Ent 315 CH. 1, 2, 3,4,5 || All Questions Answered Correctly.
Benefit Corporation (or B-Corp) correct answers A form of organization that ensures strict
standards of social and environmental performance, accountability, and transparency are met
Corporate Entrepreneurship correct answers A process of creating new products, ventures,
processes, or renewal within large organizations
Effectuation correct answers The idea that the future is unpredictable yet controllable
Entrepreneur correct answers An individual or a group who creates something new—―a new
idea, a new item or product, a new institution, a new market, a new set of possibilities
Entrepreneurs inside correct answers The types of entrepreneurs who think and act
entrepreneurially within organizations
Entrpreneurship correct answers A discipline that seeks to understand how opportunities are
discovered, created, and exploited, by whom, and with what consequences
established business owners correct answers The people who are still active in business for over
three and a half years
family enterprise correct answers A business that is owned and managed by multiple family
members, typically for more than one generation
Franchise correct answers A type of license purchased by a franchisee from an existing business,
to allow them to trade under the name of that business
Microloans correct answers A very small, short-term loan often associated with entrepreneurs in
developing countries
nascent entrepreneurs correct answers Individuals who have set up a business they will own or
co-own that is less than three months old and has not yet generated wages or salaries for the
owners
Necessity-based entrepreneurs correct answers Individuals who are pushed into starting a
business because of circumstance such as redundancy, threat of job loss, and unemployment
new business owners correct answers Individuals who are former nascent entrepreneurs and have
been actively involved in a business for over three months but less than three and a half years
opportunity-based entrepreneurs correct answers Individuals who make a decision to start their
own businesses based on their ability to create or exploit an opportunity, and whose main driver
for getting involved in the venture is being independent or increasing their income, rather than
merely maintaining their income
, Royalties correct answers A share of the proceeds of a business from one party to another
Serial Entrepreneurs correct answers The type of entrepreneurs who start several businesses,
whether simultaneously or one after the other
social entrepreneurship correct answers The process of sourcing innovative solutions
Startup correct answers A temporary organization in search of a scalable business model
potential entrepreneurs correct answers Individuals who believe they have the capacity and
know-how to start a business without being burdened by the fear of failure
creation logic correct answers A form of thinking that is used when the future is unpredictable
deliberate practice correct answers A method of carrying out carefully focused efforts to improve
current performance
predictive logic correct answers A form of thinking that sees entrepreneurship as a linear process
in which steps are followed and outcomes are—ideally—predictable
skill of creativity correct answers Requires a general openness to the world and relates to
unleashing our creative ability to create and find opportunities and solve problems
skill of empathy correct answers Developing the ability to understand the emotion,
circumstances, intentions, thoughts, and needs of others
skill of experimentation correct answers Best described as acting in order to learn—trying
something, learning from the attempt and building that learning into the next iteration
skill of play correct answers Frees the imagination, opens up our minds to a wealth of
opportunities and possibilities, and helps us to be more innovative as entrepreneurs
skill of reflection correct answers Helps make sense of all of the other actions required of play,
empathy, creativity and experimentation
Theory of Effectuation correct answers The idea that the future is unpredictable yet controllable
and entrepreneurs can "effect" the future
self-observation, self-goal setting, self-reward, self-punishment, and self-cueing correct answers
behavior focused strategies
constructive thought patterns correct answers Models to help us to form positive and productive
ways of thinking that can benefit our performance
creativity correct answers The capacity to produce new ideas, insights, inventions, products, or
artistic objects that are considered to be unique, useful, and of value to others
