Podcast
Questions and Answers
Which characteristic is NOT typically associated with Innovation-Driven Entrepreneurship (IDE)?
Which characteristic is NOT typically associated with Innovation-Driven Entrepreneurship (IDE)?
- Having a diverse ownership base with external capital providers
- Creating tradable jobs
- Being based on an innovation that provides a competitive advantage
- Focusing on reaching global markets
- Following a linear growth curve (correct)
Which of the following is LEAST likely to assist entrepreneurs in making sound decisions under conditions of high uncertainty?
Which of the following is LEAST likely to assist entrepreneurs in making sound decisions under conditions of high uncertainty?
- Effectual Reasoning
- Design Thinking
- Minimum Viable Thinking
- Business Model Canvas
- Business Plans (correct)
Which of the following attributes is LEAST descriptive of Small and Medium Enterprises (SMEs)?
Which of the following attributes is LEAST descriptive of Small and Medium Enterprises (SMEs)?
- Produce non-tradable or locally performed jobs
- Often family businesses requiring little external capital
- More focused on addressing local and regional markets
- Very focused on Innovation (correct)
- Often follow a linear growth curve
Which statement about an 'Entrepreneurship Gene' is most accurate?
Which statement about an 'Entrepreneurship Gene' is most accurate?
What is the accuracy of the statement: 'Ideation is the first stage of the Design Thinking process'?
What is the accuracy of the statement: 'Ideation is the first stage of the Design Thinking process'?
What was the primary takeaway from the food truck simulation?
What was the primary takeaway from the food truck simulation?
Which statement best describes the effectual process of thinking?
Which statement best describes the effectual process of thinking?
Which statement accurately differentiates causal reasoning from effectual reasoning?
Which statement accurately differentiates causal reasoning from effectual reasoning?
In generating ideas, entrepreneurs draw inspiration from various trends. Which of the following is LEAST likely to be a direct source of these trends?
In generating ideas, entrepreneurs draw inspiration from various trends. Which of the following is LEAST likely to be a direct source of these trends?
Jeff, a food enthusiast with a high-income network, starts a company hosting dinners at trendy restaurants. What does Jeff's decision demonstrate?
Jeff, a food enthusiast with a high-income network, starts a company hosting dinners at trendy restaurants. What does Jeff's decision demonstrate?
Which action is LEAST consistent with the lean start-up approach?
Which action is LEAST consistent with the lean start-up approach?
In the design thinking process, which step directly follows empathize and precedes ideate?
In the design thinking process, which step directly follows empathize and precedes ideate?
According to Steve Blank, which of these is LEAST likely to be a constraint faced by new ventures?
According to Steve Blank, which of these is LEAST likely to be a constraint faced by new ventures?
Which of the following is NOT a hallmark of the design thinking process?
Which of the following is NOT a hallmark of the design thinking process?
Which concept is LEAST aligned with the lean startup philosophy?
Which concept is LEAST aligned with the lean startup philosophy?
According to network theory, which of the following is NOT a typical way successful entrepreneurs operate regarding their networks?
According to network theory, which of the following is NOT a typical way successful entrepreneurs operate regarding their networks?
Which of the following is NOT typically a characteristic of a visionary pitch?
Which of the following is NOT typically a characteristic of a visionary pitch?
Which of the following is LEAST descriptive of strong ties in a social network?
Which of the following is LEAST descriptive of strong ties in a social network?
What are the primary ways a business can achieve growth?
What are the primary ways a business can achieve growth?
During the opportunity evaluation stage, questions are categorized into groupings. Which of the following is NOT one of those primary areas?
During the opportunity evaluation stage, questions are categorized into groupings. Which of the following is NOT one of those primary areas?
Which of the following actions is NOT typically associated with Small and Medium Enterprises (SMEs)?
Which of the following actions is NOT typically associated with Small and Medium Enterprises (SMEs)?
What is the most significant element that separates causal reasoning from other decision-making approaches?
What is the most significant element that separates causal reasoning from other decision-making approaches?
How does design thinking primarily influence the development of new products?
How does design thinking primarily influence the development of new products?
In what way does maintaining strong ties within a professional network best support entrepreneurs?
In what way does maintaining strong ties within a professional network best support entrepreneurs?
Which role does experimentation play in the lean startup methodology regarding risk?
Which role does experimentation play in the lean startup methodology regarding risk?
When assessing opportunities, which approach is MOST effective for analyzing potential market profitability?
When assessing opportunities, which approach is MOST effective for analyzing potential market profitability?
What is the main benefit of using minimum viable products (MVPs) in the context of new product development?
What is the main benefit of using minimum viable products (MVPs) in the context of new product development?
