Question 1

Right brain processes involve which of the following?

Accepted Answer

Right brain processes are associated with non-verbal and synthesizing thinking, seeing analogies and engaging in non-rational thought, as well as spatial, intuitive, and imaginative thinking.

Question 2

How can entrepreneurs take advantage of change?

Accepted Answer

Downcycling and upcycling are processes that can be leveraged by entrepreneurs to innovate and create value from change, especially in the context of sustainability and resource efficiency.

Question 3

Which five phases does Csikszentmihalyi identify in his opportunity recognition process?

Accepted Answer

Csikszentmihalyi's opportunity recognition process includes five phases: Preparation, Incubation, Insight, Evaluation, and Elaboration. These phases describe the process of developing new ideas or recognizing opportunities, starting from preparation and moving through to the final elaboration of the idea.

Question 4

In the text,muddling mindsets are listed as which of the following?

Accepted Answer

The text lists muddling mindsets as either/or thinking, security hunting, stereotyping, and probability thinking.

Question 5

Which of the following stages are used to drive into personal creativity and opportunity recognition?

Accepted Answer

The "Build, Measure, Learn" loop is a fundamental concept in the Lean Startup methodology, which is used to drive personal creativity and opportunity recognition by iteratively developing and refining ideas based on feedback and learning.

Question 6

An opportunity is defined as:

Accepted Answer

An opportunity, in the context of entrepreneurship, is specifically about recognizing a viable (feasible and potentially profitable) business opportunity among various ideas, rather than just any chance to make money or a general recognition of multiple business ideas.

Question 7

Which of the following are biases,fallacies and pitfalls that affect our ability to recognise whether or not an opportunity is viable?

Accepted Answer

All the options listed include biases, fallacies, and pitfalls that can impair judgment and decision-making in assessing the viability of opportunities. Confirmation bias and optimism bias can lead to overly positive assessments, while planning fallacy and sunk cost fallacy can result in poor planning and investment decisions. Managerial shortsightedness, financial understanding pitfalls, uniqueness pitfalls, and legal/regulatory pitfalls can all lead to underestimating challenges or overestimating the uniqueness or potential of an opportunity.

Question 8

How do entrepreneurs see opportunities?

Accepted Answer

Entrepreneurs blend divergent and convergent thinking with logical process ability. Divergent thinking is the ability to generate multiple ideas, while convergent thinking is the ability to evaluate and select the best idea. Logical process ability is the ability to think through a problem step-by-step and come up with a solution.

Question 9

Opportunity identification is the recognition of:

Accepted Answer

Opportunity identification involves recognizing a viable (feasible and potentially profitable) business opportunity among many ideas, distinguishing it by its feasibility and potential for success.

Question 10

Select the three most appropriate opportunity theories entrepreneurs use.

Accepted Answer

Effectuation theory, bricolage theory, and the concept of a eureka moment are all recognized theories or concepts that entrepreneurs use to identify and exploit opportunities. Effectuation focuses on using available means to achieve new goals, bricolage involves making do with resources at hand, and eureka moments refer to sudden insights or realizations.

Question 11

What is a value proposition?

Accepted Answer

A value proposition refers to the key value-creating features of a project, product, or service, highlighting what makes it attractive to customers or users. It's not just about informing staff or stakeholders of the project's features or values, but rather it encapsulates the unique value the project offers.

Question 12

What is creativity?

Accepted Answer

Creativity involves generating new and original ideas that can lead to improved efficiency and effectiveness, rather than merely copying or adapting existing ideas.

Question 13

What is an entrepreneurial opportunity?

Accepted Answer

Entrepreneurial opportunity involves recognizing and validating the potential of a product and/or service that addresses a real-world problem or adds value for a customer, leading to the creation or identification of new business ventures.

Question 14

To develop your creativity,you can use which of the following processes?

Accepted Answer

All the options listed are processes or approaches that can help in developing creativity. Lateral thinking, recognizing relationships, thinking outside the box, and seeking clarity are all valuable techniques for enhancing creative thinking skills.

Quiz 5: Opportunity Identification and the Creative Pursuit of Innovative