ENTR 2030 Quiz 1 Questions And
Answers 100% Solved
Entrepreneurship - answer A way of thinking, acting, and being that combines the ability
to create new opportunities with the courage to act on them
7 Truths of Entrepreneurship - answer 1: Entrepreneurship is not reserved for startups
2: Entrepreneurs do not have special personality traits
3: Entrepreneurship can be taught (it's a method that requires practice)
4: Entrepreneurs are not extreme risk takers
5: Entrepreneurs collaborate more than they compete
6: Entrepreneurs act more than they plan
7: Entrepreneurship is a life skill
Startup - answer A temporary organization in search of a scalable business model
Personality Traits of Entrepreneurs - answer Desire for achievement, ability to influence
events, tendency to take risks, tolerance for uncertainty
Effectuation Theory - answer The idea that the future in unpredictable yet controllable
and entrepreneurs can effect the future
Types of Entrepreneurship - answer Corporate entrepreneurship, entrepreneurship
inside, franchising, buying a small business social entrepreneurship, family
enterprising, and serial entrepreneurship
Corporate Entrepreneurship - answer A process of creating new products, ventures,
processes, or renewal within large organizations
Entrepreneurship Inside - answer Employees who think and act entrepreneurially within
different types of organizations
Franchise - answer License purchased by an entrepreneur from an existing business to
operate under the businesses name
Buying a Small Business - answer Entrepreneur purchases existing business
Social Entrepreneurship - answer The process of sourcing innovative solutions to social
and environmental problems
, Benefit Corporation (B Corp) - answer Organization that ensures social and
environmental standards are met
Family Enterprise - answer A business that is owned and managed by multiple family
members
Serial Entrepreneurs (Habitual Entrepreneurs) - answer Entrepreneurs who start
several businesses, either simultaneously or consecutively
Method - answer A systematic way of approaching a task
Process - answer A series of steps taken to achieve a particular end
Entrepreneurship as a Method - answer A set of practices, phases of learning, iterative,
creative, action focus, investment for learning, collaborative
Entrepreneurship as a Process - answer Known inputs and predicted outputs, steps to
complete, linear, predictive, planning focus, expected return, competitive
Managerial Thinking - answer Big planning, wait until you get what you need, expected
return, linear, optimization, avoid failure at all costs, competitive, knowable, plan to act
Entrepreneurial Thinking - answer Small actions, start with what you have, acceptable
loss, iterative, experimentation, embrace and leverage failure, collaborative,
unknowable, act to learn
Eight Components of the Entrepreneurship Method - answer 1: Identify your desired
impact on the world
2: Start with the means at hand
3: Describe the idea today
4: Calculate affordable loss
5: Take small action
6: Network and enroll others in your journey
7: Build on what you learn
8: Reflect and be honest with yourself
Deliberate Practice - answer Carrying out carefully focused efforts to improve current
performance
Components of Deliberate Practice - answer High focus, identify and improve
weaknesses, consistent effort, continuous feedback, set goals, self-reflection
Mindset - answer the established set of attitudes held by someone
Answers 100% Solved
Entrepreneurship - answer A way of thinking, acting, and being that combines the ability
to create new opportunities with the courage to act on them
7 Truths of Entrepreneurship - answer 1: Entrepreneurship is not reserved for startups
2: Entrepreneurs do not have special personality traits
3: Entrepreneurship can be taught (it's a method that requires practice)
4: Entrepreneurs are not extreme risk takers
5: Entrepreneurs collaborate more than they compete
6: Entrepreneurs act more than they plan
7: Entrepreneurship is a life skill
Startup - answer A temporary organization in search of a scalable business model
Personality Traits of Entrepreneurs - answer Desire for achievement, ability to influence
events, tendency to take risks, tolerance for uncertainty
Effectuation Theory - answer The idea that the future in unpredictable yet controllable
and entrepreneurs can effect the future
Types of Entrepreneurship - answer Corporate entrepreneurship, entrepreneurship
inside, franchising, buying a small business social entrepreneurship, family
enterprising, and serial entrepreneurship
Corporate Entrepreneurship - answer A process of creating new products, ventures,
processes, or renewal within large organizations
Entrepreneurship Inside - answer Employees who think and act entrepreneurially within
different types of organizations
Franchise - answer License purchased by an entrepreneur from an existing business to
operate under the businesses name
Buying a Small Business - answer Entrepreneur purchases existing business
Social Entrepreneurship - answer The process of sourcing innovative solutions to social
and environmental problems
, Benefit Corporation (B Corp) - answer Organization that ensures social and
environmental standards are met
Family Enterprise - answer A business that is owned and managed by multiple family
members
Serial Entrepreneurs (Habitual Entrepreneurs) - answer Entrepreneurs who start
several businesses, either simultaneously or consecutively
Method - answer A systematic way of approaching a task
Process - answer A series of steps taken to achieve a particular end
Entrepreneurship as a Method - answer A set of practices, phases of learning, iterative,
creative, action focus, investment for learning, collaborative
Entrepreneurship as a Process - answer Known inputs and predicted outputs, steps to
complete, linear, predictive, planning focus, expected return, competitive
Managerial Thinking - answer Big planning, wait until you get what you need, expected
return, linear, optimization, avoid failure at all costs, competitive, knowable, plan to act
Entrepreneurial Thinking - answer Small actions, start with what you have, acceptable
loss, iterative, experimentation, embrace and leverage failure, collaborative,
unknowable, act to learn
Eight Components of the Entrepreneurship Method - answer 1: Identify your desired
impact on the world
2: Start with the means at hand
3: Describe the idea today
4: Calculate affordable loss
5: Take small action
6: Network and enroll others in your journey
7: Build on what you learn
8: Reflect and be honest with yourself
Deliberate Practice - answer Carrying out carefully focused efforts to improve current
performance
Components of Deliberate Practice - answer High focus, identify and improve
weaknesses, consistent effort, continuous feedback, set goals, self-reflection
Mindset - answer the established set of attitudes held by someone
