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.
Entrepreneurial action is normally carried out in seven different phases.
B.
Entrepreneurial intentions normally do not influence entrepreneurial outcomes.
C.
An entrepreneurial opportunity never stems from introducing an existing technological product.
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.
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.
perceived desirability
B.
causal
C.
effectuation
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.
effectuation
D.
bricolage
Question #6
A feature of cognitive adaptability is that _____.
A.
it is typically represented in an entrepreneur's basic cognitive awareness
B.
entrepreneurs who are low in cognitive adaptability are very creative
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.
True
B.
False
Question #8
An entrepreneurial challenge often lies in making creative mental leaps based on ___ similarities.
A.
relative
B.
superficial
C.
basic
D.
structural
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.
perceived desirability
B.
franchising
C.
effectuation
D.
bricolage
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.
perceived process
B.
causal process
C.
structural process
D.
effectuating 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.
Causal procedure
B.
Effectuating process
C.
Cognitive adaptability
D.
Bricolage effect
Question #12
The motivational factors that influence individuals to pursue entrepreneurial outcomes are known as _____ _____
A.
managerial influence
B.
entrepreneurial intentions
C.
business strategy
D.
lead negotation
Question #13
General education has no influence on an entrepreneur's ability to resolve problems.
A.
True
B.
False
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