MGT 4303 ENTREPRENEURSHIP CH 1 THE ENTREPRENEURIAL
MIND-SET QUESTIONS AND ANSWERS
Entrepreneurial Opportunities - CORRECT ANSWER✅✅Those situations in which new goods, services,
raw materials, and organizing methods can be introduced and sold at greater than their cost of
production.
Entrepeneurial Action - CORRECT ANSWER✅✅Action through the creation of new products/processes
and/or the entry into new markets, which may occur through a newly created organization or within an
established organization
Entrepreneurial thinking - CORRECT ANSWER✅✅Individuals' mental processes of overcoming ignorance
to decide whether a signal represents an opportunity for someone and/or reducing doubt as to whether
an opportunity for someone is also an opportunity for them specifically, and/or processing feedback
from action steps taken.
superficial similarities - CORRECT ANSWER✅✅exists when the basic (relatively easy to observe)
elements of the technology resemble (match) the basic (relatively easy to observce) elements of the
market
Structural similarities - CORRECT ANSWER✅✅exist when the underlying mechanism of the technology
resemble (or match) the underlying mechanism of the market
Bricolage - CORRECT ANSWER✅✅entrepreneurs do by applying combinations of the resources at hand
to new problems and opportunities
casual process - CORRECT ANSWER✅✅A process that starts with a desired outcome and focuses on the
means to generate that outcome
effectuation process - CORRECT ANSWER✅✅A process that starts with what ove has (who they are,
what they know, and whom they know) and selects among possible outcomes
entrepreneurial mind-set - CORRECT ANSWER✅✅involves the ability to repidly sense, act, and mobilize,
even under uncertain conditions
MIND-SET QUESTIONS AND ANSWERS
Entrepreneurial Opportunities - CORRECT ANSWER✅✅Those situations in which new goods, services,
raw materials, and organizing methods can be introduced and sold at greater than their cost of
production.
Entrepeneurial Action - CORRECT ANSWER✅✅Action through the creation of new products/processes
and/or the entry into new markets, which may occur through a newly created organization or within an
established organization
Entrepreneurial thinking - CORRECT ANSWER✅✅Individuals' mental processes of overcoming ignorance
to decide whether a signal represents an opportunity for someone and/or reducing doubt as to whether
an opportunity for someone is also an opportunity for them specifically, and/or processing feedback
from action steps taken.
superficial similarities - CORRECT ANSWER✅✅exists when the basic (relatively easy to observe)
elements of the technology resemble (match) the basic (relatively easy to observce) elements of the
market
Structural similarities - CORRECT ANSWER✅✅exist when the underlying mechanism of the technology
resemble (or match) the underlying mechanism of the market
Bricolage - CORRECT ANSWER✅✅entrepreneurs do by applying combinations of the resources at hand
to new problems and opportunities
casual process - CORRECT ANSWER✅✅A process that starts with a desired outcome and focuses on the
means to generate that outcome
effectuation process - CORRECT ANSWER✅✅A process that starts with what ove has (who they are,
what they know, and whom they know) and selects among possible outcomes
entrepreneurial mind-set - CORRECT ANSWER✅✅involves the ability to repidly sense, act, and mobilize,
even under uncertain conditions
