Entrepreneurship and Innovation Exam Questions And Answers
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Course
Entrepreneurship and Innovation
Institution
Entrepreneurship And Innovation
Entrepreneurship and Innovation Exam Questions And Answers
What are the two main perspectives on entrepreneurship? - ANSWER- Predictive logic (the older and more traditional view) and creation logic (has been developed through recent advances in the field)
When is prediction thinking used? - ...
Entrepreneurship and Innovation Exam Questions And Answers What are the two main perspectives on entrepreneurship? - ANSWER - Predictive logic (the older and more traditional view) and creation logic (has been developed through recent advances in the field) When is prediction thinking used? - ANSWER - In situations of certainty When is creation thinking used? - ANSWER - In situations where the future is unpredictable Distinguish between entrepreneurship as a method and a process - ANSWER - The method of entrep reneurship outlines the tools and practices necessary to take action. Entrepreneurship as a process guides would be creators along a thorough but static path from inception to exit What are the eight components of the practice of entrepreneurship? - ANSWE R- 1. Identify your desired impact on the world 2. Start with 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 y ourself A form of thinking that sees entrepreneurship as a linear process in which steps are followed and outcomes are ideally predictable - ANSWER - Predictive logic A form of thinking that is used when the future is unpredictable - ANSWER - Creation logic The idea that the future is unpredictable yet controllable and entrepreneurs can "effect" the future - ANSWER - Theory of Effectuation Frees the imagination, opens up our minds to a wealth of opportunities and possibilities, and helps us to be more inno vative as entrepreneurs - ANSWER - Skill of play Best described as acting in order to learn -try something, learning from the attempt and building that learning into the next iteration - ANSWER - Skill of experimentation Developing the ability to understand the emotion, circumstances, intentions, thoughts, and needs of others - ANSWER - Skill of empathy Requires a general openness to the world and relates to unleashing our creative ability to create and find opportunities and solve problems - ANSWER - Skill o f creativity Helps makes sense of all of the other actions required of play, empathy, creativity, and experimentation - ANSWER - Skill of reflection A method of carrying out carefully focused efforts to improve current performance - ANSWER - Deliberate practice Large, complex social problems where there is no clear solution, where there is limited, confusing, or contradictory information available, and where a whole range of people with conflicting values engage in debate - ANSWER - Wicked problems Businesses created by social entrepreneurs to resolve a social problem and make a profit - ANSWER - Social purpose ventures A for -profit venture whose primar y market impact is social - ANSWER - Social consequence entrepreneurship A form of social entrepreneurship where both the venture mission and the market impact are for social purposes - ANSWER - Enterprising nonprofits The sale of products or services that are used as a source of revenue generation - ANSWER - Earned income activities A combination of financial assistance such as grants with a high level of engagement by the funder - ANSWER - Venture philanthropy funding An organization with a purpose that e qually emphasizes both economic and social goals - ANSWER - Hybrid model of social entrepreneurship The people or groups affected by or involved with the achievements of the social enterprise's objectives - ANSWER - Stakeholders Describes the efforts taken by corporations to address the company's effects on environmental and social well -being in order to promote positive change - ANSWER - Corporate social responsibility A social enterprise whose mission is to integrate people who have been socially excluded into work and society through productive activity - ANSWER - Work integration social enterprise T/F There are 3 components to building an entrepreneurial mindset - ANSWER - False () What skill makes us aware of our own feelings? - ANSWER - The skill of ref lection
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