Quiz midterm
The second industrial revolution
-The "Golden age for entrepreneurship'" -Were instrumental in changing the way people lived.
Through data from the 2015/16 Global Entrepreneurship Monitor report, it is estimated that there are ______ entrepreneurs worldwide. 1 billion 100 million 400 million 40 million
400 million
How do the authors of the textbook define entrepreneurship? Creation of a new business enterprise. Exploitation of opportunity aimed toward venture creation. Actions taken by an individual or a group to create something new. Practices engaged in by an individual or a group to create business enterprise.
Actions taken by an individual or a group to create something new.
Which step occurs early in the scientific process of experimentation? Asking lots of questions Developing hypotheses Using statistical software Writing up the results
Asking lots of questions
This type of plan is often used by entrepreneurs in the early stages of planning. Detailed outline Software package plan Formal business plan Back of a napkin
Back of a napkin
BMC stands for: Best Model Customer Business Model Canvas Business Market Challenge Benefit Management Chart
Business Model Canvas
First Industrial Revolution
Constitution was the launching pad for creativity and innovation Everyone had a fairly equal chance of being an entrepreneur
Which of the following best categorizes entrepreneurial activity in the era which followed the second industrial revolution? The entrepreneurs of this era were instrumental in changing the way people lived. Corporate entrepreneurship increased. Individual entrepreneurs represented the vast majority of new venture creation. It is often referred to as the "Golden Age of entrepreneurship."
Corporate entrepreneurship increased
This part of the business model requires entrepreneurs to focus on a target market. Offering Customers Infrastructure Financial viability
Customers
These types of thinking are part of the design-thinking process. Primary and secondary Intrinsic and extrinsic Internal and external Divergent and convergent
Divergent and convergent
This type of nonprofit is required to channel profits back into the organization. Enterprising nonprofits Social ventures Financial ventures Small businesses
Enterprising nonprofits
Which of the following is a common myth surrounding entrepreneurship? Most successful entrepreneurs have spent a long time in their industry. Entrepreneurs more frequently collaborate than compete. Entrepreneurs are risk takers. Entrepreneurship is an innate set of skills, it cannot be taught.
Entrepreneurship is an innate set of skills, it cannot be taught.
This part of the business plan occurs early in the plan: Marketing plan Executive summary Critical risks Financial plan
Executive summary
All business plans need to follow the same format to lead to business success.
False
CVP stands for customer value program
False
Creativity is innate, meaning it is something you are either born with or not, it is not able to be developed.
False
Entrepreneurship can be learned passively.
False
Interviewing skills cannot generally be improved with practice.
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.
False
The implementation phase focuses on late stage, high-cost testing, and experimentation to strengthen ideas.
False
The majority of successful entrepreneurs complete formal business plans.
False
The method approach is a new concept that has been developed by entrepreneurship scholars.
False
Revenues and cost structures are a part of this aspect of the business model. Offering Customers Infrastructure Financial viability
Financial viability
This approach to opportunity identification assumes that opportunities exist independent of entrepreneurs and are waiting to be found. Primary approach Secondary approach Initial approach Finding approach
Finding approach
Which of the following statements is an example of a desire statement? I have a desire to create a video game I have a desire to own the newest iPhone I have a desire to help first-generation students attend college I have a desire to start a business
I have a desire to help first-generation students attend college
______ is the art of spontaneously creating something without preparation Creativity Innovation Improvisation Instinct
Improvisation
______ is a process of creating new products, ventures, processes, or renewal within large organizations. Entrepreneurs inside Tech entrepreneurship Intrapreneurship Social entrepreneurship
Intrapreneurship
______ are entrepreneurs who start a business as a means of economic survival. Necessity-based entrepreneurs Social entrepreneurs Opportunity-based entrepreneurs Corporate entrepreneurs
Necessity-based entrepreneurs
In the business model canvas, how many components are listed? Three Five Nine Ten
Nine
______ is the action of closely monitoring the behavior and activities of users/potential customers in their own environment. Focused listening Observation Insight Opportunity searching
Observation
The chapter refers to this process to increase deep understanding during an interview. Peel the onion Take off the gloves Remove the coat Open your eyes
Peel the onion
This is one piece of advice from the chapter about writing business plans. Be as brief as possible Take as long as is needed Remove any of the fluff Use a software package
