Post on 08-May-2023
This project has been funded with support from the European Commission. This publication [communication] reflects the views only of the author, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
Development of an entrepreneurial mind-set in higher education
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 2 | P a g e
Assessment tool for the entrepreneurship competence
Program: Erasmus+
Key Action: Cooperation for innovation and the exchange
of good practices
Project Title: Development of an entrepreneurial mind-set
in higher education
Project Acronym: EmindS
Project Agreement Number: 2017-1-CY01-KA203-026768
Intellectual Output: Assessment tool for the entrepreneurship
competence
DISCLAIMER
This project has been funded with support from the European Commission. This publication [communication] reflects the views only of the author, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 3 | P a g e
Assessment tool for the entrepreneurship competence
Table of Contents
Contents
Table of Contents ..................................................................................................... 3
List of Tables ........................................................................................................... 4
Competence 1.1.Spotting opportunities ................................................................... 4
Competence 1.2. Creativity .................................................................................... 10
Competence 1.3. Vision ......................................................................................... 15
Competence 1.4. Valuing Ideas ............................................................................. 24
Competence 1.5. Ethical and Sustainable thinking ................................................ 30
Competence 2.1. Self-awareness and self-efficacy ................................................ 33
Competence 2.2. Motivation and perseverance ..................................................... 37
Competence 2.3. Mobilising resources .................................................................. 45
Competence 2.4. Financial and economic literacy ................................................ 53
Competence 2.5. Mobilising others ....................................................................... 59
Competence 3.1. Taking the initiative ................................................................... 66
Competence 3.2. Planning and Management ......................................................... 73
Competence 3.3. Coping with uncertainty, ambiguity and risk ............................. 79
Competence 3.4. Working with Others .................................................................. 84
Competence 3.5. Learning through Experience ..................................................... 88
Checklist ................................................................................................................ 92
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 4 | P a g e
Assessment tool for the entrepreneurship competence
List of Tables Competence 1.1.Spotting opportunities
DESCRIPTOR: Identify and seize opportunities to create value by exploring the social, cultural and economic landscape
Level 5
Learning Outcome:
Question type 1: Multiple Choice or True/False/DNK (do not know)
The Question Alternative Answers Right Answer Remarks
1. If you were starting a company or even a new product line, which tool would you use in order to highlight the key risks and frame your work?
a) Opportunity Assessment b) Business Model Canvas c) None of them d) Both of them
a) Opportunity Assessment b) Business Model Canvas c) None of them d) Both of them
b) Maximum 10 marks
2. Which of the following idea should adopt a car industry in order to stay competitive in today’s market?
a) Rejection of hybrid technology b) Hands-free driving c) Digital navigation You may choose more than one answer
a) Rejection of hybrid technology b) Hands-free driving c) Digital navigation
b), c) 5 marks for each correct answer
Maximum 10 marks
We’ve heard too many stories of leaders trapped by conventional thinking: Microsoft’s wariness of open-source software, Polaroid’s grudging move into digital cameras, media companies’ distaste for blogs
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 5 | P a g e
Assessment tool for the entrepreneurship competence
3. Which of the above in NOT a principle of needs analysis
a) The opinion of end users. b) Market research. c) Continue to monitor user feedback after the product launch. d) Analyse current profitability and risk
a) The opinion of end users. b) Market research. c) Continue to monitor user feedback after
the product launch. d) Analyze current profitability and risk
d) Maximum 10 marks
It’s part of the financial analysis
4. A pattern of has economic value if all value-
creating economic transformations and
transactions are irreversible.
True or False?
True or False?
True Maximum 10 marks
5. Asking short answered question instead of
open-ended, is better practice when you contact
needs analysis.
True or False?
True or False
False Maximum 10 marks
For example, ask “What kinds of problems are you facing today that were nonexistent 12 months ago?” Open-ended questions will earn you better answers than a closed-ended question that leads to a yes or no answer.
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 6 | P a g e
Assessment tool for the entrepreneurship competence
Question type 2: Open Ended Questions
The Question Answer Leading to Full Scores Scoring
Instructions
Remarks
6. State the cases where it is
best to use Business Model
Canvas those and where it is
best to use Opportunity
Assessment.
A Canvas is especially helpful when you are starting a
new business, or creating an entirely new product line.
In contrast, in the case of an existing product, you are
constantly considering new projects, new designs, and
new features, and for those reasons an Opportunity
Assessment is designed as a very lightweight tool for
highlighting the risks of the new effort.
5 points for
adequate
explanation for
the use of
Business Model
Canvas a
5 points for
adequate
explanation for
the use of
Opportunity
assessment
Maximum score: 10
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 7 | P a g e
Assessment tool for the entrepreneurship competence
7. List 3 key elements that you
need to keep in mind in order to
produce value or opportunities.
Know your audience. You need to know exactly who it is you’re talking to, what their intentions are and how you can help them move forward.
