ENTR 120 CHP. 4

The term synergy may be defined as two or more things working together to produce a result greater than the sum of its parts. Which of the following best describes synergy within the cycle of lifelong learning that allows an entrepreneur to create value?

• Intrinsic and extrinsic motivation

• Knowledge and effort

• Loans and investments

• Problems and solutions

All of the outcomes below are key benefits of pursuing knowledge, except:

• Exposed opportunities

• Identified solutions

• Continuation of old habits

• Reduction of uncertainty

The view that formal education is a one-time experience that determines the outcome of one’s life is an example of which mindset?

• Entrepreneurial

• Fixed

• Growth

• Strategic

Rodney Walker expressed that all the following actions are both entrepreneurial and beneficial to students, except:

• Don’t leave questions unanswered

• Find shortcuts to complicated avenues

• Wait until the last minute to accomplish something

• Take initiative in your life

When entrepreneurs discover an idea for a new product or service, and search for knowledge to develop their idea, all the questions below are useful, except:

• What problem am I solving?

• What similar solutions are available that might compete with me?

• Why should I ask any questions if I already know what to do?

• Why will people buy my solution?

A “ready, fire, aim” approach has which of the following characteristics?

• Prioritizes lots of research before deciding what to do

• Prioritizes crafting vision and mission statements to set a direction

• Immediately tests ideas in the real world, then reflects on nextsteps

• Writes a careful, step-by-step plan before acting

Which of the following is an example of an entrepreneur neglecting to test their beliefs and unproven assumptions before they discover the real-world facts?

• Brian Scudamore going door-to-door to pick up junk with his old truck, before investing in a new truck

• David Petite buying a pizza restaurant that seemed to be well located, without first checking that the freeway access was about to change

• Keith Kokal keeping his day job, at the same time as he started his new instrument calibration company

• Lydia Guttierez selling home-made Mexican food, before adding a line of manufactured food products

Which of the following is a true statement of Ted Moore’s experience with setting up his business?

• He invested in a high tech copier to start his business

• He spent $2 million to get insurance

• He spent $300 to get insurance

• He waited longer than a week to get a permit to work in New Jersey

While working at McDonald’s, Sirena Moore learned all of the following skills that she could later use in her own business, except

• Counting money

• Making six figures

• Multi-tasking

• Serving customers

All of the following are part of Brian Scudamore’s self-directed learning curriculum, except:

• Getting a high school diploma

• Going to entrepreneurship conferences

• Meeting people and asking them a lot of questions

• Reading books, magazines and articles