ECON 125 Midterm 1 UNC

When are you being an entrepreneur in your life?

A. When you start a new company

B. When you choose to pursue a minor in Entrepreneurship at UNC

C. When you look for an internship

D. All of the above

D. All of the above

Success is more likely to result from the systematic pursuit of opportunities than from a flash of genius. Keeping this in mind, Peter Drucker's work focuses on which of the following?

A. Revolutionary changes in a market are a prerequisite for innovation

B. Small changes can result in a major opportunity

C. Stability in a market is a prerequisite for doing something new

D. Promotion is key

Small changes can result in a major opportunity

Which of the following is NOT one of the outside resources for opportunity following Drucker's model?

A. Changes in Perception

B. Demographics

C. The Unexpected

D. New Knowledge

C. The Unexpected

The key to looking for opportunities is looking for change.

True

False

False

Which of the following was NOT one of the 6 wellness trends discussed in the readings?

A. More personalization

B. Involvement of influencers

C. Natural and clean product lines

D. Use of augmented reality devices

D. Use of augmented reality devices

The interactive system for descriptive analytics of student results in the form of a dashboard introduced by Nottingham Trent University is an example of:

A. Using big data to improve learning experiences

B. Online simulations for sharpening practical skills

C. Making the learning process fun

D. Achieving lifelong education

A. Using big data to improve learning experiences

More consumers said they were going to spend more on wellness than those who said they would spend less.

True

False

True

Which of the following is NOT a travel trend in 2022 based on the article "7 Travel Industry Trends For 2022 (and Beyond)"?

A. Travellers Go It Alone

B. Sustainability is easy

C. Travel Tech Adoption Accelerates

D. Consumers Blend Business And Leisure Travel

B. Sustainability is easy

According to the Fortune article, many of the zero carbon and clean energy ideas are appropriate for venture funding.

True

False

False

According to "Leading in The Green Business Boon," which of the following best describes how businesses should look at sustainability investments?

A. As savings

B. An additional expense

C. An opportunity

D. A waste of time

C. An opportunity

According to the article "What Google Learned From Its Quest to Build the Perfect Team", in order to establish psychological safety, team members should shy away from emotional sharing, and focus just on efficiency.

True

False

False

Which of the following was NOT provided as a reason for why to create a Team Charter:

A. Build agreements around things like how a team will operate

B. Identify who should, and should not, be included in the team

C. Get to alignment on the goal and purpose of the work a team will be doing together

D. Make decisions on how and when the team will meet

B. Identify who should, and should not, be included in the team

Which of the following is NOT one of the 4 stages of teaming according to the Tuckman model?

A. storming

B. touring

C. forming

D. norming

B. touring

What should the flow of the empathy interviews feel like?

A. Formal interview

B. Business meeting

C. Taking a class

D. Having an open conversation with a friend

D. Having an open conversation with a friend

Which of the following is a key reason to ask neutral questions when conducting an empathy interview?

A. To make your customer give you the answers you want

B. To avoid implying that there is a "correct" answer

C. To control the flow of the interview

D. To avoid confusion with the question you are asking

B. To avoid implying that there is a "correct" answer

Which of the following belongs to common non-verbal cues in the subsection 'OBSERVE BODY LANGUAGE' of the article 'HOW TO CONDUCT EMPATHY INTERVIEWS'?

A. Crossed-arms

B. Moving closer

C. Facial expressions

D. All of the above

D. All of the above

In the pediatric MRI example, what did Doug and his team not consider as fully as they should have in their initial design?

A. how to make a prototype

B. the perspective of the user

C. whether the product they designed could make money

D. what the latest technology was

B. the perspective of the user

In the pediatric MRI example, projecting an aquarium picture onto an existing MRI machine is an example of which design thinking principle?

A. Ideate

B. Test

C. Prototype

D. Define

C. Prototype

In design thinking, once you have gotten through to testing you have finished the process.

True

False

False

When brainstorming "How Might We" questions, you should NOT

A. Consider your design challenge statement

B. Use preconceived solutions

C. Utilise your empathy map

D. Define your user and their needs

B. Use preconceived solutions

According to the article "Define and Frame Your Design Challenge by Creating Your Point Of View and Ask 'How Might We'", which one of the following is important to creating a POV?

A. all of the above

B. guiding your innovation efforts

C. inspiring your team

D. providing a narrow focus

A. all of the above

Based on the reading, which of the following is a good practice for developing How Might We (HMW) questions?

