Innovation and Lean Start-up Quiz

What is emphasized in the text regarding ideas and entrepreneurial opportunities?

Ideas are abundant, but turning them into entrepreneurial opportunities requires effort. (correct)
Sharing ideas with others is the best way to develop them into opportunities.
Ideas are the only important aspect in entrepreneurship.
Developing an idea into an entrepreneurial opportunity is simple.

In India, what factor might motivate people to aspire to 'make a difference in the world'?

The absence of any social or economic challenges.
High level of contentment with the current situation.
Lack of awareness about social and economic challenges.
Awareness of social and economic challenges, inspiring a desire for change. (correct)

What is the sweet spot of innovation according to the text?

Dynamic situation and changing over time (correct)
Useless Tschibo products
Improving one dimension while influencing the other two
Static situation and changing over time

What is suggested in the text as a challenge for people in China regarding making a difference in the world?

Being too busy dealing with daily survival concerns. (C) Signup and view all the answers

What is the purpose of a Minimum Viable Product (MVP)?

To gain feedback by introducing a product with basic features to the market (D) Signup and view all the answers

Which of the following is NOT listed as a potential career opportunity mentioned in the text?

Medical doctor (B) Signup and view all the answers

Why does the individual in the text express reluctance to share their idea with others?

Fear of someone stealing the idea (B) Signup and view all the answers

In the context provided, what does 'Viable' mean in regards to a Minimum Viable Product (MVP)?

Ensuring the product is usable and applicable for its intended use (D) Signup and view all the answers

What is highlighted as a crucial aspect when assessing entrepreneurial opportunities?

'Marketability' of the idea (C) Signup and view all the answers

What characterizes effectual decision-makers according to the Effectuation framework?

They adapt continuously to changing conditions (D) Signup and view all the answers

How is the concept of 'Learning' emphasized in the Lean Startup approach?

By testing the vision continuously and adjusting based on feedback (D) Signup and view all the answers

Why is it essential for a product owner to introduce a Minimum Viable Product (MVP) first?

To test and get feedback from a smaller group before full development (D) Signup and view all the answers

How do entrepreneurial opportunities differ in terms of creation versus discovery?

Creation involves intentional and active efforts, while discovery involves picking up opportunities that are already present. (A) Signup and view all the answers

What characterizes the entrepreneurial legacy approach to opportunity creation?

Building on existing knowledge and reassembling it into new ideas. (B) Signup and view all the answers

How does the entrepreneurial legacy concept differ from the creation of opportunities?

Legacy requires no active effort, while creation is intentional and proactive. (B) Signup and view all the answers

What distinguishes the Endogenous creation of opportunities from the Exogenous discovery of opportunities?

Endogenous creation involves intentional actions by entrepreneurs, while exogenous discovery relies on shocks and changes in the environment. (C) Signup and view all the answers

In the context of opportunity creation, what role does an entrepreneur play?

Actively interacting with the market to identify and develop opportunities they have intentionally created. (C) Signup and view all the answers

What is the main difference between the subjective view of opportunities and the objective view of opportunities?

Subjective view focuses on deliberate creation, while objective view emphasizes finding existing opportunities. (C) Signup and view all the answers

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