ and then proposing a way to fulfill it. a. goal b. deficit c. debt d. desire

a. goal

The I's associated with design thinking include all of the following except: a. intuition b. inspiration c. ideation d. implementation

a. intuition

Entrepreneurs who identify links or connections between seemingly unrelated things or events are picking up on this phenomenon. a. pattern recognition b. mindfulness c. natural trends d. drift towards the mean

a. pattern recognition

The traditional approach to entrepreneurship has been to view entrepreneurship as a(n) ______. a. process b. method c. emotion d. experience

a. process

This is an early form of prototyping that provides a high-level view of thoughts and ideas arranged in sequence in the form of drawings, sketches, or illustrations. a. storyboarding b. story telling c. miniaturization d. caricatures

a. storyboarding

Entrepreneurs typically have a knack for looking at the ______ and seeing the ______. a. usual/unusual b. unusual/usual c. normal/extreme d. extreme/normal

a. usual/unusual

BMC stands for: a. Best Model Customer b. Business Model Canvas c. Business Market Challenge d. Benefit Management Chart

b. Business Model Canvas

Which of the following best categorizes entrepreneurial activity in the era which followed the second industrial revolution? a. The entrepreneurs of this era were instrumental in changing the way people lived. b. Corporate entrepreneurship increased. c. Individual entrepreneurs represented the vast majority of new venture creation. d. It is often referred to as the "Golden Age of entrepreneurship."

b. Corporate entrepreneurship increased.

This part of the business model requires entrepreneurs to focus on a target market. a. Offering b. Customers c. Infrastructure d. Financial viability

b. Customers

Becoming aware and working on what you "need" to become a successful Entrepreneur is you trying to: a. Self Actualization b. Develop the Entrepreneurial Mindset c. Work on your personal life d. Leverage Resources

b. Develop the Entrepreneurial Mindset

______ is the action of closely monitoring the behavior and activities of users/potential customers in their own environment. a. Focused listening b. Observation c. Insight d. Opportunity searching

b. Observation

Which of the following is not a characteristic of a wicked problem? a. The problem is not understood until after the formulation of a solution. b. The problem is created by lawmakers whose intentions are money-driven rather than socially driven. c. Solutions to a wicked problem are not right or wrong. d. Every solution to a wicked problem is a "one shot" operation.

b. The problem is created by lawmakers whose intentions are money-driven rather than socially driven.

In order to discover opportunities, entrepreneurs must be ______ their environment. a. closed to b. alert to c. located outside of d. none of these

b. alert to

An apparent way of generating value through unique, novel, or desirable products or services that have not been previously exploited is the definition of: a. a risk b. an opportunity c. a profit d. a nonprofit

b. an opportunity

A ______ is a conceptual framework that describes how a company creates, delivers, and extracts value. a. strategic plan b. business model c. business plan d. annual report

b. business model

Design thinking is used to do all of the following except: a. solve complex problems b. decide between 2 equal alternatives c. navigate uncertain environments d. create something new

b. decide between 2 equal alternatives

In addition to creating social value, social entrepreneurs must also create: a. financial value b. economic value c. net present value d. implicit value

b. economic value

Entrepreneurs should remember this about failure: a. failure causes bankruptcy b. failure results in valuable learning c. failure will turn off customers d. failure ruins company morale

b. failure results in valuable learning

This type of experimentation can test the validity of an idea with little impact on the bottom line. a. large scale experiments b. limited, low cost experimentation c. nationwide test marketing d. prototype testing in key large cities

b. limited, low cost experimentation

Entrepreneurial ventures must ______ their stakeholders. a. control b. manage c. persuade d. cater to

b. manage

The ______ approach works best in times of relative certainty and when there is access to existing information and data upon which to base decisions a. process b. prediction c. learning d. creation

b. prediction

In the context of entrepreneurship, ______ is a process whereby people can influence and control their own behavior, actions, and thinking to achieve the self-direction and self-motivation necessary to build their entrepreneurial business ventures. a. creativity b. self-leadership c. mind-set d. habit

b. self-leadership

The practice of entrepreneurship emphasizes ______ over ______. a. iterative learning, action b. smart action, planning c. research, experimentation d. conservatism, openness

b. smart action, planning

The definition of social entrepreneurship involves: a. reinventing the wheel b. sourcing innovative solutions c. creating demand for products d. starting a business with a social mission

b. sourcing innovative solutions

Through data from the 2015/16 Global Entrepreneurship Monitor report, it is estimated that there are ______ entrepreneurs worldwide. a. 1 billion b. 100 million c. 400 million d. 40 million

c. 400 million

How do the authors of the textbook define entrepreneurship? a. Creation of a new business enterprise. b. Exploitation of opportunity aimed toward venture creation. c. Actions taken by an individual or a group to create something new. d. Practices engaged in by an individual or a group to create business enterprise.

c. Actions taken by an individual or a group to create something new.

