Solutions and explanations for Previous Exam_2024_Summer Term.pdf are AI-generated based on notes. Official solutions are available in the document.
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c — Need for achievement is defined as an internal motive that drives people toward high standards and task-oriented behavior, matching the description in the motives section Need for Achievement.
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b — Multi-sided business models create value for one group of users while earning revenue from another paying customer group, such as advertisers paying to reach users Multi-Sided Business Models.
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b — Entrepreneurial team members don’t have to focus on a novel product to be considered an entrepreneurial team.
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c — A forwards-oriented split explicitly emphasizes future contributions, particularly commitment, when determining equity shares Temporal Orientation.
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not relevant for Winter 2025
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c — Team-related attitudes such as cohesion, psychological safety, and shared cognition are classified as emergent states in the Input-Mediator-Outcome framework Input-Mediator-Outcome Framework.
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c — Factories, plants, and distribution centers are physical assets required to deliver the value proposition and thus belong to key resources Key Resources.
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not relevant for Winter 2025
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a — The notes emphasize that affect (e.g., positive or dispositional affect) influences entrepreneurs’ cognitive processes such as perception and information processing Positive Affect.
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d — Low-balling is defined as getting agreement on favorable terms and then changing them to less favorable ones at a later stage Low-Balling Technique.
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b — The resource mobilization notes stress that entrepreneurs often pursue opportunities despite limited current resources, aligning with Stevenson and Jarillo’s emphasis on acting irrespective of resource constraints Resource Mobilization.
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d — Meta-analytic findings show entrepreneurs are actually lower in agreeableness than managers and agreeableness is not significantly related to performance, so this statement deviates from the evidence Meta-Analytic Findings: Big Five & Entrepreneurship.
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d — Causation is described as gradually reducing the uncertainty around a business idea through information gathering, feedback, and iteration Causation: Developing an Idea.
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a — Effectual decision makers start from their available means (“who you are, what you know, who you know”) and think in terms of resources rather than predictive planning, while leveraging uncertainty Effectuation: Revealing Opportunities.
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d — PEST is presented as the framework that categorizes environmental changes into Political, Economic, Social, and Technological factors PEST Changes.
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not relevant for Winter 2025
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b — BATNA is explicitly introduced as a negotiation concept that guides entrepreneurs in bargaining situations BATNA — Best Alternative to a Negotiated Agreement.
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c — Market penetration focuses on selling more of existing products to existing markets, for example by encouraging current customers to buy more Market Penetration Strategy.
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a — The opportunity identification model highlights prior knowledge and experience as key for recognizing opportunities, which fits Perkins’ teaching background in design software Knowledge & Creativity.
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d — The goal is specific, measurable, and relevant, but lacks a deadline, so it is not yet time-bound in SMART terms SMART Goals.
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b — Scaling is defined as revenues growing faster than costs, often exponentially vs. linear or sub-linear costs, so having revenues and costs grow at the same pace contradicts this Growing vs. Scaling.
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a — Allen et al. (2021) find that general mental ability has a stronger overall effect on entrepreneurial success than emotional intelligence Brain vs. Heart
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a — Using the visibility of cat eyes to inspire road reflectors is a textbook case of analogical reasoning, transferring a principle from one domain to another Analogical Reasoning.
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not relevant for Winter 2025
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not relevant for Winter 2025
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c — Joseph Schumpeter said this.
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not relevant for Winter 2025
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not covered in Winter 2025
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a — The notes state that the process of creating a business plan (together with proactive action planning) is positively related to venture performance, emphasizing the planning process over mere document existence Business Plan.
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b — The value proposition describes the value, problems solved, and needs satisfied, not the customer types themselves, which are covered under customer segments Value Proposition.
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c — Unlike mountain climbing, you don’t need to be an experienced “mountaineer” to start and succeed in entrepreneurship.
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not relevant for Winter 2025
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not relevant for Winter 2025
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not relevant for Winter 2025
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b — Exchanging advice about scaling provides information and suggestions, which matches the definition of informational support from social networks Network.