their biggest supporters.
A. mentors
B. friends
C. parents
D. spouses
Accessibility: Keyboard Navigation
Difficulty: Medium
47. (p. 20) Which group in a professional network helps keep a new venture competitive?
A. Clients or buyers
B. Mentors
C. Trade associations
D. Suppliers
Accessibility: Keyboard Navigation
Difficulty: Hard
Chapter 01 - Entrepreneurship and the Entrepreneurial Mind-Set
1-15
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Essay Questions
48. (p. 6-7) Explain the McMullen-Shepherd Model.
1. Model explains how knowledge and motivation influence two stages leading to
entrepreneurial action.
2. Stage One is when the potential entrepreneur realizes an opportunity exists for someone.
3. Stage Two is when the potential entrepreneur decides whether or not the opportunity is right
for them personally in terms of their skill, knowledge and motivation.
Difficulty: Medium
49. (p. 7) Define superficial similarities and structural similarities. Which was noted as the more
challenging for entrepreneurs?
1. Superficial similarities exist when the basic (relatively easy to observe) elements of the
technology resemble (match) the basic (relatively easy to observe) elements of the market.
2. Structural similarities exist when the underlying mechanisms of the technology resemble (or
match) the underlying mechanisms of the market.
Structural was identified as the most challenging.
Difficulty: Medium
50. (p. 9) Describe the difference between the causal process and the effectuation process.
Effectuation is process that starts with what one has (who they are, what they know, and whom
they know) and selects among possible outcomes. Basically identifying resources and THEN
finding an opportunity to fit whereas the casual process starts with a desired outcome and
focuses on the means (what resources are needed) to generate that outcome.
Difficulty: Medium
Chapter 01 - Entrepreneurship and the Entrepreneurial Mind-Set
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Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
51. (p. 16) Identify and define the 4 types of questions/tasks related to increasing cognitive
ability.
1. Comprehension questions are designed to increase entrepreneurs' understanding of the nature
of the environment
2. Connection tasks are designed to stimulate entrepreneurs to think about the current situation
in terms of similarities to and differences from situations previously faced and solved
3. Strategic Tasks are designed to stimulate entrepreneurs to think about which strategies are
appropriate for solving the problem (and why) or pursuing the opportunity (and how)
4. Reflection tasks are designed to stimulate entrepreneurs to think about their understanding
and feelings as they progress through the entrepreneurial process.
Difficulty: Hard
52. (p. 20) Describe the difference between a moral and professional support network and give
examples of who might fit into each network. Who do entrepreneurs typically cite as their
biggest supporters?
A moral support network is for emotional support and usually includes family and friends.
A professionals support network is a source of information and help for an entrepreneur's
business activities and can be professionals from trade associations, former business associates,
suppliers, accountants, lawyers.
Spouses were cited by the text as the biggest supporters.
Difficulty: Medium