Deck 1: Understanding the Innovative Mindset

Question 1

Organizations today must continually redefine their markets, restructure their operations, and modify their business models.

Answer 1

True

Question 2

Due to the flexible regulatory environment in the United States, the amount of net new ventures that have been created has increased on average for the past ten years.

Answer 2

False

Question 3

Innovation is the process of making changes, large and small, radical and incremental, to products, processes, and services that results in the introduction of something new for the organization that adds value to customers and contributes to the knowledge store of the organization.

Answer 3

True

Question 4

Innovators must begin as inventors to truly grasp the understanding of how to be an innovative thinker.

Question 5

Successful innovators are considered to be high rolling gamblers.

Question 6

It is more likely that successful innovators benefit from "entrepreneurial experiences" and innovative education where they can learn rather than conform to a particular profile.

Question 7

One way to relieve the insulation of the innovator's mindset is to share experiences by networking with other innovators.

Question 8

Having an innovative mindset does not require a large commitment of time and energy, and will often allow more time for family and social activities.

Question 9

Innovators find delegation easy because they do not feel the need to be involved in every aspect of innovation.

Question 10

The dynamic innovative organizations of this twenty-first century will be ones that are capable of merging strategic action with innovative action on an ongoing basis

Question 11

______________ is an opportunity-driven way of thinking, where actions are never constrained by resources currently controlled.

A) Leading strategic thinker
B) Adaptive mentality
C) Innovative mindset
D) Empire theorist

Question 12

Because we believe there is a gap between what can be imagined and what can be accomplished. It is a time requiring____________.

A) Calculated risk-taking
B) Timidity
C) Strong leadership
D) Both A and C

Question 13

What are the needed innovation skills to transform into an Innovative Organization?

A) Foundation for implementing innovative ideas
B) Design thinking functions
C) Development of innovative teams
D) All of the above

Question 14

What are the three major trajectories for innovation?

A) Essential, additive, obstreperous
B) Fundamental, cumulative, off-base
C) Radical, incremental, disruptive
D) None of the above

Question 15

What is one of the damaging myths associated with innovation?

A) Individuals are born to innovate
B) Innovation is not about luck
C) Innovators are creative thinkers
D) Innovators do not like to gamble

Question 16

What does it mean to have achievement drive?

A) A total dedication to success as an innovator
B) Unwavering focus on opportunity rather than on resources, structure, or strategy
C) To excel against self-imposed standards, and to pursue and attain challenging goals
D) Setting high but attainable goals

Question 17

The most effective source for recognizing opportunity is _______________?

A) Trends
B) Unexpected occurrences
C) Industry and market changes
D) All of the above

Question 18

Which of the following factors contribute to entrepreneurial stress?

A) Addiction to innovation
B) Perfectionist syndrome
C) Achievement orientation
D) All of the above

Question 19

What are the four methods of innovation?

A) Invention, extension, duplication, synthesis
B) Incremental, radical, disruptive, frugal
C) Service, process, sustainable, experience
D) None of the above

Question 20

Discuss the advantages of developing a corporate innovative philosophy.

Question 21

Describe the characteristics of seeking opportunities.

Question 22

The entire concept of innovation conjures up many thoughts and misconceptions. It seems everyone has an opinion as to what innovation entails. Describe some of the commonly accepted innovation misconceptions.

Question 23

In order to maintain an "innovative mindset," managers must assume certain ongoing responsibilities. List and describe these responsibilities.