Deck 2: Practicing Entrepreneurship

Question 1

The skill of play ______.

A)frees the imagination, opens up our minds to opportunities and possibilities, and help us to be more innovative as entrepreneurs
B)acts in order to learn, tries something, learns from the attempt
C)relates to how others are feeling because you have been in a similar situation
D)requires a general openness to the world and relates to unleashing our creative ability to create and find opportunities and solve problems

Answer 1

A

Question 2

______ is based on the idea that because the future is unpredictable yet controllable, entrepreneurs can affect the future.It is futile for entrepreneurs to try and predict the future.

A)Controlling
B)Experimenting
C)Effectuation
D)Entrepreneurism

Answer 2

C

Question 3

What is the benefit mentioned by Rob Hunter, founder and CEO of HigherMe? HigherMe is a system that invites job seekers to submit short videos answering a series of carefully selected questions.

A)allows the candidates to demonstrate their skills in using technology
B)The system tests the candidates on their proficiency with using video through social media.
C)HigherMe is less costly than interviewing a candidate in the corporate offices.
D)The video system allows the interviewer to avoid the last 19 awkward minutes of an interview after deciding this candidate will not work out.

Answer 3

D

Question 4

The skill of experimentation ______.

A)frees the imagination, opens up our minds to opportunities and possibilities, and help us to be more innovative as entrepreneurs
B)acts in order to learn, tries something, learns from the attempt
C)relates to how others are feeling because you have been in a similar situation
D)requires a general openness to the world and relates to unleashing our creative ability to create and find opportunities and solve problems

Question 5

Cybill is an entrepreneur who uses the prediction mindset.Which of the following describes Cybill?

A)Cybill wants to open an accounting practice and is very competitive but wants the methods and procedures set up in her practice to make the processing effective and efficient.She plans for all her client work to line up within these practices.
B)Cybill wants to open an accounting practice and is very collaborative in nature.She wants to discuss with the client the methods and between the two of them choose the method that is best for both.
C)Cybill wants to open an accounting practice and is determined to outsource all the work.
D)Cybill wants to open an accounting practice and wants it to be a sole proprietorship so she will be doing all the work and can then predict the outcomes.

Question 6

Bad weather hits your area and you want to create a great meal.If you still have electricity, you can still use the electric skillet.You go into your pantry and freezer and pull out five items.The result is a fantastic meal.This is ______.

A)an example of the prediction view of "I can control the future if I can predict it"
B)an example of good meal planning
C)an example of the prediction view of "let's use what we have and see what happens"
D)an example of controlled management

Question 7

Planning for the catering at an event by sending out invitations and asking for RSVPs by a certain date is ______.

A)an example of the prediction view of "I can control the future if I can predict it"
B)an example of good event planning techniques
C)an example of the prediction view of "let's use what we have and see what happens"
D)an example of controlled management

Question 8

Mary uses the prediction element of entrepreneurism.Which of the following scenarios defines Mary?

A)Mary likes to plan and execute small actions of a project.She starts with the resources available and likes to experiment.
B)Mary is competitive and likes to optimize her expected returns in all situations.
C)Mary is a linear thinker and likes to experiment along this line and she is competitive.
D)Mary is an experimenter and likes to collaborate.She expects an acceptable loss in the projects she takes on.

Question 9

The skill of empathy ______.

A)frees the imagination, opens up our minds to opportunities and possibilities, and help us to be more innovative as entrepreneurs
B)acts in order to learn, tries something, learns from the attempt
C)relates to how others are feeling because you have been in a similar situation
D)requires a general openness to the world and relates to unleashing our creative ability to create and find opportunities and solve problems

Question 10

Regarding human creativity, the author makes which of the following points?

A)We were born with the creation approach because everything around us was unknown and a mystery.Then we learned by trial and error what worked and what could be depended on.
B)We are either a creative or a predictive individual by nature.
C)Our parents' nurturing would be the determining factor for deciding our method: creative or predictive.
D)As humans, studies have shown that we are predictive by nature.

Question 11

The Creation Approach in Action Figure 2.1 indicates ______.

A)that the creation approach can help you develop an Indian restaurant
B)that the creation approach can help your restaurant concept move into other food services such as lunch delivery
C)that the creation approach can help you imagine many avenues including a cookbook, teaching classes, developing food-themed tours, and doing a cooking show in addition to your original thought of a Indian restaurant
D)the creation approach will lead you into areas that will fail

Question 12

Entrepreneurs using the creation approach can be described as ______.

