A) the mental processes through which we acquire information, enter it into storage, transform it, and use it to accomplish a wide range of tasks. B) the production of ideas for something new. C) the process through which individuals conclude that they have identified the potential to create something new that has the capacity to generate economic value. D) identifying opportunities that have emerged from changes in technology, markets, economic conditions, government policies, and demographics. E) all of the above. A) the mental processes through which we acquire information, enter it into storage, transform it, and use it to accomplish a wide range of tasks. B) the production of ideas for something new. C) the process through which individuals conclude that they have identified the potential to create something new that has the capacity to generate economic value. D) identifying opportunities that have emerged from changes in technology, markets, economic conditions, government policies, and demographics. E) all of the above.

Exam 3: Cognitive Foundations of Entrepreneurship: Creativity and Opportunity Recognition

A person came up with an idea for a new product even though she was not actively searching for it. This represents the idea of

Free

(Multiple Choice)

4.9/5

(89)

Question 1

Correct Answer:

Verified

Explain heuristics. Can they be both positive and negative?

Free

(Essay)

4.9/5

(93)

Question 2

Correct Answer:

Verified

Heuristics refers to simple rules,or guidelines,- shortcuts - that people use to make decisions that are very complex. Because of limited rationality,people tend to use mental shortcuts to try to understand complex situations.
Heuristics can be both positive and negative. If the simple rule that one uses to make a decision in a complex situation reasonably accurately reflects the situation,then following the shortcut,or heuristic,in that situation would probably lead to a good decision. On the other hand,by being shortcuts,heuristics may miss very important things in a situation. If that is the case,then it could be very risky to use heuristics. Serious mistakes could be made.

Assume that you are an entrepreneur. You believe strongly that customers normally like to see a lower price on products - "Lower price sells more product." You attended a professional conference recently and heard a speaker say that a good approach would be to try to make your product different and valuable in the eyes of the customer and charge a higher price. At the same conference,you heard another speaker argue that "yes,customers do like to see lower prices." It sounded to you like the second speaker presented a more logical argument. The first speaker's ideas just didn't sound right to you. Your views on this are an example of

Free

(Multiple Choice)

4.9/5

(68)

Question 3

Correct Answer:

Verified

Scientists in charge of creating music CDs created a CD that stored 18 hours of music. Unfortunately,it was unmarketable. The scientists gave up on the project because they created the CD to be the same size as LP records and didn't think about making it smaller. The scientists creating a CD the size of an LP is an example of

(Multiple Choice)

4.8/5

(84)

Question 4

Human cognition is

(Multiple Choice)

4.9/5

(81)

Question 5

Assume that you are making a relatively complex decision. There is some information that you can remember fairly easily,but other information is more difficult to remember. You probably will perceive the easy to remember information as more important or accurate than the difficult to remember information. This represents the

(Multiple Choice)

4.8/5

(88)

Question 6

An entrepreneur running an ice cream store that makes and sells its own ice cream comes up with a new flavor for ice cream while thinking about the new colors and fashions of clothes coming out. This represents which of the following cognitive processes?

(Multiple Choice)

5.0/5

(90)

Question 7

Very little that people think,say or do is influenced by cognitive processes.

(True/False)

4.8/5

(87)

Question 8

Good opportunities are always spotted quickly by entrepreneurs..

(True/False)

4.9/5

(83)

Question 9

The most basic cognitive system for storing information is known as

(Multiple Choice)

4.9/5

(89)

Question 10

An entrepreneurs business is not doing well and the future does not look promising. However,since the entrepreneur has so much of his life and money invested in the business,he believes that if he invests more time and money,he can turn it around. His actions demonstrate the idea of

(Multiple Choice)

4.9/5

(77)

Question 11

An entrepreneur will be making a speech to business and government leaders in the community in fifteen minutes. Although this is a very important speech,the entrepreneur is calm and confident. S/he is relying on many speeches delivered successfully in the past. The success in past speeches includes remembering to address the people at the head table,when and how to advance the PowerPoint presentation slides,to repeat a question from the audience so that all can hear it,etc. The entrepreneur is relying on

(Multiple Choice)

4.7/5

(89)

Question 12

Explain what the confluence approach is.

(Essay)

4.8/5

(80)

Question 13

It usually is a positive thing if entrepreneurs build relationships with other business people,politicians,and community leaders in the markets in which they do business. The ability to build these relationships is known as

(Multiple Choice)

4.8/5

(76)

Question 14

Define analytical,creative,and practical intelligence and explain why all three are important for entrepreneurs.

(Essay)

4.7/5

(78)

Question 15

Opportunities can emerge from changes in

(Multiple Choice)

4.8/5

(67)

Question 16

Planning fallacy is one common form of

(Multiple Choice)

5.0/5

(73)

Question 17

John is a musician playing a long piece of music from memory. This is an example of

(Multiple Choice)

4.9/5

(100)

Question 18

The ability to solve problems in everyday life is called practical intelligence.

(True/False)

4.7/5

(85)

Question 19

Explain the relationship between becoming an entrepreneur and the concept of illusion of control.

(Essay)

4.9/5

(92)

Question 20

Showing 1 - 20 of 60

A person came up with an idea for a new product even though she was not actively searching for it. This represents the idea of

Explain heuristics. Can they be both positive and negative?

Human cognition is

An entrepreneur running an ice cream store that makes and sells its own ice cream comes up with a new flavor for ice cream while thinking about the new colors and fashions of clothes coming out. This represents which of the following cognitive processes?

Very little that people think,say or do is influenced by cognitive processes.

Good opportunities are always spotted quickly by entrepreneurs..

The most basic cognitive system for storing information is known as

An entrepreneurs business is not doing well and the future does not look promising. However,since the entrepreneur has so much of his life and money invested in the business,he believes that if he invests more time and money,he can turn it around. His actions demonstrate the idea of

Explain what the confluence approach is.

It usually is a positive thing if entrepreneurs build relationships with other business people,politicians,and community leaders in the markets in which they do business. The ability to build these relationships is known as

Define analytical,creative,and practical intelligence and explain why all three are important for entrepreneurs.

Opportunities can emerge from changes in

Planning fallacy is one common form of

John is a musician playing a long piece of music from memory. This is an example of

The ability to solve problems in everyday life is called practical intelligence.

Explain the relationship between becoming an entrepreneur and the concept of illusion of control.

Entrepreneurship:: A Field, an Activity - and a Way of Life

Entrepreneurial Opportunities: Their Origins, Forms, and Suitability For New Ventures

What Entrepreneurs Need to Know Before They Start: Acquiring and Interpreting Information About Markets Competitors and Government

Assembling the Team: Acquiring and Utilizing Essential Human Capital

Financial Resources For New Ventures: How To Get Them, How To Manage Them

Writing An Effective Business Plan: Building A Road Map to Success

Legal Issues Relating To New Ventures: Protecting Your Reputation, Your Assets, And Your Ideas

Marketing in a New Venture

Strategy: Planning For Competitive Advantage

Preparing For And Attaining Growth: Strategies For Building Lasting Success

Managing New Ventures For Growth

Exit Strategies For Entrepreneurs: The Concluding Act

Filters