Question 1

The important message of Chapter 2 is ______.

Accepted Answer

A) to establish a procedure or method for a successful entrepreneur 
B) to give the reader some sage advice which is research based 
C) to work on your strategic plan before you do anything else in your entrepreneurship 
D) that family and friends are the most important relationships of an entrepreneur 
A) to establish a procedure or method for a successful entrepreneur 
B) to give the reader some sage advice which is research based 
C) to work on your strategic plan before you do anything else in your entrepreneurship 
D) that family and friends are the most important relationships of an entrepreneur

Question 2

Ellyn wants to get out into her community to meet new people and build relationships with customers and strategic partners.These activities ______.

Accepted Answer

A) can be a total waste of time; what she should be doing is building her business 
B) can introduce Ellyn to new opportunities while staying true to her vision 
C) can lead to a board position with the Chamber of Commerce 
D) will result in bankers who are more willing to loan funds to those with customer relationships 
A) can be a total waste of time; what she should be doing is building her business 
B) can introduce Ellyn to new opportunities while staying true to her vision 
C) can lead to a board position with the Chamber of Commerce 
D) will result in bankers who are more willing to loan funds to those with customer relationships

Question 3

The practice of entrepreneurship includes some powerful assurances including ______.

Accepted Answer

A) if you practice, you will succeed 
B) you will fail sooner, enabling better, higher quality information to be incorporated into the next iteration 
C) you'll likely begin experimenting with many new ideas simultaneously 
D) you will fail sooner, enabling better information for the next iteration and you will begin experimenting with many ideas at the same time 
A) if you practice, you will succeed 
B) you will fail sooner, enabling better, higher quality information to be incorporated into the next iteration 
C) you'll likely begin experimenting with many new ideas simultaneously 
D) you will fail sooner, enabling better information for the next iteration and you will begin experimenting with many ideas at the same time

Question 4

Mary is an entrepreneur and she likes processes and procedures.She is competitive and her work style is very linear.Mary's approach to her business is ______.

Accepted Answer

A) process 
B) method 
C) planned 
D) linear 
A) process 
B) method 
C) planned 
D) linear

Question 5

Discuss your business idea and if you are inclined to use the prediction or creation methods.

Accepted Answer

Answers may vary, but please see Neck, N

Question 6

Susie is writing her impact statement and is stuck on her first step-means at hand.What would you tell Susie?

Accepted Answer

A) The means at hand is a statement of who you are.What do you know? Whom do you know? 
B) Means at hand is an analysis of your available finances. 
C) Means at hand is another term for your business strategy. 
D) This is your acceptable financial loss. 
A) The means at hand is a statement of who you are.What do you know? Whom do you know? 
B) Means at hand is an analysis of your available finances. 
C) Means at hand is another term for your business strategy. 
D) This is your acceptable financial loss.

Question 7

The skill of creativity ______.

Accepted Answer

A) frees the imagination, opens up our minds to opportunities and possibilities, and help us to be more innovative as entrepreneurs 
B) acts in order to learn, tries something, learns from the attempt 
C) relates to how others are feeling because you have been in a similar situation 
D) requires a general openness to the world and relates to unleashing our creative ability to create and find opportunities and solve problems 
A) frees the imagination, opens up our minds to opportunities and possibilities, and help us to be more innovative as entrepreneurs 
B) acts in order to learn, tries something, learns from the attempt 
C) relates to how others are feeling because you have been in a similar situation 
D) requires a general openness to the world and relates to unleashing our creative ability to create and find opportunities and solve problems

Question 8

Compare the skills of play and experimentation for entrepreneurs.

Accepted Answer

Play: frees the imagination, opens up mi

Question 9

Charles is an entrepreneur who uses the creation mindset.Which of the following describes Charles?

Accepted Answer

A) Charles wants to open an accounting practice and is very competitive but wants the methods and procedures set up in the practice to make the processing effective and efficient.He plans for all the client work to line up within these practices. 
B) Charles wants to open an accounting practice and is very collaborative in nature.He wants to discuss with the client the methods and between the two of them choose the method that is best for both.If in the future something needs to change, they will discuss and then make the changes. 
C) Charles wants to open an accounting practice and is determined to outsource all the work thereby creating his world. 
D) Charles wants to open an accounting practice and wants it to be a sole proprietorship so he will be doing all the work and can then create the outcomes. 
A) Charles wants to open an accounting practice and is very competitive but wants the methods and procedures set up in the practice to make the processing effective and efficient.He plans for all the client work to line up within these practices. 
B) Charles wants to open an accounting practice and is very collaborative in nature.He wants to discuss with the client the methods and between the two of them choose the method that is best for both.If in the future something needs to change, they will discuss and then make the changes. 
C) Charles wants to open an accounting practice and is determined to outsource all the work thereby creating his world. 
D) Charles wants to open an accounting practice and wants it to be a sole proprietorship so he will be doing all the work and can then create the outcomes.

