Which of the following is NOT a truth about entrepreneurship?
A) Entrepreneurship is reserved for startups
B) Entrepreneurship can be taught, as it is a method that requires practice
C) Entrepreneurship collaborate more than they compete
D) Entrepreneursh
A
A temporary organization in search of a scalable business model is known as:
A startup
The older view to approaching entrepreneurship as a linear process (IE the steps are followed and the outcomes can be expected) is known as:
Predictive Logic
Creation logic should be used in situations of
Uncertainty
Sally decided to look into buying a franchise as her entrance into entrepreneurship. Which of the following is NOT a benefit of franchising?
A) A whole franchise network exists to reach out to for help and advice
B) Potential competition from other franch
B
___ is based on the idea that because the future is unpredictable yet controllable and that entrepreneurs can affect the future
A) Control
B) Experimentation
C) Effectuation
D) Entrepreneurship
C
People with a fixed mindset:
A) Perceive their talents and abilities as set traits
B) Are fixated on perfection and precision
C) Like to challenge themselves
D) Realize their brains and talents are not enough
A
People with a growth mindset:
A) Are eager to enhance their talents and abilities
B) Are fixated on perfection and precision
C) Don't like to challenge themselves
D) Tend to give up after experiencing a setback
A
The entrepreneurial mindset is about
A) Who you know
B) Who knows you
C) Who you are
D) What you know
C
What skill is best described as acting in order to learn - trying something, learning from the attempt and building that learning into the next iteration?
A) Skill of creativity
B) Skill of reflection
C) Skill of experimentation
D) Skill of play
C
Research has shown that overly praising someone for only for their intelligence can:
A) Create a growth mindset
B) Create a fixed mindset
C) Inspire people to try harder
D) Encourage people to learn from failure
B
Self-leadership involves:
A) Self-reward
B) Self-preservation
C) Self-sabotage
D) All of these
A
Creativity is:
A) Only expressed by artists and writers
B) The capacity to produce new ideas, insights, and inventions that are valuable and unique
C) Something we are born with
D) The capacity to develop intricate, complicated solutions
B
A recent study showed that ___?
A) Improvisational behavior was more evident in entrepreneurs starting new ventures
B) Improvisational behavior was less evident in entrepreneurs start new ventures
C) There was no connection between improvisational behavio
A
Which of the following is appropriate during improvisation:
A) I'm not sure and
B) No and
C) Maybe and
D) Yes and
D
The biggest difference between social entrepreneurship and corporate social responsibility is:
A) Social entrepreneurship places equal emphasis on social and economic goals
B) Corporate social responsibility places equal emphasis on social and economical
A
Wicked problems are defined as
Large, complex social problems with no clear solution
The starting point of design thinking is...
What do people need?
What are the three criteria for successful idea in design thinking?
Feasibility, viability, desirability
The act of knowing what people want, how they behave, and what they think, and how they feel is referred to by...
...
How are ideas tested in the implementation stage?
...
Janelle notices that a consumer rubs a piece of candela's over the outer edge of a can before replacing the lid. She asks the customer to explain why he does that. The answer to the question will provide Janelle with which of the following?
A) New knowled
C
Which of the following is an important benefit of experimentation?
A) It makes you get out from behind the desk
B) Assumptions are validated or proven false
C) It generates new ideas
D) It generates new business plans
B
If you were to storyboard the idea for Rent the Runway, which offers rentals of designer dresses, in what part of the framework would the fact that most women cannot afford designer clothes fall?
A) Problem
B) Solution
C) Idea
D) Benefit
A
What is the advantage of storyboarding that makes ti so effective?
A) It is shorter
B) It provokes discussion
C) The visual element gets the idea across quickly
D) All of these
D
What is the right side of the Business Model Canvas (BMC) focused on?
Value Creation
What is the left side of the Business Model Canvas (BMC) focus on?
...
The answer to the question "What are the different ways can I reach my customer?" will result in what element of the BMC?
...
When determining your revenue stream, what question should you ask yourself?
A) How do I establish and maintain relationships with customers?
