Entrepreneurial Mindset

Which of the following would NOT apply to an entrepreneur who has an internal locus of control?

• Takes charge of events occurring in life

• Believes that hard work and competency can overcome any failure

• Considers that fate determines one’s success or failure

• Undertakes strategies to succeed

Jasper plans to start his own chocolate candy business. He has identified the key steps in the supply chain for his business. In the first step, Jasper needs to get the raw materials. How can Jasper demonstrate initiative and self-reliance in getting the raw materials?

• Believe that raw materials vendors will contact him when they hear about his new business.

• Contact multiple vendors to find one that offers the best raw materials at the best price

• Consider buying raw materials online as he needs them to reduce the effort of creating a relationship with a vendor

• Plan on buying raw materials after he starts getting orders in order to reduce risk in his startup costs.

Select the scenario that best demonstrates the entrepreneurial mindset of taking initiative and being self-reliant.

• observes that due to a drop in the economy, his cafe is not doing as well as expected. He hopes his business will pick up again once the economy is

• However, she gets stuck many times while writing the code. She considers giving up on her app and working under an experienced person to

• Samantha works as a nail artist. To keep up with the competition and customer demands, she expands her skill set with new techniques and designs in the market.

• wants to start his own pizza parlor. He thinks it will be difficult to make time to implement his business plan, so he is going to wait for a better time to start

Which of the following best describes characteristics of future orientation?

• To make a profit immediately

• To have an optimistic disposition

• To not do anything that will attract customers

• To focus on obtaining required career skills

From the given business scenarios, select the one that is an example of a sustainable business.

• Sell beverages in disposable plastic cups that are convenient for takeout

• Sell affordable skin care creams that give good results but include toxic chemicals.

• Sell packaged ready-to-eat snacks with lots of artificial preservatives.

• Start a café for college students that serves locally sourced healthy food options

Which of the following is a SMART goal?

• Provide good service to your customers to ensure they return, thereby building up your client base

• Acquire four new clients within two months for your cleaning service by asking for referrals.

• Increase sales by 50% in two months and become rich.

• Make your clothing line successful by gaining popularity in the 18-25 age group

How does developing a customer journey map help a business succeed over time?

• It guarantees the success of the business by eliminating possible setbacks.

• It eliminates the need for a business to plan for the future

• It helps better align your business to customers’ needs.

• It guarantees more income by understanding the competition.

Which of the following best describes creativity?

• The process of asking questions

• The process of identifying problems

• The process of identifying assumptions

• The process of developing ideas

A group of entrepreneurs meets to brainstorm answers to the question, “What are the possible uses for this new technology?” Which one is not correct?

• The group SHOULD NOT be respectful of all ideas.

• The group SHOULD include people with diverse backgrounds and opinions.

• The group SHOULD build upon ideas suggested by its members.

• The group SHOULD NOT discuss each idea as it is suggested.

What is an idea map?

• a way to limit ridiculous ideas

• a diagram that connects information

• a tool for creating a diagram of a town