Apply the right content. in the appropriate situation. A good content and context strategy manages to serve the right media as well as the right content to the audience.
Clarity and reliability of data. Collect and gather only what you need, when you need it and if you can use it to actually provide content with an added value to your audience.
Personalization. Personalize each customer experience in part by understanding intent from the first page visit to the last interaction on any channel.
Continuous test and optimization. It’s important to learn what works and what doesn’t though for the most part and the only way to do that is by testing and optimizing.
3.3 points per
bullet. Answer(s)
may vary
Maximum score: 10
8. Provide examples on how one could take advantage of:
1. Financial Opportunities
2. Customer service opportunities
3. Growth and learning opportunities
Financial Opportunities: o Responding to customer needs and start
new product line o Enter new geographical areas o Identify innovative ways to increase
customer retention eg loyalty programmes
Customer Opportunities: o Improve online interface
3.3 points for
each example.
Only one
example per
category should
be marked.
Maximum score: 10
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 8 | P a g e
Assessment tool for the entrepreneurship competence
Provide one example per category.
o Innovative ways of cross selling o understand your customers’ purchasing
habits and adapt accordingly
Learning & Growth Opportunities: o cross-training opportunities to improve
culture and thus retention?
9. What is the main purpose of
Business Model Canvas?
Business Model Canvas main purpose is to help its users to understand their business model. Using the canvas users will gain understanding into the insights of their customers, the value propositions they are offered and the channels that they flow by, and in overall, the ways that their company makes money. Business model canvas can help users to understand their own business model or that of a competitor!
10 points for
adequate
explanation of
the main purpose
of Business
Model Canvas
Maximum score: 10
Question type 3: Problems, or Case Study
Definition of the Task Elements to be Included to the Right Answer Scoring Instructions Remarks
10. Create the Business Model Canvas for a
local bakery (provide ten steps)
Step 1 (of 10): Customer Segments
Step 2 (of 10): Value Propositions
Step 3 (of 10): Channels
Step 4 (of 10): Customer Relationships
Step 5 (of 10): Revenue Streams
1 points per step. Answer(s) may vary
Maximum score: 10
Maximum
score: 10
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 9 | P a g e
Assessment tool for the entrepreneurship competence
Step 6 (of 10): Key Activities
Step 7 (of 10): Key Resources
Step 8 (of 10): Key Partnerships
Step 9 (of 10): Cost Structure
Step 10 (of 10): Applications, Analysis & Next Steps
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 10 | P a g e
Assessment tool for the entrepreneurship competence
Competence 1.2. Creativity
DESCRIPTOR: Explore and experiment with innovative approaches
Level 5
Learning Outcome: I can describe and explain different approaches to shaping open-ended problems and different problem solving strategies
Question type 1: Multiple Choice or True/False/DNK (do not know)
The Question Alternative Answers Right Answer Remarks
1. Brainstorm is a very effective method to use when trying to develop a
solution to a problem
True or False?
True or False? True 10 marks
2. In order to solve an open-ended problem you have to know why it is
important to solve it.
True or False?
True or False? True 10 marks
3. An open ended problem has only one optimum solution
True or False?
True or False? False 10 marks
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 11 | P a g e
Assessment tool for the entrepreneurship competence
4. Your initial problem lies with boosting the sales, however what you are
trying to answer is how to cut the costs. How are you approaching the
problem?
a) Paraphrasing it give thought another boost
b) Go the other way around (180o degrees)
c) Broaden the focus to a wider problem
d) Redirecting the focus to something else that could solve the problem
e) Ask why this problem occurred
a) Paraphrasing it give thought
another boost
b) Go the other way around (180o
degrees)
c) Broaden the focus to a wider
problem
d) Redirecting the focus to
something else that could solve
the problem
e) Ask why this problem occurred
d) 10 marks
5. A colleague comes to you with the question How can we limit congestion
on the roads? But you say that instead you should consider answering: How
can we keep road congestion from growing? Which technique are you trying
to apply?
a) Paraphrasing it to give thought another boost
b) Go the other way around (180o degrees)
c) Broaden the focus to a wider problem
d) Redirecting the focus to something else that could solve the problem
a) Paraphrasing it to give thought
another boost
b) Go the other way around (180o
degrees)
c) Broaden the focus to a wider
problem
d) Redirecting the focus to
something else that could solve
the problem
a) 10 marks
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 12 | P a g e
Assessment tool for the entrepreneurship competence
e) Ask why this problem occurred e) Ask why this problem occurred
6. Which are the first two steps when solving a problem. (choose two of the
below)
a) The Problem Analysis b) The Results of that Implementation c) The Implementation Plan d) The problem definition and description e) The next steps
a) The Problem Analysis b) The Results of that
Implementation c) The Implementation Plan d) The problem definition and
description e) The next steps
a), d)
5 marks each
10 marks total
Maximum
10 marks
7. Why is it very important to Analyse each problem prior to solving it?
a) To make sure that no one else does this before you
b) To find out the solution as soon as possible
c) To make sure that you are solving the actual problem and not the
perceived one
d) To make sure that you are solving the perceived problem and not the
actual one
e) To be able to evaluate the different solutions.