A)navigating uncertain worlds to create, rather than find existing opportunities
B)navigating certain worlds to find existing opportunities
C)taking on activities not tied to their fulfilling their vision of the future
D)having their vision of the future have nothing to do with the creation approach

Question 13

Entrepreneurs who determine their goals based on the resources they have are using ______.

A)the predictive approach
B)the expected approach
C)the creation view
D)the organic approach

Question 14

Using the creation approach, you can create ______.

A)your own business
B)your own industry
C)your own future
D)your own product

Question 15

The more traditional view to approaching entrepreneurism is a linear process where the steps are followed and the outcomes can be expected.This defines ______.

A)the predictive approach
B)the expected approach
C)the creation view
D)the organic approach

Question 16

A result of Sarasvathy's study is that ______ of experienced serial entrepreneurs used ______ thinking.

A)89%; predictive or casual thinking
B)89%; creative and effectual thinking
C)9%; predictive and effectual thinking
D)9%; creative and causal thinking

Question 17

Bill wants to start a restaurant that fuses Mexican and Thai foods.He does not really know if this concept will be viable so he opens up the restaurant with a limited menu and has each customer fill out a questionnaire to gather information.Then, he will formulate a business plan, apply for bank loans and investor funding, lease a building, on so on.Bill is using ______.

A)creation in action
B)prediction in action
C)business planning in action
D)strategy development in action

Question 18

Charles is an entrepreneur who uses the creation mindset.Which of the following describes Charles?

A)Charles wants to open an accounting practice and is very competitive but wants the methods and procedures set up in the practice to make the processing effective and efficient.He plans for all the client work to line up within these practices.
B)Charles wants to open an accounting practice and is very collaborative in nature.He wants to discuss with the client the methods and between the two of them choose the method that is best for both.If in the future something needs to change, they will discuss and then make the changes.
C)Charles wants to open an accounting practice and is determined to outsource all the work thereby creating his world.
D)Charles wants to open an accounting practice and wants it to be a sole proprietorship so he will be doing all the work and can then create the outcomes.

Question 19

Ellyn wants to get out into her community to meet new people and build relationships with customers and strategic partners.These activities ______.

A)can be a total waste of time; what she should be doing is building her business
B)can introduce Ellyn to new opportunities while staying true to her vision
C)can lead to a board position with the Chamber of Commerce
D)will result in bankers who are more willing to loan funds to those with customer relationships

Question 20

Bob uses the creation element of entrepreneurism.Which of the following scenarios defines Bob?

A)Bob likes to plan and execute small actions of a project.He starts with the resources available and likes to experiment.
B)Bob is competitive and likes to optimize his expected returns in all situations.
C)Bob is a linear thinker and likes to experiment along this line and he is competitive.
D)Bob is an experimenter and is very competitive and embraces the unknown.

Question 21

Warren likes to debrief after an event by thinking about the skills and knowledge gained from the experience and if anything learned relates to anything heard about before.He also likes to focus on what went well and what went badly.Warren likes to use ______.

A)narrative reflection
B)emotional reflection
C)perceptive reflection
D)analytical reflection

Question 22

Vedika is an entrepreneur who embraces the method approach.She

A)embraces learning and aims to collaborate with her colleagues
B)focuses on completion, planning and prediction
C)has predicted outputs and likes to plan and collaborates
D)is unpredictable, analytical and typically works alone

Question 23

Paula gave an online presentation to the executive committee yesterday.She likes to focus on the skills and knowledge gained from the experience.Paula likes to use ______.

A)narrative reflection
B)emotional reflection
C)perceptive reflection
D)analytical reflection

Question 24

Terry is an entrepreneur who embraces the process approach.He ______.

A)has a set of practices, is creative, invests in learning, and has a collaborative style
B)is predictive, focuses on planning, wants an expected return, and is competitive
C)has predicted outputs, is creative, likes to plan, and collaborates
D)is creative and predictive

Question 25

Paula gave an online presentation to the executive committee yesterday.She debriefs after the presentation by considering her part played in the presentation and the approach she took, what else might have been done, what was learned about the experience, what questions she has and what needs to be considered as a result.Paula likes to use ______.

A)narrative reflection
B)critical reflection
C)perceptive reflection
D)analytical reflection

Question 26

The skill of creativity ______.