Question 10

After calculating your affordable loss in writing your impact statement, the next step is ______.

Accepted Answer

A) make a start in your business 
B) get funding from a friend 
C) go to the SBA and get help with your business plan 
D) tell all your friends about your strategy 
A) make a start in your business 
B) get funding from a friend 
C) go to the SBA and get help with your business plan 
D) tell all your friends about your strategy

Question 11

Describe how you would use the traditional steps of the entrepreneurship process in your new business.

Accepted Answer

Step 1: Think of an idea
Step 2: Do mark

Question 12

The last three traditional steps of an entrepreneurship process include which of the following? 1.think of an idea
2)get financing
3)find space, build a prototype, hire people to do market research
4)bring your product/service to market
5)manage the business
6)plan an exit

Accepted Answer

A) 2, 3, 4 
B) 2, 4, 5 
C) 4, 5, 6 
D) 1, 3, 4 
A) 2, 3, 4 
B) 2, 4, 5 
C) 4, 5, 6 
D) 1, 3, 4

Question 13

Vedika is an entrepreneur who embraces the method approach.She

Accepted Answer

A) embraces learning and aims to collaborate with her colleagues 
B) focuses on completion, planning and prediction 
C) has predicted outputs and likes to plan and collaborates 
D) is unpredictable, analytical and typically works alone 
A) embraces learning and aims to collaborate with her colleagues 
B) focuses on completion, planning and prediction 
C) has predicted outputs and likes to plan and collaborates 
D) is unpredictable, analytical and typically works alone

Question 14

A form of thinking that sees entrepreneurship as a linear process in which steps are followed and outcomes are ideally predictable is ______.

Accepted Answer

A) creation view 
B) predictive approach 
C) theory of effectuation 
D) a normal thought in entrepreneurism 
A) creation view 
B) predictive approach 
C) theory of effectuation 
D) a normal thought in entrepreneurism

Question 15

Warren likes to debrief after an event by thinking about the skills and knowledge gained from the experience and if anything learned relates to anything heard about before.He also likes to focus on what went well and what went badly.Warren likes to use ______.

Accepted Answer

A) narrative reflection 
B) emotional reflection 
C) perceptive reflection 
D) analytical reflection 
A) narrative reflection 
B) emotional reflection 
C) perceptive reflection 
D) analytical reflection

Question 16

The method approach ______.

Accepted Answer

A) is both inclusive and exclusive during each stage of planning 
B) is inclusive, which means it includes any organization at any stage of business 
C) has many prescribed steps 
D) all of these 
A) is both inclusive and exclusive during each stage of planning 
B) is inclusive, which means it includes any organization at any stage of business 
C) has many prescribed steps 
D) all of these

Question 17

______ is based on the idea that because the future is unpredictable yet controllable, entrepreneurs can affect the future.It is futile for entrepreneurs to try and predict the future.

Accepted Answer

A) Controlling 
B) Experimenting 
C) Effectuation 
D) Entrepreneurism 
A) Controlling 
B) Experimenting 
C) Effectuation 
D) Entrepreneurism

Question 18

Paula gave an online presentation to the executive committee yesterday.She likes to debrief by focusing on what went well and what went badly.Paula likes to use ______.

Accepted Answer

A) narrative reflection 
B) emotional reflection 
C) critical reflection 
D) analytical reflection 
A) narrative reflection 
B) emotional reflection 
C) critical reflection 
D) analytical reflection

Question 19

In the fifth grade, Paula began to learn to play the clarinet.At first, it felt funny on her lips and the notes that came out of the instrument were very squeaky.She did not let this deter her and she kept at it.Last week, she won first place ribbons for her performances in a statewide music competition.This is an example of ______.

Accepted Answer

A) deliberate practice 
B) loving music 
C) supportive parents 
D) a good school system 
A) deliberate practice 
B) loving music 
C) supportive parents 
D) a good school system

Question 20

In writing her impact statement, this text encourages Leann to start with means at hand.This makes sense to her.She starts asking herself which of the following questions?

Accepted Answer

A) Who am I? What do I know? Whom do I know? 
B) What is my bank account balance? What is my savings balance? How long can I live on the savings? 
C) What are my strengths and weaknesses? 
D) What do I need to know to begin writing my business plan? 
A) Who am I? What do I know? Whom do I know? 
B) What is my bank account balance? What is my savings balance? How long can I live on the savings? 
C) What are my strengths and weaknesses? 
D) What do I need to know to begin writing my business plan?

