Question 1

Which of the following is NOT a stage of the innovation adoption curve?

Accepted Answer

The innovation adoption curve includes the stages of Innovators, Early Adopters, Early Majority, Late Majority, and Laggards. While entrepreneurs may play a role in the adoption of innovations, they are not considered a distinct stage in the curve.

Question 2

According to the text, ________ helps with problem solving and innovation.

Accepted Answer

The text states that creativity helps with problem solving and innovation.

Question 3

Which of the following can be a growth accelerant for new ventures, according to the text?

Accepted Answer

All of the options listed - market opportunity, human resources, and after-sales care - can significantly contribute to the growth of new ventures. Market opportunity provides a fertile ground for the venture to thrive, human resources bring in the necessary skills and innovation, and after-sales care helps in building customer loyalty and repeat business, all of which are crucial for growth.

Question 4

An individual that plans, organizes, and leads high-risk business opportunities with new market value is:

Accepted Answer

An entrepreneur is someone who creates, plans, and executes new business ventures with high risk and market value. They are known for being innovative and willing to take risks that others may not be willing to take on. A venture capitalist is someone who invests in such entrepreneurial ventures, while a financier is someone who provides the necessary funding for such ventures. An early adopter is someone who is among the first to try out new products or services, but this does not necessarily involve planning, organizing, and leading high-risk business opportunities.

Question 5

Which can be a challenge to growth in new ventures, according to the text?

Accepted Answer

Financing and liquidity are common challenges to growth in new ventures, as securing the necessary funds to expand operations, invest in new products, or enter new markets can be difficult.

Question 6

Innovation is a process that results in new market value through the creation of:

Accepted Answer

Innovation typically involves creating a new product or service that offers something unique and valuable to customers, ultimately generating new market value. Financial and human capital and productivity may be important factors in this process, but they are not the end goal of innovation.

Question 7

Concepts that create, nurture, and support other concepts:

Accepted Answer

The answer of Concepts that create, nurture, and support other...

Question 8

An entrepreneurial ___________is a set of stakeholders that are necessary to support the innovation and creation of new market value.

Accepted Answer

An entrepreneurial ecosystem includes not only the individual entrepreneur, but also investors, government support, educational institutions, mentors, and other resources that are necessary for the success of new ventures. A coalition refers to a temporary alliance for a specific purpose, a syndicate is a group of individuals or organizations that work together on a project, and a unit is a single entity or group within a larger organization.

Question 9

What percentage of the market's population are laggards, according to the innovation adoption curve?

Accepted Answer

Laggards make up 16% of the market's population according to the innovation adoption curve.

Question 10

When Google sold equity shares to the public for the first time in 2004, it was one of Silicon Valley's most discussed, dissected and debated:

Accepted Answer

Google selling equity shares to the public for the first time refers to the process of initial public offerings (IPOs), which is when a private company offers its shares to the public for the first time. Therefore, option C is the best choice. The other options such as scaling process, start-up companies, and aggregation ventures are not directly related to the process of offering equity shares to the public.

Question 11

Some organizations have encouraged which of the following to enhance creativity and innovation among employees?

Accepted Answer

All of the above choices have been proven to enhance creativity and innovation among employees. Regular breaks, such as going for walks, can help clear the mind and reduce stress. Lying down on couches can help promote relaxation and free-flowing thoughts, and playing interactive video games can foster a sense of play and experimentation, which can lead to new ideas and approaches.

Question 12

Companies like Microsoft, Genetech, Google, and Facebook do not operate alone; rather, they work with a wide range of other companies that have also shared in their success.This is an example of which of the following?

Accepted Answer

The answer of Companies like Microsoft, Genetech, Google, and Facebook...

Question 13

Funding that supports the starting and growing of high-risk business ventures is known as:

Accepted Answer

Venture capital is specifically designated for high-risk business ventures that have the potential for high growth and returns. Starting funds and growth capital are more general terms and do not necessarily designate support for high-risk ventures. High-risk investment funds may include venture capital but are not specific to it.

Question 14

In starting her business, entrepreneur Nesha Sanghavi made use of her passion for which of the following?

Accepted Answer

Nesha Sanghavi combined her passion for sports and fashion to start her business, which focuses on creating college apparel for women, blending these two interests effectively.

Question 15

The activities and processes that increase the worth of a product or service are called:

Accepted Answer

Value creation refers to activities and processes that increase the worth of a product or service by improving its quality, features or performance, or by reducing its cost, among other factors. This can lead to increased customer satisfaction and willingness to pay a higher price, ultimately resulting in higher profits for the business. The other choices (A, C, D) are either too specific or too general to accurately describe this concept.

Question 16

Which of the following is NOT one of the conditions for experiencing flow in the workplace, according to the text?

Accepted Answer

The text does not mention "living in the future" as one of the conditions for experiencing flow in the workplace. The other options, clear goals, immediate feedback, and altered sense of time, are mentioned as conditions for flow.

Question 17

A business strategy that seeks to invent a brand new product or service or find a new resource is known as:

Accepted Answer

A discovery venture focuses on inventing new products or services or finding new resources, distinguishing it from other types of ventures that might focus on combining existing products or entering existing markets.

Question 18

A system change venture is:

Accepted Answer

A system change venture involves adapting business strategies to respond to changes in political environments, legislation, and regulations.

Question 19

A(n) _________ investor is an individual who provides entrepreneurs with funding and mentorship.

Accepted Answer

An "angel" investor is typically an individual who provides funding and mentorship to entrepreneurs, often at the early stage of a business's development. "Capital" and "enterprise" are broader terms that can refer to various forms of financing or investment, while an "adviser" may provide guidance or advice without necessarily providing funding.

Question 20

Research suggests that the optimal Q-levels for achieving creativity in a team involves teams that are comprised of:

Accepted Answer

Research suggests that teams consisting of both friends and new collaborators have the optimal Q-levels for achieving creativity. Friends bring a certain level of comfort and trust to the team, while new collaborators bring fresh ideas and perspectives. The combination of familiarity and novelty leads to a healthy level of creative tension within the team, which can help generate innovative ideas.

Quiz 18: Entrepreneurship and Innovation