A)frees the imagination, opens up our minds to opportunities and possibilities, and help us to be more innovative as entrepreneurs
B)acts in order to learn, tries something, learns from the attempt
C)relates to how others are feeling because you have been in a similar situation
D)requires a general openness to the world and relates to unleashing our creative ability to create and find opportunities and solve problems

Question 27

Bob, a novice entrepreneur, and Bill, an experienced entrepreneur ______.

A)can both be using the method approach
B)have nothing in common as entrepreneurs
C)can collaborate as an expert to a novice
D)can learn from each other

Question 28

Warren likes to focus on how he felt while making a presentation and how he managed his nervousness, anxiety, and the pressure.Warren likes to use ______.

A)narrative reflection
B)emotional reflection
C)perceptive reflection
D)analytical reflection

Question 29

Paula gave an online presentation to the executive committee yesterday.She debriefs by focusing on her perceptions and reactions as well as those of others.Paula likes to use ______.

A)narrative reflection
B)emotional reflection
C)perceptive reflection
D)analytical reflection

Question 30

The approach that includes identifying an opportunity, understanding resource requirements, acquiring resources, planning, implementing, and harvesting is ______.

A)the method approach
B)the process approach
C)the entrepreneurial approach
D)the managements approach

Question 31

Warren likes to debrief after an event by considering the part played in the presentation and the approach taken, what else might have been done, what was learned about the experience, what questions he has, and what needs to be considered as a result.Warren likes to use ______.

A)reflective reflection
B)critical reflection
C)perceptive reflection
D)analytical reflection

Question 32

Warren likes to focus on his perceptions and reactions as well as the perceptions and reactions of others and how different viewpoints, needs, or preferences affected the experience.Warren likes to use ______.

A)narrative reflection
B)emotional reflection
C)perceptive reflection
D)analytical reflection

Question 33

Paula gave an online presentation to the executive committee yesterday.She debriefs after the presentation by reflecting on how she felt during the presentation and how she managed her stress.Paula likes to use ______.

A)narrative reflection
B)emotional reflection
C)perceptive reflection
D)analytical reflection

Question 34

Lonnie is an entrepreneur who embraces the method approach.He ______.

A)has a set of practices, is creative, invests in learning, and has a collaborative style
B)is predictive, focuses on planning, wants an expected return, and is competitive
C)has predicted outputs, is creative, likes to plan, and collaborates
D)is creative and predictive

Question 35

Warren likes to debrief after an event by describing what happened, considering what took place, what was said, and who was involved.Warren likes to use ______.

A)narrative reflection
B)emotional reflection
C)perceptive reflection
D)analytical reflection

Question 36

Paula gave an online presentation to the executive committee yesterday.She likes to debrief by focusing on what went well and what went badly.Paula likes to use ______.

A)narrative reflection
B)emotional reflection
C)critical reflection
D)analytical reflection

Question 37

Which of the following are true statements? 1) "The practice of experimentation and practice of reflection are the same thing."
2) "The practice of play is the same thing as the skill of play."
3) "The practice of reflection is independent from experimentation, play, creativity, and empathy.
4) "Practice of reflection requires the practices of narrative, emotional reflection, and perceptive reflection."

A)#1
B)#1 and #2
C)#2 and #3
D)#2 and #4

Question 38

The first three traditional steps of an entrepreneurship process include which of the following? 1.think of an idea
2)get financing
3)do market research
4)get some financial projections
5)find a partner

A)1, 2, 3
B)3, 4, 5
C)1, 3, 5
D)1, 3, 4

Question 39

The approach as a body of skills or practices that together comprise a toolkit for entrepreneurial action is ______.

A)the method approach
B)the process approach
C)the entrepreneurial approach
D)the management approach

Question 40

The last three traditional steps of an entrepreneurship process include which of the following? 1.think of an idea
2)get financing
3)find space, build a prototype, hire people to do market research
4)bring your product/service to market
5)manage the business
6)plan an exit

A)2, 3, 4
B)2, 4, 5
C)4, 5, 6
D)1, 3, 4

Question 41

The author suggests that you ______.

A)shift your mind by speaking your desires
B)have a strong business plan before starting
C)hire an attorney, insurance agent, and an accountant before starting your business
D)go for your dream

Question 42

In writing her impact statement, this text encourages Leann to start with means at hand.This makes sense to her.She starts asking herself which of the following questions?

A)Who am I? What do I know? Whom do I know?
B)What is my bank account balance? What is my savings balance? How long can I live on the savings?
C)What are my strengths and weaknesses?
D)What do I need to know to begin writing my business plan?

Question 43

The method approach ______.

