ENT3003
The more you practice, the better you will be at whatever you are practicing. True/False
- answer False
Steve Blank notes that the term "startup" is synonymous with the term
"entrepreneurship." True/False - answer False
Which is the best approach for establishing a new business or startup? - answer using a
method approach
Which action is important when critically assessing your idea as part of practicing the
Entrepreneurship Method? - answer deciding how the idea can be improved
You and your siblings take over your grandparents' store, just as your parents did
before you. Based on the information provided, which is true about your situation? -
answeryou are part of a family enterprise.
A method of carrying out carefully focused efforts to improve current performance is
referred to as ______ practice. - answer deliberate
In an uncertain environment in which all desired information may not be available, one
is best served by viewing entrepreneurship as a ______. - answermethod to be
practiced
A first time entrepreneur decides to invest a lot of time and resources in intensive
research and planning. In taking this approach, they are most likely ______. -
answerallowing the market to take control
What does research show about entrepreneurs who fail in their first venture? -
answerthey are far more likely to succeed if they try again
An entrepreneur wants to manage a business. They do not want to start the business
from the ground up, but they want flexibility to develop the business as they wish over
time. Which option would be the best fit? - answerbuying an existing business
The local city government may be considered a stakeholder in a private company that
has its headquarters in the city. True/False - answerTrue
Which is likely to result if an entrepreneur uses deliberate practice over a period of
time? - answertheir decisions will be faster and more accurate
, An entrepreneur has an early-phase startup. After assessing her resources, she feels
she must expand her network and find people willing to help. She joins a local business
organization and reaches out to others with expertise. Which component of the
Entrepreneurship Method is this? - answerenrolling stakeholders
An employee who works for a large corporation wants to become more competitive.
They are assigned to work in a separate unit with the objective of developing new,
innovative products to expand what the company already offers. This type of internal
innovation is called ______ entrepreneurship. - answercorporate
A baker wants to open a bakery but doesn't have the resources to do so. If taking an
entrepreneurial mindset, they should ______. - answerstart as a home baker and offer
goods to local stores
According to Babson's Entrepreneurial Thought & Action® (ET&A) approach, which
product or service ideas are most likely to succeed? - answerthose that align with who
you are
Entrepreneurs tend to take______ risks. - answercalculated
Entrepreneurs may encounter ______ challenges in which there is conflict between
their principles and financial gain. - answerethical
The entrepreneurial approach should be implemented under which of these
circumstances? - answerwhen you do not have much data
Which action is important when critically assessing your idea as part of practicing the
Entrepreneurship Method? - answerdeciding how the idea can be improved
Which is true about a person who has an entrepreneurial mindset? - answerthey are
able to transfer their entrepreneurial mindset to work in most fields
One of the most common mistakes entrepreneurs make is to ______. - answerbe overly
optimistic and confident
Buying a license to provide another business's products under that parent business's
rigid guidelines is a form of ______. - answerfranchising
The outdated view that entrepreneurship is a process suggests that if you ______, you
will succeed. - answerfollow particular steps
A clothing designer has done research on their target demographic, college students,
but knows that trends in this market are not always predictable. The designer believes
their designs are unique and appealing, though. The designer decides to start small by
selling their clothes at a pop-up shop on campus to see how students respond. These
actions are an example of ______. - answereffectuation
The more you practice, the better you will be at whatever you are practicing. True/False
- answer False
Steve Blank notes that the term "startup" is synonymous with the term
"entrepreneurship." True/False - answer False
Which is the best approach for establishing a new business or startup? - answer using a
method approach
Which action is important when critically assessing your idea as part of practicing the
Entrepreneurship Method? - answer deciding how the idea can be improved
You and your siblings take over your grandparents' store, just as your parents did
before you. Based on the information provided, which is true about your situation? -
answeryou are part of a family enterprise.
A method of carrying out carefully focused efforts to improve current performance is
referred to as ______ practice. - answer deliberate
In an uncertain environment in which all desired information may not be available, one
is best served by viewing entrepreneurship as a ______. - answermethod to be
practiced
A first time entrepreneur decides to invest a lot of time and resources in intensive
research and planning. In taking this approach, they are most likely ______. -
answerallowing the market to take control
What does research show about entrepreneurs who fail in their first venture? -
answerthey are far more likely to succeed if they try again
An entrepreneur wants to manage a business. They do not want to start the business
from the ground up, but they want flexibility to develop the business as they wish over
time. Which option would be the best fit? - answerbuying an existing business
The local city government may be considered a stakeholder in a private company that
has its headquarters in the city. True/False - answerTrue
Which is likely to result if an entrepreneur uses deliberate practice over a period of
time? - answertheir decisions will be faster and more accurate
, An entrepreneur has an early-phase startup. After assessing her resources, she feels
she must expand her network and find people willing to help. She joins a local business
organization and reaches out to others with expertise. Which component of the
Entrepreneurship Method is this? - answerenrolling stakeholders
An employee who works for a large corporation wants to become more competitive.
They are assigned to work in a separate unit with the objective of developing new,
innovative products to expand what the company already offers. This type of internal
innovation is called ______ entrepreneurship. - answercorporate
A baker wants to open a bakery but doesn't have the resources to do so. If taking an
entrepreneurial mindset, they should ______. - answerstart as a home baker and offer
goods to local stores
According to Babson's Entrepreneurial Thought & Action® (ET&A) approach, which
product or service ideas are most likely to succeed? - answerthose that align with who
you are
Entrepreneurs tend to take______ risks. - answercalculated
Entrepreneurs may encounter ______ challenges in which there is conflict between
their principles and financial gain. - answerethical
The entrepreneurial approach should be implemented under which of these
circumstances? - answerwhen you do not have much data
Which action is important when critically assessing your idea as part of practicing the
Entrepreneurship Method? - answerdeciding how the idea can be improved
Which is true about a person who has an entrepreneurial mindset? - answerthey are
able to transfer their entrepreneurial mindset to work in most fields
One of the most common mistakes entrepreneurs make is to ______. - answerbe overly
optimistic and confident
Buying a license to provide another business's products under that parent business's
rigid guidelines is a form of ______. - answerfranchising
The outdated view that entrepreneurship is a process suggests that if you ______, you
will succeed. - answerfollow particular steps
A clothing designer has done research on their target demographic, college students,
but knows that trends in this market are not always predictable. The designer believes
their designs are unique and appealing, though. The designer decides to start small by
selling their clothes at a pop-up shop on campus to see how students respond. These
actions are an example of ______. - answereffectuation