Remove any of the fluff
The question "What are your startup costs?" refers to this part of the TRIM framework. Idea Market Resources Team
Resources
______ are people who start several businesses, sometimes concurrently, sometimes consecutively. Social entrepreneurs Effectual entrepreneurs Serial entrepreneurs Cognitive entrepreneurs
Serial entrepreneurs
This type of plan requires illustrations, graphs, and drawings to make the entrepreneur's plan come to life. Sketches on a page Mindmapping Introduction Body of the document
Sketches on a page
Social entrepreneurs can raise capital from their for-profit or non-profit organizations through ____________. Nonprofit Entrepreneurship Resources (NER) Enterprise Funding Groups (EFG) Venture Capitalists for Society (VCS) Social Venture Capitalists (SVC)
Social Venture Capitalists (SVC)
______ allows entrepreneurs to make a profit while simultaneously addressing specific problems facing the general public Social entrepreneurship Corporate entrepreneurship A franchise A family enterprise
Social entrepreneurship
For entrepreneurs, an active search for opportunities involves this type of search: Informal Limited Systematic Random
Systematic
TRIM stands for: Team, Resources, Idea, Market taking revenue in markets test reply invest manufacture touch reach inform multiply
Team, Resources, Idea, Market
Which of the following is not a characteristic of a wicked problem? The problem is not understood until after the formulation of a solution. The problem is created by lawmakers whose intentions are money-driven rather than socially driven. Solutions to a wicked problem are not right or wrong. Every solution to a wicked problem is a "one shot" operation
The problem is created by lawmakers whose intentions are money-driven rather than socially driven.
Which of the following is considered one of the five core skills of entrepreneurship? The skill of preparation The skill of organization The skill of innovation The skill of play
The skill of play
Deliberate practice requires high levels of focus, attention, and concentration.
True
Leading innovation and design firm IDEO has popularized design thinking.
True
Many successful entrepreneurial ideas include a product or service innovation.
True
Planning includes what you plan to do and how you plan to do it.
True
Self-efficacy can change over time.
True
Social entrepreneurs are taking an inclusive approach to resolving problems in developing countries.
True
The first part of the business model is the offering.
True
The scientific process of experimentation can be very useful to entrepreneurs.
True
The authors define entrepreneurship as ______. a. a discipline that seeks to understand how opportunities are discovered, created, and exploited, by whom, and with what consequences b. starting a small business by finding investors and launching a product c. developing a new market by creating a product that does not currently exist d. a mindset that compels people to start multiple ventures throughout a lifetime.
a. a discipline that seeks to understand how opportunities are discovered, created, and exploited, by whom, and with what consequences
8. Contemporary researchers focus on how entrepreneurs________ a. think and act b. develop a desire for achievement c. build a tolerance for uncertainty d. develop an affinity for taking risks
a. think and act
n order to discover opportunities, entrepreneurs must be ______ their environment. closed to alert to located outside of none of these
alert to
The business plan debate includes this argument: business plans are valuable business plans are all about timing business plans may not be necessary all of these
all of these
This is a reason why some entrepreneurial firms choose not to experiment. it is seen as risky it may require a tradeoff between short-term loss and long-term gain fear of failure all of these
all of these
In the context of social entrepreneurship, stakeholders refer to: all the people or groups affected by or involved with the social enterprise's objectives only the customers of the social enterprise only the investors supporting the social enterprise only the board members involved with the social enterprise
all the people or groups affected by or involved with the social enterprise's objectives
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 risk an opportunity a profit a nonprofit
an opportunity
This approach to opportunity identification assumes that opportunities do not exist independent of entrepreneurs, but are instead a product of the mind. ground floor approach intellectual approach internal approach building approach
building approach
A ______ is a conceptual framework that describes how a company creates, delivers, and extracts value. strategic plan business model business plan annual report
business model
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. strategic plan business model business plan annual report
business plan
Effectuation is the theory that: a. businesses should have a positive impact on people's lives. b. the effects of ideas can be studied over time. c. the future is unpredictable yet controllable. d. emotions can influence decision-making.
c. the future is unpredictable yet controllable.
