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Midterm Examination: The Entrepreneurial Mind

Total questions: 46

Worksheet time: 1hrs 9mins

Name
Class
Date
1.

It is a multifaceted concept that encompasses the ability to generate new ideas, solutions, and expressions.

a)

A. PRINCIPLE OF INNOVATION

b)

B. PRINCIPLE OF CREATIVITY

c)

C. ENTREPRENEURIAL PROCESS

2.

It is a principle that is associated with how one approaches a problem or difficult situation. It involves finding a unique and creative solution to any unanswered question or problem.

a)

A. PRINCIPLE OF INNOVATION

b)

B. PRINCIPLE OF CREATIVITY

c)

C. ENTREPRENEURIAL PROCESS

3.

Entrepreneurs generate ideas and recognize opportunities.

a)

A. PRINCIPLE OF INNOVATION

b)

B. PRINCIPLE OF CREATIVITY

c)

C. ENTREPRENEURIAL PROCESS

4.

The idea is to keep your products and their designs simple, functional and uncluttered. It is not always elaborate; it can also lie in simplicity.

a)

A. PRINCIPLE OF INNOVATION

b)

B. PRINCIPLE OF CREATIVITY

c)

C. ENTREPRENEURIAL PROCESS

5.

A comprehensive analysis of your target market, including its size, growth potential, trends, and competition.

a)

A. PRINCIPLE OF INNOVATION

b)

B. PRINCIPLE OF CREATIVITY

c)

C. ENTREPRENEURIAL PROCESS

6.

This means intellectual knowledge, procedural knowledge, technical knowledge all combined together.

a)

A. PRINCIPLE OF INNOVATION

b)

B. PRINCIPLE OF CREATIVITY

c)

C. ENTREPRENEURIAL PROCESS

7.

Entrepreneurs need to widen their visions which allows them to see the potential in things that other people cannot see.

a)

A. PRINCIPLE OF INNOVATION

b)

B. PRINCIPLE OF CREATIVITY

c)

C. ENTREPRENEURIAL PROCESS

8.

Motivation is the driving force behind an individual.

a)

A. PRINCIPLE OF INNOVATION

b)

B. PRINCIPLE OF CREATIVITY

c)

C. ENTREPRENEURIAL PROCESS

9.

Creating an emotional bond with your customers will ensure they have great experiences with your product and your brand.

a)

A. PRINCIPLE OF INNOVATION

b)

B. PRINCIPLE OF CREATIVITY

c)

C. ENTREPRENEURIAL PROCESS

10.

The process in which entrepreneurs acquire financial resources.

a)

A. PRINCIPLE OF INNOVATION

b)

B. PRINCIPLE OF CREATIVITY

c)

C. ENTREPRENEURIAL PROCESS

11.

It's the force behind artistic masterpieces, scientific breakthroughs, and everyday problem-solving.

a)

Creativity

b)

Innovation

c)

Expertise

d)

Critical thinking

12.

It encompasses the creation and implementation of new ideas, products, processes, and services that bring value to individuals, organizations, and society as a whole.

a)

Creativity

b)

Innovation

c)

Expertise

d)

Critical thinking

13.

It encompasses the creation and implementation of new ideas, products, processes, and services that bring value to individuals, organizations, and society as a whole.

a)

Creativity

b)

Innovation

c)

Expertise

d)

Critical thinking

14.

This stage details about your business, its legal structure, ownership, and management team.

a)

Resourcing

b)

Harvesting

c)

Actualization

d)

Concept Development

15.

This stage details the proposal describing your business idea.

a)

Resourcing

b)

Harvesting

c)

Actualization

d)

Concept Development

16.

New and creative ideas come to people who follow their passions with hard work and persistence.

a)

Put a dent in the universe

b)

Do what you love

c)

Kick start your brain

d)

Sell dreams not products

17.

Creativity was about connecting things. This means we must seek innovation and creative ideas from other industries as well.

a)

Put a dent in the universe

b)

Do what you love

c)

Kick start your brain

d)

Sell dreams not products

18.

The idea is to make the customers feel a part of the company, part of something bigger. Innovate the products that facilitate people in achieving their dreams.

a)

Do what you love

b)

Master the message

c)

Sell dreams not products

d)

Put a dent in the universe

19.

Creating an emotional bond with your customers through innovation will ensure they have good time with your product and your brand.

a)

Create great experiences

b)

Create emotional connection

c)

Create great satisfaction

d)

Master the message

20.

It is the desire that pushes a person to initiate any action or behaviour or sustain such behaviour as well.

a)

Innovation

b)

Creativity

c)

Expertise

d)

Critical thinking

21.

