Expert Entrepreneurs and New Venture Building

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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?

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

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

What they can afford to lose at each step Signup and view all the answers

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

Building partnerships with self-selecting stakeholders Signup and view all the answers

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

Causation approach Signup and view all the answers

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

As potential clues to create new markets Signup and view all the answers

What is the core belief of an effectual worldview?

The future is made, not found or predictable Signup and view all the answers

What do expert entrepreneurs focus on to ensure desired outcomes?

Activities within their control Signup and view all the answers

What does the causation approach presume about competitors?

They are rivals to contend with Signup and view all the answers

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

As potential resources to add to existing means Signup and view all the answers

What is the main focus of the avoiding surprises approach?

Minimizing probability of unexpected outcomes Signup and view all the answers

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

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

What does the logic of PLAN accept about the future?

The future can be controlled by predicting it Signup and view all the answers

How do expert entrepreneurs perceive surprise?

As potential clues to create new markets Signup and view all the answers

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

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

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

Focusing on minimizing downside potential and risk Signup and view all the answers

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

Imagining possibilities that originate from their means Signup and view all the answers

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

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

How do expert entrepreneurs limit risk according to the text?

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

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

Building partnerships with self-selecting stakeholders Signup and view all the answers

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

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

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

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

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

Contingent events, information, and meetings as new resources Signup and view all the answers

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

They are rivals to contend with Signup and view all the answers

How do expert entrepreneurs perceive surprise based on the text?

As potential clues to create new markets Signup and view all the answers

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

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

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

Competitive advantage principle 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?

'Effectual' worldview 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?

'Co-creation' approach Signup and view all the answers

Expert Entrepreneurs and New Venture Building

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Questions and Answers

How do expert entrepreneurs start building a new venture?

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

How do expert entrepreneurs make decisions according to the text?

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

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

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

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

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

What is the core belief of an effectual worldview?

What do expert entrepreneurs focus on to ensure desired outcomes?

What does the causation approach presume about competitors?

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

What is the main focus of the avoiding surprises approach?

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

What does the logic of PLAN accept about the future?

How do expert entrepreneurs perceive surprise?

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

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

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

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

How do expert entrepreneurs limit risk according to the text?

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

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

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

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

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

How do expert entrepreneurs perceive surprise based on the text?

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

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

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

'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?

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