The important message of Chapter 2 is ______.

Ellyn wants to get out into her community to meet new people and build relationships with customers and strategic partners.These activities ______.

The practice of entrepreneurship includes some powerful assurances including ______.

Mary is an entrepreneur and she likes processes and procedures.She is competitive and her work style is very linear.Mary's approach to her business is ______.

Discuss your business idea and if you are inclined to use the prediction or creation methods.

Susie is writing her impact statement and is stuck on her first step-means at hand.What would you tell Susie?

The skill of creativity ______.

Compare the skills of play and experimentation for entrepreneurs.

Charles is an entrepreneur who uses the creation mindset.Which of the following describes Charles?

After calculating your affordable loss in writing your impact statement, the next step is ______.

Describe how you would use the traditional steps of the entrepreneurship process in your new business.

The last three traditional steps of an entrepreneurship process include which of the following? 1.think of an idea 2)get financing 3)find space, build a prototype, hire people to do market research 4)bring your product/service to market 5)manage the business 6)plan an exit

Vedika is an entrepreneur who embraces the method approach.She

A form of thinking that sees entrepreneurship as a linear process in which steps are followed and outcomes are ideally predictable is ______.

Warren likes to debrief after an event by thinking about the skills and knowledge gained from the experience and if anything learned relates to anything heard about before.He also likes to focus on what went well and what went badly.Warren likes to use ______.

The method approach ______.

______ is based on the idea that because the future is unpredictable yet controllable, entrepreneurs can affect the future.It is futile for entrepreneurs to try and predict the future.

Paula gave an online presentation to the executive committee yesterday.She likes to debrief by focusing on what went well and what went badly.Paula likes to use ______.

In writing her impact statement, this text encourages Leann to start with means at hand.This makes sense to her.She starts asking herself which of the following questions?

Entrepreneurship: a Global Social Movement

Developing an Entrepreneurial Mindset

Supporting Social Entrepreneurship

Generating New Ideas

Using Design Thinking

Testing and Experimenting in Markets

Building Business Models

Planning for Entrepreneurs

Creating Revenue Models

Learning From Failure

Bootstrapping for Resources

Financing for Startups

Developing Networks

Navigating Legal and Ip Issues

Marketing and Pitching Your Idea

Financial Statements and Projections for Startups

the Pitch Deck

Filters

Exam 2: Practicing Entrepreneurship

The important message of Chapter 2 is ______.

Ellyn wants to get out into her community to meet new people and build relationships with customers and strategic partners.These activities ______.

The practice of entrepreneurship includes some powerful assurances including ______.

Mary is an entrepreneur and she likes processes and procedures.She is competitive and her work style is very linear.Mary's approach to her business is ______.

Discuss your business idea and if you are inclined to use the prediction or creation methods.

Susie is writing her impact statement and is stuck on her first step-means at hand.What would you tell Susie?

The skill of creativity ______.

Compare the skills of play and experimentation for entrepreneurs.

Charles is an entrepreneur who uses the creation mindset.Which of the following describes Charles?

After calculating your affordable loss in writing your impact statement, the next step is ______.

Describe how you would use the traditional steps of the entrepreneurship process in your new business.

The last three traditional steps of an entrepreneurship process include which of the following? 1.think of an idea 2)get financing 3)find space, build a prototype, hire people to do market research 4)bring your product/service to market 5)manage the business 6)plan an exit

Vedika is an entrepreneur who embraces the method approach.She

A form of thinking that sees entrepreneurship as a linear process in which steps are followed and outcomes are ideally predictable is ______.

Warren likes to debrief after an event by thinking about the skills and knowledge gained from the experience and if anything learned relates to anything heard about before.He also likes to focus on what went well and what went badly.Warren likes to use ______.

The method approach ______.

______ is based on the idea that because the future is unpredictable yet controllable, entrepreneurs can affect the future.It is futile for entrepreneurs to try and predict the future.

Paula gave an online presentation to the executive committee yesterday.She likes to debrief by focusing on what went well and what went badly.Paula likes to use ______.

In writing her impact statement, this text encourages Leann to start with means at hand.This makes sense to her.She starts asking herself which of the following questions?

Entrepreneurship: a Global Social Movement

Developing an Entrepreneurial Mindset

Supporting Social Entrepreneurship

Generating New Ideas

Using Design Thinking

Testing and Experimenting in Markets

Building Business Models

Planning for Entrepreneurs

Creating Revenue Models

Learning From Failure

Bootstrapping for Resources

Financing for Startups

Developing Networks

Navigating Legal and Ip Issues

Marketing and Pitching Your Idea

Financial Statements and Projections for Startups

the Pitch Deck

Filters