MGT 576 - Opportunity Evaluation and Value Creation » Summer 2022 » Ch1 The Entrepreneurial Mind Set

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Question #1
Identify a feature of entrepreneurship.
A.   An entrepreneurship opportunity will always represent something new.
B.   Entrepreneurial action is normally carried out in seven different phases.
C.   An entrepreneurial opportunity never stems from introducing an existing technological product.
D.   Entrepreneurial intentions normally do not influence entrepreneurial outcomes.
Question #2
They exist when the basic elements of a technology resemble the basic elements of a market.
A.   Superficial similarities
B.   Structural similarities
Question #3
They exist when the underlying mechanisms of a technology resemble the underlying mechanisms of a market.
A.   Superficial similarities
B.   Structural similarities
Question #4
The term _____ refers to entrepreneurs making do by applying combinations of the resources at hand to new problems and opportunities.
A.   causal
B.   effectuation
C.   bricolage
D.   perceived desirability
Question #5
A process that starts with a desired outcome and focuses on the means to generate that outcome is known as a(n) _____ process.
A.   bricolage
B.   effectuation
C.   causal
D.   data
Question #6
A feature of cognitive adaptability is that _____.
A.   it is typically represented in an entrepreneur's basic cognitive awareness
B.   it is mirrored in an entrepreneur's metacognitive awareness
C.   entrepreneurs can only increase their cognitive adaptability by performing strategic tasks
D.   entrepreneurs who are low in cognitive adaptability are very creative
Question #7
Entrepreneurial action is not often intentional.
A.   False
B.   True
Question #8
An entrepreneurial challenge often lies in making creative mental leaps based on ___ similarities.
A.   superficial
B.   relative
C.   structural
D.   basic
Question #9
Jimmy seeks to start a company that manufactures mobile phone accessories. He does not have a lot of capital, so he uses the materials that he has available at home to start designing phone covers. He sticks simple pictures, drawings, and illustrations onto phone covers and acquires sufficient capital by selling them. He uses this method to launch his business operations. In this example, Jimmy has compensated for his lack of resources by using the method of _____.
A.   franchising
B.   effectuation
C.   bricolage
D.   perceived desirability
Question #10
A process that starts with what one has (who they are, what they know, and whom they know) and selects among possible outcomes is known as a(n) _____ ______ .
A.   structural process
B.   effectuating process
C.   perceived process
D.   causal process
Question #11
_____ _____ describes the extent to which entrepreneurs are dynamic, flexible, self-regulating, and engaged in the process of generating multiple decision frameworks focused on sensing and processing changes in their environments and then acting on them.
A.   Effectuating process
B.   Causal procedure
C.   Cognitive adaptability
D.   Bricolage effect
Question #12
The motivational factors that influence individuals to pursue entrepreneurial outcomes are known as _____ _____
A.   lead negotation
B.   managerial influence
C.   business strategy
D.   entrepreneurial intentions
Question #13
General education has no influence on an entrepreneur's ability to resolve problems.
A.   True
B.   False

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