a) To make sure that no one else
does this before you
b) To find out the solution as soon
as possible
c) To make sure that you are
solving the actual problem and
not the perceived one
d) To make sure that you are
solving the perceived problem
and not the actual one
e) To be able to evaluate the different solutions.
c)
10 marks
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 13 | P a g e
Assessment tool for the entrepreneurship competence
Question type 2: Open Ended Questions
The Question Answer Leading to Full Scores Scoring Instructions Remarks
8. Your colleague comes to you
with a work related problem
that is prohibiting them to
successfully complete their
task. What is the stream of
thought that you will follow in
order to successfully resolve
this? Please describe the steps.
The solution should follow the below stream of thinking:
1) Recognizing a need 2) Defining the problem, the objectives and the constraints
3) Collecting information and data 4) Generating alternative solutions 5)
Evaluating the consequence of different solutions 6) Deciding and specifying the
final 'best' solution.
For each of the
numbered steps of
the list that is
mentioned/described
the trainee gets 10/6.
Maximum
10 marks.
9. What do you think
paraphrasing a problem is? Can
you use and example of your
own.
Restating the problem using different words without losing the original meaning.
i.e. Initial statement: How can we limit congestion on the roads?
Paraphrase: How can we keep road congestion from growing?
Trying to say the same thing with different words puts a slightly different spin on the meaning, which triggers.
Five points for
explaining and five
for an example
Maximum
10 marks.
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 14 | P a g e
Assessment tool for the entrepreneurship competence
Question type 3: Problems, or Case Study
Definition of the Task Elements to be Included to the Right Answer Scoring Instructions Remarks
10. A colleague from your work team
comes to you nagging about the
collaboration with another team
member that will not communicate and
collaborate with them as they are too
lazy to do so and they are asking for you
to find a way to replace that person.
What would you do to resolve the
problem? Describe.
The solution should follow all steps of the problem-solving
stream of thought.
The solution should follow the below stream of thinking:
1) Recognizing a need 2) Defining the problem, the objectives
and the constraints 3) Collecting information and data 4)
Generating alternative solutions 5) Evaluating the consequence
of different solutions 6) Deciding and specifying the final 'best'
solution.
For each step that the assessor
recognise appoints one mark. If
the actual step is mentioned
appoints 0.3 more. If just the
step is mentioned (no
description or thoughts 0.6 per
step).
Maximum
10 marks
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 15 | P a g e
Assessment tool for the entrepreneurship competence
Competence 1.3. Vision
DESCRIPTOR: Develop a vision to turn ideas into action
Level 5
Learning Outcome: I can prepare a vision statement for my (or my team(s) value creating activity that guides internal decision-making throughout the whole process of creating value)
Question type 1: Multiple Choice or True/False/DNK (do not know)
The Question Alternative Answers Right Answer Remarks
1. A vision statement answers the questions:
What are the activities we need to perform to
reach our long term goals
True or False?
True or False?
False. Maximum 10 marks
A vision statement answers the question: Where
are we going? What do we want to achieve or
accomplish?
2. A good vision statement should be:
a) Brief b) Generic c) Succinct d) Extremely specific e) Clear about who you are
a) Brief b) Generic c) Succinct d) Extremely specific e) Clear about who you are f) Clear about who you wish
to become
a, c, e, f
2,5 marks for
each correct
answer
Maximum 10 marks
A good vision statement has to represent things in
a broad sense, but without sounding generic.
Development of an entrepreneurial mind-set in higher education
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Assessment tool for the entrepreneurship competence
f) Clear about who you wish to become
You may choose more than one answer
Vision statements should not be too narrow in
focus, since if it is too detailed e.g. contains very
specific goals, might not be applicable in long term.
3. Which of the following vision statements is
a good vision statement?
a) A hunger-free America
b) The sky's the limit!
c) We like ourselves just the way we are.
a) A hunger-free America
b) The sky's the limit!
c) We like ourselves just the way
we are.
a)
(Feeding
America)
Maximum 10 marks
The sky's the limit! (Avery Dennison): That is a pretty lofty ambition for a company whose product is stick-on labels. A good mission statement should have some relationship to reality.
We like ourselves just the way we are: "MGM Resorts International is the leader in entertainment & hospitality--a diverse collection of extraordinary people, distinctive brands and best in class destinations." It is billed as MGM Resorts' mission statement, but it is just a flattering self-description. Say what you aspire to be, not why you already think you are great.
