Deck 1: Entrepreneurship and the Entrepreneurial Mind-Set

Question 1

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

Answer 1

False

Question 2

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

Answer 2

False

Question 3

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

Answer 3

True

Question 4

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

Question 5

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

Question 6

Principles of effectuation help entrepreneurs develop their cognitive adaptability.

Question 7

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

Question 8

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

Question 9

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

Question 10

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

Question 11

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

Question 12

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

Question 13

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

Question 14

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

Question 15

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

Question 16

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 17

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 18

How Ewing Kauffman ran his business illustrates corporate entrepreneurship.

Question 19

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 20

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

Question 21

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 22

In the causal process of thinking:

A)starts with a desired outcome and focuses on a 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 23

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 24

Entrepreneurial Opportunities are defined as:

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

Question 25

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 26

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.
C)the entrepreneur goes through the causal process of thinking structurally.
D)the entrepreneur consults colleagues from previous jobs.

Question 27

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 28

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

Question 29

As the venture becomes established and starts growing,which of the following types of experience becomes increasingly important?

A)Technical
B)Financing
C)Managerial
D)Marketing

Question 30

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

Question 31

In Stage One of the McMullen-Shepherd Model:

A)the entrepreneur decides whether or not there is an opportunity.
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 32

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

Question 33

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

Question 34

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

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

Question 35

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

Question 36

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 entreprenuers engage in bricolage.
D)exist when the basic (relatively easy to observe)elements of the technology resemble the basic elements of the market.

Question 37

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

Question 38

An entrepreneur asks if there is a better way to implement a strategy.Identify the category of this question.

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

Question 39

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 40

__________ 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 41

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

Question 42

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

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

Question 43

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

Question 44

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

Question 45

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 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

Explain the McMullen-Shepherd Model.

Question 48

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

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

Question 49

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