MGMT 335 Exam UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
**Who are Entrepreneurs - CORRECT ANSWER People who Drive, passion and Vision
Well educated people
people with significant industry experiance
Showing early interest early in life.
***(Article: What it takes: talked about a experiment with children. They attempted to teach a group
of young children to toss a ring on a pole. Some attempted to toss and some walked over and dropped
it on the poll. Those who repeatedly attempted to toss the poll were seen as the ones who "like"
challenges)
**What are entrepreneurs motivated by - CORRECT ANSWER Wealth
Owning a company
Start up culture
An idea of Oppurtunity
Working for self
**What is Entrepreneurship - CORRECT ANSWER 1.Managing People = Leadership;
Communicating skills, innovations, culture and teamwork, comfort with uncertainty, negotiation.
2. Leveraging Opportunities = Business; Strategy, Opportunity Evaluation, Marketing, Organizational
Behavior, Business Plan, Finance
***What are the 6 steps in the entrepreneurship process - CORRECT ANSWER 1. Identify
Oppurtuinty
2. Develop the oppurtintyy
3. Determine the Resources
4. Acquire the resources
5. Implement and Mangage
6. Harvast
Describe good and bad creativity - CORRECT ANSWER Good: Interesting, funny, innovative
,Bad: weird, nonsensical, impractival
Left Brain Vs. Right Brain - CORRECT ANSWER left brain : more analytical
Right brain: more creative
Right Brain road blocks - CORRECT ANSWER You.
Not thinking you can create
loathe criticism
a creature of habit
overconfident
** dont let your brain tie you in knots***
**Article: Brainstorming: what did you take away - CORRECT ANSWER - Wild and
divergent ideas are welcome
- Defer judgemnet - no evaluations (wait till after)
- Quantity takes precedence of over quality
- Build on or modify others ideas ---poor ideas that are modified often become good ideas
- Be Visual - --use words, pictures
- Hold one conversation at at time ----use headlines to summarize
**Article: Listening to your Inner Entrepreneur - CORRECT ANSWER -Find the
opportunities; don't wallow in the problems
-Separate idea generation from idea evaluation
-Change lenses
-Avoid the trap of entrenched thinking
-Risk something big
** Apply what you know - experience, education, hobbies, etc.***
***Article: Finding the Real Opportunities - CORRECT ANSWER -Do what you love.
, -Turn old standbys into new products
-Explore mundane moneymakers
-Spin off a more lucrative business
-Look for avalanches
- Based upon understanding trends
Trends Driving the Global Economy - CORRECT ANSWER Carbon Killers - going green
All Access Economy - open standards
People power - user-created content
Trends - Technological and Social
(from Ch 2 Reading) - CORRECT ANSWER -Aging of baby boomers
-Increasing US diversity
-Two working parents / changing role of women
-Rising middle class in developing nations
-Changing role of religious organizations
-Pervasive influence of media (TV, Web, etc.)
-Life sciences - genomics, biometrics, etc.
-Info technologies - wireless, cloud, video gaming, robotics
-Really high tech - Nanotech, superconductors, designer enzymes
-Security - software, devices, clothes, airport/other
-Computing interfaces - cell phones, speech recognition, gaming
3DP: Lessons from this Example - CORRECT ANSWER 1. Opportunities are in the eye of the
beholder.
-None of those licensing the 3DP technology thought of any of the other applications.
-Each entrepreneur drew on his/her prior experience to recognize opportunity.
2. We notice opportunities in the neighborhood of our past experience.
- Past experience drives discovery (we usually notice opportunities in the neighborhood of our past
experiences)
QUESTIONS AND CORRECT ANSWERS
**Who are Entrepreneurs - CORRECT ANSWER People who Drive, passion and Vision
Well educated people
people with significant industry experiance
Showing early interest early in life.
***(Article: What it takes: talked about a experiment with children. They attempted to teach a group
of young children to toss a ring on a pole. Some attempted to toss and some walked over and dropped
it on the poll. Those who repeatedly attempted to toss the poll were seen as the ones who "like"
challenges)
**What are entrepreneurs motivated by - CORRECT ANSWER Wealth
Owning a company
Start up culture
An idea of Oppurtunity
Working for self
**What is Entrepreneurship - CORRECT ANSWER 1.Managing People = Leadership;
Communicating skills, innovations, culture and teamwork, comfort with uncertainty, negotiation.
2. Leveraging Opportunities = Business; Strategy, Opportunity Evaluation, Marketing, Organizational
Behavior, Business Plan, Finance
***What are the 6 steps in the entrepreneurship process - CORRECT ANSWER 1. Identify
Oppurtuinty
2. Develop the oppurtintyy
3. Determine the Resources
4. Acquire the resources
5. Implement and Mangage
6. Harvast
Describe good and bad creativity - CORRECT ANSWER Good: Interesting, funny, innovative
,Bad: weird, nonsensical, impractival
Left Brain Vs. Right Brain - CORRECT ANSWER left brain : more analytical
Right brain: more creative
Right Brain road blocks - CORRECT ANSWER You.
Not thinking you can create
loathe criticism
a creature of habit
overconfident
** dont let your brain tie you in knots***
**Article: Brainstorming: what did you take away - CORRECT ANSWER - Wild and
divergent ideas are welcome
- Defer judgemnet - no evaluations (wait till after)
- Quantity takes precedence of over quality
- Build on or modify others ideas ---poor ideas that are modified often become good ideas
- Be Visual - --use words, pictures
- Hold one conversation at at time ----use headlines to summarize
**Article: Listening to your Inner Entrepreneur - CORRECT ANSWER -Find the
opportunities; don't wallow in the problems
-Separate idea generation from idea evaluation
-Change lenses
-Avoid the trap of entrenched thinking
-Risk something big
** Apply what you know - experience, education, hobbies, etc.***
***Article: Finding the Real Opportunities - CORRECT ANSWER -Do what you love.
, -Turn old standbys into new products
-Explore mundane moneymakers
-Spin off a more lucrative business
-Look for avalanches
- Based upon understanding trends
Trends Driving the Global Economy - CORRECT ANSWER Carbon Killers - going green
All Access Economy - open standards
People power - user-created content
Trends - Technological and Social
(from Ch 2 Reading) - CORRECT ANSWER -Aging of baby boomers
-Increasing US diversity
-Two working parents / changing role of women
-Rising middle class in developing nations
-Changing role of religious organizations
-Pervasive influence of media (TV, Web, etc.)
-Life sciences - genomics, biometrics, etc.
-Info technologies - wireless, cloud, video gaming, robotics
-Really high tech - Nanotech, superconductors, designer enzymes
-Security - software, devices, clothes, airport/other
-Computing interfaces - cell phones, speech recognition, gaming
3DP: Lessons from this Example - CORRECT ANSWER 1. Opportunities are in the eye of the
beholder.
-None of those licensing the 3DP technology thought of any of the other applications.
-Each entrepreneur drew on his/her prior experience to recognize opportunity.
2. We notice opportunities in the neighborhood of our past experience.
- Past experience drives discovery (we usually notice opportunities in the neighborhood of our past
experiences)
