Group 1: Introduction

Question 1

Plays a key role in any economy, using the skills and initiative necessary to anticipate needs and bringing good new ideas to market.

Answer 1

Entrepreneur

Question 2

A set of skills that enable people to identify and make the most of opportunities, overcome and learn from setbacks, and succeed in a variety of settings.

Answer 2

Entrepreneurial Mindset

Question 3

8 Skills of Entrepreneurial Mindset

Answer 3

1.Critical Thinking
2.Creativity & Innovation
3.Communication & Collaboration
4.Comfort with Risk
5.Initiative & Self-Reliance
6.Future Orientation
7.Opportunity Recognition
8.Flexibility & Adaptability

Question 4

The capacity to apply higher-level, process-oriented thinking, consider an issue from a range of possible perspectives, and use that reasoning to make decisions.

Answer 4

Critical Thinking

Question 5

The ability and willingness to change actions and plans to overcome present and future challenges.

Answer 5

Flexibility & Adaptability

Question 6

The ability to clearly express ideas to an intended audience, including persuading others to work towards a common goal

Answer 6

Communication and Collaboration

Question 7

The capacity to move forward with a decision despite inevitable uncertainty and challenges.

Answer 7

Comfort with Risk

Question 8

Strategies used when taking risks:

Answer 8

o Research
o Marketing
o Planning
o Testing and reporting

Question 9

The power to take ownership of a project without input or guidance and work through obstacles independently.

Answer 9

Initiative & Self-Reliance

Question 10

An optimistic disposition with a focus on obtaining the skills and knowledge required to transition into a career.

Answer 10

Future Orientation

Question 11

The practice of seeing and experiencing problems as opportunities to create solutions.

Answer 11

Opportunity Recognition

Question 12

The ability to think of ideas and create solutions to problems without clearly defined structures.

Answer 12

Creativity and Innovation

Question 13

novel/ new/ original product, device, process, or concept.

Answer 13

Invention

Question 14

Derived from the Latin verb innovare, which means “to renew”

Answer 14

Innovation

Question 15

Involves applying new processes, introducing new techniques, or establishing successful ideas to create new value.

Answer 15

Innovation

Question 16

the indispensable start-up ingredient all inventions and innovations need.

Answer 16

Ideas

Question 17

Starting point for any current or future entrepreneur.

Answer 17

Ideas

Question 18

What is Next after the Idea?

Answer 18

1. Define Your Target Market
2. Define Your Products and Services
3. Define the Market for Your Business Idea
4. Define Your Main Competitors
5. Competitive Benchmarking
6. Define Resources Required by Your Business Idea
7. Calculate Your Startup Costs
8. Calculate Costs of Goods Sold (COGS) and Operations Costs
9. Develop Your Business Model

Question 19

A group of individuals working together to achieve their goal.

Answer 19

Team

Question 20

Creates a system to ensure that deadlines are met and that there’s high quality work

Answer 20

Team

Question 21

Tuckman’s Stages of Team Formation

Answer 21

1. Forming
2. Storming
3. Norming
4. Performing
5. Adjourning

Question 22

Stage where a group of people comes together to accomplish a shared purpose

Answer 22

Forming

Question 23

The leader plays a dominant role at this stage because team members’ roles and responsibilities aren’t yet clear.

Answer 23

Forming

Question 24

Disagreement are constant at this stage of development since team members are still getting to know each other

Answer 24

Storming

Question 25

The leader’srole is to help the team get to know each other

Answer 25

Storming

Question 26

Members start to resolve their differences, appreciate colleagues' strengths, and respect the authority of the leader

Answer 26

Norming

Question 27

The leader shall ask for periodic updates from the team and regularly check the team’s progress

Answer 27

Norming

Question 28

The stage at which the real work of the team is progressing

Answer 28

Performing

Question 29

The leader shall help solve problems and provide input as needed

Answer 29

Performing

Question 30

The ______ stage is becoming even more frequent with the advent of flexible organizations, which feature temporary groups.

Answer 30

Adjourning

Question 31

Forming a team takes time, and members often go through recognizable stages as they change from being a collection of strangers to a united group with common goals. One psychologist first came up withthe memorable phrase "forming, storming, norming, and performing" in his 1965 article, "Developmental Sequence in Small Groups." Who is this psychologist?

Answer 31

Bruce Tuckman

Question 32

What is the other term for adjourning?

Answer 32

Mourning

Question 33

All of the following are the skills you need to work on when you are applying entrepreneurial mindset except... A. Critical Thinking Skills B. Communication and Collaboration C. Recognizing Opportunities D. Indecisiveness

Answer 33

D

Question 34

Which of the following is an example of service product? A. Clothes B. Foods C. Consulting Firms D. School Supplies

Answer 34

C

Question 35

Which of the following statements tells the importance of innovation? A. Innovation hinders companies to grow. B. Innovation keeps organizations relevant. C. Innovation do not allow you to standout from other businesses. D. Innovation make companies stagnant.

Answer 35

B

Question 36

It is defined as a coherent coalition of individuals who work cooperatively to accomplish common goals.

Answer 36

Team

Question 37

All of the statements are true about a team except: A. A diverse team of people who can contribute ideas helps a company thrive B. Collaboration within a group depreciates the quality of work. C. A team creates a system to ensure that deadlines are met and that there's high quality work D. Members of a team feel a strong sense of belonging and deep commitment to each other and the common goal

Answer 37

B

Question 38

All of the following statements are true under Norming except: A: Members start to resolve their differences, appreciate colleagues' strengths, and respect the leader's authority. B: The leader shall ask for periodic updates from the team and regularly check the team’s progress C: People develop a stronger commitment to the team goal. D: There is a conflict between team members natural working styles.

Answer 38

D