Expert Entrepreneurs and New Venture Building
31 Questions
1 Views
3.4 Stars

Expert Entrepreneurs and New Venture Building

Explore the principles and approaches used by expert entrepreneurs when starting a new venture, focusing on their means, knowledge, and networks. Understand how they imagine possibilities and make decisions based on their means, leading to the creation of new opportunities.

Created by
@GorgeousSun8094

Questions and Answers

How do expert entrepreneurs start building a new venture?

By imagining possibilities based on their traits, knowledge, and network

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

Understanding what they can afford to lose at each step

How do expert entrepreneurs make decisions according to the text?

By calculating the upside potential of opportunities

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

More Quizzes Like This

Use Quizgecko on...
Browser
Browser