Entrepreneurial Perseverance Quiz

Play an AI-generated podcast conversation about this lesson

What is the entrepreneurial mindset characterized by?

Creating value, recognizing opportunities, making decisions with limited information, and being adaptable and resilient (correct)
Being extroverted, taking risks, being ambitious, and wealthy
Identifying opportunities, being adaptable, making decisions with ample information, and wealth creation
Only being born, not learned, being extroverted, and taking risks

What is the focus of more recent debates on entrepreneurship according to the text?

Corporate entrepreneurs and everyday entrepreneurs (correct)
The role of extroverts in entrepreneurship
The dichotomy between born and made entrepreneurs
Entrepreneurial mindset and risk-taking

Who among the following scholars proposed the 'effectuation' theories?

Sarasvathy (correct)
Kirzner
Schumpeter
Gartner

What are some common myths around entrepreneurship that are a bit outdated?

Only extroverts, only born and cannot be learned, risk takers, ambitious, wealthy (A) Signup and view all the answers

What is the primary motivator for entrepreneurs, according to the text?

Financial rewards (B) Signup and view all the answers

Which type of start-up firm focuses on creating and disseminating value to customers, and seizes opportunities for innovation?

Entrepreneurial Firms (D) Signup and view all the answers

What does execution intelligence involve for successful entrepreneurs, as per the text?

Formulating business models (A) Signup and view all the answers

According to the Global Entrepreneurship Monitor (GEM) study, what does Total Early Stage Entrepreneurial Activity (TEA) consist of?

Businesses that are just being started and businesses that have been in existence for less than three and a half years (B) Signup and view all the answers

What is the reality concerning the myth that entrepreneurs are primarily motivated by money?

Entrepreneurs prioritize having a broader purpose over money (C) Signup and view all the answers

What is the primary motivation for entrepreneurial activity according to the GEM study?

Making a difference in the world (D) Signup and view all the answers

What is the process of entrepreneurship defined as?

The process by which individuals pursue opportunities without regard to resources they currently control for the purpose of exploiting future goods and services (A) Signup and view all the answers

What is one of the most persuasive indications of entrepreneurship’s importance to an individual or a firm?

The degree of effort undertaken to behave entrepreneurially (D) Signup and view all the answers

What is the term used to describe individuals who start businesses at a younger age and launch more companies?

Millennipreneurs (D) Signup and view all the answers

According to Joseph Schumpeter's concept of creative destruction, what do entrepreneurs do?

Make existing products and technologies obsolete (A) Signup and view all the answers

What is the primary impact of small innovative firms on industries like smart grids, solar energy, batteries, and fuel cells?

Leading in patent activity (D) Signup and view all the answers

What does the 'SEARCH' method stand for in the context of evaluating innovative ideas for venture creation?

Scan, Expand, Adapt, Revise, Create, Harvest (C) Signup and view all the answers

Which step of the Creative Problem Solving Model (CPS) involves identifying the actual causes of a problem?

Fact-finding (D) Signup and view all the answers

In the ALUO method, what does 'L' represent?

Limitations (B) Signup and view all the answers

In the 'Give Me 5' method, what does the second question ask for?

Anticipated developments in the branch of industry (D) Signup and view all the answers

What is the purpose of the 'Give Me 5' method?

To encourage brainstorming and creativity in venture creation (C) Signup and view all the answers