Deck 4: Opportunity

Question 1

"Opportunity is central to entrepreneurship - without it, entrepreneurship does not exist."
1.This quote illustrates the core thinking behind effectuation.

Answer 1

False

Question 2

"Entrepreneurship is central to opportunity - without entrepreneurship, opportunity does not exist."
2.This quote illustrates the core thinking behind effectuation.

Answer 2

True

Question 3

"Opportunity is central to entrepreneurship - without it, entrepreneurship does not exist." 3.This quote contains a more or less hidden meaning. Which provides the best explanation?

A) that entrepreneurs create opportunities
B) that the entrepreneur comes first, and then the opportunities
C) that opportunities are out there and waiting to be discovered by the alert entrepreneur

Answer 3

that opportunities are out there and waiting to be discovered by the alert entrepreneur

Question 4

When the book discusses an entrepreneurial opportunity, "a favorable moment" is offered as a simple clarification. What are the characteristics of favorable moments? That they are feasible and attractive. In order for a moment to meet these conditions, the book lists three requirements (restrictions) it must meet. Choose the correct three:

A) Demand exists
B) Financially feasible
C) Has global potential
D) Within the direction of trends
E) Scalable
F) Technically feasible

Question 5

One could add a fourth restriction to the above scale of assessment. In other words: …………………………………………..

Question 6

An entrepreneurial opportunity is not the same as a product or service.

Question 7

The discovery model has been theoretically explained by Schumpeter, in what he refers to as alertness. The creation model is attributed to Kirzner, with his tendency towards creation and creativity.

Question 8

The book mentions the expression: a window of opportunity. This implies:

A) that everyone sees the same opportunities, which are an open window for all
B) that one need only observe a situation sufficiently, as through a window, in order to see the opportunities
C)that opportunity possesses a temporal dimension
D) that a favorable moment may pass if you don't seize it

Question 9

The discovery model and the creation model are often presented as two contradictory extremes, when in actuality successful entrepreneurs use both - at various stages and in various situations. A more ambidextrous approach. A number of hypotheses on this fact - verified by research, can be proposed.

-Hypothesis A: The more uncertainty and complexity there is in the environment, the more the creation model is used.

Question 10

The discovery model and the creation model are often presented as two contradictory extremes, when in actuality successful entrepreneurs use both - at various stages and in various situations. A more ambidextrous approach. A number of hypotheses on this fact - verified by research, can be proposed.

-Hypothesis B: The more innovative the idea, the more the creation model is used.

Question 11

The discovery model and the creation model are often presented as two contradictory extremes, when in actuality successful entrepreneurs use both - at various stages and in various situations. A more ambidextrous approach. A number of hypotheses on this fact - verified by research, can be proposed.

-Hypothesis C: The later in the entrepreneurial process, the more the discovery model is used.

Question 12

The discovery model and the creation model are often presented as two contradictory extremes, when in actuality successful entrepreneurs use both - at various stages and in various situations. A more ambidextrous approach. A number of hypotheses on this fact - verified by research, can be proposed.

-Hypothesis D: The more experienced the entrepreneur, the more the creation model is used.

Question 13

The discovery model and the creation model are often presented as two contradictory extremes, when in actuality successful entrepreneurs use both - at various stages and in various situations. A more ambidextrous approach. A number of hypotheses on this fact - verified by research, can be proposed.

-Hypothesis E: The less educated the entrepreneur, the more the creation model is used.

Question 14

Five various sources of opportunity are mentioned in the book. Two incorrect alternatives have found their way into the following list. Which of the following are not part of the big five?

