SMO 310 All Modules || with 100% Errorless Answers.
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Course
SMO 310
Institution
SMO 310
Seeks to understand how opportunities to create something new arise and are discovered or created by specific individuals, who then use various means to exploit or develop them, thus producing a wide range of effects correct answers Entrepreneurship
What are 3 reasons someone would engage in ent...
SMO 310 All Modules || with 100% Errorless Answers.
Seeks to understand how opportunities to create something new arise and are discovered or
created by specific individuals, who then use various means to exploit or develop them, thus
producing a wide range of effects correct answers Entrepreneurship
What are 3 reasons someone would engage in entrepreneurship? correct answers Profit
Social
Personal
What are the 2 main forms of entrepreneurship? correct answers Small and Medium Entreprises
(SME)
Innovation Driven Entrepreneurship (IDE)
Manage their businesses by expecting stable sales, profits, and growth correct answers Small and
Medium Entreprises (SME)
Focus their efforts on innovation, profitability and sustainable growth correct answers Innovation
Driven Entrepreneurs (IDE)
SME revenue, cash flow, and jobs over time have a (X) rate of growth
IDE revenue, cash flow, and jobs over time have a (X) rate of growth correct answers Linear
Hockey stick
What are 4 traits of SMEs? correct answers Local/regional
Low level of innovation
Non-tradable jobs
Linear growth
What are 4 traits of IDEs? correct answers Global markets
High levels of innovation
Tradable jobs
Non-linear "hockey stick" growth
The job can be performed by individuals outside a country correct answers Tradable jobs
The job can realistically only be performed by a domestic workforce correct answers Non-
Tradable jobs
What are 4 industries that have tradable jobs? correct answers manufacturing, consulting,
engineering, finance
What are 7 industries that have non-tradable jobs? correct answers Government, health care,
hospitality, food service, education, retail, and construction
Startup inside larger companies that develops new product correct answers Intrapreneurship
,To accomplish a social mission / create value for society correct answers Social Venture
Make money as a hobby correct answers Lifestyle
What 3 places could entrepreneurial opportunities stem from? correct answers A new market for
an existing product/service
New product/service for an existing market
New product/service for a new market
(T/F) Entrepreneurs are born, not made correct answers False
Entrepreneurs often make decisions in highly
uncertain environments requiring them to do what 3 things? correct answers - Effectuate when
they ID opportunities
- Learn from failure through iteration (ABEL) / Engage in design thinking as they launch and
scale
- Use stories and careful framing to gain legitimacy for ideas that are not yet "real things" as they
look for resources and build their network
Involves thinking of a desired outcome and then coming up with a plan (business plan) to
achieve that outcome correct answers Causal reasoning
Considers what a person has (who they are, what they have, what they know, and whom they
know) and then arrives at an outcome from a range of possible outcomes correct answers
Effectual reasoning
Starts with the END (thinking up a desired outcome) then coming up with a plan to execute
correct answers Causal reasoning
Starts with the MEANS (who am I, what do I have, what do I know, whom do I know) then
arrives at an outcome from a range of possibilites correct answers Effectual reasoning
Learning through hypothesis generation and small experiments correct answers ABEL/BLEA
framework
What does 'BLEA' stand for correct answers Build
Launch
Evaluate
Adapt
What does 'ABEL' stand for correct answers Ask
Build
Experiment
Learn
, a process for creative problem solving that includes empathy/human-centeredness, ideation, and
experimentation correct answers Design thinking
Design thinking: Being human-centred is unique to this type of design. (X) first, then (X) second.
correct answers People
Business
What are 3 benefits of design thinking? correct answers - Reduces risk associated with launching
new ideas because users help create them and see them before they launch
- It can generate innovative ideas because the user is always thinking about what they want /
need
- Assist in organizational learning - continuously better understanding of what customers want
What example did Angelica use in class to illustrate empathy in the design thinking process?
correct answers Senassure - Sameer Dhar
Wanted to create better adult diapers but had no idea about adult incontinence needs. He went
and lived in a home with seniors to empathize with his target market.
How can you overcome the liability of newness? correct answers Pitching, persuading,
networking: Convincing others of the validity of your idea and re-thinking how to build and
deploy your network around your vision.
What are the spaces that have lead to historically unsual rates of creativity and innovation?
correct answers Spaces where ideas can mix and exchange to create new things and ideas
Important ideas that take a (short/long) time to evolve and stay dormant in the background until
it (X) correct answers long
matures to the point of usefulness
Good ideas normally come from the (X) correct answers collision between smaller hunches
Tim Berners Lee and the World Wide Web correct answers Started with half of an idea. Worked
on the project for 10 years, but when he first started he didn't have the full vision. He started and
scrapped 2 of his intial projects before creating the WWW.
Often, the thing that turns a hunch into a breakthrough is the (X) correct answers Collision of
another hunch from someone else's mind
How does the internet help with innovation? correct answers The great driver of innovation is the
historic increase in connectivity. The internet has increased our ability to reach out and exchange
ideas with other people. This allows us to borrow and combine other people's hunches to create
something new.
What quote does Steven Johnson use at the end of his video? correct answers Chance favours the
connected mind
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