Innovation & Entrepreneurship Final Exam: Mindset & Characteristics
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Questions and Answers

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?

<p>By being aware of and responding to negative self-talk (D)</p> Signup and view all the answers

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

<p>Belief in the ability to learn and develop (B)</p> Signup and view all the answers

What is the outcome of having a growth mindset?

<p>Viewing challenges and failures as opportunities to improve learning skills (B)</p> Signup and view all the answers

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

<p>I'll try again, I can learn from my mistakes (D)</p> Signup and view all the answers

What can lead to loss of confidence?

<p>Comparing oneself to others and listening to negative voices (B)</p> Signup and view all the answers

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

<p>To define the needs (D)</p> Signup and view all the answers

What is the first step in the Design Thinking process?

<p>UNDERSTAND (A)</p> Signup and view all the answers

What is the outcome of achieving self-efficacy?

<p>Sense of confidence and ability to change the world (C)</p> Signup and view all the answers

What is the purpose of Leading Innovation?

<p>To close gaps in an organization and shift mindset to inspire creative confidence and growth mindset (B)</p> Signup and view all the answers

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

<p>To understand the feelings and thoughts of others (B)</p> Signup and view all the answers

What is the relationship between Goals and Objectives?

<p>Goals are general, and Objectives are specific (D)</p> Signup and view all the answers

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

<p>Multiple, diverse ideas (B)</p> Signup and view all the answers

What is the purpose of testing in the innovation process?

<p>To gain feedback from users about the prototype (C)</p> Signup and view all the answers

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

<p>Noticing the user's needs and situations (B)</p> Signup and view all the answers

What is the definition of entrepreneurship according to the text?

<p>A purely learnable science (D)</p> Signup and view all the answers

What is the primary objective of a startup?

<p>To validate its business model hypotheses until it finds one that is repeatable and scalable (A)</p> Signup and view all the answers

What is a characteristic of a compelling mission statement?

<p>It should be concise and clear (A)</p> Signup and view all the answers

What is the main reason why most startups fail?

<p>When the ideas hit the customers at the wrong time or place (C)</p> Signup and view all the answers

What is the purpose of a vision statement?

<p>To define the company's long-term destiny (B)</p> Signup and view all the answers

What is a lean startup?

<p>A methodology for developing business and products that can make the process of starting a company less risky (D)</p> Signup and view all the answers

What is the 'Golden Circle'?

<p>A framework for understanding why a company exists, how it will execute, and what it does (A)</p> Signup and view all the answers

What is the main drawback of the traditional business method?

<p>It has a high chance of failing (D)</p> Signup and view all the answers

What is the primary goal of the lean startup method?

<p>To reduce the probability of startup failure (A)</p> Signup and view all the answers

What is the first principle of the lean startup method?

<p>Frame Hypotheses (C)</p> Signup and view all the answers

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

<p>Customer feedback (C)</p> Signup and view all the answers

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

<p>Product development ignores the customer (C)</p> Signup and view all the answers

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

<p>To test and gather feedback on product design (C)</p> Signup and view all the answers

Flashcards

Fixed Mindset

The belief that abilities are fixed and cannot be developed. People with a fixed mindset tend to avoid challenges and give up easily.

Growth Mindset

The belief that abilities can be developed through effort and learning. People with a growth mindset embrace challenges and see failures as opportunities for improvement.

Giving Up

A characteristic of someone with a fixed mindset; they give up when faced with challenges, believing they lack the ability to succeed.

Entrepreneurial Mindset

A mindset characterized by quickly sensing opportunities, taking action, and organizing effectively under uncertain conditions.

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Transforming Mindset

Shifting your mindset from fixed to growth by being aware of and responding to negative self-talk.

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Belief in Learning

Belief in the ability to learn and develop, leading to a focus on effort and improvement.

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Challenges as Opportunities

Viewing challenges and failures as opportunities to improve learning and skills. This is a key outcome of having a growth mindset.

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I'll Try Again

People with a growth mindset often respond to challenges with determination and optimism.

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Loss of Confidence

Comparing oneself to others or listening to negative voices can erode confidence and hinder growth.

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UNDERSTAND

The first stage in Design Thinking, where you seek to deeply understand your users, their needs, and their context.

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DEFINE

The stage in Design Thinking where you define the needs and challenges of your users, focusing on their core problems and aspirations.

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Self-Efficacy

The outcome of achieving self-efficacy is a sense of confidence, believing in your ability to make a difference.

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Leading Innovation

The process of cultivating a growth mindset and fostering innovation within an organization by addressing gaps and inspiring creative confidence.

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Empathy in Innovation

Empathy is essential in innovation. It involves understanding the feelings and thoughts of others, connecting with their needs and perspectives.

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Goals vs. Objectives

Goals are broad, general statements about what you want to achieve, while Objectives are specific, measurable steps that lead towards achieving your goals.

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Diverge Phase

The Diverge phase in innovation is about generating multiple, diverse ideas. This stage encourages brainstorming and exploration.

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Testing in Innovation

A crucial step in the innovation process, testing involves gathering feedback from users about the prototype to identify areas for improvement and validation.

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Observe Stage

The Observe stage in empathy-building involves actively observing users in their natural environment, noticing their needs and situations.

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Entrepreneurship as a Science

Entrepreneurship is a learnable science, involving the ability to identify and address market needs through innovation and resourcefulness.

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Startup Objective

A startup's primary objective is to validate its business model hypotheses, finding a repeatable and scalable model that meets market needs.

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Compelling Mission Statement

A compelling mission statement is concise, clear, and inspiring, outlining the purpose of the company or organization.

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Startup Failure Reasons

Most startups fail due to timing or market fit issues. The idea might be great, but it may not be needed or wanted by customers at that moment.

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Vision Statement

A vision statement defines the company's long-term destiny, outlining its goals and aspirations for the future.

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Lean Startup

A lean startup is a methodology for developing businesses and products, aiming to reduce risk and increase efficiency by focusing on customer feedback and rapid iteration.

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Golden Circle

The Golden Circle is a framework for understanding why a company exists (purpose), how it executes (process), and what it does (actions).

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Traditional Business Method

Traditional business models often involve significant upfront investment and risk, making them prone to failure.

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Lean Startup Goal

The lean startup method aims to reduce the likelihood of startup failure by focusing on customer feedback and rapidly iterating the product or business model.

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Frame Hypotheses

The first principle of the lean startup method involves framing your business hypotheses as testable assumptions about the market and customer needs.

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Customer Development

Customer development focuses on gathering feedback from potential customers to understand their needs and validate your product or business model.

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Product Development vs. Customer Development

Product development often focuses on building a product first, while customer development prioritizes understanding the customer and validating the product idea.

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Minimum Viable Product (MVP)

A minimum viable product (MVP) is a basic version of your product that includes essential features to gather early customer feedback and validate your idea.

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