ENT 3613 Module 2
What are "intelligent failures at the frontier"? "Bad" failures resulting from deviance, inattention, or lack of ability performing routine tasks Failures that help improve creativity and defensibility "Acceptable" failures reflecting known risks inherent in uncertain and complex work "Good" failures from experimentation resulting in new knowledge and reduced uncertainty
"Good" failures from experimentation resulting in new knowledge and reduced uncertainty
What is social imaginativeness? A genuine understanding of and concern for policies and procedures A deep desire to nurture and care for others A deep desire to take on others' burdens A genuine understanding of and concern for other's problems, interests, and perspectives
A genuine understanding of and concern for other's problems, interests, and perspectives
Expert entrepreneurs take smart steps that test ideas within acceptable losses, and then reflect and build on what they found by taking action. How can this process promote competitive advantage? By preserving resources you can use to better market your venture By building momentum that makes it easier to justify resources By enrolling others through selling By discovering surprises that create "secrets" that your competitors don't know yet
By discovering surprises that create "secrets" that your competitors don't know yet
Barry loved to go to startup workshops and meet with experienced advisors so he could learn from their experiences and improve his proposals. Which of the following attributes of an entrepreneurial mindset does Barry seem to possess? Entrepreneurial self-efficacy Grit Coachability Initiative
Coachability
James was excited about making money by investing in cryptocurrency. In order to learn and evaluate this investment idea James read articles resulting from a Google search for "Best reasons to invest in cryptocurrency". Which of the following judgment biases is James most likely to suffer as a result of his research strategy? Escalation of commitment Law of small numbers Illusion of control Confirmation bias
Confirmation bias
According to the book "Just Start" what is the most essential aspect of an entrepreneurial mindset? Desire Optimism Grit Social Imaginativeness
Desire
Which judgment bias occurs when one increases investment in failing courses of action, rather than cutting losses and incurring "sunk costs"? Law of small numbers Illusion of control Escalation of commitment Confirmation bias
Escalation of commitment
Which of the following is NOT a facets of an entrepreneurial mindset? Coachability Extroversion Desire Social Imaginativeness
Extroversion
Local companies have expressed their enthusiasm about hiring UCF graduates who are able to sustain effort and interest in long term projects that often entail delayed gratification and responding to negative feedback. Which of the following entrepreneurial mindset attributes does is most closely associated with this employer preference? Optimism Entrepreneurial intentions Practical Imagination Grit
Grit
Harley was focusing on their worst case scenario for their new venture idea, and was concerned that they couldn't afford losing resources if their next smart step failed. What would predict in this situation? Harley would likely stop and not take another smart step Harley would take a smart step based on their low opportunity cost Harley would change focus to consider aspirations that could justify taking a smart step Harley would do more research in hopes of learning something that could justify another step
Harley would likely stop and not take another smart step
Which of the following characteristic is associated with proactively engaging role expectations, and often contributing beyond what a role formally requires (e.g., acting creatively)? Initiative Coachability Grit Entrepreneurial Self-Efficacy
Initiative
Which of the following is NOT a primary influence on entrepreneurs' learning and judgment? Coachability Entrepreneurial self-efficacy Initiative Optimism
Initiative
Matthew is excited about starting a new venture that sells cereal bars that reverse the aging process. Once he gives this a little more thought, which of the following new venture idea assessments is most likely to prevent Matthew from determining that this represents a "3rd person opportunity"? Do I WANT to do it? Is the return worth the investment? Can I do it? Is it feasible?
Is it feasible?
Which of the following statements best describes creative imaginativeness? It allows individuals to take simple ideas and turn them into creative solutions It allows individuals to create novel ideas without any prior knowledge It allows individuals to focus their creative energy It allows individuals to make novel connections among bits of existing information
It allows individuals to make novel connections among bits of existing information
Which of the following is NOT one of the ways practical imaginativeness can help entrepreneurs? It helps entrepreneurs anticipate problems that might affect the realization of novel ideas. It helps entrepreneurs improve their optimism. It helps entrepreneurs develop realistic scenarios for judging their proposals. It helps entrepreneurs generalize ideas across different settings.
It helps entrepreneurs improve their optimism.
