Entrepreneurship Final Exam Review

The power to take ownership without aid or advice and to work through hardships on your own, This is the _____________ and ___________ entrepreneurial mindset domain.

• flexibility and adaptability

• initiative and self-reliance

• future orientation

• communication and collaboration

Match each characteristic shared by successful entrepreneurs to its meaning

• Initiative

• Without being prompted; be the first to take action in a particular situation

• Flexibility

• Inventing new ways of doing things; thinking outside of the box

• Determination

• Refusing to quit dispite of obstacles

• Creativity

• The ability to adapt to new situations; a willingness to change

• Responsibility

• Being accountable for your decisions and actions; not passing the blame

The first principle of Design for Delight is thinking process is ______, the second step is _______, and the third step is ____________.

(a)  

Which sources of business opportunities are defined by NFTE are missing? _______

Problems, Changes, New Discoveries, _______, and Unique knowledge.

• Internal Sources of Opportunity, Existing Products /Services

• Review and Test

• Internal Source of Opportunity, Market Research

• Market Research, Word of Mouth

• Prototype/ Innovations

The ability to clearly express ifeas to an audience designed for your purpose, including persuading others to work towards a common goal. This is the __________ and __________ entrepreneurial mindset domain.

• Creativity ad innovation

• Opportunity

  Recognition

• Communication and Collaboration

• Future Orientation

A cheerful frame of mind with a focus on obtaining the skills and knowledge required to transition into a career. This is the _____________ entrepreneurial mindset domain.

• Comfort with Risk

• Future Orientation

• Opportunity Recognition

• Flexibility and

  Adability

• Creativity and Innovation

Understanding the scope of the situation to move forward with a decision despite the likelihood of uncertainty and challenges. This is the ____________ entrepreneurial mindset.

• Comfort with Risk

• Opportunity Recognition

• Future Orientation

• Communication and Collaboration

The ability and willingness to change actions and plans to overcome present and future challenges. This is the ___________ entrepreneurial mindset domain.

• Critical Thinking and Problem Solving

• Flexibility and adaptability

• Initiative and Self-Reliance

• Opportunity Recognition

Which of the following is not a part of the Entrepreneurial Mindset?

• Flexibility and Adaptability

• Comfort with Risk

• Opportunity Recognition

• Aggressiveness

Katie does a self-assessment of her entrepreneurial mindset. She finds that communication and collaboration is a domain that she wants to improve. What action should she take to improve this?

• Use a planner to set goals

• Spend time alone thinking of new ideas

• Practice talking about her business to others

• Try doing brain teaser exercises daily