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 entrepreneurial opportunity never stems from introducing an existing technological product.
B.
Entrepreneurial intentions normally do not influence entrepreneurial outcomes.
C.
Entrepreneurial action is normally carried out in seven different phases.
D.
An entrepreneurship opportunity will always represent something new.
Question #2
They exist when the basic elements of a technology resemble the basic elements of a market.
A.
Structural similarities
B.
Superficial similarities
Question #3
They exist when the underlying mechanisms of a technology resemble the underlying mechanisms of a market.
A.
Structural similarities
B.
Superficial 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.
perceived desirability
D.
bricolage
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.
data
B.
causal
C.
bricolage
D.
effectuation
Question #6
A feature of cognitive adaptability is that _____.
A.
entrepreneurs who are low in cognitive adaptability are very creative
B.
it is typically represented in an entrepreneur's basic cognitive awareness
C.
it is mirrored in an entrepreneur's metacognitive awareness
D.
entrepreneurs can only increase their cognitive adaptability by performing strategic tasks
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.
basic
B.
structural
C.
relative
D.
superficial
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.
bricolage
B.
perceived desirability
C.
effectuation
D.
franchising
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.
causal process
B.
effectuating process
C.
perceived process
D.
structural 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.
entrepreneurial intentions
B.
lead negotation
C.
business strategy
D.
managerial influence
Question #13
General education has no influence on an entrepreneur's ability to resolve problems.
A.
False
B.
True
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