Which judgment bias occurs when one assumes a small number of observations can lead to valid and reliable conclusions? Escalation of commitment Confirmation bias Illusion of control Law of small numbers
Law of small numbers
Which of the following is not one of the methods used by expert entrepreneurs described by Saras Saravathy's research on effectuation? Reflect and build on what you find Act quickly with the means at hand Never stop creating Stay within your acceptable loss
Never stop creating
Why is initiative especially important when considering creative or entrepreneurial action? Novel actions are seldom required by job descriptions Novel actions tend to be rewarded more than routine actions Novel actions don't interest most employees, so they need extra motivation Novel actions are usually favored by managers
Novel actions are seldom required by job descriptions
In his TED Talk, Tony Fadell describes a process called habituation where people experience diminished responses to frequently observed situations. What is the consequence of habituation that most concerns Fadell? People start noticing so many problems it becomes hard to take action It inhibits productivity and performance Creative effort becomes focused on creating solutions to unimportant problems People stop noticing the problems that are around us, or how to solve them
People stop noticing the problems that are around us, or how to solve them
Which of the following is NOT one of the recommendations offered for developing your entrepreneurial mindset? Change your experiences (try new things) Reflect on your past and try to minimize your regrets Change the meanings you attribute to your experiences Practice new experiences is a safe space with supportive playmates
Reflect on your past and try to minimize your regret
Which of the following types of personality characteristics or individual differences is most likely to change in the relatively near term? Relatively narrow characteristics that are specific to particular situations or contexts Growth-oriented characteristics associated with personal development Relatively broad characteristics thought to influence behavior in most settings Creative personality because creativity is highly dependent on situations
Relatively narrow characteristics that are specific to particular situations or contexts
Which of the following is NOT one of the possible outcomes from action that allows expert entrepreneurs to build on what they find? Results provide greater confidence in current proposals Results create total certainty regarding expected outcomes Unexpected findings provoke creative problem solving and proposal revisions Result offer pleasant surprises that improve the sophistication of a proposal
Results create total certainty regarding expected outcomes
Tanya had several new venture ideas that interested her. Rather than pick one to pursue right away, she spent a little time investigating and gaining feedback on several ideas to see if her desire to pursue any of them would grow. How can low commitment smart steps like these fuel desire? Smart steps lead to success, and success leads to passion Experiments lead to learning and knowledge increases desire Small successes may boost confidence, optimism and positive feelings that increase desire Quick feedback can lead to love at first sight
Small successes may boost confidence, optimism and positive feelings that increase desire
In Angela Duckworth's Ted Talk, she discusses Carol Dweck's concept "Growth Mindset." What is a "Growth Mindset"? The belief that your ability comes from your childhood development, and afterward is fixed The belief that your ability is fixed and cannot be changed The belief that your ability comes from your parents The belief that your ability to learn is not fixed and can change with your effort
The belief that your ability to learn is not fixed and can change with your effort
Which of the following offers the best description of "coachability"? The degree to which an entrepreneur possesses empathy for their customers The degree to which an entrepreneur can learn and absorb knowledge The degree to which an entrepreneur is able and willing to coach other entrepreneurs The degree to which an entrepreneur seeks, carefully considers, and integrates feedback from others
The degree to which an entrepreneur seeks, carefully considers, and integrates feedback from others
Which of the following statements best describes the status of research related to assessing your entrepreneurial mindset? There are few studies related to facets of an entrepreneurial mindsets, so researchers typically rely on entrepreneurs' success stories to develop theory. There is considerable research on facets of personality and motivation that one might associate with an entrepreneurial mindset, but there's no actual measure yet. There is a lot of research that describes entrepreneurship methods, but not mindsets. Recent studies have developed an excellent measure of entrepreneurial mindset that strongly predicts new venture success.
There is considerable research on facets of personality and motivation that one might associate with an entrepreneurial mindset, but there's no actual measure yet.
An investment loss would be an example of which type of failure? Preventable failures in predictable operations Intentional failures that lead to next steps Intelligent failure at the frontier Unavoidable failure in complex systems
Unavoidable failure in complex systems
When are individuals most likely to take a smart step to explore a novel idea within their acceptable losses? When they are very close to meeting their aspirations When they focus on the worst-case scenario When their current circumstances are below their aspirations When their current circumstances are beyond their aspirations
When their current circumstances are below their aspirations
According to Tony Fadell's Ted Talk "The first secret of design is...noticing," What is habituation? When we encode behaviors in our everyday lives as habits When we encode our own habits into others When we reinforce a habit with rewards When we get rid of a habit
When we encode behaviors in our everyday lives as habits
Which of the following is NOT one of the benefits associated with enrolling others in your entrepreneurial journeys? You spread the risk (reduce affordable losses) You gain more resources to draw on (increase "means at hand") There is more potential for creativity (recombine diverse ideas) You accelerate your startup process (use resources more efficiently)
You accelerate your startup process (use resources more efficiently)
A critical method used by expert entrepreneurs to accelerate learning-through-action is called acting with the means at hand. asking "who do I know"? building entrepreneurial self-efficacy. creating 1st-person opportunity beliefs.
acting with the means at hand.