This is the discipline that seeks to understand how opportunities are discovered, created, and exploited, by whom, and with what consequences. a. imagineering b. storyboarding c. social engineering d. entrepreneurship
d. entrepreneurship
Design thinking is used to do all of the following except: solve complex problems decide between 2 equal alternatives navigate uncertain environments create something new
decide between 2 equal alternatives
To achieve high levels of performance, high performers follow a process called ______, which involves carrying out carefully focused efforts to improve current performance. deliberate practice method-based training iterative repetition weakness ideation
deliberate practice
In addition to creating social value, social entrepreneurs must also create: financial value economic value net present value implicit value
economic value
Design thinking requires: spatial understanding engineering knowledge empathy mathematical skills
empathy
A venture that has a social venture mission and a social primary market impact is referred to as: enterprising nonprofits social consequence traditional social purpose
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. entrepreneurial growth prospective inventive
entrepreneurial
Taking action, trying something new, and building that learning into the next iteration is a description of: previewing actualization experimentation implementation
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. creativity empathy experimentation reflection
experimentation
Entrepreneurs should remember this about failure: failure causes bankruptcy failure results in valuable learning failure will turn off customers failure ruins company morale
failure results in valuable learning
WISE stands for work influence standard environment
false
The CVP is about finding a ______ and then proposing a way to fulfill it. goal deficit debt desire
goal
People with a ______ mind-set believe their abilities can be developed through dedication, effort, and hard work. fixed innovative growth creative
growth
Resiliency is a feature of the ______ mind-set. fixed innovative growth creative
growth
Four questions that are useful to ask during the design-thinking process include all of the following except: what is? what if? how does it happen? what works?
how does it happen?
For entrepreneurs, the concept of mind-set is important in: knowing the external environment being self-confident identifying opportunities looking inward
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. self-leadership creativity improvisation persistence
improvisation
The three types of value propositions listed in the chapter include all of the following except: all benefits favorable points of difference internal and external analysis just what the customer values
internal and external analysis
The I's associated with design thinking include all of the following except: intuition inspiration ideation implementation
intuition
This type of experimentation can test the validity of an idea with little impact on the bottom line. large scale experiments limited, low cost experimentation nationwide test marketing prototype testing in key large cities
limited, low cost experimentation
Part of the practice of entrepreneurship is being in the right ______ to start and grow a business. location industry market mind-set
mind-set
Entrepreneurs who identify links or connections between seemingly unrelated things or events are picking up on this phenomenon. pattern recognition mindfulness natural trends drift towards the mean
pattern recognition
From an entrepreneurial perspective, ______ is a description of the future you envision for your business. controlling planning organizing leading
planning
The ______ approach works best in times of relative certainty and when there is access to existing information and data upon which to base decisions process prediction learning creation
prediction
The two main perspectives on entrepreneurship are the ______ approach and the ______ approach active, passive learning, doing prediction, creation process, method
prediction, creation
The traditional approach to entrepreneurship has been to view entrepreneurship as a(n) ______. process method emotion experience
process
Social entrepreneurship is said to be ______ driven, while corporate social responsibility is said to be ______ driven. vision/mission mission/vision consequence/purpose purpose/consequence
purpose/consequence
Working at the practice of self-leadership, creativity, and improvisation helps build higher levels of ______. confidence intuition self-efficacy creativity
self-efficacy
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. creativity self-leadership mind-set habit
self-leadership
The Stanford Design School Five Phases of Design Thinking include all of the following except: empathy define ideate simplify
simplify
The practice of entrepreneurship emphasizes ______ over ______. iterative learning, action smart action, planning research, experimentation conservatism, openness
smart action, planning
Storyboarding is a creative way for entrepreneurs to: globally expand the company reduce taxes increase profits solve customer problems
solve customer problems
The definition of social entrepreneurship involves: reinventing the wheel sourcing innovative solutions creating demand for products starting a business with a social mission
sourcing innovative solutions
In the suggested rules of experimentation, the focus should be on the: owners employees stakeholders customers
stakeholders
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. storyboarding story telling miniaturization caricatures
storyboarding
Entrepreneurs typically have a knack for looking at the ______ and seeing the ______. usual/unusual unusual/usual normal/extreme extreme/normal
usual/unusual