Practicing Entrepreneurship- Chapter 2 Test Bank Solution Manual Already Passed (Rated A+)

Practicing Entrepreneurship- Chapter 2 Test Bank Solution Manual Already Passed (Rated A+) 1. Compare and contrast the prediction and creation approaches to entrepreneurship 2. Create a portfolio of five skills essential to building a mindset for the practice of entrepreneurship 3. Distinguish between entrepreneurship as a method and a process 4. Illustrate the key components of the practice of Entrepreneurship 5. Assess the role of deliberate practice in achieving mastery - Answers What are the 5 learning objectives in this chapter? Predictive Logic - Answers A form of thinking that sees entrepreneurship as a linear process in which steps are followed and outcomes are ideally predictable Creation Logic - Answers A form of thinking that is used when the future is unpredictable Predictive Logic - Answers This type of logic puts a large focus on planning, less focus on actions, and emphasizes waiting until you get the resources that you need. It's a linear approach that attempts to avoid failure at all costs and works best in times of certainty and when there is assess to existing info and data. Creation Logic - Answers This type of logic puts a small focus on planning, and a large focus on taking actions. This is an iterative approach that embraces and leverages failure and is employed during times of uncertainty. Predictive Logic - Answers Optimization and Competitiveness are characteristics of which logic; predictive or creation? Creation Logic - Answers Experimentation and Collaboration are characteristics of which logic; predictive or creation? creative - Answers Traditional education, the need to find the correct answer, and the constant need for measurement and assessment has inhibited our _________________ nature. Theory of Effectuation - Answers The idea that the future is unpredictable and entrepreneurs can "effect" the future. 1. Skill of Play 2. Skill of Experimentation 3. Skill of Empathy 4. Skill of Creativity 5. Skill of Reflection - Answers What are the 5 skills an entrepreneur should develop by learning through action and managing uncertainty? Skill of Play - Answers Free the imagination, opens up our minds to a wealth of opportunities and possibilities, and helps us to be more innovative as entrepreneurs Skill of Experimentation - Answers Best described as acting in order to learn - trying something, learning from the attempt and building that learning into the next iteration Skill of Empathy - Answers Developing the ability to understand the emotion, circumstances, intentions, thoughts, and needs of others Skill of Creativity - Answers Requires a general openness to the world and relates unleashing our creative ability to create and find opportunities and solve problems Skill of Reflection - Answers Helps make sense of all the other actions required of play, empathy, creativity, and experimentation 1. Narrative reflection (describe what happened using Who, What, When, Where, Why) 2. Emotional reflection (how you felt during and how you managed those emotions) 3. Perceptive reflection (your perceptions and reactions, as well as the perceptions and reactions of others) 4. Analytical reflection (analyze situation by thinking about the skills and knowledge you gained from the experience and relating this to stuff you've learned before) 5. Evaluative reflection (What went well, what went badly, positive/negative, etc.) 6. Critical reflection (What part did you play and approach taken, what else you could have done, what you need to consider as a result, etc.) - Answers What are the 6 different ways in which we can practice reflection? Step 1: Think of an idea Step 2: Do market research Step 3: Get some financial projections Step 4: Find partner/team Step 5: Write business plan Step 6: Get financing Step 7: Find space, build prototype, hire people Step 8: Bring your product/service to market