Entrepreneurship Method Components
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Questions and Answers

What is the primary basis for decision-making in managerial thinking?

  • Information and data (correct)
  • Market trends and assumptions
  • Industry experts' opinions
  • Gut feeling and intuition

    • According to the entrepreneurship method, what should be estimated during the 'Identify Desired Impact' stage?

  • Return on investment
  • Potential market share
  • Competitor analysis
  • Affordable loss (correct)

    • What is a key aspect of entrepreneurial thinking in terms of identifying opportunities in the marketplace?

  • Discovering the most fitting ways and time to take advantage of opportunities (correct)
  • Creating a detailed business plan
  • Analyzing industry reports
  • Conducting thorough market research

    • What is the focus of the 'Take Small Action' component of the entrepreneurship method?

    <p>Taking initial action to test and learn</p> Signup and view all the answers

    What is the main idea conveyed by the Mary Kay Ash quote provided in the text?

    <p>Believing in oneself is key to achieving success</p> Signup and view all the answers

    What is the primary focus of the 'Bird in Hand' principle in the Effectuation Theory?

    <p>Creating solutions using available resources</p> Signup and view all the answers

    What is entrepreneurship beyond just starting a venture?

    <p>An important life skill</p> Signup and view all the answers

    What is the focus of the creative approach in entrepreneurship?

    <p>Generating novel ideas to solve problems</p> Signup and view all the answers

    What is a common misconception about entrepreneurs?

    <p>They have exceptional personality qualities</p> Signup and view all the answers

    What is the main idea behind the 'Crazy Quilt' principle?

    <p>Forming partnerships to reduce uncertainty</p> Signup and view all the answers

    According to Fajardo (2009), what is entrepreneurship also about?

    <p>Capacity for innovation, investment and expansion</p> Signup and view all the answers

    What is the entrepreneurial mindset, as described in the text?

    <p>Focusing on doing rather than planning</p> Signup and view all the answers

    What is the key difference between the predictive and creative approaches in entrepreneurship?

    <p>The predictive approach sees entrepreneurship as a linear process, while the creative approach does not</p> Signup and view all the answers

    What is the 'Lemonade' principle primarily concerned with?

    <p>Encountering unexpected opportunities and surprises</p> Signup and view all the answers

    What is the result of using the creative approach in entrepreneurship?

    <p>More novel ideas to solve problems</p> Signup and view all the answers

    What does entrepreneurship involve, according to the text?

    <p>Converting ideas into a remarkable business venture</p> Signup and view all the answers

    What is the main purpose of the 'Pilot in the Plane' principle?

    <p>Controlling the future</p> Signup and view all the answers

    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!

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