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Exam 1: Entrepreneurship and the Entrepreneurial Mind-Set

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Question 1

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Explain the McMullen-Shepherd Model.

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1.Model explains how knowledge and motivation influence two stages of entrepreneurial action. 2.Stage One is when the potential entrepreneur realizes an opportunity exists for someone. 3.Stage Two is when the potential entrepreneur decides whether or not the opportunity is right for them personally in terms of their skill,knowledge and motivation.

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An entrepreneur is rarely able to start a new business without some form of formal education.

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Question 3

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Describe the difference between the causal process and the effectuation process.

Comprehension questions are designed to stimulate entrepreneurs to think about their own understanding.

Which among the following aspects affects an entrepreneur's perception of feasibility?

Role models can include family members as well as industry professionals.

How Ewing Kauffman ran his business illustrates corporate entrepreneurship.

Bricolage is entreprenuers making do by applying combinations of the resources at hand to new problems and opportunities.

As the venture becomes established and starts growing,which of the following types of experience becomes increasingly important?

Within the moral-support network,most entrepreneurs indicate that their _____ are their biggest supporters.

Most entrepreneurs indicate that their most significant venture was not their first one.

On the education background,entrepreneurs:

In a social network there are two major properties,density and centrality.

Asking "How is this problem similar to problems I've already solved" is an example of a connection task.

Entrepreneurial Opportunities are defined as:

An entrepreneur considering if what they are doing makes sense is an example of:

Role models are individuals who give psychological support to the entrepreneur especially during the start-up phase.

The question "What is this technology all about?" is a comprehension question.

Superficial similarities exist when the underlying mechanisms of the technology resemble,or match,the underlying mechanisms of the market.

The effectuation process starts with what one has and selects among possible outcomes.