funds of innovation 3

Question 1

Which of the following is not a stage in the design thinking process:

Answer 1

imagine

Question 2

Design thinking can be defined as

Answer 2

a process used to solve complex problems
and navigate uncertain environments

Question 3

The act of knowing what people want, how they behave, what they think, and
how they feel is referred to by which of the following terms

Answer 3

empathy

Question 4

In design thinking, what is meant by inspiration?

Answer 4

The problem or opportunity
that starts the search for a solution

Question 5

The most common reason of failure in design thinking is

Answer 5

lack of passion

Question 6

When you reach to the _________ step, your idea becomes alive

Answer 6

prototype

Question 7

An insight is

Answer 7

an interpretation of an observation that provides new
understanding

Question 8

What is described in the marketing plan section of the business plan?

Answer 8

A
description of potential customers and distribution system

Question 9

Almost everybody has participated in an activity called brainstorming. Most
known brainstorming rules

Answer 9

encourage wild ideas,focus on quantity,defer judgement

Question 10

Change the conversation and get your users reaction are examples of benefits of

Answer 10

prototype and test

Question 11

An invention cycle is a process starting from

Answer 11

imagination to creativity

Question 12

What would be the best definition of a business model?

Answer 12

A framework that
describes how a company creates, delivers and extracts value

Question 13

The answer to the question: “what are the different ways I can reach my
customer?” will result in what element of the business model canvas?

Answer 13

channels

Question 14

From the following, which one is not considered a key component of business
plan?

Answer 14

Expansion plans

Question 15

The following duties are related to marketing as function except

Answer 15

opportunity
recognition

Question 16

___________ consist of: introduction, description of opportunity, and potential
benefits.

Answer 16

elevator pitch

Question 17

The key gap between entrepreneur and traditional investor mindset is

Answer 17

how to evaluate risk

Question 18

is Adequate financial support considered a common reason for entrepreneurial
failure

Answer 18

no

Question 19

A/An __________ is defined as the blueprint describing the business strategy
for entering the marketplace and explains the business to potential investors

Answer 19

business plan

Question 20

A(n) __________ is defined as a form of business that is an association of two or
more people acting as co-owners of a business

Answer 20

partnership

Question 21

Which of the following is a technique for generating ideas

Answer 21

brainstorming

Question 22

Which of the following is an element of the vision

Answer 22

specific

Question 23

Which of the following is the main purpose of writing a business plan?

Answer 23

The plan helps the company develop a “road map” to
follow. The plan introduces potential investors and other stakeholders to the
business

Question 24

The owner receives all of the profits of the business and can act quickly in
making business decisions when the form of business ownership is a

Answer 24

sole
proprietorship

Question 25

What is a potential weakness a manager might identify in a SWOT analysis?

Answer 25

Lack of management depth

Question 26

A belief that a person’s most basic abilities can be developed
through dedication and hard work - brains and talent are just the starting point.

Answer 26

Creative mindset

Question 27

is willingness to take risk considered a common characteristic of an
entrepreneur?

Answer 27

yes

Question 28

The entrepreneur who is committed to the entrepreneurial effort because it
makes good business sense in classed as a/an

Answer 28

opportunist

Question 29

Hessa and Ali are arranging with a third party to grant them the right to use its
trademark / trade – name as well as certain business systems and processes, to produce
and market a good or service according to certain specifications. This oenership type
is known as

Answer 29

franchise

Question 30

Design thinking can provide a process for

Answer 30

coming up with things that don’t exist

Question 31

Innovation is about

Answer 31

understanding needs

Question 32

_________ Refers to the ability to combine ideas in a unique way or to make
unusual associations between ideas.

Answer 32

creativity

Question 33

The intellectual identification with or vicarious experiencing of the feelings
thoughts or attitudes of another is

Answer 33

empathy

Question 34

The process of gathering as many possible answers to “how might we question”
is conducted in which stage

Answer 34

ideate

Question 35

A physical, psychological or cultural requirement of an individual or group that
is missing or not met through existing solutions

Answer 35

need

Question 36

An opportunity statement consists of

Answer 36

insights and needs

Question 37

In the design thinking process the next step after understanding the problem is

Answer 37

observe

Question 38

The following are included in a business plan:

Answer 38

Financial
information, production plans, human resource planning, goals of the business and
how they will be achieved, a step by step for the success of your business

Question 39

Break even point is when:

Answer 39

total cost and total revenue are equal

Question 40

Reveals an organization’s purpose or reason for being

Answer 40

mission

Question 41

New innovations within an industry often require managers to introduce

Answer 41

new equipment, tools or operating methods

Question 42

__________ is the process of taking a creative idea and turning it into a useful
product or work method.

Answer 42

innovation

Question 43

Generating and developing new ideas based on observations gained during the
inspiration process is called which of the following

Answer 43

ideation

Question 44

Why is it important to support “wild ideas” during brainstorming sessions?

Answer 44

Wild ideas can often give rise to creative leaps

Question 45

Closely monitoring the behavior and activities of users in their own
environment is called which of the following

Answer 45

observation

Question 46

Insight might best be described as which of the following

Answer 46

an interesting, non-
obvious piece of observation information that drives opportunities

Question 47

Why is empathy important in design thinking?

Answer 47

it helps you
identify unmet needs, it increases the probability of designing a solution of real value,
it helps you understand the emotional and cultural realities of your customers

Question 48

During this phase of design thinking, insights are developed into a thorough
understanding of the need

Answer 48

defining

Question 49

Which of the following elements of design thinking aligns with the practice of
entrepreneurship?

Answer 49

It involves getting out and taking action

Question 50

a basic benefits of entrepreneurship is work
less hours

Answer 50

false

Question 51

Why is it important to spend time developing the design challenge statement?

Answer 51

It
helps narrow the goal