4. Which of the following questions form a company’s vision?
a) What problem are we seeking to solve?
b) Where are we headed? c) Why does our organization exist?
You may choose more than one answer
a) What problem are we seeking to solve?
b) Where are we headed? c) Why does our organization
exist?
a), b)
5 marks for each
correct answer
Maximum 10 marks
c) Why does our organization exist?
(clarifying question for mission)
Development of an entrepreneurial mind-set in higher education
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Assessment tool for the entrepreneurship competence
5. A vision statement is very crucial for every
organization, because
a) Communicates the organization’s reason for being.
b) Specifies how it aims to serve its key stakeholders.in terms of product, markets, customer, etc.
c) Lays out the organization’s purpose for being.
a) Communicates the organization’s reason for being. b) Specifies how it aims to serve its key stakeholders.in terms of product, markets, customer, etc. c) Lays out the organization’s purpose for being.
c) Maximum 10 marks
a) & b) are elements of mission statements
Question type 2: Open Ended Questions
The Question Answer Leading to Full Scores Scoring Instructions Remarks
6. Our advertising company vision is to make
every brand more inspiring and the world more
intelligent.
Do you consider the abovementioned statement
as a good example of vision statement? Which
are the strengths and weaknesses of this
Although the statement reveals ambitiousness, it cannot be considered as realistic. The parts of the statement ‘every brand’ and ‘making the world more intelligent’ are too vague. On the other hand; the part ‘making brands more inspiring’ sounds sensible and provides some depth to the statement.
Weaknesses: a) Vague b) Too reliant
Strengths: a) Desirable b) Easy to communicate
4 points for adequate
comment on the
statement.
1.5 points per
Weakness/Strength.
Maximum score: 10
Examples of good vision statements:
Teach for America: One day, all children in this nation will have the opportunity to attain an excellent education.
Warby Parker: To offer designer eyewear at a revolutionary price, while leading the way for socially conscious businesses.
Development of an entrepreneurial mind-set in higher education
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Assessment tool for the entrepreneurship competence
statement? Provide four Weakness/Strengths
actions
IKEA: To create a better everyday life for the many people.
7. We are committed to achieving new standards
of excellence by providing superior human
capital management services and maximizing the
potential of all stakeholders – clients, candidates
and employees – through the delivery of the
most reliable and responsive services.
Do you consider the abovementioned statement
as a good example of vision statement? Which
are the strengths and weaknesses of this
statement? Provide three Weakness/Strengths
actions
The statement is not very clear and at the same time is too subjective. ‘New standards of excellence’. ‘Superior human capital management’. ‘Maximising the potential’. It makes it hard for a client/stakeholder to find himself in line or even inspired by so general and non-specific content statements.
Weaknesses: a) Uninspiring b) Vague c) Not distinctive d) Difficult to communicate
Strenghts: Desirable
4 points for adequate
comment on the
statement.
2 points per
Weakness/Strength.
Answer(s) may vary
Maximum score: 10
Maximum score: 10 marks
8. List and briefly analyze two basic elements of
strategic vision.
Realistic: A vision must be based in
reality to be meaningful for an
organization. For example, if you are
developing a vision for a computer
software company that has carved out a
5 points for adequate
analyzed element.
Maximum score: 10
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 19 | P a g e
Assessment tool for the entrepreneurship competence
small niche in the market developing
instructional software and has a 1.5
percent share of the computer software
market, a vision to overtake Microsoft
and dominate the software market is not
realistic!
Credible: A vision must be believable to
be relevant. To whom must a vision be
credible? Most importantly, to the
employees or members of the
organization. If the members of the
organization do not find the vision
credible, it will not be meaningful or
serve a useful purpose. One of the
purposes of a vision is to inspire those in
the organization to achieve a level of
excellence, and to provide purpose and
direction for the work of those
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 20 | P a g e
Assessment tool for the entrepreneurship competence
employees. A vision which is not credible
will accomplish neither of these ends.
Attractive: If a vision is going to inspire
and motivate those in the organization,
it must be attractive. People must want
to be part of this future that's envisioned
for the organization.
Future: A vision is not in the present, it is
in the future. In this respect, the image
of the leader gazing off into the distance
to formulate a vision may not be a bad
one. A vision is not where you are now,
it's where you want to be in the future.
(If you reach or attain a vision, and it's no
longer in the future, but in the present,
is it still a vision?)
9. List three channels for communicating
business’ or organization’s vision effectively.
Great channels to use are
company newsletter
2.5 points per channel. Maximum score: 10 marks
Development of an entrepreneurial mind-set in higher education
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Assessment tool for the entrepreneurship competence
Mentioned one possible danger of over
communicating your vision.
an intranet
companywide meetings
posters in the break room
one-on-one meetings
good old-fashioned casual
conversation.
Communicating a poor or misaligned
vision
Communicate your vision through many
channels without focusing on those with
the greater impact for your target
audience.
