Deck 1: The Entrepreneurial Mind-Set

Question 1

Superficial similarities exist when the underlying mechanisms of the technology resemble,or match,the underlying mechanisms of the market. 

Answer 1

False

Question 2

In the McMullen-Shepherd Model first-person opportunity beliefs come before third-person opportunity beliefs. 

Answer 2

False

Question 3

Sustainable entrepreneurship provides only environmental gains for others.

Answer 3

False

Question 4

Entrepreneurial action can be defined as those situations in which new goods,services,raw materials and organizing methods can be sold at greater than their production cost.

Question 5

A reflection task would involve thinking about what strategies should be used to solve a problem. 

Question 6

Structural similarities exist when the underlying mechanisms of the technology resemble,or match,the underlying mechanisms of the market. 

Question 7

Bricolage is entrepreneurs making do by applying combinations of the resources at hand to new problems and opportunities. 

Question 8

The question "What is this technology all about
" is a comprehension question. 

Question 9

For entrepreneurial actions that preserve nature to be considered sustainable entrepreneurship,they must also develop gains for the entrepreneur,others,and/or society. 

Question 10

The thought experiment "Curry in a Hurry" is an example of the effectuation process. 

Question 11

The McMullen-Shepherd Model explains how knowledge and motivation influence two stages of entrepreneurial action. 

Question 12

Entrepreneurial thinking partly is about reducing doubt as to whether an opportunity for someone is also an opportunity for them specifically,and/or processing feedback from action steps taken.

Question 13

The McMullen-Shepherd Model helps identify the common traits of successful entrepreneurs. 

Question 14

Asking "How is this problem similar to problems I've already solved"
is an example of a connection task. 

Question 15

Entrepreneurs have stronger intentions to act when taking action is perceived to be impossible and risky. 

Question 16

Comprehension questions are designed to stimulate entrepreneurs to think about their own understanding of the nature of the environment. 

Question 17

The effectuation process starts with what one has and selects among possible outcomes. 

Question 18

Entrepreneurial thinking is partly a mental process of recognizing a signal and then deciding if the signal represents an opportunity for someone.

Question 19

The casual process of thinking starts with what one has and selects among possible outcomes. 

Question 20

Entrepreneurial opportunities are those situations in which new goods,services,raw materials and organizing methods can be sold at greater than their production cost.

Question 21

When entrepreneurs make do by applying combinations of the resources at hand to new problems and opportunities,this is known as:

A) sustainable entrepreneurship
B) perceived desirability
C) entrepreneurial intentions
D) bricolage

Question 22

Research indicates that male entrepreneurs tend to start their first significant venture in their middle 30s,while women entrepreneurs tend to do so in their early 30s. 

Question 23

Entrepreneurs' intentions are based on their perception of feasibility rather than someone else's impression of whether it is feasible. 

Question 24

In Stage Two of the McMullen-Shepherd Model:

A) the entrepreneur deals with the business failure through counseling.
B) the entrepreneur decides whether or not there is an opportunity for him or her personally.
C) the entrepreneur goes through the causal process of thinking structurally.
D) the entrepreneur consults colleagues from previous jobs.

Question 25

An entrepreneur is rarely able to start a new business without some form of formal education. 

Question 26

Entrepreneurial Opportunities are defined as:

A) new market entry through entrepreneur action.
B) the entrepreneur's mental processes in deciding whether or not to act on a potential opportunity.
C) a feasibility assessment.
D) situations in which new goods, services, raw materials and organizing methods can be sold at greater than their production cost.

Question 27

The causal process of thinking:

A) starts with a desired outcome and focuses on the possible means to generate that outcome.
B) starts with what one has and selects among possible outcomes.
C) involves bricolage.
D) starts with brainstorming by meeting with industry professionals.

Question 28

Most entrepreneurs indicate that their most significant venture was not their first one. 

Question 29

Previous start-up experience is a good predictor of starting subsequent businesses. 