What is the main purpose of the 'define' stage within the design thinking process?
What is the main purpose of the 'define' stage within the design thinking process?
How do strong ties in social networks support innovation?
How do strong ties in social networks support innovation?
Which is MOST crucial when assessing a potential business opportunity?
Which is MOST crucial when assessing a potential business opportunity?
What role does luck generally play in new business successes, according to entrepreneurial studies?
What role does luck generally play in new business successes, according to entrepreneurial studies?
What strategy is typical when entrepreneurs use effectual reasoning during new venture creation?
What strategy is typical when entrepreneurs use effectual reasoning during new venture creation?
In design thinking, what is the objective of engaging directly or empathizing with end-users early in the process?
In design thinking, what is the objective of engaging directly or empathizing with end-users early in the process?
How might an entrepreneur leverage network theory to benefit their new company MOST?
How might an entrepreneur leverage network theory to benefit their new company MOST?
What is the critical role of experimentation in the lean startup process?
What is the critical role of experimentation in the lean startup process?
Compared to conventional techniques, how does creating an MVP change new product development?
Compared to conventional techniques, how does creating an MVP change new product development?
Which measure is MOST important when evaluating if a new business idea suits a market?
Which measure is MOST important when evaluating if a new business idea suits a market?
Flashcards
IDE Characteristic
IDE Characteristic
IDEs create tradable jobs, have diverse ownership, and are innovation-based.
Tools for Uncertainty
Tools for Uncertainty
Tools include Effectual Reasoning, Business Model Canvas, and Minimum Viable Thinking.
SMEs Characteristic
SMEs Characteristic
SMEs are often family businesses, focused locally, and produce non-tradable jobs.
Entrepreneurship Gene
Entrepreneurship Gene
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Ideation Stage
Ideation Stage
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Food Truck Simulation
Food Truck Simulation
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Effectual Thinking
Effectual Thinking
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Causal vs. Effectual reasoning
Causal vs. Effectual reasoning
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Source of Entrepreneurial Ideas
Source of Entrepreneurial Ideas
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Jeff's decision
Jeff's decision
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Lean Startup Approach Inconsistency
Lean Startup Approach Inconsistency
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Design Thinking Step
Design Thinking Step
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New Venture Constraints
New Venture Constraints
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Design Thinking Hallmark
Design Thinking Hallmark
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Lean Startup Philosophy
Lean Startup Philosophy
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Network Theory for Entrepreneurs
Network Theory for Entrepreneurs
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Visionary Pitch
Visionary Pitch
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Elements of Strong Ties
Elements of Strong Ties
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How Businesses Grow
How Businesses Grow
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Opportunity Evaluation Primary Areas
Opportunity Evaluation Primary Areas
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Study Notes
- Innovation-Driven Entrepreneurship (IDE) does not often follow a linear growth curve.
- IDEs often create tradable jobs.
- IDEs often have a diverse ownership base with external capital providers.
- They are typically based on an innovation which provides a competitive advantage.
- IDEs are more focused on reaching global markets.
- Business plans are not one of the tools that help entrepreneurs make good decisions under conditions of extreme uncertainty.
- Small and Medium Enterprises (SMEs) are not very focused on innovation.
- SMEs are often family businesses requiring little external capital.
- SMEs are more focused on addressing local and regional markets.
- SMEs often follow a linear growth curve.
- SMEs produce non-tradable or locally performed jobs.
- The statement, "There is an Entrepreneurship Gene," is false.
- Ideation is not the first stage of the Design Thinking process.
- Experimenting with the pushcart yielded valuable real-time data during the food truck simulation.
- The effectual process of thinking starts with what one has and selects among possible outcomes.
- Effectual reasoning starts with available resources, while causal reasoning starts with end goals.
- Family is not one of the trends that entrepreneurs draw ideas from.
- Jeff's decision to start a company that hosts dinners for young professionals is a demonstration of effectual reasoning.
- Writing a business plan is not consistent with the lean start-up approach.
- Define is the step that goes in the design thinking diagram between empathize and ideate.
- All options are constraints that new ventures face, according to Steve Blank.
- Being tactical is not a hallmark of the design thinking process.
- Cross-functional teams is not part of the lean start-up philosophy.
- Network theory helps explain how successful entrepreneurs operate, except that it does not ensure new ideas are not shared before being introduced.
- Plausible is not a characteristic of a visionary pitch.
- All of the answers are elements as to what is not an element of strong ties in a social network.
- Businesses grow by scaling the existing business and by expanding the scope of the business.
- The potential for long-term stability is not one of the four primary areas of questions asked during the opportunity evaluation stage.
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