2.5 points for adequate
explained danger of over
communication.
Development of an entrepreneurial mind-set in higher education
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Assessment tool for the entrepreneurship competence
Question type 3: Problems, or Case Study
Definition of the Task Elements to be Included to the Right Answer Scoring
Instructions
Remarks
10. Your start up business is involved
in the market of pastries. You have to
write the vision statement for your
business. The first step is to state
clearly what your business do in terms
of outputs.
The second step is to equip your
statement with a pinch of uniqueness,
by adding that special element that
your firm enhance to the
abovementioned outcome.
At the end, you have to consider some
elements that will hold your vision in
touch with the real world.
Be exceptionally clear about what it is your
organization actually does by looking forward to the
actual outcome of your process.
In this example, it is assumed that your firm makes
pastries. Although the outcome is pastries you may
need to focus on the enjoyment of the consumers ie
the feelings you cause.
In order the statement to be more specific, the
unique element of your company must be provided.
For this example it might be the traditional way of
making the pastries (recipes that are past from our
ancestors) or some secret/natural local ingredients.
Finally the element that connects your business with
everyday life must be added, e.g. that your products
3.3 points for
adequate
explanation of
every step
Maximum score: 10
Examples of good vision statements:
Ms Cupcake
Everybody deserves great cake. It is
our job to create indulgent and
decadent cakes for them regardless
of what they can, and cannot eat.
DAN cake
The vision of DAN Cake is to
become the leading and preferred
supplier of European standard
premium cakes in Bangladesh.
Bethel Bakery Vision:
Development of an entrepreneurial mind-set in higher education
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Assessment tool for the entrepreneurship competence
Keeping those three guidelines in
mind, construct the vision statement
for your pastry business.
represent an everyday habit that closes a hard
working day of your customers.
To be Pittsburgh’s Premier Bakery
creating an exceptional product and
customer service experience to new
and loyal customers everywhere.
Development of an entrepreneurial mind-set in higher education
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Assessment tool for the entrepreneurship competence
Competence 1.4. Valuing Ideas
DESCRIPTOR: Recognize the potential an idea has for creating value and identify suitable ways of making the most out of the idea
Level 5
Learning Outcome: I can recognise the many forms of value that could be created through entrepreneurship, such as social, cultural or economic value
Question type 1: Multiple Choice or True/False/DNK (do not know)
The Question Alternative Answers Right Answer Remarks
1. Which of the following do you consider to be forms
of value created by entrepreneurship?
a) Innovation b) Job creation c) Economic growth d) Governmental control e) Environment protection You may choose more than one answer
a) Innovation
b) Job creation
c) Economic growth
d) Governmental control
e) Environment protection
a), b), c)
3,3 marks for
each correct
answer
Maximum 10 marks
Governmental control is not
considered to be factor of
adding value of
entrepreneurship
2. Which of the following can represent a value
created from entrepreneurship?
a) Protecting Environment
a) Protecting Environment
b) Humanitarian Issues
c) Socially Conscious Business
a), b), c) Maximum 10 marks
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b) Humanitarian Issues
c) Socially Conscious Business
You may choose more than one answer
3.3 marks for
each correct
answer
3. What the acronym PEST stands for?
a) Political, Economic, Social and Technological.
b) Political, Ecological, Social and Technological.
c) Popular, Economic, Social and Technological.
d) Political, Economic, Social and Technical.
a) Political, Economic, Social and
Technological.
b) Political, Ecological, Social and
Technological.
c) Popular, Economic, Social and
Technological.
d) Political, Economic, Social and
Technical.
a) Maximum 10 marks
4. Which of the following constitutes a political value
created through entrepreneurship?
a) New state tax policies for accounting
b) International economic growth
c) Automated processes in the industry
a) New state tax policies for accounting
b) International economic growth
c) Automated processes in the industry
a) Maximum 10 marks
International economic growth
is economic valueAutomated
processes in the industry is a
technical value
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Assessment tool for the entrepreneurship competence
5. How will you characterize the job created in the
context of entrepreneurship?
a) Social value
b) Economic value
c) Cultural value
a) Social value
b) Economic value
c) Cultural value
a) Maximum 10 marks
According to Forbes
(https://www.forbes.com/sites/
greggfairbrothers/2013/04/01/
entrepreneurs-the-
environment-and-social-
value/#3e588e0d15be)
Question type 2: Open Ended Questions
The Question Answer Leading to Full Scores Scoring Instructions Remarks
6. Comment on the term Social
Enterprise. In your opinion,
a. What is the main
objective of Social
Enterprise
b. What entrepreneurial
aspect does it serve?
The European Commission provides the term ‘social enterprise’ the following
meaning: ‘an operator in the social economy whose main objective is to have a
social impact rather than make a profit for their owners or shareholders.
