ENTR 310 FINAL

The authors define entrepreneurship as ______.

a way of thinking, acting, and being that combines the ability to find or create new opportunities with the courage to act on them

Entrepreneurs using creative or effectual logic are most likely to:

Interpret bad news and surprises as potential clues about new markets.

The media often cover the meteoric rise of entrepreneurs such as Bill Gates (Microsoft) and Travis Kalanick (Uber). According to the text, these stories ______.

are inspirational, but do little to represent the reality of entrepreneurship

Which of the following is a benefit of having a growth mindset in the context of entrepreneurship?

A growth mindset encourages entrepreneurs to take action even in uncertain circumstances.

An entrepreneurial mindset can be described as the ability to ______.

quickly take action and get organized under uncertain conditions

Imagine you score low on a math test. If you had a fixed mindset, you're most likely to say which of the following?

I'll never be good at math.

According to the text, what is the key to entrepreneurship?

practice

Which principle of effectuation suggests that expert entrepreneurs approach a new venture by asking, "Who am I? What do I know? Whom do I know?"

Bird-in-hand

______ help entrepreneurs form positive and productive ways of thinking that can benefit performance.

Constructive thought patterns

Richard Branson's expansion of his Virgin Group to include railway, music, media, and banking industries is an example of ______ entrepreneurship.

serial

Successful entrepreneurs tend to follow which approach to collaboration?

They might collaborate with both potential customers and competitors

______ can cause self-doubt, insecurity, and discomfort and can block us from sharing our creativity with others.

Fear

Entrepreneurial self-efficacy is ______.

the belief that entrepreneurs have in their ability to begin new ventures

A temporary organization in search of a scalable business model is known as a(n) _____

startup

The nonprofit "1001 Fountains for Tomorrow," whose goal is to provide safe drinking water for small rural villages in Cambodia, is an example of ______.

social entrepreneurship

A recent study showed that ______.

entrepreneurs who displayed signs of improvisational behavior tended to outperform those who did not have the same tendencies

Self-correcting feedback is a process of ______.

examining our own behaviors in a constructive way in order to reshape these behaviors

By definition, a ______ is a systematic way of approaching a task. This is more of a "toolkit" than a "recipe."

method

Entrepreneurs who have engaged in years of deliberate practice tend to have ______.

a higher sense of intuition

______ is the art of spontaneously creating something without preparation.

Improvisation

According to the textbook, entrepreneurship has traditionally been viewed as ______.

a process of sequential steps

A research study conducted by Mihaly Csikszentmihalyi showed that creative people tend to ______.

have polarized traits

Creativity is ______.

the capacity to produce new ideas, insights, inventions, products, or artistic objects that are of value to others

Which of the following is not one of the eight components of the "Entrepreneurship Method"?

Write a business plan before you take action.

Mindset has been traditionally described as ______.

an established set of attitudes held by someone

CHOR Restaurant Group was started by Brian Bailey and Tim Hug in 2006 and has since opened three successful restaurant concepts-Old Carolina BBQ, Smoke: The Burger Joint, and Baja West Coast Kitchen-with a dozen corporate-owned locations. They have begun to allow external entrepreneurs to purchase a license to operate their own location(s). Entrepreneurs purchasing such a license are engaging in ______.

franchising

Which of the following is true about effectual entrepreneurs?

They focus on creating a future rather than predicting it.

Why is the 10-step process not enough for entrepreneurial ventures?

It relies too much on past history to predict the future.

According to the authors, a student should take action and practice entrepreneurship ______.

at every opportunity

In terms of entrepreneurship, what is negative passion?

passion that blinds us to warning signs

What are the three central characteristics of opportunity?

potential economic value, novelty or newness, and perceived desirability

In what area does the difference between innovation and invention lie?

demand

Opportunity is defined as ______.

an apparent way of generating value through unique, novel, or desirable products or services that have not been previously exploited

The ______ approach is a concept that assumes that opportunities exist independent of entrepreneurs and are waiting to be discovered.

finding

Mila assumes that opportunities exist by making links between concepts or ideas that are not normally associated with each other. Mila believes in ______.

relationship-seeking strategies

Idea generation is defined as the production of ideas for something ______.

new

Opportunity recognition is defined as ______.

recognition that ideas are not only new and potentially useful, but also have the potential to generate economic value

How do "irrelevant" products, like New Coke or Crystal Pepsi, score on Neck's Idea Classification Matrix?

They score low on both novelty and usefulness.

Pattern recognition is the process of identifying links or connections between ______.

unrelated things or events

Inventions that succeed in finding a market move on to the ______ stage.

innovation

Of the four pathways to opportunity identification, which one can uncover high-value opportunities because of the entrepreneur's focus on meeting an unmet need?

design

The ______ stage of the IDEATE method involves expanding a concept to new applications.

enhance

Gael is an entrepreneur. To get new ideas, she suspends disbelief and drops constraints in order to create unrealistic states or fantasies. Gael uses which of the following?

imagination-based strategies

Gwen uses a process that identifies links or connections between apparently unrelated things or events to create new ideas and opportunities. What best describes what Gwen is doing?

pattern recognition

Zayden is a successful entrepreneur who is ready for a new venture. He's not quite sure what he will embark on, but he is actively looking at several areas that are interesting to him to find a new opportunity. Which of the four pathways to opportunity identification is Zayden taking?

the search pathway

his stage of the design-thinking process asks, "How do I get feedback on my idea and learn as quickly as possible whether there is a potential market?"

Implementation

What is one of the biggest obstacles to design thinking?

fear of failure

In the design-thinking process, generating and developing new ideas based on observations gained during the inspiration process is called ______.

ideation

During what phase of design thinking are ideas generated through the ideation process are transformed into concrete actions?

implementation

The starting point of human-centered design thinking is which of the following?

