Technology Entrepreneurship Lecture 2: Venture Teams & Effectuation

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What is the focus of Lecture 2 in the Introduction to Technology Entrepreneurship?

Effectuation Theory

Venture Teams (correct)

Role of Enterprising Individuals

Opportunity Activation

According to Shane & Venkataraman, what do entrepreneurs do?

Discover, evaluate, and exploit opportunities (correct)

Analyze market trends

Implement marketing strategies

Establish businesses

What type of founding teams are more likely to identify varied market opportunities according to Gruber, MacMillan, and Thompson?

Teams with diverse industry experience and external knowledge sourcing relationships (correct)

Teams with a narrow focus on one industry

Teams with limited external networking

Teams with high financial resources

What is the date of the briefing workshop on effectuation mentioned in the text?

November 14, 2023 Signup and view all the answers

In terms of opportunity discovery, what is the role of founding teams with a more diverse background according to the text?

They identify more varied (distant) market opportunities Signup and view all the answers

What area of research does the promise of entrepreneurship refer to according to Shane & Venkataraman?

The promise of entrepreneurship as a field of research Signup and view all the answers

What does the concept of flow, as described in the text, involve?

Complete involvement and satisfaction in an activity Signup and view all the answers

According to the text, where are new opportunities found?

External changes in the environment Signup and view all the answers

What is the main focus of the human-centered design process mentioned in the text?

Understanding people's needs and desires Signup and view all the answers

In the context of venture teams and effectuation, how are new opportunities created?

From stakeholders' resources and goals Signup and view all the answers

What is the significance of diversity in a team, as mentioned in the text?

It helps in identifying more diverse market opportunities Signup and view all the answers

What does the concept of 'flow' involve, as described in the text?

Intrinsic motivation and clear proximal goals Signup and view all the answers

How are new opportunities identified before market entry for technology start-ups?

Through external search and joint action possibilities Signup and view all the answers

What shapes the number and variety of market opportunities identified before market entry for technology start-ups?

Team diversity and joint action possibilities Signup and view all the answers

In the context of venture teams and effectuation, how are new opportunities created?

From stakeholders' resources and goals Signup and view all the answers

What is the focus of the human-centered design process mentioned in the text?

Understanding people's needs and desires Signup and view all the answers

What does diversity in a team help with, as mentioned in the text?

It helps in identifying more diverse market opportunities Signup and view all the answers

Where are new opportunities found, according to the text?

External changes in the environment Signup and view all the answers

What is the focus of clan culture according to the Competing Values Framework?

Mentoring, nurturing, and 'doing things together' Signup and view all the answers

What is the definition of a new venture team?

A group of individuals with a common goal that can only be achieved by appropriate combinations of individual entrepreneurial actions Signup and view all the answers

Which culture is most often employed by new venture teams in tech startups, according to the provided information?

Adhocracy culture Signup and view all the answers

What is the 3H Model referred to in the text?

Hacker, Hipster, Hustler Signup and view all the answers

According to Sarah Sarasvathy's study of entrepreneurial expertise, what percentage of the respondents used effectual logic most of the time when solving problems?

75% Signup and view all the answers

According to the text, what is considered one of the most important success factors in a venture by Dutch venture capitalists?

The team Signup and view all the answers

What kind of distribution requires estimation techniques, as per Sarah Sarasvathy?

Unknown distribution Signup and view all the answers

What does the 8 Characteristics of the Perfect Startup Team emphasize as an important characteristic?

Working hours Signup and view all the answers

What is the inverse of 'causal' reasoning, as mentioned in the text?

'Effectual' reasoning Signup and view all the answers

What is the purpose of the Competing Values Framework according to the text?

To guide behaviors in an organization Signup and view all the answers

According to Sarasvathy, what categories of means do all entrepreneurs begin with?

'Who they are', 'What they know', and 'Whom they know' Signup and view all the answers

What is the Industry-Specific characteristic mentioned in the text?

Technical focus for certain industries Signup and view all the answers

In which scenario is causal reasoning exemplified, according to the text?

A chef given a specific menu in advance and cooking the meal in their own well-equipped kitchen Signup and view all the answers

'The inverted causal triangle at the top' captures which process, as per Sarasvathy?

'Causal' marketing process Signup and view all the answers

What are considered the 3 most important characteristics in the 3H Model according to the text?

Hacker, Hipster, Hustler Signup and view all the answers

Which characteristic is NOT emphasized as important in the 8 Characteristics of the Perfect Startup Team?

Number of social media followers Signup and view all the answers

According to Sarasvathy, what does effectuation focus on in an unpredictable future?

Controllable aspects Signup and view all the answers

What does the term 'solo-founder' refer to according to the text?

The founder who works alone without any team members Signup and view all the answers

What is the primary focus of adhocracy culture, based on the Competing Values Framework?

'Doing things first' Signup and view all the answers

What does a group need to be considered a team according to the text?

Close connection and standing up for one another among members Signup and view all the answers

'Clan culture is structured and controlled' - True or False?

False Signup and view all the answers

What is a human capital perspective on entrepreneurial teams focused on according to the text?

Industry-specific skills and experiences of group members Signup and view all the answers

In which scenario does effectual reasoning apply?

A chef exploring unspecified ingredients and cooking a meal in a strange kitchen without a menu Signup and view all the answers

What is a new venture team defined by according to the text?

A group with a common goal that can only be achieved by appropriate combinations of individual entrepreneurial actions Signup and view all the answers

What is the main characteristic of team flow?

Sense of joint progress Signup and view all the answers

According to the text, what is essential for experiencing task flow in a team?

Clear proximal goals Signup and view all the answers

Which of the following is a prerequisite for experiencing team flow?

Mutual trust Signup and view all the answers

What is characteristic of an 'optimized' team dynamic, as per the text?