This is the stage where you engage with your potential customers to understand their needs and wants.

a)

Concept Development

b)

Acquisition Stage

c)

Harvesting

d)

Discovery

22.

This is the stage where it helps you understand your competitive advantage and potential challenges.

a)

Concept Development

b)

Acquisition Stage

c)

Harvesting

d)

Discovery

23.

This is composed of five (5) stages in developing a business plan

a)

Entrepreneurial Development

b)

Entrepreneurial Activities

c)

Entrepreneurial Process

d)

Entrepreneurial Intention

24.

The act of introducing something new or different.

a)

Innovation

b)

Imagination

c)

Originality

d)

Problem Solving

25.

Conceptualizing new solutions, products, or approaches to existing problems.

a)

Imagination

b)

Idea Generation

c)

Implementation

d)

Concept Development

26.

Identify the context or stages where the following entrepreneurial process is conducted.

26.GRAND OPENING

a)

A. Discovery

b)

B. Concept Development

c)

C. Resourcing

d)

D. Actualization

e)

E. Harvesting

27.

Identify the context or stages where the following entrepreneurial process is conducted.

27. Future Venture

a)

A. Discovery

b)

B. Concept Development

c)

C. Resourcing

d)

D. Actualization

e)

E. Harvesting

28.

Identify the context or stages where the following entrepreneurial process is conducted.

28. Day to Day Operations

a)

A. Discovery

b)

B. Concept Development

c)

C. Resourcing

d)

D. Actualization

e)

E. Harvesting

29.

Identify the context or stages where the following entrepreneurial process is conducted.

29. Financial Projections

a)

A. Discovery

b)

B. Concept Development

c)

C. Resourcing

d)

D. Actualization

e)

E. Harvesting

30.

Identify the context or stages where the following entrepreneurial process is conducted.

30.Market Analysis

a)

Discovery

b)

Concept Development

c)

Resourcing

d)

Actualization

e)

Harvesting

31.

Identify the context or stages where the following entrepreneurial process is conducted.

31.Study Demographics

a)

Discovery

b)

Concept Development

c)

Resourcing

d)

Actualization

e)

Harvesting

32.

Identify the context or stages where the following entrepreneurial process is conducted.

32. Trends and Competition

a)

Discovery

b)

Concept Development

c)

Resourcing

d)

Actualization

e)

Harvesting

33.

Identify the context or stages where the following entrepreneurial process is conducted.

33.Human Resources

a)

Discovery

b)

Concept Development

c)

Resourcing

d)

Actualization

e)

Harvesting

34.

Identify the context or stages where the following entrepreneurial process is conducted.

  1. 34. Five or Ten Year Plan

a)

A. Discovery

b)

B. Concept Development

c)

C. Resourcing

d)

D. Actualization

e)

E. Harvesting

35.

Identify the context or stages where the following entrepreneurial process is conducted.

35.Generate Ideas

a)

A. Discovery

b)

B. Concept Development

c)

C. Resourcing

d)

D. Actualization

e)

E. Harvesting

36.

Identify the context or stages where the following entrepreneurial process is conducted.

36.Implementation of Ideas

a)

A. Discovery

b)

B. Concept Development

c)

C. Resourcing

d)

D. Actualization

e)

E. Harvesting

37.

Identify the context or stages where the following entrepreneurial process is conducted.

37.SWOT Analysis

a)

A. Discovery

b)

B. Concept Development

c)

C. Resourcing

d)

D. Actualization

e)

E. Harvesting

38.

Identify the context or stages where the following entrepreneurial process is conducted.

38.Identify Potential Investors

a)

Discovery

b)

Concept Development

c)

Resourcing

d)

Actualization

e)

Harvesting

39.

Management Team

a)

A. Discovery

b)

B. Concept Development

c)

C. Resourcing

d)

D. Actualization

e)

E. Harvesting

40.

40.Test the Market

a)

A. Discovery

b)

B. Concept Development

c)

C. Resourcing

d)

D. Actualization

e)

E. Harvesting

41.

Consider skills or hobbies

a)

Discovery

b)

Concept Development

c)

Resourcing

d)

Actualization

e)

Harvesting

42.

Conduct surveys

a)

Discovery

b)

Concept Development

c)

Resourcing

d)

Actualization

e)

Harvesting

43.

Choose business location

a)

Discovery

b)

Concept Development

c)

Resourcing

d)

Actualization

e)

Harvesting

44.

Company description

a)

Discovery

b)

Concept Development

c)

Resourcing

d)

Actualization

e)

Harvesting

45.

Acquire capital

a)

Discovery

b)

Concept Development

c)

Resourcing

d)

Actualization

e)

Harvesting

46.

Bonus question (5 points): I think outside the box, then build a new one. What am I? (a)