What do people need?

To develop empathy, design thinkers make use of what two primary tools?

interviewing and observation

Desirability in design thinking refers to which of the following concepts?

The idea gives people something they need.

Needs we have but don't know we have are called ______ needs.

latent

"How might we redesign how adults learn online?" is an example of which of the following?

a design challenge

In the context of design thinking, what kind of thinking allows us to move from openness to understanding, from abstract to concrete, and from what is to what can be?

convergent

In the context of design thinking, what is meant by inspiration?

the problem or opportunity that triggers the search for a solution

A small and diverse group meets to brainstorm ways they can raise money for a new theater group and establishes no suggestions are off-limits. In what type of thinking is the group engaged?

divergent

Insight might best be described as which of the following?

an interpretation of observation information that drives opportunities

Interviews should have open-ended questions. Which of the following is an open-ended question?

What concerns would you have in using this product?

In addition to understanding how people do things, empathy helps you understand ______.

why people do things

Andrew owns a popular but expensive Chinese restaurant. In order to introduce more people to his brand, he offers a series of one-time "taste fairs" in which he brings his recipes to a locally sponsored event. Customers are able to pay modest amounts for small servings of his creations while not paying for the ambiance of the famous restaurant. What problem is Andrew addressing?

customers' lack of money

It is typically easier for new businesses to change their business model because new businesses ______.

tend to be smaller and more agile

In the business model canvas (BMC), what components are included in financial viability?

cost structure and revenue streams

A CVP requires that you think about your business from the perspective of what group?

the customers

The ______ approach to CVP involves identifying and promoting all the benefits of your product or service relative to the competition and recognizes your offering is unique and different from others in the market.

points-of-difference

The answer to the question, "What are the different ways I can reach my customer?" will result in which component of the BMC?

channels

The practice of hypothesizing, testing, and validating to create a business model is called ______.

evidence-based entrepreneurship

A ______ describes the rationale of how a new venture creates, delivers, and captures value.

business model

If a t-shirt manufacturer advertises a "t-shirt for all ages," what market is it addressing?

a mass market

What are the four major categories of problems customers typically experience?

lack of time, lack of money, lack of skill, lack of access

In terms of market apprroachaes, reaching new customer segments using a product or service that already exists is called ______.

differentiation

What are the four parts of a business model?

offering, customers, infrastructure, financial viability

In the business model canvas (BMC), what components are included in infrastructure?

key activities, key resources, key partners

The first step in creating your CVP is ______.

uncovering what your customer really needs

Which is the best next step for an entrepreneur who has articulated the initial vision for her business concept using the Business Model Canvas?

Begin gathering evidence to test the assumptions in the business model.

What is a core benefit of building an exclusionary persona?

avoiding wasted effort marketing to people who will never buy your product

According to marketing expert Geoffrey Moore, where in the technology adoption life cycle is the "chasm"?

between early adopters and early majority

How does a consumer differ from a customer?

The consumer uses the product or service.

As described in the text, what would be the TAM for a new restaurant in a major U.S. city?

every possible customer who visits restaurants in the United States

Before creating an end-user profile, you must ______.

carry out the customer segmentation process

As offered by the text's "six basic steps" in creating a customer journey map, what is the last step in the process?

Create a visual representation of the customer going through the process.

For a running shoe maker developing an end user profile for a new product, a running club meeting would be a great option for which component of that process?

watering hole

In market sizing, ________________ begins by identifying potential customers (e.g., those with an expressed interest in purchasing our proposed product). Next, we ask what proportion of the target segment these potential customers represent, applying this % to the SAM to estimate SOM.

bottom-up analysis

How does a customer journey map differ from a buyer persona?

It focuses on buyer experience rather than characteristics.

When defining customer segments, you should ask about demographics, which includes ______.

education level

Which of the following is one of the four main elements that define a market?

a set of actual or potential customers who reference each other when making buying decisions

Marian is developing a customer journey map for the new food truck she is introducing in the neighborhood. Of the following, which would be the first touchpoint in her customer journey map?

when the customer receives a flyer in the mail announcing the food truck

What is the best strategy for crossing the "chasm"?

Focus limited resources on winning over a single, primary market segment, and then move on to capture additional segments.

What are the five typical key stages of customer interaction with a company?

discovery, research, purchase, delivery, and after the sale

Total available market (TAM)

refers to the total market demand for a product or service

Serviceable Available Market (SAM)

In the section of the TAM that your product or service intends to target

is the portion of the SAM that your company is realistically likely to reach

Match the order of the following calculations with the correct order of their likely matching names in the answer choices below:

-the population of the U.S. city in which the product is released;
-the population of the United States;
-the number of expected buyers from the immediate neighborhood surrounding the available location of the newly released product.

SAM, TAM, SOM

Which of the following questions would likely elicit the most information in a feedback interview on your new pesticide-free lawn service?

What would motivate you to begin using a pesticide-free lawn service?

What is a hypothesis?

an assumption tested through research and experimentation

Which of the following is the most important benefit of experimentation in the entrepreneurial context?

Assumptions are validated or proven false.

In storyboarding, who or what is at the center of the story?

the customer

Anthony is thinking of starting a small hot dog cart that he will take to the beach area in San Diego, California. Before starting, he investigates city ordinances and talks to vendors in the beach area. He also talks to people at the local parks who sell hot dogs to find out what makes their business successful. Anthony is conducting what stage of the scientific process?

background research

Before Carlos opened his new bakery, he baked a variety of sample cupcakes and cookies to sell at local farmers markets and other local events. Which stage of the scientific process of experimentation does this represent?

testing the hypotheses by running experiments

In ______, you try to book orders for your product before it has been developed. It is often used for crowdfunding.

preselling