Question 1

______ is the creation of a new method, device, or process.

Accepted Answer

Invention refers to the creation of a new method, device, or process, often bringing something novel into existence that did not exist before.

Question 2

______ occurs when entrepreneurs become aware of a problem, dissatisfaction, or gap in current offerings that they find interesting and believe themselves capable of solving.

Accepted Answer

Opportunity recognition occurs when entrepreneurs identify a gap in the market or a problem that they believe they can solve, leading to the creation of new business ideas or innovations.

Question 3

Mere ______ is not sufficient enough for entrepreneurship. Rather the new creation must provide value to a customer or beneficiary by helping them solve a problem or address an unmet need.

Accepted Answer

Invention alone is not enough for entrepreneurship; it must also provide value by solving a problem or addressing an unmet need.

Question 4

Which of the following is an example of a fixed mindset as opposed to a growth mindset?

Accepted Answer

A fixed mindset involves believing that abilities and intelligence are static and unchangeable. Choice A reflects a fixed mindset by implying a permanent inability to organize notes, rather than seeing it as a skill that can be developed.

Question 5

______ is an organizational disorder characterized by overreliance on charisma, involvement and decisions of one or more founding members in place of mindful, collaborative, and strategic management and leadership.

Accepted Answer

Founder's syndrome occurs when an organization overly relies on the charisma, involvement, and decisions of one or more founding members, often at the expense of strategic management and collaborative leadership.

Question 6

Encompassing new ideas for social ventures to address chronic societal problems such as environmental degradation, poverty and access to health care, education, and clean water is an aspect of ______.

Accepted Answer

Social entrepreneurship involves creating new projects or ventures to solve social problems or meet societal needs, such as environmental issues, poverty, and access to essential services.

Question 7

The moment any endeavor begins to develop an idea, other individuals become involved. At that point you are trying to facilitate a process of influencing others toward a common ______.

Accepted Answer

When an endeavor begins to develop an idea and others become involved, the goal is to align everyone towards a shared goal or outcome, which is best described as a common vision. This involves influencing others to see and work towards a collective future state or goal.

Question 8

______ pursuit occurs when an entrepreneur decides to take action.

Accepted Answer

Opportunity pursuit refers to the action taken by an entrepreneur when they decide to seize an opportunity, often leading to the creation or expansion of a business venture. This involves recognizing a gap in the market or a need that can be fulfilled through innovative solutions, products, or services.

Question 9

______ comprises entrepreneurial behaviors within an existing organization, such as risk-taking and generating ideas for new products and services to be developed as companies seeking to remain competitive or grow revenues and profitability.

Accepted Answer

Intrapreneurship refers to the practice of entrepreneurship within an existing organization, where employees take on roles similar to entrepreneurs by being innovative, taking risks, and developing new products or services to help the company grow or stay competitive.

Question 10

______ comprises a unique set of concepts, mindsets, and activities used by leaders to identify opportunities, deepen understanding, and initiate and develop innovation.

Accepted Answer

Entrepreneurial leadership involves a unique blend of leadership qualities and skills focused on identifying opportunities, understanding them deeply, and driving innovation. This approach combines the vision and risk-taking of an entrepreneur with the management and leadership skills necessary to guide projects and teams towards innovative outcomes.

Question 11

Leaders who spot value, translate that value, develop it, and then put the ideas into action to realize greater value for their organization and beyond are practicing ______.

Accepted Answer

Entrepreneurial leadership involves recognizing and developing value, then implementing ideas to enhance value for the organization and its broader context, which aligns with the description provided.

Question 12

A ______ is a state of mind wherein you believe that you can acquire and develop new abilities, and that your capacity is only limited by your effort.

Accepted Answer

A growth mindset is the belief that abilities and intelligence can be developed through dedication and hard work. This contrasts with a fixed mindset, which assumes that talents and capabilities are static traits.

Question 13

______ originates from the French verb entreprendre, which means to undertake or do something.

Accepted Answer

Entrepreneurship is the correct term, as it is derived from the French verb "entreprendre," which translates to "to undertake." This reflects the essence of entrepreneurship, which involves undertaking initiatives, starting businesses, or creating new ventures.

Question 14

______ is the process of pursuing opportunity through the conception, validation, and launch of new ideas into the marketplace.

Accepted Answer

Entrepreneurship involves identifying opportunities, conceiving new ideas, validating these ideas, and then launching them into the market, aiming to create value and drive innovation.

Question 15

A ______ is a state of mind wherein you see your abilities and capacity as a change agent as set traits--they are what they are.

Accepted Answer

A fixed mindset is the belief that abilities and capacities are static and cannot change, which contrasts with a growth mindset that views abilities as capable of development.

Question 16

The conception, validation, and launch of new ideas require a broad and diverse skill set as well as a strong leadership ______.

Accepted Answer

A strong leadership core is essential for the conception, validation, and launch of new ideas.

Question 17

______ leaders are individuals who, through an understanding of themselves and the contexts in which they work, act on and shape opportunities that create value for their organizations, their stakeholders, and the wider society.

Accepted Answer

Entrepreneurial leaders are known for their ability to understand themselves and their work contexts, enabling them to seize and shape opportunities that generate value not only for their organizations but also for stakeholders and society at large. This involves innovation, risk-taking, and a proactive approach to change, which are hallmark traits of entrepreneurial leadership.

Question 18

______ is the process of utilizing the marketplace to solve social problems (generally wicked social problems) in a novel manner.

Accepted Answer

Social entrepreneurship is the practice of recognizing and resourcefully pursuing opportunities to create social value by stimulating social change or meeting social needs, often through innovative solutions. This approach directly aligns with the definition provided, as it involves using the marketplace to address and solve social problems.

Question 19

An ______ is a new method, device, or process that is useful to people and is developed and delivered into the marketplace through the process of entrepreneurship.

Accepted Answer

An innovation refers to a new method, device, or process that is beneficial to people and is introduced to the market through entrepreneurship.

Question 20

Which of the following is an example of a growth mindset as opposed to a fixed mindset?

Accepted Answer

A growth mindset involves the belief that abilities and intelligence can be developed through dedication and hard work. Saying "Math has been challenging for me" implies a recognition of difficulty but also leaves room for improvement and learning, which aligns with the principles of a growth mindset.

Quiz 15: Entrepreneurial Leadership