According to effectuation, entrepreneurs:Question 14Answera.create opportunities by leveraging their resources and skillsb.ceek external funding before starting a venturec.innovate based on existing technologyd.start with a predetermined market demand
Question
According to effectuation, entrepreneurs:Question 14Answera.create opportunities by leveraging their resources and skillsb.ceek external funding before starting a venturec.innovate based on existing technologyd.start with a predetermined market demand
Solution
According to effectuation theory, entrepreneurs create opportunities by leveraging their resources and skills. This theory, proposed by Saras Sarasvathy, suggests that entrepreneurs start with what they have (their resources and skills), and from there, they look for opportunities and strategies. They don't start with a predetermined market demand, but rather create products or services and then seek a market for them. They also don't necessarily seek external funding before starting a venture, but rather start with their own resources and expand as they generate revenue. Lastly, while innovation can be a part of effectuation, it's not about innovating based on existing technology, but rather about creating new opportunities with available resources.
Similar Questions
Effectual entrepreneurs typically:Question 16Answera.embrace uncertainty and ambiguityb.seek external validation before taking actionc.collaborate with established competitorsd.set rigid goals and milestones
According to effectuation, entrepreneurs should focus on:Question 22Answera.leveraging available resourcesb.minimizing uncertaintiesc.maximizing market shared.following a linear business plan
Which of these can help entrepreneurs to determine market opportunity?a.Creating an effective ideation.b.Checking for environmental factors.c.Checking for creativity potential.d.Creating an effective mind map.
Which of the following best describes the approach of effectual entrepreneurs?Question 9Answera.They experiment and learn from failures.b.They pursue a predetermined market opportunity.c.They focus on predicting and controlling the future.d.They rely heavily on external expertise and resources.
The opportunity to reap impressive profits is the primary motivation for most entrepreneurs.a.May beb. Falsec. Tured.I Dont Know
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.