Entrepreneurial Mindset and Opportunity Recognition

Question 1

a mental attitude or inclination

Answer 1

mindset

Question 2

self-perception / ‘self-theory’ people hold about themselves.

Answer 2

mindset

Question 3

character, intelligence and creativity are static givens.

Answer 3

Fixed

Question 4

abilities can be developed through commitment and hard work.

Answer 4

Growth

Question 5

A way of thinking that enables an individual to overcome challenges, be decisive, and accept responsibility for their outcomes.

Answer 5

Entrepreneurial Mindset

Question 6

An attitude, disposition or mood best described as an inclination for change.

Answer 6

Entrepreneurial Mindset

Question 7

The mind of an entrepreneur is always looking for novel ideas and innovations. The basic life cycle of any entrepreneurial product stems from the conception of an idea.

Answer 7

Creative

Question 8

ability to think outside the box and improvise, when necessary, examine issues from multiple angles and provide multiple solutions and cultivate critical thinking.

Answer 8

Adept at problem-solving

Question 9

explore multiple perspectives and present an innovative solution

Answer 9

Innovative

Question 10

8 Essential Characteristics

Answer 10

1) Focus on providing value instead of creating wealth, which is the result of a long process
2) Long-term vision
3) Personal growth and understanding the world around you
4) Understanding the power of habits and small wins
5) Time management and prioritization
6) Money management
7) Balancing freedom and responsibility
8) Associating with the right people

Question 11

a habit that is naturally innovative and craves being in the constant process of discovery

Answer 11

Visionary

Question 12

a habit that puts them one step ahead of stress

Answer 12

Early Riser

Question 13

a habit to increase efficiency

Answer 13

Scheduled

Question 14

a habit that never undervalues the importance of sleep because they desire to be sharp, emotionally available, and on the ball in their career.

Answer 14

Sleep

Question 15

a habit that creates and lives by simple yet practical routines and is most productive when not overwhelmed by stress. (Secret Weapon)

Answer 15

Simplicity

Question 16

a habit that increases effectivity (writing lists, goals, or to vent frustrations)

Answer 16

Journal

Question 17

a habit that needs to be fully engaged with the world around them.

Answer 17

Curious

Question 18

a habit that believes in his abilities, is unafraid to explore unchartered territories, take risks, and make difficult decisions, to be successful.

Answer 18

Confident

Question 19

a way of generating value through unique, novel, or desirable products, services, and even processes that were previously unexploited in a particular context

Answer 19

Opportunity

Question 20

Three central characteristics related to opportunity

Answer 20

Value
Novelty or Newness
Perceived Desirability

Question 21

a value that has a capacity to generate profit

Answer 21

Economic Value

Question 22

a value that helps a social need

Answer 22

Social Value

Question 23

a value that the opportunity protects or preserves the environment

Answer 23

Environmental Value

Question 24

a cognitive process that allows people to learn to be more effective at recognizing opportunities by changing the way they think about opportunities and how to recognize them.

Answer 24

Opportunity Recognition

Question 25

a strategy that states thinking carefully about a problem by breaking it up into parts and looking at it in a more general way, to generate ideas on how certain products or services can be improved or made more innovative.

Answer 25

Analytical Strategies

Question 26

a strategy that states using a stimulus to retrieve memories and make links/connections based on personal experiences that are relevant to the current problem.

Answer 26

Search Strategies

Question 27

a strategy that states challenging deep-rooted assumptions and rejecting the tendency to assess new innovations and opportunities by our current systems and standards.

Answer 27

Imagination-based Strategies

Question 28

a strategy that states breaking out of fixed mindsets to bring about creative insights.

Answer 28

Habit-breaking Strategies

Question 29

a strategy that states consciously making links between concepts/ideas that are normally not associated with each other.

Answer 29

Relationship-seeking Strategies

Question 30

a strategy that states enhancing and modifying existing ideas to create better alternatives and new possibilities.

