ENT 101 WEEK 2 QUIZ | ACTUAL QUESTIONS AND
ANSWERS 2025 UPDATE 100% CORRECT -
TORONTO METROPOLITAN UNIVERSITY | 100%
PASS GUARANTEED | GRADED A+
1. 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:
A. An external locus of control
B. An internal locus of control
C. The Cassandra fallacy
D. Cognitive adaptability
ANS: B
Explanation: 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.
The Cassandra fallacy refers to being dismissed when warning of future problems,
and cognitive adaptability refers to flexibility in thinking.
2. 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. A fixed mindset
B. A growth mindset
C. Functional fixedness
D. The planning fallacy
ANS: B
Explanation: A growth mindset is the belief that abilities can be developed
through dedication and hard work, creating resilience essential for entrepreneurial
success. A fixed mindset assumes intelligence and talent are static traits that
cannot be improved. Functional fixedness is a cognitive bias limiting objects to
traditional uses, and the planning fallacy involves underestimating time and costs.
3. 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:
A. Causation
B. Planned abandonment
C. Effectuation
D. Reverse innovation
ANS: C
Explanation: 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. Planned abandonment involves systematically dropping ineffective
processes, and reverse innovation refers to innovations developed in emerging
markets.
4. 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:
A. Entrepreneurial alertness
B. Tolerance for ambiguity
C. Overconfidence bias
D. Grit
ANS: D
Explanation: 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. Entrepreneurial alertness
is the ability to notice opportunities, and overconfidence bias is a cognitive
distortion.
, 5. 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:
A. The Cassandra fallacy
B. The planning fallacy
C. The sunk cost fallacy
D. Confirmation bias
ANS: A
Explanation: 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 specifically refers to
underestimating time, costs, and risks. The sunk cost fallacy involves continuing
based on past investments, and confirmation bias is seeking information that
supports pre-existing beliefs.
6. A founder continues to invest money into a failing venture because they
have already invested so much time and capital. This is an example of:
A. Risk aversion
B. The sunk cost fallacy
C. Opportunity cost analysis
D. Bootstrapping
ANS: B
Explanation: The sunk cost fallacy occurs when decisions are made based on past
ANSWERS 2025 UPDATE 100% CORRECT -
TORONTO METROPOLITAN UNIVERSITY | 100%
PASS GUARANTEED | GRADED A+
1. 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:
A. An external locus of control
B. An internal locus of control
C. The Cassandra fallacy
D. Cognitive adaptability
ANS: B
Explanation: 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.
The Cassandra fallacy refers to being dismissed when warning of future problems,
and cognitive adaptability refers to flexibility in thinking.
2. 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. A fixed mindset
B. A growth mindset
C. Functional fixedness
D. The planning fallacy
ANS: B
Explanation: A growth mindset is the belief that abilities can be developed
through dedication and hard work, creating resilience essential for entrepreneurial
success. A fixed mindset assumes intelligence and talent are static traits that
cannot be improved. Functional fixedness is a cognitive bias limiting objects to
traditional uses, and the planning fallacy involves underestimating time and costs.
3. 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:
A. Causation
B. Planned abandonment
C. Effectuation
D. Reverse innovation
ANS: C
Explanation: 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. Planned abandonment involves systematically dropping ineffective
processes, and reverse innovation refers to innovations developed in emerging
markets.
4. 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:
A. Entrepreneurial alertness
B. Tolerance for ambiguity
C. Overconfidence bias
D. Grit
ANS: D
Explanation: 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. Entrepreneurial alertness
is the ability to notice opportunities, and overconfidence bias is a cognitive
distortion.
, 5. 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:
A. The Cassandra fallacy
B. The planning fallacy
C. The sunk cost fallacy
D. Confirmation bias
ANS: A
Explanation: 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 specifically refers to
underestimating time, costs, and risks. The sunk cost fallacy involves continuing
based on past investments, and confirmation bias is seeking information that
supports pre-existing beliefs.
6. A founder continues to invest money into a failing venture because they
have already invested so much time and capital. This is an example of:
A. Risk aversion
B. The sunk cost fallacy
C. Opportunity cost analysis
D. Bootstrapping
ANS: B
Explanation: The sunk cost fallacy occurs when decisions are made based on past