Social entrepreneurship is the field in which entrepreneurs tailor their activities to
be directly tied with the ultimate goal of creating social value. In doing so, they
often act with little or no intention to gain personal profit. A social entrepreneur
“combines the passion of a social mission with an image of business-like discipline,
5 points for adequate
explanation of the
term and 5 for the
adequate explanation
of the aspect served.
Maximum
score: 10
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innovation, and determination commonly associated with, for instance, the high-
tech pioneers of Silicon Valley” (Dees, 1998).
7. What is the difference
between creativity and
innovativeness?
Creativity: Creativity is the ability to see new ways of doing things and discovering
new opportunities.
Innovativeness: Innovativeness is the ability to make the opportunities work in
practice by working out new combinations and seeing the new idea through to the
end.
10 points for
adequate explanation
of the difference
Maximum
score: 10
8. In PEST analysis, choose two
out of four factors that are
represented in the acronym,
and comment on their
significance.
Τhe Political factor deals with the regulations and legal factors assessing them in
terms of their ability to affect the business environment and trade markets. The
main issues addressed in this section include political stability, tax guidelines,
trade regulations, safety regulations, and employment laws.
The Economic factor examine the economic issues that are bound to have an
impact on the company. This would include factors like inflation, interest rates,
economic growth, the unemployment rate and policies, and the business cycle
followed in the country.
With the Social factor, a business can analyze the socio-economic environment of
its market via elements like customer demographics, cultural limitations, lifestyle
5 points for adequate
comment on every
factor.
Maximum
score: 10
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attitude, and education. With these, a business can understand how consumer
needs are shaped and what brings them to the market for a purchase.
The Technology factor argues whether technology has an impact (positively or
negatively) especially at the case of the introduction of a product or service into a
marketplace. Technological advancements, lifecycle of technologies, the role of
the Internet, and the spending on technology are research.
9. Write down three social
values gained through
entrepreneurship
Shift in educational requirements, thrust for learning.
Increase population growth rate.
Making a difference in the world. Do not be afraid of challenging
conventions.
Integrity in working and social life.
Confidence to self and others
Respect and inclusiveness for all humans.
3.3 points for every
social value.
Maximum
score: 10
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Question type 3: Problems, or Case Study
Definition of the Task Elements to be Included to the Right
Answer
Scoring Instructions Remarks
10. In 1955, the Andalusian province of Almeria, in southeaster Spain,
was a drought ridden area with little infrastructure and a GDP per capita
of less than half the national average. Today, it is the top Spanish fruit
and vegetable growing area, ranking among the wealthiest third of
Spanish provinces in GDP per capita.
Almeria’s rapid rise is the story of two interlinked cooperative
institutions – its cooperative bank and its cooperatively organised
farmers and their related organisations.
Can you define what were the forms of values that represented by those
two entrepreneurship organization in the providence of Almeria, that led
to this extraordinary outcome?
Social value
Economic growth
Job creation
The cooperative farmers’ organisation
added social and economic value,
minimizing the levels of unemployment,
providing large-scale training to new
agricultural products and technics and
access to external markets.
10 points for
adequate explanation
Maximum
score: 10
Development of an entrepreneurial mind-set in higher education
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Competence 1.5. Ethical and Sustainable thinking
DESCRIPTOR: Act responsibly
Level 5
Learning Outcome: I can argue that ideas for creating value should be supported by ethics and values relating to gender, equality, fairness, social justice and environment sustainability
Question type 1: Multiple Choice or True/False/DNK (do not know)
The Question Alternative Answers Right Answer Remarks
1. Sustainability and gender equality are two terms that are not closely connected.
True or False? True or False? False 10 marks
2. Corporates’ ethics should take under consideration the well being of their employees.
True or False?
True or False? True 10 marks
3. Business ethics only apply and affects those inside the organisation .
True or False?
True or False? False 10 marks
4. Business ethics are usually regulated by the legal system of the country that the company is operating its headquarters
True or False?
True or False? False 10 marks
5. Business Ethics cannot have an impact on its economic growth and financial revenues
True or False?
True or False? False 10 marks
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6. When discussing sustainability initiatives of a company we are refereeing only to their green initiatives that a company applies in order to promote sustainability.
True or False?
True or False? False 10 marks
7. Social Media can influence corporate ethics.
True or False?
True or False? True 10 marks
Question type 2: Open Ended Questions
The Question Answer Leading to Full Scores Scoring Instructions Remarks
8. Pose three questions that
should be answered when we
discuss business ethics.
In whose interests should firms be managed? Who should manage them? What
do firms owe their workers, and what do workers owe their firms? What moral
rules should guide firms’ engagement with customers? Should firms try to solve
social problems? What responsibility do they have for the behavior of their
suppliers? What role should firms play in the political process?
Any three similar to
these will do.
3.33 for each correct
answer
Maximum
10 marks
9. Which are the main
stakeholders to take under
consideration when it comes to
corporate ethics?
