1
ENT 101 Week 2 Quiz Introduction to
Entrepreneurship Actual Exam 2026/2027
with Detailed Rationales | Complete Exam-
Style Questions | Pass Guaranteed – A+
Graded
TABLE OF CONTENTS
Section 1 | The Entrepreneurial Mindset & Foundational Concepts | Q1 – Q10
Section 2 | Opportunity Recognition, Cognitive Biases & Psychological Concepts |
Q11 – Q20
Section 3 | Creativity, Innovation & Idea Generation | Q21 – Q30
Section 4 | Problem Solving, Decision-Making & Effectuation | Q31 – Q38
Section 5 | NGN-Style Integrated Case Analysis | Q39 – Q50
Instructions: Choose the single best answer unless otherwise indicated. Pass: 70%
in 60 minutes.
══════════════════════════════════════
SECTION 1: THE ENTREPRENEURIAL MINDSET & FOUNDATIONAL
CONCEPTS Q1 – Q10
══════════════════════════════════════
Question 1 of 50
Marcus believes his startup's success is entirely dependent on his own strategic
decisions and hard work, rather than market luck or competitor actions. This
cognitive orientation is best described as an internal locus of control.
,2
A. An internal locus of control ✓ CORRECT
B. An external locus of control
C. The Cassandra fallacy
D. Cognitive adaptability
Correct Answer: A
Rationale: An internal locus of control is the belief that one's own actions and
decisions dictate outcomes, which drives entrepreneurs to take proactive steps
rather than relying on luck. An external locus of control is incorrect because it
assumes outcomes are controlled by outside forces like fate or powerful others.
Entrepreneurs must cultivate this internal orientation to push through inevitable
startup setbacks.
Question 2 of 50
Sarah receives harsh feedback on her startup pitch and immediately signs up for a
financing workshop to improve her weak spots, believing she can learn the
necessary skills. Carol Dweck would classify this response as demonstrating a
growth mindset.
A. A fixed mindset
B. A growth mindset ✓ CORRECT
C. Functional fixedness
D. The planning fallacy
Correct Answer: B
,3
Rationale: A growth mindset is the belief that abilities can be developed through
dedication and hard work, creating a resilience essential for entrepreneurial
success. A fixed mindset is the tempting wrong answer because it assumes
intelligence and talent are static traits that cannot be improved. Students should
align feedback-seeking behaviors with growth-oriented cognitive frameworks.
Question 3 of 50
David is starting a tech company but instead of setting a rigid five-year revenue
goal, he assesses his personal network, technical skills, and available capital to see
what ventures he can organically create. This approach is known as effectuation.
A. Causation
B. Planned abandonment
C. Effectuation ✓ CORRECT
D. Reverse innovation
Correct Answer: C
Rationale: Effectuation theory argues that expert entrepreneurs start with their
given means and allow goals to emerge over time, rather than starting with a fixed
goal. Causation is incorrect because it describes the traditional, goal-driven
management approach of starting with a specific target and finding the resources to
achieve it. Understanding this distinction is heavily tested on the ENT 101 quiz.
Question 4 of 50
Elena has faced twenty investor rejections for her medical device startup but
continues to refine her prototype and pitch with unwavering passion. Angela
Duckworth would identify this trait as grit.
, 4
A. Entrepreneurial alertness
B. Tolerance for ambiguity
C. Overconfidence bias
D. Grit ✓ CORRECT
Correct Answer: D
Rationale: Grit is defined as passion and perseverance for long-term goals,
enabling entrepreneurs to persist despite repeated failures. Tolerance for ambiguity
is incorrect because it refers to the comfort level with uncertain situations, not the
sustained drive to achieve over time. Grit separates founders who quit after early
resistance from those who eventually break through.
Question 5 of 50
An entrepreneur discovers a critical flaw in a competitor's product that will cause
regulatory failure, but when they warn the market, nobody believes them until the
failure actually occurs. This scenario illustrates the Cassandra fallacy.
