Discovery and Creation Theories in Entrepreneurship Exam Questions and Correct Answers Latest
Update 2024 (Graded A+)
Discovery Theory - Answers Opportunities exist independently, waiting to be discovered.
Creation Theory - Answers Opportunities are formed through entrepreneurial actions.
Entrepreneurial Action - Answers Activities taken to form and exploit opportunities.
Teleological Theories - Answers Theories explaining actions based on objectives and context.
Objective Phenomena - Answers Opportunities exist as tangible entities in the market.
Competitive Opportunities - Answers Market imperfections that entrepreneurs can exploit.
Economic Profits - Answers Financial gains from successfully exploiting opportunities.
Iterative Learning Process - Answers Continuous learning leading to opportunity formation.
Business Plan Development - Answers Creating plans based on formed opportunities.
Data Collection Techniques - Answers Methods used to gather information on opportunities.
Opportunity Exploitation - Answers Acting on discovered opportunities for profit.
Assumptions of Teleological Theories - Answers Critical beliefs about objectives, individuals, and context.
Human Objectives - Answers Goals that guide entrepreneurial actions.
Decision Making Context - Answers Environment influencing individual choices and actions.
Empirical Content - Answers Real-world applicability of theories in practice.
Mountain Climbing Metaphor - Answers Represents the discovery approach to entrepreneurship.
Mountain Building Metaphor - Answers Represents the creation approach to entrepreneurship.
Opportunity Formation - Answers Process of creating viable business opportunities.
Strategic Management - Answers Field focused on long-term organizational success.
Entrepreneurial Processes - Answers Series of actions leading to opportunity exploitation.
Competitive Advantage - Answers Edge gained by successfully exploiting opportunities.
Market Imperfections - Answers Flaws in the market that create opportunities.
Fame and Fortune - Answers Recognition and wealth from successful entrepreneurship.
Ambitious Entrepreneurs - Answers Individuals driven to discover and exploit opportunities.
, Rigorous Planning - Answers Detailed preparation that may mislead early-stage entrepreneurs.
First-Mover Advantage - Answers Benefits gained by being the first to exploit an opportunity.
Evolutionary Theory - Answers Explains entrepreneurial actions without product creation focus.
Exogenous Shocks - Answers External events that create market opportunities.
Competitive Imperfections - Answers Market flaws allowing for entrepreneurial opportunities.
Risky Decision Context - Answers Sufficient information available to anticipate outcomes.
Uncertain Decision Context - Answers Insufficient information to predict outcomes or probabilities.
Opportunity Recognition - Answers Identifying unmet demand and matching with products.
Agency to Opportunity - Answers Entrepreneurs exploit opportunities, bringing them to life.
Search Process - Answers Systematic scanning for opportunities in the environment.
Local Search - Answers Searching for modest opportunities in a limited area.
Global Search - Answers Searching for substantial opportunities across broader contexts.
Alertness - Answers Entrepreneurs' ability to recognize and exploit opportunities.
Cognitive Differences - Answers Variations in thinking affecting opportunity recognition.
Information Asymmetries - Answers Differences in access to information impacting decisions.
Risk Preferences - Answers Individual attitudes toward risk influencing entrepreneurial actions.
Realist Philosophy - Answers Belief that opportunities exist as objective phenomena.
Motivation Theory - Answers Explains behavior based on fulfilling individual needs.
Herzberg's Theory - Answers Focuses on factors influencing job satisfaction and motivation.
Maslow's Hierarchy - Answers Motivation based on fulfilling a hierarchy of needs.
Market Equilibrium - Answers State where supply equals demand in a market.
Entrepreneurial Objectives - Answers Goals of entrepreneurs to form and exploit opportunities.
Technological Changes - Answers Advancements that disrupt competitive market conditions.
Political Changes - Answers Government actions affecting market opportunities.
Demographic Changes - Answers Shifts in population characteristics impacting market dynamics.
Update 2024 (Graded A+)
Discovery Theory - Answers Opportunities exist independently, waiting to be discovered.
Creation Theory - Answers Opportunities are formed through entrepreneurial actions.
Entrepreneurial Action - Answers Activities taken to form and exploit opportunities.
Teleological Theories - Answers Theories explaining actions based on objectives and context.
Objective Phenomena - Answers Opportunities exist as tangible entities in the market.
Competitive Opportunities - Answers Market imperfections that entrepreneurs can exploit.
Economic Profits - Answers Financial gains from successfully exploiting opportunities.
Iterative Learning Process - Answers Continuous learning leading to opportunity formation.
Business Plan Development - Answers Creating plans based on formed opportunities.
Data Collection Techniques - Answers Methods used to gather information on opportunities.
Opportunity Exploitation - Answers Acting on discovered opportunities for profit.
Assumptions of Teleological Theories - Answers Critical beliefs about objectives, individuals, and context.
Human Objectives - Answers Goals that guide entrepreneurial actions.
Decision Making Context - Answers Environment influencing individual choices and actions.
Empirical Content - Answers Real-world applicability of theories in practice.
Mountain Climbing Metaphor - Answers Represents the discovery approach to entrepreneurship.
Mountain Building Metaphor - Answers Represents the creation approach to entrepreneurship.
Opportunity Formation - Answers Process of creating viable business opportunities.
Strategic Management - Answers Field focused on long-term organizational success.
Entrepreneurial Processes - Answers Series of actions leading to opportunity exploitation.
Competitive Advantage - Answers Edge gained by successfully exploiting opportunities.
Market Imperfections - Answers Flaws in the market that create opportunities.
Fame and Fortune - Answers Recognition and wealth from successful entrepreneurship.
Ambitious Entrepreneurs - Answers Individuals driven to discover and exploit opportunities.
, Rigorous Planning - Answers Detailed preparation that may mislead early-stage entrepreneurs.
First-Mover Advantage - Answers Benefits gained by being the first to exploit an opportunity.
Evolutionary Theory - Answers Explains entrepreneurial actions without product creation focus.
Exogenous Shocks - Answers External events that create market opportunities.
Competitive Imperfections - Answers Market flaws allowing for entrepreneurial opportunities.
Risky Decision Context - Answers Sufficient information available to anticipate outcomes.
Uncertain Decision Context - Answers Insufficient information to predict outcomes or probabilities.
Opportunity Recognition - Answers Identifying unmet demand and matching with products.
Agency to Opportunity - Answers Entrepreneurs exploit opportunities, bringing them to life.
Search Process - Answers Systematic scanning for opportunities in the environment.
Local Search - Answers Searching for modest opportunities in a limited area.
Global Search - Answers Searching for substantial opportunities across broader contexts.
Alertness - Answers Entrepreneurs' ability to recognize and exploit opportunities.
Cognitive Differences - Answers Variations in thinking affecting opportunity recognition.
Information Asymmetries - Answers Differences in access to information impacting decisions.
Risk Preferences - Answers Individual attitudes toward risk influencing entrepreneurial actions.
Realist Philosophy - Answers Belief that opportunities exist as objective phenomena.
Motivation Theory - Answers Explains behavior based on fulfilling individual needs.
Herzberg's Theory - Answers Focuses on factors influencing job satisfaction and motivation.
Maslow's Hierarchy - Answers Motivation based on fulfilling a hierarchy of needs.
Market Equilibrium - Answers State where supply equals demand in a market.
Entrepreneurial Objectives - Answers Goals of entrepreneurs to form and exploit opportunities.
Technological Changes - Answers Advancements that disrupt competitive market conditions.
Political Changes - Answers Government actions affecting market opportunities.
Demographic Changes - Answers Shifts in population characteristics impacting market dynamics.