A. Brainstorm about potential solutions as the starting point before developing HMW questions

B. As a starting point, you should be seeking to develop 2-3 HMW questions for your Point of View

C. Seek to balance being narrow enough to give some focus to brainstorming, but broad enough to allow for exploring wild ideas

D. Always aim for specific questions that will enable the ability to easily identify clear solutions

C. Seek to balance being narrow enough to give some focus to brainstorming, but broad enough to allow for exploring wild ideas

What should you avoid when brainstorming?

A. Thinking of wild ideas

B. Using "but" statements when building on others' ideas

C. Creating as many ideas as possible

D. Having only one conversation at a time

B. Using "but" statements when building on others' ideas

Which of the followings is NOT what Dr. Land referenced when talking about using the right and left brain in the creative process:

A. With focus it is possible to effectively use convergent and divergent thinking at the same time

B. When we're busy judging our ideas, there's no room for the weird, wild, or original thoughts to occur

C. The more schooling and education we receive, the more our convergent and divergent thinking dual

D. We often simultaneously try to come up with new ideas and judge them at the same time

A. With focus it is possible to effectively use convergent and divergent thinking at the same time

Which of the following is NOT a rule of effective brainstorming?

A. Go for quantity

B. Float off topic

C. Be visual

D. Encourage wild Ideas

B. Float off topic

What is the first step for an entrepreneurial idea:

A. Build the most excellent product in the world

B. Develop a plan to grow your business

C. Prove/Disprove the fundamental assumptions

D. Hire the most talented employees

C. Prove/Disprove the fundamental assumptions

What is not a common prototype?

A. all of the above are common prototypes

B. mock-up

C. create models

D. role play

A. all of the above are common prototypes

A prototype is:

A. All of the above

B. Ideally something a user can experience

C. It could be a wall of post-it notes, a gadget you put together, a role-playing activity, or even a storyboard

D. Used as a way to prove, or disprove, fundamental assumptions

A. All of the above

From the article, which of the following is a reason to consider testing your ideas on a large range of users?

A. It may help to capture cultural differences which might be valuable for international products

B. Testing on extreme users may highlight issues that affect normal consumers as extreme users are more likely to voice concerns

C. All of the above

D. Discussing your ideas with stakeholders or individuals on the production side might highlight restrictions that you need to face if your prototype is to be actually made

C. All of the above

The purpose of testing does NOT include:

A. confirming others like your solution

B. validating assumptions from empathy interviews

C. soliciting feedback on prototypes

D. learning more about the customer and problem for your next iteration

A. confirming others like your solution

Fill in the blanks with the correct options below. "Always prototype as if you know you're ____, but test as if you know you're _____."

A. wrong, right

B. wrong, wrong

C. right, wrong

D. right, right

C. right, wrong

In the article "How to Give Negative Feedback Without Sounding Like a Jerk" which of the following is NOT mentioned as a reason that negative feedback is necessary?

A. Most team members want to grow and this is only possible with corrections once in a while

B. Employees who get negative feedback are on average likely to work harder to improve it

C. Offering sound negative feedback yields positive results

D. None of the above

A. Most team members want to grow and this is only possible with corrections once in a while

According to the article, "Tell It Like It Is: Radical Candor Is the Feedback Method Your Startup Needs", it is important that feedback is

A. specific

B. objective

C. actionable

D. both a and c

D. both a and c

Which of the following was referenced during the giving and receiving feedback video

A. keep a positive mindset

B. effective feedback can sometimes be delivered and feel like a personal attack

C. people are often surprised by the negative feedback they receive

D. both a and c

A. keep a positive mindset

Which of the following is one of the criteria for the Solution Lifecycle Framework?

A. All of the above

B. Reliability

C. Feasibility

D. Desirability

A. All of the above

In the article "Everyone Pivots: The Truth About A Start-up Pivot", what does MVP stand for?

A. Minimal Viable Product

B. Minimal Valuable Product

C. Most Viable Product

D. Most Valuable Product

A. Minimal Viable Product

Based on the article 'Design thinking vs lean start-up; If you build it, will they come?', Which of the following doesn't belong to the IDEO CEO Tim Brown's criteria for successful solutions?

A. Desirability

B. Feasibility

C. Viability

D. Visibility

D. Visibility