Entr 421 - Study guides, Class notes & Summaries

ENTR 421 Midterm Exam Questions and Answers 3 creative competencies that need to be developed in order to be a master idea generator - Answer-play, improvisation, and observation idea stimuli - Answer-alertness: environment search: information channel source of differentiation - Answer-alertness: learning search: knowledge process - Answer-alertness: spontaneous search: deliberate basis of discovery - Answer-alertness: subconscious search: conscious fit with entrepreneu...

Entr 421 midterm Questions and Answers Entrepreneurial Motivation - Answer-personal reasons, economic reasons What is entrepreneurship? - Answer-An act of innovation, creating something of value from nothing, the creation of a new enterprise, the creation of new organizations There are many different definitions of entrepreneurship. Which characteristics do they all mention? - Answer-Creativity What is creative destruction? - Answer-Entrepreneurship moves market away from the equili...

ENTR 421 Final Test Questions and Answers What are the 5 Discovery Skills? - Answer-1. Associating 2. Questioning 3. Observing 4. Networking 5. Experimenting What two things do you need to have the courage to innovate? - Answer-1. Challenge the status quo 2. Take risks What is the ability to make surprising connections across areas of knowledge, industries, and geographies? - Answer-Associating Where does associating happen? - Answer-At the intersection where diverse experience...

ENTR 421 TEST QUESTIONS AND ANSWERS 2024 Five Major Discovery Skills - Answer-1. Associating 2. Questioning 3. Observing 4. Networking 5. Experimenting What is associating? - Answer-The ability to make surprising connections across areas of knowledge, industries, and even geographies. Some way that this is beneficial is because it allows the entrepreneur to make connections between two products or ideas that will allow them to innovate. What is questioning? - Answer-Questioning...

which one of the following is NOT true for entrepreneurs? a. They provide value to their customers. b. They create and seize business opportunities. c. They possess a growth orientation. d. They avoid building and managing organizations. **d. They avoid building and managing organizations. There are many different definitions of entrepreneurship. Which characteristics do they all mention? a. Creativity b. Destruction c. Recognition d. None of the above **d. None of the above Which of the fol...

Entrepreneurial Motivation personal reasons, economic reasons What is entrepreneurship? An act of innovation, creating something of value from nothing, the creation of a new enterprise, the creation of new organizations There are many different definitions of entrepreneurship. Which characteristics do they all mention? Creativity What is creative destruction? Entrepreneurship moves market away from the equilibrium What is entrepreneurial discovery? Entrepreneurship moves market towards the e...

Four types of markets Existing, Resegmented Niche, Cost, New revenue model Cash a business generates from each customer segment. value customers are willing to pay. ways they can pay. how does each stream contribute. 1)The type of revenue (such as purchase or rent) 2)The frequency of that revenue (a one-time charge or recurring at certain intervals of time) 3)The price level of that revenue (typically per unit of product or service) relative to competitors 4)The number of distinct streams o...

What are the 5 discovery skills? associating, questioning, observing, networking, experimenting Cross pollinate is an example of which discovery skill Associating Questions for describe territory what is/what caused Questions for disrupt territory why/why not and what if 3 ways to observe Actively watch consumers to see what products they hire to do what jobs, learn to look for anomalies, and find opportunities to observe in a new environment. Ways to network i. Some innovators have a small...

5 discovery skills1. Associating 2. Questioning 3. Observing 4. Networking 5. Experimenting Associatingconnecting unrelated ideas and cross pollinating ideas to create new solutions QuestioningInnovators ask aq lot of questions to understand what the problem is, what it might be, and how they can approach it. What is the five whys approach?When confronted with a problem, some innovators will ask "why" questions five times to get to the core of the problem. What are the four disruptive ques...

Questioning innovators frequently challenging the status quo "asking questions like if we tried this, what would happen?" Observing innovators are intense observers, carefully watching the world around them, including customers, services, technologies, and companies. Networking Innovators spend a lot of time and energy finding and testing ideas through a diverse network of individuals who vary wildly in their backgrounds and perspectives Experimenting Innovators are constantly trying out ne...