ENTR 3310 TEST 1 QUESTIONS WITH COMPLETE
SOLUTIONS
•Assumptions Underlying the Entrepreneurship Method Correct
Answers -Applies to novices and experts.
-Is inclusive.
-Requires continuous practice.
-Works in an unpredictable environment.
-Changes how we think.
-Entrepreneurship needs to be viewed as a method.
•Carol Dweck's two different types of mindsets. Correct
Answers -Fixed mindset.
-Growth mindset.
•Cognitive styles attributed to successful entrepreneurs: Correct
Answers -Intelligence.
-Creativity.
-Self-efficacy.
•Eight Components of the Practice of Entrepreneurship Correct
Answers -Identify your desired impact on the world.
-Start with means at hand.
-Describe the idea today.
-Calculate affordable loss.
-Take small action.
-Network and enroll others in your journey.
-Build on what you learn.
-Reflect and be honest with yourself.
, •Etrepreneurship has the element of passion. Correct Answers
-It is connected to the desired impact.
•Favorable opportunities are those that are Correct Answers -
Valuable: There is a market for customers.
-Rare: They are a novelty for customers.
-Fit: They are made based on skills and knowledge of the
founding team.
-Costly to imitate: Those which create barriers for other
entrepreneurs.
•Forms of value: Correct Answers -Economic value.
-Social and environmental value.
•Four questions to ask during the design-thinking process:
Correct Answers -What is?
-What if?
-What wows?
-What works?
•It consists of three main strategies: Correct Answers -
Behavior-focused strategies.
-Natural reward strategies.
-Constructive thought pattern strategies.
•Passion is an intense positive emotion. Correct Answers -
Dysfunctional side to passion.
-The problem with the "find your passion" adage is that people
are less likely to try new things.
-Develop your passion is a more effective means.
SOLUTIONS
•Assumptions Underlying the Entrepreneurship Method Correct
Answers -Applies to novices and experts.
-Is inclusive.
-Requires continuous practice.
-Works in an unpredictable environment.
-Changes how we think.
-Entrepreneurship needs to be viewed as a method.
•Carol Dweck's two different types of mindsets. Correct
Answers -Fixed mindset.
-Growth mindset.
•Cognitive styles attributed to successful entrepreneurs: Correct
Answers -Intelligence.
-Creativity.
-Self-efficacy.
•Eight Components of the Practice of Entrepreneurship Correct
Answers -Identify your desired impact on the world.
-Start with means at hand.
-Describe the idea today.
-Calculate affordable loss.
-Take small action.
-Network and enroll others in your journey.
-Build on what you learn.
-Reflect and be honest with yourself.
, •Etrepreneurship has the element of passion. Correct Answers
-It is connected to the desired impact.
•Favorable opportunities are those that are Correct Answers -
Valuable: There is a market for customers.
-Rare: They are a novelty for customers.
-Fit: They are made based on skills and knowledge of the
founding team.
-Costly to imitate: Those which create barriers for other
entrepreneurs.
•Forms of value: Correct Answers -Economic value.
-Social and environmental value.
•Four questions to ask during the design-thinking process:
Correct Answers -What is?
-What if?
-What wows?
-What works?
•It consists of three main strategies: Correct Answers -
Behavior-focused strategies.
-Natural reward strategies.
-Constructive thought pattern strategies.
•Passion is an intense positive emotion. Correct Answers -
Dysfunctional side to passion.
-The problem with the "find your passion" adage is that people
are less likely to try new things.
-Develop your passion is a more effective means.