Aligned personal goals Signup and view all the answers

What is an element of team flow that can be more readily influenced and needs to be created?

Open communication Signup and view all the answers

What makes the most exciting ventures, according to expert entrepreneurs?

A space in which the future is unknown and unknowable Signup and view all the answers

What characterizes experiences of team flow?

A sense of unity Signup and view all the answers

'Safe climate' is a prerequisite for experiencing which type of flow?

'Team' flow Signup and view all the answers

'Open communication' is an element contributing to which type of flow?

'Team' flow Signup and view all the answers

What is essential for achieving 'mutual trust' within a team dynamic?

Clear proximal goals Signup and view all the answers

What contributes to creating an 'optimized' team dynamic?

Collective ambition Signup and view all the answers

According to the text, what characterizes the 'shared experience' in team flow?

Sense of unity Signup and view all the answers

What do effectuation processes focus on?

Selecting between possible effects with a given set of means Signup and view all the answers

How do expert entrepreneurs view the future?

Creative Signup and view all the answers

What is the predisposition toward risk and resources in effectual logic?

Affordable loss Signup and view all the answers

What does the term 'effectuator' imply about an entrepreneur's stance toward the world?

The world is open and still in the making Signup and view all the answers

What is the basis for taking action in causal logic?

Goal-oriented Signup and view all the answers

What do effectuators seek to make happen?

Success Signup and view all the answers

What do expert entrepreneurs minimize the use of?

Prediction Signup and view all the answers

How do effectuators view opportunities according to the text?

Open and still in the making Signup and view all the answers

According to the text, what do effectuators recognize as an integral part of venturing?

Failure as well as success Signup and view all the answers

According to the text, what is indicative of elements of team flow that are hard to create or promote?

Challenging skill balance Signup and view all the answers

Technology Entrepreneurship Lecture 2: Venture Teams &amp; Effectuation

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Questions and Answers

What is the focus of Lecture 2 in the Introduction to Technology Entrepreneurship?

According to Shane & Venkataraman, what do entrepreneurs do?

What type of founding teams are more likely to identify varied market opportunities according to Gruber, MacMillan, and Thompson?

What is the date of the briefing workshop on effectuation mentioned in the text?

In terms of opportunity discovery, what is the role of founding teams with a more diverse background according to the text?

What area of research does the promise of entrepreneurship refer to according to Shane & Venkataraman?

What does the concept of flow, as described in the text, involve?

According to the text, where are new opportunities found?

What is the main focus of the human-centered design process mentioned in the text?

In the context of venture teams and effectuation, how are new opportunities created?

What is the significance of diversity in a team, as mentioned in the text?

What does the concept of 'flow' involve, as described in the text?

How are new opportunities identified before market entry for technology start-ups?

What shapes the number and variety of market opportunities identified before market entry for technology start-ups?

In the context of venture teams and effectuation, how are new opportunities created?

What is the focus of the human-centered design process mentioned in the text?

What does diversity in a team help with, as mentioned in the text?

Where are new opportunities found, according to the text?

What is the focus of clan culture according to the Competing Values Framework?

What is the definition of a new venture team?

Which culture is most often employed by new venture teams in tech startups, according to the provided information?

What is the 3H Model referred to in the text?

According to Sarah Sarasvathy's study of entrepreneurial expertise, what percentage of the respondents used effectual logic most of the time when solving problems?

According to the text, what is considered one of the most important success factors in a venture by Dutch venture capitalists?

What kind of distribution requires estimation techniques, as per Sarah Sarasvathy?

What does the 8 Characteristics of the Perfect Startup Team emphasize as an important characteristic?

What is the inverse of 'causal' reasoning, as mentioned in the text?

What is the purpose of the Competing Values Framework according to the text?

According to Sarasvathy, what categories of means do all entrepreneurs begin with?

What is the Industry-Specific characteristic mentioned in the text?

In which scenario is causal reasoning exemplified, according to the text?

'The inverted causal triangle at the top' captures which process, as per Sarasvathy?

What are considered the 3 most important characteristics in the 3H Model according to the text?

Which characteristic is NOT emphasized as important in the 8 Characteristics of the Perfect Startup Team?

According to Sarasvathy, what does effectuation focus on in an unpredictable future?

What does the term 'solo-founder' refer to according to the text?

What is the primary focus of adhocracy culture, based on the Competing Values Framework?

What does a group need to be considered a team according to the text?

'Clan culture is structured and controlled' - True or False?

What is a human capital perspective on entrepreneurial teams focused on according to the text?

In which scenario does effectual reasoning apply?

What is a new venture team defined by according to the text?

What is the main characteristic of team flow?

According to the text, what is essential for experiencing task flow in a team?

Which of the following is a prerequisite for experiencing team flow?

What is characteristic of an 'optimized' team dynamic, as per the text?

What is an element of team flow that can be more readily influenced and needs to be created?

What makes the most exciting ventures, according to expert entrepreneurs?

What characterizes experiences of team flow?

'Safe climate' is a prerequisite for experiencing which type of flow?

'Open communication' is an element contributing to which type of flow?

What is essential for achieving 'mutual trust' within a team dynamic?

What contributes to creating an 'optimized' team dynamic?

According to the text, what characterizes the 'shared experience' in team flow?

What do effectuation processes focus on?

How do expert entrepreneurs view the future?

What is the predisposition toward risk and resources in effectual logic?

What does the term 'effectuator' imply about an entrepreneur's stance toward the world?

What is the basis for taking action in causal logic?

What do effectuators seek to make happen?

What do expert entrepreneurs minimize the use of?

How do effectuators view opportunities according to the text?

According to the text, what do effectuators recognize as an integral part of venturing?

According to the text, what is indicative of elements of team flow that are hard to create or promote?

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