Innovation & Entrepreneurship Final Exam: Mindset & Characteristics

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

The assumption that abilities are fixed or can be developed (correct)

The attitude towards challenges

The willingness to work hard

The ability to take risks

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

Believing that abilities can be developed

Embracing challenges as opportunities for growth

Focusing on learning from failures

Giving up when faced with frustration (correct)

What is the entrepreneurial mindset characterized by?

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

Relying on intuition and instinct

Focusing on long-term planning and strategy

Avoiding uncertainty and taking calculated risks

How can someone transform their mindset into a growth mindset?

By being aware of and responding to negative self-talk Signup and view all the answers

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

Belief in the ability to learn and develop Signup and view all the answers

What is the outcome of having a growth mindset?

Viewing challenges and failures as opportunities to improve learning skills Signup and view all the answers

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

I'll try again, I can learn from my mistakes Signup and view all the answers

What can lead to loss of confidence?

Comparing oneself to others and listening to negative voices Signup and view all the answers

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

To define the needs Signup and view all the answers

What is the first step in the Design Thinking process?

UNDERSTAND Signup and view all the answers

What is the outcome of achieving self-efficacy?

Sense of confidence and ability to change the world Signup and view all the answers

What is the purpose of Leading Innovation?

To close gaps in an organization and shift mindset to inspire creative confidence and growth mindset Signup and view all the answers

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

To understand the feelings and thoughts of others Signup and view all the answers

What is the relationship between Goals and Objectives?

Goals are general, and Objectives are specific Signup and view all the answers

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

Multiple, diverse ideas Signup and view all the answers

What is the purpose of testing in the innovation process?

To gain feedback from users about the prototype Signup and view all the answers

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

Noticing the user's needs and situations Signup and view all the answers

What is the definition of entrepreneurship according to the text?

A purely learnable science Signup and view all the answers

What is the primary objective of a startup?

To validate its business model hypotheses until it finds one that is repeatable and scalable Signup and view all the answers

What is a characteristic of a compelling mission statement?

It should be concise and clear Signup and view all the answers

What is the main reason why most startups fail?

When the ideas hit the customers at the wrong time or place Signup and view all the answers

What is the purpose of a vision statement?

To define the company's long-term destiny Signup and view all the answers

What is a lean startup?

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

What is the 'Golden Circle'?

A framework for understanding why a company exists, how it will execute, and what it does Signup and view all the answers

What is the main drawback of the traditional business method?

It has a high chance of failing Signup and view all the answers

What is the primary goal of the lean startup method?

To reduce the probability of startup failure Signup and view all the answers

What is the first principle of the lean startup method?

Frame Hypotheses Signup and view all the answers

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

Customer feedback Signup and view all the answers

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

Product development ignores the customer Signup and view all the answers

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

To test and gather feedback on product design Signup and view all the answers