1) Consumers 2) Employers 3) Society
3.33 for each answer
Maximum
10 marks
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Question type 3: Problems, or Case Study
Definition of the Task Elements to be Included to the Right Answer Scoring Instructions Remarks
10. The 50% of the
employees of a new
company which designs
and manufactures
jewellery have some
kind of disability. What
kind of ethical
questions can be raised
from this practice?
Which are the
stakeholders that are
affected by that?
Some ethical questions/statements that are both for and against the company are the
following:
Is the company doing that το help the disabled or to gain popularity?
Is it a marketing scheme?
Is this fair for the people that might be better qualified for the job?
Is it something that will add to the quality of the product?
Does this affirmative action positively affects the position of disabled people at the
area?
Will this set a good or bad example for other companies?
The stakeholders are the employees, the local community, the customers and the
suppliers.
Each question receives 1
mark (maximum 6).
1 mark per stakeholder.
Maximum
10 marks
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Competence 2.1. Self-awareness and self-efficacy
DESCRIPTOR: Reflect on your needs, aspirations and wants in the short, medium and long term
Level 5
Learning Outcome: I can translate my needs, wants and interests and aspirations into goals that help me reach them
Question type 1: Multiple Choice or True/False/DNK (do not know)
The Question Alternative Answers Right Answer Remarks
1. When you set SMART goals you are more probable to succeed.
True or False?
True or False? True 10 marks
2. When working on a project you don’t have to have specific and
fragmented goals from the beginning in order to work efficiently. You
may decide as you go.
True or False?
True or False? False
3. In order to succeed your goals you have to make sure that
a) Are measurable
b) Are Quickly achieved
c) Time doesn’t bound you
a) Are measurable
b) Are Quickly achieved
c) Time doesn’t bound you
d) Are promising
a), e)
Maximum
10 marks
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d) Are promising
e) The activities are relevant to what you want to succeed overall
f) Are not very specific in order not to limit you
You can give more than 1 answer
e) The activities are relevant to what
you want to succeed overall
f) Are not very specific in order not to
limit you
4. In order to accomplish my goals I have to “go with the flow”
True or False?
True or False? False 10 marks
5. In order for a goal to be achieved we have to plan everything before
hand and stick to that plan no matter what.
True or False?
True or False? False 10 marks
6. In order to achieve my goals I have to plan before hand but be
flexible enough to make changes when required.
True or False?
True or False? True 10 marks
7. You are a new graphic designer that values the quality of her/his
work and your long-term goal is to make a name on it. A client comes
to you with a very aspiring project that it is exactly what you want to
do, however the given time is very limited. What do you do?
a) You tell the client that you will do it
anyway, after all you are new at your job
and you want to get noticed
b) You inform the client that this is your
specialty, however you will need either
b) 10 marks
The final
goal is to
have their
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a) You tell the client that you will do it anyway, after all you are
new at your job and you want to get noticed
b) You inform the client that this is your specialty, however you
will need either some more time to do it or you will have to
scale down a bit, in order not to compromise the quality
c) You quickly hire someone so you can do it quicker together.
some more time to do it or you will have
to scale down a bit, in order not to
compromise the quality
c) You quickly hire someone so you can do it
quicker together.
name made
on quality,
that is why
the ii. Is the
correct
answer.
Question type 2: Open Ended Questions
The Question Answer Leading to Full Scores Scoring
Instructions
Remarks
8. What does SMART stands for? Specific
Measurable
Achievable
Relevant
Time Bound
For each one of
the correct
answers receive
2 marks
Maximum
10 marks
9. What does the Achievable, in
SMART goals, stands for?
Realistic and attainable. In other words, it should stretch your abilities but still
remain possible. When you set an achievable goal, you may be able to identify
previously overlooked opportunities or resources that can bring you closer to it.
An answer
similar to the
one given gives
Maximum
10 marks
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An achievable goal will usually answer questions such as:
How can I accomplish this goal?
How realistic is the goal, based on other constraints, such as financial factors?
someone all the
marks.
Question type 3: Problems, or Case Study
Definition of the Task Elements to be Included to the Right Answer Scoring Instructions Remarks
10. Paul Faust, VP of Business Development states that:
Our business - and indeed our brand - is built on being responsive. Just as we recommend our customers use a memorable phone number to increase calls and improve response rates, we must translate that to answering customer questions promptly and efficiently. How this goal could be smart?
Example answer :
Specific: We will respond to all customer questions immediately and resolve issues within 24 hours of receipt.
Measurable: Calls will be answered within three rings of the line. Support tickets will be closed within 24 hours of being opened by a service rep. Achievable: We will have sufficient service team members on hand to meet the response and resolution metrics.
