The Savvy Entrepreneurial Firm Feature in Chapter 2 Focuses on IHearSafe

question 36

Multiple Choice

The Savvy Entrepreneurial Firm feature in Chapter 2 focuses on iHearSafe, ZUCA, and J.J. Creations, three entrepreneurial startups. While each firm is different and is successful in its own right, the main point of the feature is to illustrate that:

• A) companies are often started by everyday people solving problems in their everyday lives
• B) closely monitoring environmental trends is an effective way to identify business opportunities
• C) one of the most important points to consider before launching a business is to determine if its window of opportunity is open
• D) finding gaps in the marketplace is an effective way of identifying business opportunities
• E) both economic and social forces impact the opportunities available to entrepreneurs

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Definitions:

Attribution Bias

A cognitive bias that refers to the systematic errors made when people evaluate or try to find reasons for their own and others' behaviors.

Perceptual Biases

Cognitive biases that affect the interpretation and judgment of sensory information, leading to skewed perceptions and potentially erroneous conclusions.

Social Biases

The systematic tendency to process social information in a way that favors particular outcomes or interpretations based on personal, cultural, or societal preferences.

Interpretive Efficiency

The ability to quickly and accurately understand or make sense of information and situations.