Which of the following statements is an example of a desire statement? a. I have a desire to create a video game b. I have a desire to own the newest iPhone c. I have a desire to help first-generation students attend college d. I have a desire to start a business

c. I have a desire to help first-generation students attend college

______ is the art of spontaneously creating something without preparation a. Creativity b. Innovation c. Improvisation d. Instinct

c. Improvisation

______ is a process of creating new products, ventures, processes, or renewal within large organizations. a. Entrepreneurs inside b. Tech entrepreneurship c. Intrapreneurship d. Social entrepreneurship

c. Intrapreneurship

Strategic thinkers are typically associated with what type of person. a. YouTuber b. Entrepreneur c. Manager d. Addict

c. Manager

In the business model canvas, how many components are listed? a. Three b. Five c. Nine d. Ten

c. Nine

______ are people who start several businesses, sometimes concurrently, sometimes consecutively. a. Social entrepreneurs b. Effectual entrepreneurs c. Serial entrepreneurs d. Cognitive entrepreneurs

c. Serial entrepreneurs

For entrepreneurs, an active search for opportunities involves this type of search: a. Informal b. Limited c. Systematic d. Random

c. Systematic

A ______ is a formal document that provides background and financial information about the company, outlines your goals for the business, and describes how you intend to reach them. a. strategic plan b. business model c. business plan d. annual report

c. business plan

To the core of design thinking is understand the needs of who? a. industry b. ceo c. customer d. investro

c. customer

Design thinking requires: a. spatial understanding b. engineering knowledge c. empathy d. mathematical skills

c. empathy

Taking action, trying something new, and building that learning into the next iteration is a description of: a. previewing b. actualization c. experimentation d. implementation

c. experimentation

The skill of ______ can best be described as acting in order to learn: trying something, learning from the attempt, and building that learning into the next iteration. a. creativity b. empathy c. experimentation d. reflection

c. experimentation

People with a ______ mind-set believe their abilities can be developed through dedication, effort, and hard work. a. fixed b. innovative c. growth d. creative

c. growth

Resiliency is a feature of the ______ mind-set. a. fixed b. innovative c. growth d. creative

c. growth

Four questions that are useful to ask during the design-thinking process include all of the following except: a. what is? b. what if? c. how does it happen? d. what works?

c. how does it happen?

For entrepreneurs, the concept of mind-set is important in: a. knowing the external environment b. being self-confident c. identifying opportunities d. looking inward

c. identifying opportunities

The habit of ______ allows entrepreneurs to quickly find a way to adapt to their circumstances, think on their feet, and create new plans to realize their vision. a. self-leadership b. creativity c. improvisation d. persistence

c. improvisation

The three types of value propositions listed in the chapter include all of the following except: a. all benefits b. favorable points of difference c. internal and external analysis d. just what the customer values

c. internal and external analysis

The two main perspectives on entrepreneurship are the ______ approach and the ______ approach a. active, passive b. learning, doing c. prediction, creation d. process, method

c. prediction, creation

Working at the practice of self-leadership, creativity, and improvisation helps build higher levels of ______. a. confidence b. intuition c. self-efficacy d. creativity

c. self-efficacy

In the suggested rules of experimentation, the focus should be on the: a. owners b. employees c. stakeholders d. customers

c. stakeholders

Understand, explore, prototype, and evaluate... aka a. cyclical process b. 4 banger c. Entrepreneurship d. Design thinking

d. Design thinking

These types of thinking are part of the design-thinking process. a. Primary and secondary b. Intrinsic and extrinsic c. Internal and external d. Divergent and convergent

d. Divergent and convergent

Effectual thinkers are more associated with what type of person? a. Micromanager b. Inventor c. Psychopath d. Entrepreneur

d. Entrepreneur

Which of the following is a common myth surrounding entrepreneurship? a. Most successful entrepreneurs have spent a long time in their industry. b. Entrepreneurs more frequently collaborate than compete. c. Entrepreneurs are risk takers. d. Entrepreneurship is an innate set of skills, it cannot be taught.

d. Entrepreneurship is an innate set of skills, it cannot be taught.

Revenues and cost structures are a part of this aspect of the business model. a. Offering b. Customers c. Infrastructure d. Financial viability

d. Financial viability

This approach to opportunity identification assumes that opportunities exist independent of entrepreneurs and are waiting to be found. a. Primary approach b. Secondary approach c. Initial approach d. Finding approach

d. Finding approach

How do Entrepreneurs tackle risk? a. Find Risk b. Ignore Risk c. Take Risk d. Mitigate Risk

d. Mitigate Risk

Social entrepreneurs can raise capital from their for-profit or non-profit organizations through ____________. a. Nonprofit Entrepreneurship Resources (NER) b. Enterprise Funding Groups (EFG) c. Venture Capitalists for Society (VCS) d. Social Venture Capitalists (SVC)

d. Social Venture Capitalists (SVC)

Which of the following is considered one of the five core skills of entrepreneurship? a. The skill of preparation b. The skill of organization c. The skill of innovation d. The skill of play

d. The skill of play

This is a reason why some entrepreneurial firms choose not to experiment. a. it is seen as risky b. it may require a tradeoff between short- term loss and long-term gain c. fear of failure d. all of these

d. all of these

This approach to opportunity identification assumes that opportunities do not exist independent of entrepreneurs, but are instead a product of the mind. a. ground floor approach b. intellectual approach c. internal approach d. building approach

d. building approach

Part of the practice of entrepreneurship is being in the right ______ to start and grow a business. a. location b. industry c. market d. mind-set

d. mind-set

Social entrepreneurship is said to be ______ driven, while corporate social responsibility is said to be ______ driven. a. vision/mission b. mission/vision c. consequence/purpose d. purpose/consequence

d. purpose/consequence

The Stanford Design School Five Phases of Design Thinking include all of the following except: a. empathy b. define c. ideate d. simplify

d. simplify

Storyboarding is a creative way for entrepreneurs to: a. globally expand the company b. reduce taxes c. increase profits d. solve customer problems

d. solve customer problems

The implementation phase focuses on late stage, high-cost testing, and experimentation to strengthen ideas. True False

false