ELE 3010 Exam UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Entrepreneurial opportunities - CORRECT ANSWER Situations in which new goods, services,
raw materials, and organizing methods:
Can be introduced
Sold at greater than their cost of production
Entrepreneurial action - CORRECT ANSWER volves creation of new products or processes '
Involves entry of new markets
May occur thru a newly created organization or within an established organization
How Entrepreneurs Think:Think structurally - CORRECT ANSWER Structural similarities:
underlying mechanisms of the tech resemble the underlying mechanisms of the market
Ex: NASA , the simulators, trying to figure out how to pay for them
Bricolage - CORRECT ANSWER Applying combinations of the resources at hand to new
problems and opportunities
Taking existing resources and tinkering and or reframing them so they can be used in new ways
Effectuation - CORRECT ANSWER Casual process
Starts with a desired outcome
Focuses on the means to generate that outcome
Effectuation process
Starts with what one has
Selects among possible outcomes
Cognitive adaptability - CORRECT ANSWER Describes the extent to which entrepreneurs are:
Dynamic,flexible, self regulating and engaged in the process of generating multiple decision
frameworks
Focus on sensing and processing changes in their environments and then acting on them
, Achieving cognitive adaptability - CORRECT ANSWER comprehension questions, connection
tasks, strategic tasks, reflection tasks
Comprehension questions - CORRECT ANSWER Increase entrepreneurs understanding of the
nature of the environments
Connection tasks - CORRECT ANSWER Stimulate thinking about similarities and differences
of current situations with situations previously faced and solved
Strategic Tasks - CORRECT ANSWER Identify strategies that are appropriate for solving the
problem or pursuing the opportunity
Reflection Tasks - CORRECT ANSWER Stimulate entrepreneurs to think about their
understanding and feelings as they progress through the entrepreneurial process
Increasing cognitive ability helps in - CORRECT ANSWER Adapting to new situations
Being creative
Communicating one's reasoning behind a particular response
Sustainable Entrepreneurship - CORRECT ANSWER Bring future products, processes, and
services into existence for gain
Can generate:
Economic gain
Environmental gain
Social gain
Corporate entrepreneurship - CORRECT ANSWER Entrepreneurial action within an
established organization
Capitalizes on individuals who can do things differently and betters
Strategic orientation
QUESTIONS AND CORRECT ANSWERS
Entrepreneurial opportunities - CORRECT ANSWER Situations in which new goods, services,
raw materials, and organizing methods:
Can be introduced
Sold at greater than their cost of production
Entrepreneurial action - CORRECT ANSWER volves creation of new products or processes '
Involves entry of new markets
May occur thru a newly created organization or within an established organization
How Entrepreneurs Think:Think structurally - CORRECT ANSWER Structural similarities:
underlying mechanisms of the tech resemble the underlying mechanisms of the market
Ex: NASA , the simulators, trying to figure out how to pay for them
Bricolage - CORRECT ANSWER Applying combinations of the resources at hand to new
problems and opportunities
Taking existing resources and tinkering and or reframing them so they can be used in new ways
Effectuation - CORRECT ANSWER Casual process
Starts with a desired outcome
Focuses on the means to generate that outcome
Effectuation process
Starts with what one has
Selects among possible outcomes
Cognitive adaptability - CORRECT ANSWER Describes the extent to which entrepreneurs are:
Dynamic,flexible, self regulating and engaged in the process of generating multiple decision
frameworks
Focus on sensing and processing changes in their environments and then acting on them
, Achieving cognitive adaptability - CORRECT ANSWER comprehension questions, connection
tasks, strategic tasks, reflection tasks
Comprehension questions - CORRECT ANSWER Increase entrepreneurs understanding of the
nature of the environments
Connection tasks - CORRECT ANSWER Stimulate thinking about similarities and differences
of current situations with situations previously faced and solved
Strategic Tasks - CORRECT ANSWER Identify strategies that are appropriate for solving the
problem or pursuing the opportunity
Reflection Tasks - CORRECT ANSWER Stimulate entrepreneurs to think about their
understanding and feelings as they progress through the entrepreneurial process
Increasing cognitive ability helps in - CORRECT ANSWER Adapting to new situations
Being creative
Communicating one's reasoning behind a particular response
Sustainable Entrepreneurship - CORRECT ANSWER Bring future products, processes, and
services into existence for gain
Can generate:
Economic gain
Environmental gain
Social gain
Corporate entrepreneurship - CORRECT ANSWER Entrepreneurial action within an
established organization
Capitalizes on individuals who can do things differently and betters
Strategic orientation
