Book Title:
Author(s):
Some examples from this set of practice questions
1.
When does an idea get adopted? Name the 5 indicators.
Answer: - Relative advantage - Compatibility with users - Complexity - Trialability (able to experiment with the innovation) - Observability (results are visible)
2.
To scrabble = making a better world with new ideas. True or false?
Answer: False, that\'s social entrepreneurship
3.
Describe a person that is an entrepreneur
Answer: an individual who fulfils a particular economic function by undertaking certain tasks
4.
What is Bootstrapping?
Answer: starting a business without taking on external funding/as little as possible
5.
What resources are needed when starting a company? Name the 3.
Answer: - Financial resources (cash, loans, investments) - Human resources (labor, expertise, skills, communication, strategy, leadership) - Operating resources (premises, vehicles, machinery, materials, equipment)
6.
What does it mean to re-weight an offering?
Answer: increasing or decreasing the emphasis of features or attributes
7.
Name the 5 effectual principles.
Answer: 1. Start with means (the bird-in-hand principle) 2. Set up affordable loss 3. Create great relationships/partnerships (crazy quilt) 4. Manage contingencies and leverage them (lemonade principle) 5. Control or predict (pilot in the plane)
8.
Explain the lemon principle
Answer: Can improve odds of success by social networking, openness to experiences and opportunity framing
9.
Explain the crazy quilt principle
Answer: Quilter determines the patterns, quilters work together with others, unlimited possibilities, uncertain outcome, must be pleasing, valuable, meaningful, pleasing, etc.
10.
Explain the pilot in the plane principle
Answer: Prediction: When the future is predictable, we can use our knowledge of the past—of common recurring patterns—to predict the future. Risk: When the future is risky; we are dealing with an unknown distribution; but we know the range, and the possibility of the values. Uncertainty: We don’t know the distribution of possible scenarios, either we don’t know the range of the possible outcomes.
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