Innovation & Entrepreneurship Final Exam: Mindset & Characteristics

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30 Questions

What is the primary difference between a fixed mindset and a growth mindset?

The assumption that abilities are fixed or can be developed

Which of the following is a characteristic of someone with a fixed mindset?

Giving up when faced with frustration

What is the entrepreneurial mindset characterized by?

Quickly sensing opportunities, taking action, and getting organized under uncertain conditions

How can someone transform their mindset into a growth mindset?

By being aware of and responding to negative self-talk

What is a key characteristic of someone with a growth mindset?

Belief in the ability to learn and develop

What is the outcome of having a growth mindset?

Viewing challenges and failures as opportunities to improve learning skills

What do people with a growth mindset often say when facing challenges?

I'll try again, I can learn from my mistakes

What can lead to loss of confidence?

Comparing oneself to others and listening to negative voices

What is the goal of the 'DEFINE' stage in Design Thinking?

To define the needs

What is the first step in the Design Thinking process?


What is the outcome of achieving self-efficacy?

Sense of confidence and ability to change the world

What is the purpose of Leading Innovation?

To close gaps in an organization and shift mindset to inspire creative confidence and growth mindset

What is the primary goal of empathy in the innovation process?

To understand the feelings and thoughts of others

What is the relationship between Goals and Objectives?

Goals are general, and Objectives are specific

What is the outcome of the Diverge phase in the innovation process?

Multiple, diverse ideas

What is the purpose of testing in the innovation process?

To gain feedback from users about the prototype

What is the primary focus of the Observe stage in empathy-building?

Noticing the user's needs and situations

What is the definition of entrepreneurship according to the text?

A purely learnable science

What is the primary objective of a startup?

To validate its business model hypotheses until it finds one that is repeatable and scalable

What is a characteristic of a compelling mission statement?

It should be concise and clear

What is the main reason why most startups fail?

When the ideas hit the customers at the wrong time or place

What is the purpose of a vision statement?

To define the company's long-term destiny

What is a lean startup?

A methodology for developing business and products that can make the process of starting a company less risky

What is the 'Golden Circle'?

A framework for understanding why a company exists, how it will execute, and what it does

What is the main drawback of the traditional business method?

It has a high chance of failing

What is the primary goal of the lean startup method?

To reduce the probability of startup failure

What is the first principle of the lean startup method?

Frame Hypotheses

What is the primary focus of customer development in the lean startup method?

Customer feedback

What is the main difference between product development and customer development?

Product development ignores the customer

What is the purpose of building a minimum viable product in the lean startup method?

To test and gather feedback on product design

Learn about the fundamental concepts of innovation and entrepreneurship, including the two types of mindset: fixed and growth mindset. Understand the characteristics of each mindset and how they impact one's abilities and talents.

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