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