A)is both inclusive and exclusive during each stage of planning
B)is inclusive, which means it includes any organization at any stage of business
C)has many prescribed steps
D)all of these

Question 44

The method approach ______.

A)focuses both on doing and learning
B)requires continuous practice with a focus on doing then learning
C)has nothing to do with the learning practice
D)has everything to do with the learning practice

Question 45

Leann feels that there is something out there larger than herself.She has a drive.She asks for your advice.You tell her to ______.

A)reflect on her desired impact on the world.When she has this statement written, the process of writing it will create her desired impact on the world statement
B)update her resume
C)take a class in entrepreneurship as that will help her find her drive
D)focus on the financial benefits

Question 46

A form of thinking that is used when the future is unpredictable is ______.

A)creation view
B)predictive approach
C)theory of effectuation
D)a normal thought in entrepreneurism

Question 47

A form of thinking that sees entrepreneurship as a linear process in which steps are followed and outcomes are ideally predictable is ______.

A)creation view
B)predictive approach
C)theory of effectuation
D)a normal thought in entrepreneurism

Question 48

A method of carrying out carefully focused efforts to improve current performance is ______.

A)deliberate practice
B)theory of effectuation
C)theory of effectiveness
D)efficiency

Question 49

The idea that the future is unpredictable yet controllable and entrepreneurs can effect the future is ______.

A)creation view
B)predictive approach
C)theory of effectuation
D)a normal thought in entrepreneurism

Question 50

Your impact statement ______.

A)is a statement of your mission and objectives
B)is your statement of what you want to accomplish with your nonprofit
C)involves your means at hand
D)is the same as your environmental impact study

Question 51

After calculating your affordable loss in writing your impact statement, the next step is ______.

A)make a start in your business
B)get funding from a friend
C)go to the SBA and get help with your business plan
D)tell all your friends about your strategy

Question 52

The practice of entrepreneurship includes some powerful assurances including ______.

A)if you practice, you will succeed
B)you will fail sooner, enabling better, higher quality information to be incorporated into the next iteration
C)you'll likely begin experimenting with many new ideas simultaneously
D)you will fail sooner, enabling better information for the next iteration and you will begin experimenting with many ideas at the same time

Question 53

Phil is writing his impact statement and has started with his means at hand.Now he is focusing on the idea today step.What questions should he be asking?

A)Who am I? What do I know? Whom do I know?
B)What is my bank account balance? What is my savings balance? How long can I live on the savings?
C)What are my strengths and weaknesses?
D)I know my means so what can I start to do today with what I have today?

Question 54

Skill of empathy is ______.

A)for the health care industry, not entrepreneurism
B)an exercise which involves an understanding of emotion, circumstances, intentions, and the needs of others
C)the only skill needed for a business owner
D)the same as the skill of reflection

Question 55

Susie is writing her impact statement and is stuck on her first step-means at hand.What would you tell Susie?

A)The means at hand is a statement of who you are.What do you know? Whom do you know?
B)Means at hand is an analysis of your available finances.
C)Means at hand is another term for your business strategy.
D)This is your acceptable financial loss.

Question 56

Mary is an entrepreneur and she likes processes and procedures.She is competitive and her work style is very linear.Mary's approach to her business is ______.

A)process
B)method
C)planned
D)linear

Question 57

Louann has taken her first small step in her impact statement.She was surprised it went well.Now she needs to ______.

A)get venture capital
B)collaborate with others by networking and enrolling others in her journey
C)talk to her friends and family to get access to funds
D)transition from her full-time job to a part-time position

Question 58

Michelle is writing leaving her comfort zone and is writing her impact statement.What questions should she be asking about leaving her comfort zone?

A)Who am I? What do I know? Whom do I know?
B)What is my bank account balance? What is my savings balance? How long can I live on the savings?
C)What are my strengths and weaknesses?
D)What am I willing to give up in terms of money, reputation, time, and opportunity cost?

Question 59

An exercise best described as acting in order to learn is ______.

A)skill of acting
B)skill of experimentation
C)skill of play
D)skill of reflection

Question 60

Kaine is an entrepreneur who likes to embrace and confront uncertainty and does not want to avoid uncertainty.Kaine is ______.

A)practicing certainty
B)participating in the practice of entrepreneurship
C)doomed for business failure
D)a unique business person by not wanting to avoid uncertainly

Question 61

Eric likes to plan for everything and his business is no exception.This drive to setting goals beforehand is ______.

