Expert Entrepreneurs and New Venture Building
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Questions and Answers

How do expert entrepreneurs start building a new venture?

  • By seeking large all-or-nothing opportunities
  • By calculating the expected return on investment
  • By setting pre-determined goals and objectives
  • By imagining possibilities based on their traits, knowledge, and network (correct)

    • What is the approach used by expert entrepreneurs to limit risk according to the text?

  • Setting pre-determined goals with minimal risk
  • Seeking large all-or-nothing opportunities
  • Understanding what they can afford to lose at each step (correct)
  • Targeting segments with the highest potential return

    • How do expert entrepreneurs make decisions according to the text?

  • By assembling means after setting a goal
  • By analyzing the market and choosing target segments with the highest potential return
  • By seeking large all-or-nothing opportunities
  • By calculating the upside potential of opportunities (correct)

    • What is the basis for decisions and new opportunities for expert entrepreneurs according to the text?

    <p>The human capital (education, on-the-job training, experience)</p> Signup and view all the answers

    What do expert entrepreneurs calculate to limit downside potential and risk, based on the text?

    <p>What they can afford to lose at each step</p> Signup and view all the answers

    What is the principle followed by expert entrepreneurs when building partnerships?

    <p>Building partnerships with self-selecting stakeholders</p> Signup and view all the answers

    What approach focuses on building the 'future' together with lead users, suppliers, and even prospective competitors?

    <p>Causation approach</p> Signup and view all the answers

    How do expert entrepreneurs interpret 'bad' news and surprises?

    <p>As potential clues to create new markets</p> Signup and view all the answers

    What is the core belief of an effectual worldview?

    <p>The future is made, not found or predictable</p> Signup and view all the answers

    What do expert entrepreneurs focus on to ensure desired outcomes?

    <p>Activities within their control</p> Signup and view all the answers

    What does the causation approach presume about competitors?

    <p>They are rivals to contend with</p> Signup and view all the answers

    How do expert entrepreneurs view contingent events, information, and meetings?

    <p>As potential resources to add to existing means</p> Signup and view all the answers

    What is the main focus of the avoiding surprises approach?

    <p>Minimizing probability of unexpected outcomes</p> Signup and view all the answers

    In the context of expert entrepreneurs, what is meant by 'co-creation'?

    <p>Creating with key partners through pre-commitment to an idea</p> Signup and view all the answers

    What does the logic of PLAN accept about the future?

    <p>The future can be controlled by predicting it</p> Signup and view all the answers

    How do expert entrepreneurs perceive surprise?

    <p>As potential clues to create new markets</p> Signup and view all the answers

    What is the primary focus of expert entrepreneurs when setting out to build a new venture?

    <p>Starting with their means (traits, knowledge, network) before imagining possibilities</p> Signup and view all the answers

    What is the approach employed by expert entrepreneurs to limit risk?

    <p>Focusing on minimizing downside potential and risk</p> Signup and view all the answers

    What is the basis for decisions and new opportunities for expert entrepreneurs, as per the text?

    <p>Imagining possibilities that originate from their means</p> Signup and view all the answers

    In the context of expert entrepreneurs, what is meant by 'co-creation'?

    <p>Building the 'future' together with lead users, suppliers, and prospective competitors</p> Signup and view all the answers

    How do expert entrepreneurs limit risk according to the text?

    <p>By understanding what they can afford to lose at each step and finding ways to minimize risk</p> Signup and view all the answers

    What approach do expert entrepreneurs follow when building partnerships, as per the text?

    <p>Building partnerships with self-selecting stakeholders</p> Signup and view all the answers

    What is the primary purpose of obtaining pre-commitments from key partners early on in the venture?

    <p>To reduce uncertainty and co-create the new market with interested participants</p> Signup and view all the answers

    What is the approach used by expert entrepreneurs to exploit the surprise factor?

    <p>Interpret 'bad' news and surprises as potential clues to create new markets</p> Signup and view all the answers

    What is the basis for decisions and new opportunities for expert entrepreneurs?

    <p>Contingent events, information, and meetings as new resources</p> Signup and view all the answers

    What does the causal approach presume about competitors according to the text?

    <p>They are rivals to contend with</p> Signup and view all the answers

    How do expert entrepreneurs perceive surprise based on the text?

    <p>As potential clues to create new markets</p> Signup and view all the answers

    In the context of expert entrepreneurs, what is meant by 'co-creation'?

    <p>Building the 'future' together with lead users, suppliers, and prospective competitors</p> Signup and view all the answers

    What principle do expert entrepreneurs follow when building partnerships according to the text?

    <p>Competitive advantage principle</p> Signup and view all the answers

    'The future is neither found nor predictable, but rather made.' What worldview does this statement reflect according to the text?

    <p>'Effectual' worldview</p> Signup and view all the answers

    'Instead of making “what-if” scenarios to deal with worst-case scenarios, experts interpret “bad” news and surprises as potential clues to create new markets.' What approach does this statement align with according to the text?

    <p>'Co-creation' approach</p> Signup and view all the answers

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