A) Opportunities are found by noticing things that do not work elsewhere
B) Opportunities can be traced to social change and consumer trends
C) Opportunities are developed from research/new technology/new knowledge
D) Opportunities are based on and resolve "customer pains"
E) Opportunites are created through "causation" - the entrepreneurial method

Question 15

The individual-opportunity nexus is a key perspective for understanding entrepreneurship. This stresses:

A) the interplay and interaction between individual and opportunity
B) the environment's (context's) roll in identifying opportunities
C) the individual's talent for identifying, assessing and capitalizing on opportunities
D) the reliance of opportunities on the efforts and abilities of various individuals

Question 16

Expressions such as "agent-intensive" or "agent-dependent " opportunities (Ramoglou & Tsang, 2016) came about to describe:

A) that it is intense and laborious to develop opportunities
B) that the individual(s) play an essential role in bringing this type of opportunity to life
C) that a person can easily become dependent on and stuck in his/her entrepreneurship
D) none of the above

Question 17

The term entrepreneur's gaze is used in the book as:

A) a metaphor which highlights the alertness, energy and willpower characteristic of entrepreneurs
B) a metaphor for the subjectivity with which entrepreneurs encounter the world and sees available opportunities
C) the entrepreneur's ability to be instantly and apparently effortlessly creative and resourceful
D) a manner of describing a special skill an entrepreneur is born with

Question 18

The book discusses the creation model worldview. This worldview subscribes to the fact that:

A) reality is objective and for the most part independent of and unaffected by us
B) the world is primarily created by the structures and norms surrounding us
C) a substantial part of reality is created by us humans
D) reality could be created differently

Question 19

Interpretive repertoires, cognitive maps, mental models and interpretive timelines are synonymous to expressions that:

A) describe theories and models regarding how one can structure a situation in order to make a rational decision
B) serve as a collection of rules of thumb which make it easier to act in highly uncertain situation
C) help us quickly assess a situation and react in a logical manner
D) reflect various ways and models which can be used to interpret and understand a situation

Question 20

"Unsuccessful entrepreneurs often equate an idea with an opportunity; successful entrepreneurs know the difference." What did J.A. Timmons intend with this quote?

A) There is a big difference between an idea and an entrepreneurial opportunity
B) Successful entrepreneurs are energetic and make a difference
C) Unsuccessful entrepreneurs are dreamers
D) A great deal of resources (time, knowledge, etc.) are required to develop a basic idea into an achievable opportunity

Question 21

Different individuals (and groups) have different "knowledge corridors" and are the only ones who can see certain opportunities, not everyone (Venkataraman, 1997). According to this theory, an opportunity only presents itself to those with the knowledge to recognize and interpret it. Which three types of knowledge are connected to this theory?

A) retaining an amateur gaze - the open and curious newcomer
B) domain-specific knowledge
C) ability to acquire relevant knowledge (≈ in the corridors)
D) market and customer knowledge
E) textbook knowledge in a related subject
F) technical knowledge

Question 22

Experienced entrepreneurs see and assess opportunities quicker and more successfully than beginners - as mentioned in the book. Why is this?

A) they use heuristics, simple experience-based rules of thumb
B) they use experience-based judgement to differentiate between what is an opportunity and what is not
C) they are born with a nose for business
D) they are good at counting and can complete crucial calculations
E) they recognize the similarities and differences to previous situations and base their decisions on that
F) they are smarter, with higher IQs, right from the start

Question 23

The entrepreneur's learning cycle (inspired by Kolb) describes experience-based learning in four steps. This way of learning can work well or be the only alternative:

A) in the public sector
B) in situations with a zero-error tolerance
C) when there is no data to collect, in other words, no one to ask
D) when time is of the essence
E) when the stakes and risks are high - a lot on the line
F)when there is a high level of uncertainty

Question 24

The main point of the entrepreneur's learning cycle is:

A) that old truths always return
B) that action must be followed by reflection in order to learn
C) that one should always learn from "the best"
D) that one should always focus on action - just do it!

Question 25

The entrepreneur's learning cycle describes experience-based learning by starting out with the action - Do it! This is followed by a number of steps. Which are they?

A) Did that work? What should I try now? Do it! Does that work?
B) Read up. Ask the experts. Learn from them. Learn something new.
C) What happened? Should we do more or less next time? Who knows the answer? Contact them!
D) Asking: What happened? What does that mean? How should I act next time? Do it!