A)good business practices
B)a part of deliberate practice
C)a use of valuable time
D)is not necessary when you are the only one working your business

Question 62

Karen read the Baekgaard and Miller advice to entrepreneurs that included all BUT which of the following?

A)Concentrate on what you do best.
B)Don't be satisfied with status quo.
C)Always innovate and practice continuous improvement.
D)Always look into the mid-term future.

Question 63

Penny started her business and is actively working on her impact statement.Her next step is to reflect and be honest with herself.She ______.

A)reacts as she is always a truthful person
B)wants to ask how do I know when I should stop or keep going? When she should be asking, What am I going to do next?
C)starts to spend money on marketing
D)begins looking for venture capital

Question 64

Val likes to get feedback on everything he does and is constantly asking for constructive feedback so he can improve his service.This drive for feedback is a component of ______.

A)process improvement
B)good business practices
C)deliberate practice
D)wanting people to focus on him

Question 65

Paul likes to identify weaknesses to improve constantly.He is using a key component of ______.

A)process improvement
B)deliberate practice
C)weakness management
D)business processes

Question 66

An unexpected benefit of deliberate practice is ______.

A)an entrepreneur becomes better by knowing what he or she knows and doesn't know
B)your life becomes organized
C)you become successful
D)your children learn valuable lessons from watching you

Question 67

With her accountant background, Arlys likes consistency and likes to maintain consistency for a long time.This quality is a part of ______.

A)deliberate practice
B)her accounting practice
C)a detailed oriented profession
D)business controls

Question 68

Kevin is a high achiever and was glad to hear about the process called deliberate practice.This practice ______.

A)involves succeeding at any costs
B)encourages the competitive spirit
C)involves carrying out carefully focused effort to improve current performance
D)made Kevin happy because this practice is rules based

Question 69

Nan likes to find a procedure that works and prefers to use that procedure repeatedly to produce lasting results.This quality is a component of ______.

A)deliberate practice
B)a business procedures manual
C)standard operation procedures
D)a system that deters creativity

Question 70

Michael read the Baekgaard and Miller advice to entrepreneurs that included all BUT which of the following?

A)Have a good calendar system so you can keep up with your tasks.
B)Don't be afraid to take risks.
C)Take one day at a time.
D)Follow your passion and have fun.

Question 71

Sally wants to develop a portfolio of the five skills essential in the practice of entrepreneurship.These include all EXCEPT ______.

A)play and empathy
B)creativity and experimentation
C)reflection
D)feedback

Question 72

Many life skills are transferable to the deliberate practice of an entrepreneur.These skills include all EXCEPT ______.

A)playing a musical instrument
B)participating in a team sport
C)creative writing
D)cooking

Question 73

Tony embraced the concept of deliberate practice and discovered an unexpected benefit, which was ______.

A)he was better able to plan, adapt, and make decisions more quickly in changing situations
B)your life becomes organized
C)you become successful
D)your children learn valuable lessons from watching you

Question 74

At the end of each business month, Anthony likes to schedule some time for self-observation and self-reflection.He feels this helps him to be grounded.This also is part of the practice of ______.

A)deliberate practice
B)running a smooth business
C)being innovative
D)being creative and responsible

Question 75

The important message of Chapter 2 is ______.

A)to establish a procedure or method for a successful entrepreneur
B)to give the reader some sage advice which is research based
C)to work on your strategic plan before you do anything else in your entrepreneurship
D)that family and friends are the most important relationships of an entrepreneur

Question 76

In the fifth grade, Paula began to learn to play the clarinet.At first, it felt funny on her lips and the notes that came out of the instrument were very squeaky.She did not let this deter her and she kept at it.Last week, she won first place ribbons for her performances in a statewide music competition.This is an example of ______.

A)deliberate practice
B)loving music
C)supportive parents
D)a good school system

Question 77

Sarah uses high levels of focus, attention, and concentration in her practice of entrepreneurship.This is a key component of ______.

A)deliberate practice
B)concentrated practice
C)focused practice
D)good business practices

Question 78

Thomas Watson, the founder of IBM, was asked about the key to success.His response was ______.

A)have a good accountant
B)you really need a good product and a developed market
C)Ben Franklin failed many times before each success.This is required
D)to increase the rate of failure

Question 79

Deliberate practice includes all of the following EXCEPT ______.

A)sustained effort
B)concentration and focus
C)metacognition
D)a good memory

Question 80

An unexpected benefit of deliberate practice is ______.

A)you become more skilled at perceiving situations
B)your life becomes organized
C)you become successful
D)your children learn valuable lessons from watching you