Deck 1: Entrepreneurship and the Entrepreneurial Mind-Set

Question 1

Entrepreneurs have stronger intentions to act when taking action is perceived to be impossible and risky.

Answer 1

False

Question 2

How Ewing Kauffman ran his business illustrates corporate entrepreneurship.

Answer 2

True

Question 3

Superficial similarities exist when the underlying mechanisms of the technology resemble,or match,the underlying mechanisms of the market.

Answer 3

False

Question 4

A reflection task would involve thinking about what strategies should be used to solve a problem.

Question 5

Entrepreneurial action can be defined as those situations in which new goods,services,raw materials and organizing methods can be sold at greater than their production cost.

Question 6

In the McMullen-Shepherd Model the first stage is the evaluation stage.

Question 7

Structural similarities exist when the underlying mechanisms of the technology resemble,or match,the underlying mechanisms of the market.

Question 8

Is the example "Curry in a Hurry" is an example of the effectuation process?

Question 9

The casual process of thinking starts with what one has and selects among possible outcomes.

Question 10

Asking "How is this problem similar to problems I've already solved"? is an example of a connection task.

Question 11

Entrepreneurial opportunities are those situations in which new goods,services,raw materials and organizing methods can be sold at greater than their production cost.

Question 12

The McMullen-Shepherd Model explains how knowledge and motivation influence two stages of entrepreneurial action.

Question 13

Comprehension questions are designed to stimulate entrepreneurs to think about their own understanding.

Question 14

Demographics,ethnic origin,and marital status are examples of segmentation variables.

Question 15

The effectuation process starts with what one has and selects among possible outcomes.

Question 16

Ewing Kauffman took a risk when he started his company Marion Labs in 1950.

Question 17

The question "What is this technology all about?" is a comprehension question.

Question 18

Bricolage is entrepreneurs making do by applying combinations of the resources at hand to new problems and opportunities.

Question 19

In the McMullen-Shepherd Model first person opportunity beliefs come before third person opportunity beliefs.

Question 20

The McMullen-Shepherd Model helps identify the common traits of successful entrepreneurs.

Question 21

Questions designed to increase an entrepreneurs' understanding of the nature of the environment are known as:

A)Strategic questions
B)Connection tasks
C)Reflection tasks
D)Comprehension questions

Question 22

__________ are designed to stimulate thought about entrepreneurs' understanding and feelings as they progress through the entrepreneurial process.

A)Strategic questions
B)Connection tasks
C)Reflection tasks
D)Comprehension questions

Question 23

Entrepreneurial Opportunities are defined as:

A)new market entry through entrepreneur action.
B)the entrepreneur's mental processes in deciding whether or not to act on a potential opportunity.
C)a feasibility assessment.
D)situations in which new goods,services,raw materials and organizing methods can be sold at greater than their production cost.

Question 24

An entrepreneur considering if what they are doing makes sense is an example of:

A)A strategic question
B)A connection task
C)A reflection task
D)A comprehension question

Question 25

Most entrepreneurs indicate that their most significant venture was not their first one.

Question 26

Perceived desirability refers to the degree to which an individual has a favorable or unfavorable evaluation of the potential entrepreneurial outcomes.

Question 27

Role models can include family members as well as industry professionals.

Question 28

Previous start-up experience is a good predictor of starting subsequent businesses.

Question 29

In Stage One of the McMullen-Shepherd Model:

A)the entrepreneur decides whether or not there is an opportunity for someone.
B)the entrepreneur consults experts in the market area of interest.
C)the entrepreneur decides whether the opportunity that exists is a match with their own knowledge and motivation.
D)the entrepreneur engages in bricolage.

Question 30

An entrepreneur is rarely able to start a new business without some form of formal education.

Question 31

Dissatisfaction with various aspects of one's job often motivates the launching of a new venture.

Question 32

In Stage Two of the McMullen-Shepherd Model:

A)the entrepreneur deals with the business failure through counseling.
B)the entrepreneur decides whether or not there is an opportunity for him or her personally.
C)the entrepreneur goes through the causal process of thinking structurally.
D)the entrepreneur consults colleagues from previous jobs.

Question 33

Role models are individuals who give psychological support to the entrepreneur especially during the start-up phase.

Question 34

Which of the following is NOT a stage in Kolter's procedure in bringing a product/service to market?

A)Select target market segments
B)Analyze long run opportunities in the market
C)Design market strategies
D)File for patent protection

Question 35

The causal process of thinking:

A)starts with a desired outcome and focuses on the possible means to generate that outcome.
B)starts with what one has and selects among possible outcomes.
C)involves bricolage.
D)starts with brainstorming by meeting with industry professionals.

Question 36

In a social network there are two major properties,density and centrality.

Question 37

Individuals have stronger intentions to act when taking action is perceived to be _____ and desirable.

A)elusive
B)feasible
C)flexible
D)risky

Question 38

Research indicates that male entrepreneurs tend to start their first significant venture in their middle 30s,while women entrepreneurs tend to do so in their early 30s.

Question 39

In regards to thinking structurally,superficial similarities:

A)exist when the underlying mechanisms of the technology resemble (or match)the underlying mechanisms of the market.
B)exist when supply is less than demand.
C)exist when entrepreneurs engage in bricolage.
D)exist when the basic (relatively easy to observe)elements of the technology resemble the basic elements of the market.

Question 40

Entrepreneurs' intentions are based on their perception of feasibility rather than someone else's impression of whether it is feasible.

Question 41

The moral support network is different from the professional support network in that:

A)a professional support network includes finding a mentor.
B)moral support is less important than professional support.
C)only the "cheering squad" provides moral support.
D)a moral support network comprises only of personal contacts.

Question 42

Within the moral-support network,most entrepreneurs indicate that their _____ are their biggest supporters.

A)mentors
B)friends
C)parents
D)spouses

Question 43

Define superficial similarities and structural similarities.Which was noted as the more challenging for entrepreneurs?

Question 44

On the education background,entrepreneurs:

A)are less educated than the general population.
B)cite an educational need in the areas of finance,strategic planning,marketing,and management.
C)who lack a formal education,fail to create new businesses and exploit discovered opportunities.
D)cite formal education to be indispensible in starting a new business.

Question 45

Explain the McMullen-Shepherd Model.

Question 46

Density,in regards to a social network,refers to:

A)the extensiveness of ties between two individuals.
B)the total number of individuals in the network.
C)the distance of connection between the entrepreneur and contact.
D)the fact that most networks are informal and not well organizeD.

Question 47

Describe the difference between the causal process and the effectuation process.

Question 48

Motivation to launch a new venture can arise from all of the following except:

A)lack of prior experience.
B)boredom.
C)a lack of challenge.
D)frustration.

Question 49

Which group in a professional network helps keep a new venture competitive?

A)Clients or buyers
B)Mentors
C)Trade associations
D)Suppliers

Question 50

Identify and define the 4 types of questions/tasks related to increasing cognitive ability.

Question 51

Which among the following aspects affects an entrepreneur's perception of feasibility?

A)Locus of control
B)Learning style
C)Perceived desirability
D)Self-efficacy

Question 52

Describe the difference between a moral and professional support network and give examples of who might fit into each network.Who do entrepreneurs typically cite as their biggest supporters?