Question 26

Serendipity is a word that is often used when discussing creativity, innovation, discovery, happenstance and entrepreneurship. It normally stands for:

A) unintentional discoveries and happy surprises
B) the fact that all is calm, clear and peaceful
C) the fact that creativity is found in a group setting rather than on an individual level
D) the fact that creativity is a deeply rooted skill one has from birth
E) the ability to stumble upon solutions and find what one is looking for

Question 27

The expression "Serendipity is no accident" goes against the mainstream concept of serendipity as a happy accident. This expression (from Friedel, 2001) attempts to express and prove that what appears to be an accident actually has to do with the fact that:

A) getting new ideas has a lot to do with happy accidents
B) creativity isn't always borne out of crises and friction ("frustration drives innovation")
C) one must be intellectually aware and prepared in order to comprehend the situation
D) one must have the capacity to insightfully link findings
E) creativity is the ability to systematically surround oneself with the right people

Question 28

The book states that there is no direct connection between experience and knowledge, and people vary in what they expose themselves to and what they learn from those experiences. These views are usually discussed under the expression:

A) experience strategies
B) knowledge modes
C) learning styles/learning strategies
D) memory modes

Question 29

When we speak about learning modes/learning strategies, two different styles are often mentioned - sometimes referred to as open and closed (exploration and exploitation modes of learning). The greatest differentiating factor between the two is: (one is correct)

A) whether one opts for learning on one's own vs. learning from authority
B) whether one opts for textbook knowledge vs. practical knowledge
C) whether one opts for explicit vs. tacit knowledge
D) whether one opts for research-based vs. common knowledge
E) the manner in which one approaches, develops and renews one's knowledge base
F) how one reacts to and learns from an actual situation

Question 30

When discussing learning strategies and March's open and closed styles (exploration and exploitation modes of learning), March himself identified the tension between the two as a "balancing act between exploring new opportunities and exploiting old certainties."

Question 31

Alt: When discussing learning strategies and March's open and closed styles (exploration and exploitation modes of learning), March himself identified the tension between the two as "choosing between either exploring new opportunities or exploiting old certainties."

Question 32

March (1991) described the tension between the two learning strategies as a balancing act. The one - exploration - increases the prospects in the future, but creates greater risk in the present. The other - exploitation - reduces the risk in the present, but jeopardizes the future.

Question 33

Dyer, Gregersen and Christensen (2011) discuss The Innovator's DNA, identifying five discovery skills, qualities which they imply create the foundation for how innovators get their ideas - in other words, taking a fresh approach.
Which three skills are NOT included in the five mentioned skills?

A) associate
B) brainstorm
C) experiment
D) inquisitive
E) teamwork
F) create
G) solve logistical problems
H)network
I)observe

Question 34

The Innovator's DNA concept places associating as the backbone in the DNA of all five skills. (Dyer et. al. 2011). With this, the authors imply that:

A) associating, so to say, has the back of the other skills
B) associating winds itself around the other four skills in a type of spiral
C) associating is key to the other four skills
D) the other four skills wind themselves around it and provide it with information to associate to

Question 35

A slightly rhetorical quote in the book regarding creativity states, "To be able to think outside the box, you have to have something in it - and let it be shaken up from time to time," an expression taken from Micael Dahlén (2006). What could this quote potentially mean?

A) that the creative process is a shaky ride that requires one to have a stable base to stand upon
B) that a person needs to know how to do something in order to free oneself from it - to associate beyond it
C) that a person should not be ashamed of not knowing so much, as long as one thinks big and bold
D) that a person must also be open to the fact that things may act out of character

Question 36

When discussing opportunities, a few fundamental questions are asked to determine if they are ………? Choose those that work well in the context of "opportunities."

A) found or created
B) imitative or innovative
C) linear or non-linear
D) driven by necessity or driven by opportunity
E) planned or improvised
F) fixed or dynamic