Mgmt 3850 Chapter 2 Homework Question And Answers | Verified Solution

MGMT 3850 CHAPTER 2 HOMEWORK QUESTION AND ANSWERS Essentials of Entrepreneurship & Small Business Mgmt., 7e (Scarborough) Chapter 2 Inside the Entrepreneurial Mind: From Ideas to Reality 1) The ability to develop new ideas and to discover new ways of looking at problems and opportunities is called: A) entrepreneurship. B) innovation. C) creativity. D) creative thinking. 2) An entrepreneurial "secret" for creating value in the marketplace is: A) applying creativity and innovation to solve problems. B) creating new products and services. C) learning by doing. D) applying lessons learned from history. 3) The ability to apply creative solutions to problems and opportunities to enhance or to enrich people's lives is called: A) entrepreneurship. B) innovation. C) creativity. D) creative thinking. 4) Harvard's Ted Levitt says that creativity is ________ new things, and innovation is ________ new things. A) thinking; doing B) doing; thinking C) seeing; doing D) thinking; applying 5) Entrepreneurship is a constant process that relies on: A) creativity, innovation, and profit. B) the ability to win over the consumer. C) creativity, innovation, and application in the marketplace. D) intellectual property rights. 6) ________ is necessary for building a competitive advantage and for business survival. A) One single idea B) A motivated owner C) Creativity D) A low-priced product 7) Creativity often involves creating something from nothing. However, it is more likely to result in: A) elaborating on the present. B) putting old things together in new ways. C) taking something away to create something simpler or better. D) All of the above 8) When developing creative solutions to modern problems, entrepreneurs must: A) go beyond merely using whatever has worked in the past. B) limit the creative process to only profitable ventures. C) remember what has worked in the past. D) pay attention to limiting factors. 9) Research shows that anyone can learn to be creative. The problem is: A) many organizations fail to foster an environment that encourages creativity. B) most people never tap into their pools of innate creativity. C) most people have never been taught to be creative. D) All of the above 10) Research into the operation of the human brain shows that each hemisphere of the brain: A) develops symmetrically. B) controls similar functions. C) does not dominate the other hemisphere. D) processes information differently. 11) The left brain is guided by: A) kaleidoscopic, lateral thinking. B) linear, vertical thinking. C) asymmetrical thinking. D) intuitive thinking. 12) The right brain is guided by: A) kaleidoscopic, lateral thinking. B) linear, vertical thinking. C) asymmetrical thinking. D) logical thinking.