A. The Cassandra fallacy ✓ CORRECT
B. The planning fallacy
C. Confirmation bias
D. Functional fixedness
Correct Answer: A
Rationale: The Cassandra fallacy occurs when an entrepreneur correctly identifies
a future problem or market shift but is dismissed or ignored by others until the
event actually happens. The planning fallacy is incorrect because it specifically
ENT 101 Week 2 Quiz Introduction to
Entrepreneurship Actual Exam 2026/2027
with Detailed Rationales | Complete Exam-
Style Questions | Pass Guaranteed – A+
Graded
TABLE OF CONTENTS
Section 1 | The Entrepreneurial Mindset & Foundational Concepts | Q1 – Q10
Section 2 | Opportunity Recognition, Cognitive Biases & Psychological Concepts |
Q11 – Q20
Section 3 | Creativity, Innovation & Idea Generation | Q21 – Q30
Section 4 | Problem Solving, Decision-Making & Effectuation | Q31 – Q38
Section 5 | NGN-Style Integrated Case Analysis | Q39 – Q50
Instructions: Choose the single best answer unless otherwise indicated. Pass: 70%
in 60 minutes.
══════════════════════════════════════
SECTION 1: THE ENTREPRENEURIAL MINDSET & FOUNDATIONAL
CONCEPTS Q1 – Q10
══════════════════════════════════════
Question 1 of 50
Marcus believes his startup's success is entirely dependent on his own strategic
decisions and hard work, rather than market luck or competitor actions. This
cognitive orientation is best described as an internal locus of control.
,2
A. An internal locus of control ✓ CORRECT
B. An external locus of control
C. The Cassandra fallacy
D. Cognitive adaptability
Correct Answer: A
Rationale: An internal locus of control is the belief that one's own actions and
decisions dictate outcomes, which drives entrepreneurs to take proactive steps
rather than relying on luck. An external locus of control is incorrect because it
assumes outcomes are controlled by outside forces like fate or powerful others.
Entrepreneurs must cultivate this internal orientation to push through inevitable
startup setbacks.
Question 2 of 50
Sarah receives harsh feedback on her startup pitch and immediately signs up for a
financing workshop to improve her weak spots, believing she can learn the
necessary skills. Carol Dweck would classify this response as demonstrating a
growth mindset.
A. A fixed mindset
B. A growth mindset ✓ CORRECT
C. Functional fixedness
D. The planning fallacy
Correct Answer: B
,3
Rationale: A growth mindset is the belief that abilities can be developed through
dedication and hard work, creating a resilience essential for entrepreneurial
success. A fixed mindset is the tempting wrong answer because it assumes
intelligence and talent are static traits that cannot be improved. Students should
align feedback-seeking behaviors with growth-oriented cognitive frameworks.
Question 3 of 50
David is starting a tech company but instead of setting a rigid five-year revenue
goal, he assesses his personal network, technical skills, and available capital to see
what ventures he can organically create. This approach is known as effectuation.
A. Causation
B. Planned abandonment
C. Effectuation ✓ CORRECT
D. Reverse innovation
Correct Answer: C
Rationale: Effectuation theory argues that expert entrepreneurs start with their
given means and allow goals to emerge over time, rather than starting with a fixed
goal. Causation is incorrect because it describes the traditional, goal-driven
management approach of starting with a specific target and finding the resources to
achieve it. Understanding this distinction is heavily tested on the ENT 101 quiz.
Question 4 of 50
Elena has faced twenty investor rejections for her medical device startup but
continues to refine her prototype and pitch with unwavering passion. Angela
Duckworth would identify this trait as grit.
, 4
A. Entrepreneurial alertness
B. Tolerance for ambiguity
C. Overconfidence bias
D. Grit ✓ CORRECT
Correct Answer: D
Rationale: Grit is defined as passion and perseverance for long-term goals,
enabling entrepreneurs to persist despite repeated failures. Tolerance for ambiguity
is incorrect because it refers to the comfort level with uncertain situations, not the
sustained drive to achieve over time. Grit separates founders who quit after early
resistance from those who eventually break through.
Question 5 of 50
An entrepreneur discovers a critical flaw in a competitor's product that will cause
regulatory failure, but when they warn the market, nobody believes them until the
failure actually occurs. This scenario illustrates the Cassandra fallacy.
A. The Cassandra fallacy ✓ CORRECT
B. The planning fallacy
C. Confirmation bias
D. Functional fixedness
Correct Answer: A
Rationale: The Cassandra fallacy occurs when an entrepreneur correctly identifies
a future problem or market shift but is dismissed or ignored by others until the
event actually happens. The planning fallacy is incorrect because it specifically
