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Questions and Answers
What is the primary basis for decision-making in managerial thinking?
According to the entrepreneurship method, what should be estimated during the 'Identify Desired Impact' stage?
What is a key aspect of entrepreneurial thinking in terms of identifying opportunities in the marketplace?
What is the focus of the 'Take Small Action' component of the entrepreneurship method?
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What is the main idea conveyed by the Mary Kay Ash quote provided in the text?
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What is the primary focus of the 'Bird in Hand' principle in the Effectuation Theory?
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What is entrepreneurship beyond just starting a venture?
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What is the focus of the creative approach in entrepreneurship?
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What is a common misconception about entrepreneurs?
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What is the main idea behind the 'Crazy Quilt' principle?
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According to Fajardo (2009), what is entrepreneurship also about?
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What is the entrepreneurial mindset, as described in the text?
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What is the key difference between the predictive and creative approaches in entrepreneurship?
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What is the 'Lemonade' principle primarily concerned with?
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What is the result of using the creative approach in entrepreneurship?
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What does entrepreneurship involve, according to the text?
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What is the main purpose of the 'Pilot in the Plane' principle?
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Study Notes
Decision-Making in Managerial Thinking
- Decision-making in managerial thinking is primarily based on data-driven analysis and objective criteria.
Identify Desired Impact Stage
- During the 'Identify Desired Impact' stage, estimates should focus on potential benefits, social changes, and measurable outcomes.
Identifying Opportunities
- A key aspect of entrepreneurial thinking involves recognizing unmet needs and gaps within the marketplace.
Take Small Action Component
- The 'Take Small Action' component encourages incremental steps to test ideas and gather feedback without significant risk.
Mary Kay Ash Quote
- The main idea of the Mary Kay Ash quote revolves around the importance of self-belief and the power of positive affirmation in achieving goals.
Bird in Hand Principle
- The 'Bird in Hand' principle emphasizes leveraging existing resources and capabilities instead of chasing uncertain opportunities.
Entrepreneurship Beyond Starting a Venture
- Entrepreneurship extends beyond establishing businesses; it includes innovation, problem-solving, and concept development.
Creative Approach in Entrepreneurship
- The creative approach focuses on exploring unconventional solutions and generating novel ideas rather than relying solely on proven methods.
Common Misconception About Entrepreneurs
- A common misconception is that entrepreneurs are solely driven by profit; in reality, many are motivated by passion, purpose, and impact.
Crazy Quilt Principle
- The 'Crazy Quilt' principle highlights the importance of collaboration and building partnerships in creating successful ventures.
Fajardo (2009) on Entrepreneurship
- According to Fajardo, entrepreneurship also involves adapting to change, seizing opportunities, and fostering innovation.
Entrepreneurial Mindset
- The entrepreneurial mindset involves resilience, curiosity, and a willingness to learn from failure to drive success.
Predictive vs. Creative Approaches
- The key difference lies in the predictive approach focusing on planning and forecasting, while the creative approach embraces uncertainty and adaptability.
Lemonade Principle
- The 'Lemonade' principle is primarily concerned with transforming challenges and setbacks into opportunities for growth.
Result of Using Creative Approach
- Utilizing the creative approach in entrepreneurship often results in innovative solutions and unique product offerings that differentiate from competitors.
Involvement in Entrepreneurship
- Entrepreneurship involves not just business initiation, but also recognizing opportunities, resource allocation, and risk management.
Pilot in the Plane Principle
- The main purpose of the 'Pilot in the Plane' principle is to empower entrepreneurs to control their outcomes through proactive efforts and strategic choices.
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Description
This quiz covers the key components of the entrepreneurship method, including identifying desired impact, taking small actions, and leveraging managerial and entrepreneurial thinking. Test your knowledge of these essential concepts!
