MGMT 3850 CHAPTER 2 HOMEWORK QUESTION AND ANSWERS

MGMT 3850 CHAPTER 2 HOMEWORK QUESTION AND ANSWERSEssentials of Entrepreneurship & Small Business Mgmt., 7e (Scarborough) Chapter 2 Inside the Entrepreneurial Mind: From Ideas to Reality 1) The ability to develop new ideas and to discover new ways of looking at problems and opportunities is called: A) entrepreneurship. B) innovation. C) creativity. D) creative thinking. Answer: C Diff: 1 Page Ref: 40 AACSB: Reflective Thinking Learning Obj.: 1 2) An entrepreneurial "secret" for creating value in the marketplace is: A) applying creativity and innovation to solve problems. B) creating new products and services. C) learning by doing. D) applying lessons learned from history. Answer: A Diff: 2 Page Ref: 40-41 AACSB: Analytic Skills Learning Obj.: 1 3) The ability to apply creative solutions to problems and opportunities to enhance or to enrich people's lives is called: A) entrepreneurship. B) innovation. C) creativity. D) creative thinking. Answer: B Diff: 1 Page Ref: 40 AACSB: Reflective Thinking Learning Obj.: 1 4) Harvard's Ted Levitt says that creativity is ________ new things, and innovation is ________ new things. A) thinking; doing B) doing; thinking C) seeing; doin