ENTR 2030 QUIZ 1 QUESTIONS AND ANSWERS
Entrepreneurship - Answers -A way of thinking, acting, and being that combines the
ability to create new opportunities with the courage to act on them
7 Truths of Entrepreneurship - Answers -1: Entrepreneurship is not reserved for
startups
2: Entrepreneurs do not have special personality traits
3: Entrepreneurship can be taught (it's a method that requires practice)
4: Entrepreneurs are not extreme risk takers
5: Entrepreneurs collaborate more than they compete
6: Entrepreneurs act more than they plan
7: Entrepreneurship is a life skill
Startup - Answers -A temporary organization in search of a scalable business model
Personality Traits of Entrepreneurs - Answers -Desire for achievement, ability to
influence events, tendency to take risks, tolerance for uncertainty
Effectuation Theory - Answers -The idea that the future in unpredictable yet controllable
and entrepreneurs can effect the future
Types of Entrepreneurship - Answers -Corporate entrepreneurship, entrepreneurship
inside, franchising, buying a small business social entrepreneurship, family enterprising,
and serial entrepreneurship
Corporate Entrepreneurship - Answers -A process of creating new products, ventures,
processes, or renewal within large organizations
Entrepreneurship Inside - Answers -Employees who think and act entrepreneurially
within different types of organizations
Franchise - Answers -License purchased by an entrepreneur from an existing business
to operate under the businesses name
Buying a Small Business - Answers -Entrepreneur purchases existing business
Social Entrepreneurship - Answers -The process of sourcing innovative solutions to
social and environmental problems
Benefit Corporation (B Corp) - Answers -Organization that ensures social and
environmental standards are met
Family Enterprise - Answers -A business that is owned and managed by multiple family
members
, Serial Entrepreneurs (Habitual Entrepreneurs) - Answers -Entrepreneurs who start
several businesses, either simultaneously or consecutively
Method - Answers -A systematic way of approaching a task
Process - Answers -A series of steps taken to achieve a particular end
Entrepreneurship as a Method - Answers -A set of practices, phases of learning,
iterative, creative, action focus, investment for learning, collaborative
Entrepreneurship as a Process - Answers -Known inputs and predicted outputs, steps
to complete, linear, predictive, planning focus, expected return, competitive
Managerial Thinking - Answers -Big planning, wait until you get what you need,
expected return, linear, optimization, avoid failure at all costs, competitive, knowable,
plan to act
Entrepreneurial Thinking - Answers -Small actions, start with what you have,
acceptable loss, iterative, experimentation, embrace and leverage failure, collaborative,
unknowable, act to learn
Eight Components of the Entrepreneurship Method - Answers -1: Identify your desired
impact on the world
2: Start with the means at hand
3: Describe the idea today
4: Calculate affordable loss
5: Take small action
6: Network and enroll others in your journey
7: Build on what you learn
8: Reflect and be honest with yourself
Deliberate Practice - Answers -Carrying out carefully focused efforts to improve current
performance
Components of Deliberate Practice - Answers -High focus, identify and improve
weaknesses, consistent effort, continuous feedback, set goals, self-reflection
Mindset - Answers -the established set of attitudes held by someone
Growth Mindset - Answers -The assumptions held by people who believe that their
abilities can be developed through dedication, effort, and hard work
Fixed Mindset - Answers -The assumptions held by people who perceive their talents
and abilities as set traits
Entrepreneurship - Answers -A way of thinking, acting, and being that combines the
ability to create new opportunities with the courage to act on them
7 Truths of Entrepreneurship - Answers -1: Entrepreneurship is not reserved for
startups
2: Entrepreneurs do not have special personality traits
3: Entrepreneurship can be taught (it's a method that requires practice)
4: Entrepreneurs are not extreme risk takers
5: Entrepreneurs collaborate more than they compete
6: Entrepreneurs act more than they plan
7: Entrepreneurship is a life skill
Startup - Answers -A temporary organization in search of a scalable business model
Personality Traits of Entrepreneurs - Answers -Desire for achievement, ability to
influence events, tendency to take risks, tolerance for uncertainty
Effectuation Theory - Answers -The idea that the future in unpredictable yet controllable
and entrepreneurs can effect the future
Types of Entrepreneurship - Answers -Corporate entrepreneurship, entrepreneurship
inside, franchising, buying a small business social entrepreneurship, family enterprising,
and serial entrepreneurship
Corporate Entrepreneurship - Answers -A process of creating new products, ventures,
processes, or renewal within large organizations
Entrepreneurship Inside - Answers -Employees who think and act entrepreneurially
within different types of organizations
Franchise - Answers -License purchased by an entrepreneur from an existing business
to operate under the businesses name
Buying a Small Business - Answers -Entrepreneur purchases existing business
Social Entrepreneurship - Answers -The process of sourcing innovative solutions to
social and environmental problems
Benefit Corporation (B Corp) - Answers -Organization that ensures social and
environmental standards are met
Family Enterprise - Answers -A business that is owned and managed by multiple family
members
, Serial Entrepreneurs (Habitual Entrepreneurs) - Answers -Entrepreneurs who start
several businesses, either simultaneously or consecutively
Method - Answers -A systematic way of approaching a task
Process - Answers -A series of steps taken to achieve a particular end
Entrepreneurship as a Method - Answers -A set of practices, phases of learning,
iterative, creative, action focus, investment for learning, collaborative
Entrepreneurship as a Process - Answers -Known inputs and predicted outputs, steps
to complete, linear, predictive, planning focus, expected return, competitive
Managerial Thinking - Answers -Big planning, wait until you get what you need,
expected return, linear, optimization, avoid failure at all costs, competitive, knowable,
plan to act
Entrepreneurial Thinking - Answers -Small actions, start with what you have,
acceptable loss, iterative, experimentation, embrace and leverage failure, collaborative,
unknowable, act to learn
Eight Components of the Entrepreneurship Method - Answers -1: Identify your desired
impact on the world
2: Start with the means at hand
3: Describe the idea today
4: Calculate affordable loss
5: Take small action
6: Network and enroll others in your journey
7: Build on what you learn
8: Reflect and be honest with yourself
Deliberate Practice - Answers -Carrying out carefully focused efforts to improve current
performance
Components of Deliberate Practice - Answers -High focus, identify and improve
weaknesses, consistent effort, continuous feedback, set goals, self-reflection
Mindset - Answers -the established set of attitudes held by someone
Growth Mindset - Answers -The assumptions held by people who believe that their
abilities can be developed through dedication, effort, and hard work
Fixed Mindset - Answers -The assumptions held by people who perceive their talents
and abilities as set traits