Answer 30

Development Strategies

Question 31

a strategy that states generating ideas with a group and building on each other’s ideas.

Answer 31

Interpersonal Strategies

Question 32

a favorable opportunity that states that there is a market of customers.

Answer 32

Valuable

Question 33

a favorable opportunity that states entrepreneurs offer some novelty that doesn’t currently exist for customers.

Answer 33

Rare

Question 34

a favorable opportunity that creates barriers to entry to other entrepreneurs.

Answer 34

Costly to Imitate

Question 35

a favorable opportunity that aligns with the skills and knowledge of the entrepreneur.

Answer 35

Fit

Question 36

Assumes that opportunities exist independent of entrepreneurs and are waiting to be found.

Answer 36

Find Pathway

Question 37

It is used when entrepreneurs are not quite sure what type of venture they want to start, so they engage in an active search to discover new opportunities.

Answer 37

Search Pathway

Question 38

involves using what you have to uncover an opportunity that uniquely fits you, more about creating opportunities rather than simply uncovering them.

Answer 38

Effectuate Pathway

Question 39

Entrepreneurs' role is to take action and see how the market responds, recognize patterns, and learn from iteration to define the opportunity as it evolves.

Answer 39

Effectuate Pathway

Question 40

One of the most complex, yet it can be the most value-creating approach. It can uncover high-value opportunities because the entrepreneur is focusing on the unmet needs of customers – specifically, latent needs.

Answer 40

Design Pathway

Question 41

The opportunity exists and is waiting to be found

Answer 41

Find and Search Pathway

Question 42

The entrepreneur creates the opportunity

Answer 42

Effectuate and Design Pathway

Question 43

Entrepreneurs should be alerted to scan the environment. (Pathway)

Answer 43

Find and Search Pathway

Question 44

Entrepreneurs should take action, build, iterate

Answer 44

Effectuate and Design Pathway

Question 45

The level of experience and prior knowledge needed to identify and potential value of opportunity is low

Answer 45

Find and Search Pathway

Question 46

The level of experience and prior knowledge needed to identify and potential value of the opportunity is high

Answer 46

Effectuate and Design Pathway

Question 47

Risky action orientation (Pathway)

Answer 47

Find and Search Pathway

Question 48

Uncertain action orientation (Pathway)

Answer 48

Effectuate and Design Pathway

Question 49

ability an entrepreneur must have to identify opportunities.

Answer 49

Alertness

Question 50

The information gained from a combination of life and work experiences Entrepreneurs knowledgeable in the market and industries, with a broad network, are more likely to recognize opportunities than those who have less experience.

Answer 50

Prior Knowledge

Question 51

Process of identifying links or connections between unrelated things or events, then building on opportunities. The patterns they perceive in the changes in technology, demographics, markets, government policies, suggest ideas for new products or services.

Answer 51

Pattern Recognition

Question 52

production of ideas for something new

Answer 52

Idea Generation

Question 53

production of ideas for something new and useful

Answer 53

Creativity

Question 54

recognizing new and potentially useful ideas to generate economic value

Answer 54

Opportunity Recognition

Question 55

an empirically proven method for identifying and selecting high-potential ideas that can be converted to new opportunities

Answer 55

IDEATE Model

Question 56

IDEATE Model - Identifying problems that customers are trying to solve and identifying their underlying causes.

Answer 56

Identify

Question 57

IDEATE Model - Actively searching for ideas in problem-rich environments.

Answer 57

Discovery

Question 58

IDEATE Model - Taking ideas and expanding them to new applications or adding innovative twists.

Answer 58

Enhance

Question 59

IDEATE Model - Studying change and analyzing future scenarios.

Answer 59

Anticipate

Question 60

IDEATE Model - Defining and understanding a particular target market.

Answer 60

Target

Question 61

IDEATE Model - Evaluating whether the solution solves a problem, size of the target market, degree of personal interest by the entrepreneur, and his skills and abilities.

Answer 61

Evaluate