Question 30

Questions designed to increase an entrepreneurs' understanding of the nature of the environment are known as:

A) strategic questions
B) connection tasks
C) reflection tasks
D) comprehension questions

Question 31

With regard to thinking structurally,superficial similarities:

A) exist when the underlying mechanisms of the technology resemble (or match) the underlying mechanisms of the market.
B) exist when supply is less than demand.
C) exist when entrepreneurs engage in bricolage.
D) exist when the basic (relatively easy to observe) elements of the technology resemble the basic elements of the market.

Question 32

Individuals have stronger intentions to act when taking action is perceived to be ________ and desirable.

A) elusive
B) feasible
C) flexible
D) risky

Question 33

An entrepreneur considering if what they are doing makes sense is an example of:

A) a strategic question
B) a connection task
C) a reflection task
D) a comprehension question

Question 34

Role models are individuals who give psychological support to the entrepreneur especially during the start-up phase. 

Question 35

Role models can include family members as well as industry professionals. 

Question 36

In a social network there are two major properties,density and centrality. 

Question 37

Perceived desirability refers to the degree to which an individual has a favorable or unfavorable evaluation of the potential entrepreneurial outcomes. 

Question 38

Dissatisfaction with various aspects of one's job often motivates the launching of a new venture. 

Question 39

In Stage One of the McMullen-Shepherd Model:

A) the entrepreneur decides whether or not there is an opportunity for someone.
B) the entrepreneur consults experts in the market area of interest.
C) the entrepreneur decides whether the opportunity that exists is a match with their own knowledge and motivation.
D) the entrepreneur engages in bricolage.

Question 40

________ are designed to stimulate thought about entrepreneurs' understanding and feelings as they progress through the entrepreneurial process.

A) Strategic questions
B) Connection tasks
C) Reflection tasks
D) Comprehension questions

Question 41

Explain the McMullen-Shepherd Model.

Question 42

Which group in a professional network helps keep a new venture competitive

A) Clients or buyers
B) Mentors
C) Trade associations
D) Suppliers

Question 43

Within the moral-support network,most entrepreneurs indicate that their ________ are their biggest supporters.

A) mentors
B) friends
C) parents
D) spouses

Question 44

Define superficial similarities and structural similarities.Which of the two is considered the more challenging for entrepreneurs

Question 45

Density,in regards to a social network,refers to:

A) the extensiveness of ties between two individuals.
B) the total number of individuals in the network.
C) the distance of connection between the entrepreneur and contact.
D) the fact that most networks are informal and not well organized.

Question 46

The moral support network is different from the professional support network in that:

A) a professional support network includes finding a mentor.
B) moral support is less important than professional support.
C) only the "cheering squad" provides moral support.
D) a moral support network comprises only of personal contacts.

Question 47

Which among the following aspects most affects an entrepreneur's perception of feasibility

A) Locus of control
B) Learning style
C) Perceived desirability
D) Self-efficacy

Question 48

All of the following statements are true of sustainable entrepreneurship except:

A) Entrepreneurs with a positive attitude toward the natural environment never disengage these values to exploit an opportunity.
B) It is not just the natural environment that needs sustained; communities also need to be preserved.
C) Environmental gains include reduced air pollution, improved air quality, and enhanced living conditions.
D) Social gains include improved child survival rates, longer life expectancy, and equal opportunity.

Question 49

Describe sustainable entrepreneurship and give a few examples of economic,environmental,and social gains it can generate for others.

Question 50

Describe the difference between the causal process and the effectuation process.

Question 51

On the education background,entrepreneurs:

A) are less educated than the general population.
B) cite an educational need in the areas of finance, strategic planning, marketing, and management.
C) who lack a formal education, fail to create new businesses and exploit discovered opportunities.
D) cite formal education to be indispensible in starting a new business.

Question 52

Identify and define the four types of questions/tasks related to increasing cognitive ability.