Question 1

"Opportunity is central to entrepreneurship - without it, entrepreneurship does not exist."
1.This quote illustrates the core thinking behind effectuation.

Accepted Answer

Effectuation is a logic of thinking, used by entrepreneurs, that starts with available means and focuses on creating new ends, rather than discovering existing opportunities. It emphasizes using who you are, what you know, and whom you know, rather than identifying and exploiting pre-existing opportunities.

Question 2

"Entrepreneurship is central to opportunity - without entrepreneurship, opportunity does not exist."
2.This quote illustrates the core thinking behind effectuation.

Accepted Answer

Effectuation theory emphasizes the key role of the entrepreneur in creating opportunities through their actions and relationships, rather than simply identifying existing opportunities in the market.

Question 3

"Opportunity is central to entrepreneurship - without it, entrepreneurship does not exist." 3.This quote contains a more or less hidden meaning. Which provides the best explanation?

Accepted Answer

The quote implies that there are opportunities available for entrepreneurs, but they must have the awareness and ability to identify and pursue them.

Question 4

When the book discusses an entrepreneurial opportunity, "a favorable moment" is offered as a simple clarification. What are the characteristics of favorable moments? That they are feasible and attractive. In order for a moment to meet these conditions, the book lists three requirements (restrictions) it must meet. Choose the correct three:

Accepted Answer

The three requirements listed are that the opportunity must have demand, be financially feasible, and be technically feasible. Global potential, direction of trends, and scalability are not listed as requirements for a favorable moment.

Question 5

One could add a fourth restriction to the above scale of assessment. In other words: …………………………………………..

Accepted Answer

The answer of One could add a fourth restriction to...

Question 6

An entrepreneurial opportunity is not the same as a product or service.

Accepted Answer

An entrepreneurial opportunity is the identification and pursuit of a new business venture, while a product or service is what the business offers to customers as part of that venture.

Question 7

The discovery model has been theoretically explained by Schumpeter, in what he refers to as alertness. The creation model is attributed to Kirzner, with his tendency towards creation and creativity.

Accepted Answer

The discovery model is attributed to Kirzner, focusing on alertness to opportunities, while the creation model is associated with Schumpeter, emphasizing innovation and the creation of new opportunities.

Question 8

The book mentions the expression: a window of opportunity. This implies:

Accepted Answer

The expression "a window of opportunity" implies that opportunity possesses a temporal dimension, meaning it exists only for a limited period of time. It also implies that a favorable moment may pass if you don't seize it, as if the window closes, the opportunity may no longer be available. Therefore, both options C and D are the best choices. Option A is incorrect as opportunities may not be available to everyone, and option B is not as relevant to the meaning of the expression.

Question 9

The discovery model and the creation model are often presented as two contradictory extremes, when in actuality successful entrepreneurs use both - at various stages and in various situations. A more ambidextrous approach. A number of hypotheses on this fact - verified by research, can be proposed.
-Hypothesis A: The more uncertainty and complexity there is in the environment, the more the creation model is used.

Accepted Answer

When the environment is uncertain and complex, entrepreneurs are more likely to use the creation model to develop innovative solutions to address the challenges they face.

Question 10

The discovery model and the creation model are often presented as two contradictory extremes, when in actuality successful entrepreneurs use both - at various stages and in various situations. A more ambidextrous approach. A number of hypotheses on this fact - verified by research, can be proposed.
-Hypothesis B: The more innovative the idea, the more the creation model is used.

Accepted Answer

Research has shown that the creation model is more commonly used for highly innovative ideas, as it involves developing something new and original that does not have a pre-existing market or demand. However, as the idea becomes more established and moves into the implementation phase, the discovery model may be used more to refine and optimize the idea based on customer feedback and data.

Question 11

The discovery model and the creation model are often presented as two contradictory extremes, when in actuality successful entrepreneurs use both - at various stages and in various situations. A more ambidextrous approach. A number of hypotheses on this fact - verified by research, can be proposed.
-Hypothesis C: The later in the entrepreneurial process, the more the discovery model is used.

Accepted Answer

As an entrepreneur progresses through the entrepreneurial process, they tend to rely more on the discovery model as they learn more about their market, customers, and opportunities. This is supported by research on the entrepreneurial process.

Question 12

The discovery model and the creation model are often presented as two contradictory extremes, when in actuality successful entrepreneurs use both - at various stages and in various situations. A more ambidextrous approach. A number of hypotheses on this fact - verified by research, can be proposed.
-Hypothesis D: The more experienced the entrepreneur, the more the creation model is used.

Accepted Answer

Research has shown that experienced entrepreneurs tend to use a combination of both the discovery and creation models, with a greater emphasis on the creation model as they become more experienced and confident in their ability to create and execute new ideas.

Question 13

The discovery model and the creation model are often presented as two contradictory extremes, when in actuality successful entrepreneurs use both - at various stages and in various situations. A more ambidextrous approach. A number of hypotheses on this fact - verified by research, can be proposed.
-Hypothesis E: The less educated the entrepreneur, the more the creation model is used.

Accepted Answer

Research has shown that entrepreneurs with lower levels of education tend to rely more on the creation model, while those with higher levels of education tend to lean more towards the discovery model.

Question 14

Five various sources of opportunity are mentioned in the book. Two incorrect alternatives have found their way into the following list. Which of the following are not part of the big five?

Accepted Answer

A) Noticing things that do not work elsewhere is not typically listed as a primary source of opportunity.  E) "Causation" is a method of entrepreneurship, not a source of opportunity.

Question 15

The individual-opportunity nexus is a key perspective for understanding entrepreneurship. This stresses:

Accepted Answer

The individual-opportunity nexus perspective emphasizes the dynamic relationship between the individual and the opportunity. Both of them interact with each other in identifying, assessing, and exploiting business opportunities. This approach highlights the essential role of an entrepreneur in recognizing, exploring, and exploiting opportunities in the market.

Question 16

Expressions such as "agent-intensive" or "agent-dependent " opportunities (Ramoglou & Tsang, 2016) came about to describe:

Accepted Answer

"Agent-intensive" or "agent-dependent" opportunities refer to opportunities where the individual(s) play an essential role in bringing the opportunity to life. This can include the need for specific skills, knowledge, or connections that are unique to the individual. It emphasizes the importance of the individual as a key factor in the success of the opportunity.

Question 17

The term entrepreneur's gaze is used in the book as:

Accepted Answer

The term "entrepreneur's gaze" is used as a metaphor for the subjective way in which entrepreneurs encounter the world and see potential opportunities. It emphasizes the importance of perspective and mindset in entrepreneurship.

Question 18

The book discusses the creation model worldview. This worldview subscribes to the fact that:

Accepted Answer

The answer of The book discusses the creation model worldview....

Question 19

Interpretive repertoires, cognitive maps, mental models and interpretive timelines are synonymous to expressions that:

Accepted Answer

The answer of Interpretive repertoires, cognitive maps, mental models and...

Question 20

"Unsuccessful entrepreneurs often equate an idea with an opportunity; successful entrepreneurs know the difference." What did J.A. Timmons intend with this quote?

Accepted Answer

The answer of "Unsuccessful entrepreneurs often equate an idea with...

Quiz 4: Opportunity

"Opportunity is central to entrepreneurship - without it, entrepreneurship does not exist." 1.This quote illustrates the core thinking behind effectuation.

"Entrepreneurship is central to opportunity - without entrepreneurship, opportunity does not exist." 2.This quote illustrates the core thinking behind effectuation.