B) How much are my customers willing to pay?
C) What are the most important costs inherent in the business model?
B
How many pages should the BMC be?
1 Page
Entrepreneur
An individual who creates something new (Idea, Item, or Product)
Start Up
A temporary organization in search of a scalable business model
Types of Entrepreneurship
- Corporate Entrepreneurship
- Social Entrepreneurship
- Family Enterprising
- Serial Entrepreneurs
Corporate Entrepreneurship
- Creating new products or ventures within an existing large organization
- Carried out by employees
- Created to enhance the organization
Social Entrepreneurship
- For profit or non-profit- Solving a social Problem- Receiving grants to produce products- "Buy on, Give one
Buying a Franchise
- Turnkey operation
- Outsider gains access to the market
Buying a Small Business
-Entrepreneur purchases existing business
-Takes over operations
-Less risky than starting from scratch
Family Enterprising
-Family members own and manage
-Each generation can make changes
-Sometimes difficult to work with family members (blurred lines)
-Resistant to changes
Serial Entrepreneurs
-Entrepreneur start several businesses simultaneously or in quick succession
-Always new ideas
-Seeks greater opportunities
The Prediction Approach
-Views entrepreneurship as a linear process where steps are followed and outcomes would be predictable
-Works best in times of certainty
The Five Skills
- Play
- Experimentation
- Empathy
- Creativity
- Reflection
The Skill of Play
-Frees the imagination
-Opens up our minds to opportunities
-Helps us become more innovative
The Skill of Empathy
-Understanding the emotion, circumstances, intentions, thoughts, and needs of others.
-Allows you to connect with potential stakeholders.
-Can help identify unmet needs
The Skill of Creativity
-Requires openness to the world
-Entrepreneurs create opportunities instead of looking for them
-Taking action under conditions of uncertainty
The Skill of Experimentation
-Acting in order to learn
-Collect real-world information
-Test new concepts
-Asking questions
-Validating assumptions
-Based on action not research
The Skill of Reflection
-Helps critically analyze our feelings and knowledge
-Provides new perspectives
-Evaluate outcomes
-Draw conclusions
Why does Mindset Matter?
Confidence
What is Mindset
The established attitudes held by someone
Fixed Mindset Views
-Talents are traits
-Brains plus talent equals success
-Constructive criticism is a personal attack
-Others' success is due to luck
-Avoid challenges
Growth Mindset
-Believe abilities can be developed through hard work
-Brains and talent are only the beginning of success
-Lifelong learners
-View failure as an opportunity to improve
Entrepreneurial Mindset
The ability to quickly sense, take action, and get organized under uncertain conditions
The Improvisation Habit
The art of spontaneously creating something without preparation
"Yes, and?
Wicked Problem
Large, complex, social problems without a clear solution
What is an opportunity
�Must have the capacity to generate value
�Economic value
�Social value
�Environmental value
�Must be new or unique
The Finding Approach
Opportunities exist and are waiting to be found
The Building Approach
Opportunities don't exist, and are a product of the mind
The Cookie Cutter Approach
...
Design Thinking
Solve complex problems and create something new to the world
The Two Types of Design Thinking
-Divergent Thinking: opens our minds to possibilities
-Convergent Thinking: moves us from abstract to concrete; from openness to understanding
Inspiration (DT)
What is the problem? How might we?
Implementation (DT)
Test fast and cheap
Ideation (DT)
Brainstorming, working with a diverse group
Experimentation
Method used to prove or disprove the validity of an idea
- Hypothesis is an assumption that is tested through experimentation
What is Story Boarding?
High-level view of thoughts and ideas arranged in sequence in the form of drawings, sketches, or illustrations
Business Model
a conceptual framework that describes how a company creates, delivers, and extracts value
Business Plan
- Formal document
- Provides background and financial information
- Outlines goals for the business and steps to attain these goals
KEY: Focusing on what customers want
Four Parts of the Business Model
1. The offering - potential customers
2. The customer- Target market, plan to reach them
3. The infrastructure - Products, cash, tech, people
4. The financial viability - Discusses Revenue