Effectuation and Hypothetical Scenarios Quiz

Which theory emphasizes the use of pre-existing knowledge and resources to create new opportunities?

According to the text, what does effectuation theory emphasize for entrepreneurs?

What is the primary focus of causation theory, as discussed in the text?

Which theory is more aligned with a flexible approach to entrepreneurial decision-making?

In the context of entrepreneurial decision-making, what does contingency theory emphasize?

Which theory advocates for entrepreneurs making decisions based on available means rather than trying to predict and control the future?

What does the author argue for in the given text?

In what way does causation differ from effectuation?

What is the central topic of discussion in MBA classrooms, according to the text?

What do classes with a more psychological bent typically discuss, according to the text?

What is the underlying assumption for almost every decision in economics and management, according to the text?

How does the author illustrate effectuation in the given text?

What does the author suggest should be an important part of our review?

"How do we value firms in an industry that did not exist five years ago..." reflects a concern about:

"Almost half the companies on the Fortune 500 list did not exist fifteen years ago." implies:

"If we clearly knew which particular market to capture, we could presumably use techniques of market research and formulate strategies to penetrate it." suggests a concern about:

"In areas such as e-commerce, most markets are nascent or simply nonexistent." implies:

What does the author thank the Ewing Marion Kauffman Foundation for?

What does the term 'effectuation' refer to in the context of the text?

What concept is associated with the phrase 'a process of satisficing'?

What is meant by 'exploration of cultural aspects' in the context of the text?

What does the example of Browning Ferris Industries (BFI) illustrate?

What is the primary implication of the statement, 'the process of effectuation allows the entrepreneur to create one or more possible effects'?

What is suggested by the description of the entrepreneur deciding to write a book, go on the lecture circuit, and build a business in the motivational consulting industry?

How does the example of U-Haul relate to the concept of effectuation?

What is illustrated by the example of Tom Fatjo and the creation of Browning Ferris Industries (BFI)?

What does the term 'satisficing' refer to in the context of entrepreneurship?

How does the concept of 'effectuation' differ from traditional business planning?

What is suggested by the statement, 'even great companies have begun without any conscious initial intention on the part of the founders'?

How does the entrepreneur use customer feedback to shape her business according to effectuation principles?

What is the distinguishing characteristic between causation and effectuation processes?

According to the text, what does March express optimism about in the context of changing goals?

What is the main focus of the article's special theory of effectuation?

What is the primary challenge faced by entrepreneurs as discussed in the text?

What does the author hope to contribute toward in the article?

Which justification for ignoring phenomena involving ambiguous, changing, and constructed goals and values does the author express skepticism about?

What does the author identify as the main element of the general theory of effectual reasoning?

What is the distinguishing characteristic between causation and effectuation models?

What is the operationalization of an abstract human aspiration?

What does the author emphasize about both causation and effectuation processes?

What does March express skepticism about regarding changing goals?

What is the distinguishing characteristic between causation and effectuation models?

What was the visionary approach of U-Haul that led to its creation?

What did L. S. Shoen use to create U-Haul with minimal financial outlay?

What did U-Haul do to establish its market presence?

How did U-Haul initially finance the acquisition of trucks and use of the trucks?

What is emphasized by the process of effectuation used by L. S. Shoen in creating U-Haul?

What did U-Haul offer early customers to establish a commission structure for dealers?

What allowed U-Haul to come into being with hardly any employees and a small outlay of funds?

How did U-Haul eliminate the need for buying space in cities across the country and recruiting employees to man the spaces?

What was the name imaged on U-Haul trailers to establish brand identity?

What was imaged on the sides and back of U-Haul trailers to promote sales?

What color were U-Haul trailers painted to establish brand recognition?

What financial resources did L. S. Shoen use to create U-Haul with minimal outlay?

What did L. S. Shoen do instead of trying to raise money to buy a large number of trucks or start the company with very few locations?