Grit is commonly described as a person's ability to sustain effort and interest in long-term projects. By extending the timeframe of success/failure judgments, grit provides entrepreneurs with an increased action orientation. an enhanced ability to think creatively. an improved learning orientation related to novel ideas. an improved ability to recover from short-term setbacks.
an improved ability to recover from short-term setbacks.
Victoria visited with entrepreneurship coaches at least once a month to help her learn how to pitch here startup investment opportunity to investors. In this case she was investing in coaching primarily to help her consider feedback from others. identify the best market to address with their startup. enrich her imagination and creativity. anticipate how others may evaluate their ideas
anticipate how others may evaluate their ideas.
According to Alex Osborn, widely viewed as the inventor of brainstorming, before gathering evidence or developing creative solutions, one must first gain expertise. hire consultants. articulate the problem. build a team.
articulate the problem.
If you find these learning modules to be pleasurable, you are more likely to withdraw from future modules. be engaged and motivated. be fearful and less motivated. be angry and motivated.
be engaged and motivated.
One should expect a nascent entrepreneur to benefit most from an entrepreneurship class if they possess entrepreneurial self-esteem. practical imaginativeness. initiative. coachability.
coachability
In his TED Talk, "How to build your creative confidence," David Kelly explains why creativity shouldn't be perceived as a special ability accessible only to a select few. His overall message is that we should not divide people into creative vs. non-creative, but rather work to build everyone's creative self-efficacy. creative productivity. creative talent. creative mindset.
creative self-efficacy.
The book "Just Start" is based on insights from the world's top-ranked entrepreneurship program at Babson College as well as research examining expert entrepreneurs' decision making methods. Collectively, these methods are described as effectuation. creative problem solving. lean startup. value proposition design.
effectuation
Before developing creative solutions, the inventor of brainstorming Alex Osborn argues that one must prepare by engaging in meditation. strategic planning. personal reflection. fact finding.
fact finding.
When describing the process they use to create novel performance concepts, OK GO argues that they don't think of ideas, but instead they play them. invent them. design them. find them.
find them.
Nascent entrepreneurs who are trying to launch a startup within a specific timeframe are likely to have an entrepreneurial mindset characterized by grit. low entrepreneurial self-efficacy. high entrepreneurial intentions. practical imaginativeness.
high entrepreneurial intentions.
Excessing confidence that exceeds a person's actual capabilities can lead to poor judgment and excessive risk taking, and is often associated with growth. exfoliation. neuroticism. hubris.
hubris.
Motivation is based on imagining consequences associated with alternate behaviors. personality traits related to desire. initiative and grit. financial incentives.
imagining consequences associated with alternate behaviors.
The band OK GO is famous for their creative "performance art" music videos. Their explanation of their creative process suggests that deeply immersing yourself in a problem space, as they did when they rode the anti-gravity inducing "vomit comet" airplane, can help inspire creating. acting. judging. imagining.
imagining.
Someone who lacks motivation because they view situations as unfair can be characterized as having low 3rd person opportunity beliefs. overconfidence. low desire. low optimism.
low optimism.
The ability to apply existing methods to solve new problems, visualize processes/systems, and anticipate potential obstacles best describes creative Imaginativeness. social Imaginativeness. personal Imaginativeness. practical Imaginativeness.
practical Imaginativeness.
Failures resulting from deviance, inattention, or lack of ability performing routine (high certainty) tasks are considered preventable failures in predictable operations. intelligent failures at the frontier. unavoidable failures in complex systems. experiments lead to next steps.
preventable failures in predictable operations.
In addition to considering how much one can afford to pay to take a smart step (an action that promotes learning and reduces uncertainty), one needs to consider whether one is willing to take that step. Willingness to take a step would likely be greater if a person had resources well beyond their aspirations. thought they had nothing to lose (low opportunity costs). had plenty of spare time. thought they might damage their reputation (high opportunity costs).
thought they had nothing to lose (low opportunity costs).
Bringing other people along is best done by "enrolling" others with opportunities to to gain wealth by investing in your idea. to expand their professional networks. to do what you want through tangible exchanges. to express their values and talents.
to express their values and talents.
Entrepreneurs with low initiative are unlikely to take steps to purse their entrepreneurial goals. likely to seek help or coaching to overcome obstacles in their entrepreneurial journey. likely to act slowly but deliberately to attain their entrepreneurial goals. likely to delegate tasks to others.
unlikely to take steps to purse their entrepreneurial goals.