Relevant: Improving response rates and connecting with customers is the core of our brand; therefore, we must exemplify that quality to all customers. Time-bound: Response and resolution metrics will be reviewed every month for compliance. If targets are not achieved, we will implement improvement measures that will restore service levels before the next monthly review.
For each concept of the
SMART method that is
mentioned is 1, plus 1
point for a correct
description concerning
the situation (Not only
the one described in
the examples but
similar to).
Maximum
10 marks
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Competence 2.2. Motivation and perseverance
DESCRIPTOR: Be determined to turn ideas into action and satisfy your need to achieve.
Level 5
Learning Outcome: I can celebrate short-term achievements, in order to stay motivated
Question type 1: Multiple Choice or True/False/DNK (do not know)
The Question Alternative Answers Right Answer Remarks
1. Celebrating small victories might end up to become
exhausted and demotivated.
True or False?
True or False? False Maximum 10 marks
This outcome may occur if you’re just rushing from one task to another. In general leaders should motivate their teams through small celebrations of small victories
2. When somebody makes a minor mistake, he/she almost
always feels bad about it. When somebody accomplishes a
small goal, she/he almost never feels good about it.
True or False?
True or False? True Maximum 10 marks
People overemphasize mistakes and
forget to motivate others even with
a congratulations statement on
small victories.
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3. Which of the following are motivation strategies?
a) Eliminate procrastination
b) Change your location
c) Questioning company leadership
You may choose more than one answer
a) Eliminate
procrastination
b) Change your location
c) Questioning company
leadership
a), b)
5 marks for each
correct answer
Maximum 10 marks
4. Which of the following tasks can drive your effort and
enhance your ability to achieve your goals?
a) Count your wins
b) Talk to yourself like a champion
c) Create Successful Habits
d) Be Accountable To Someone
You may choose more than one answer
a) Count your wins b) Talk to yourself like a
champion c) Create Successful
Habits d) Be Accountable To
Someone
a), b), c), d)
2,5 marks for each
correct answer
Maximum 10 marks
5. Which of the following are strategies that keep your self-
motivated?
a) Keep financial goals as a priority
b) Be flexible at your timeframes
c) Have a setback plan
a) Keep financial goals as a priority b) Be flexible at your timeframes c) Have a setback plan
c) Maximum 10 marks
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Question type 2: Open Ended Questions
The Question Answer Leading to Full Scores Scoring Instructions Remarks
6. Disseminating achievements
within your company is
considered a good practice that
can sometimes act additionally
or even replace inner
celebration.
Propose actions, in order to
disseminate your
accomplishments to your
colleagues and public.
Issuing of:
press releases
e-mails or letters
Publication of:
newsletters
articles in specialized
magazines.
3,3 points per proposed
action
Answer(s) may vary
Maximum score: 10
Disseminating your positive outcomes, will inform
colleagues and community and at the same time will
guide you to take those achievements seriously.
Mentioning and thanking in public those colleagues
that have directly contributed is a strong motivator
to them as well,.
7. List and analyze three
strategies of keeping yourself
motivated
Visualize your goals. Positive imagery is a powerful way to remain inspired to advance. Think about your goals every day. Imagine your life once you’ve reached your professional goals, and use these images to motivate yourself.
3.3 point per well
analysed strategy.
Answer(s) may vary
Maximum score: 10
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Be realistic. Advancing your career is all about attaining your goals—but those goals must be realistic; otherwise you’re just setting yourself up for failure. Bear in mind that every time you meet an objective, you’re advancing in the right direction. Carefully review your plans, and determine whether you need to add smaller, interim goals that will help you feel confident on the way to your bigger objectives.
Have a setback plan. It’s essential to be prepared to deal with setbacks. Approach misfortunes as a learning opportunity by 40elegate40 what you could have done better and how you can improve your performance in the future.
Learn positive self-talk. Just like a teacher encourages its pupils by assuring them they can do it, you should learn to encourage yourself with positive self-talk. If you’re afraid of failure and you tell yourself a task is too difficult, chances are you won’t do well. If,
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on the other hand, you tell yourself a task is a challenge and an opportunity to test your skills and learn new ones, you’re creating a positive situation for yourself in which you’re not limited by your own apprehension.
Develop a routine. Developing a routine consist a powerful tool to stay positive and motivated. The more you grow accustomed to doing certain things like studying or networking for a specific amount of hours a day at a certain time, the easier it becomes.
Create a synergetic environment. Synergetic competition can help you up your game and surpass your own expectations. Find one or two colleagues or friends who are also looking to advance their careers, and inspire each other to continuously do better.
Reward yourself. A strategy known from Ford’s years, rewarding employees inspires
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them to perform better. You can apply a similar strategy to your career advancement efforts. However, instead of only celebrating when you’ve achieved a goal, take the time to reward yourself simply for your hard work.
8. List four reasons explaining
why is planning important?
Your stress level diminishes
You don’t endanger other drivers
You don’t get insomnia
You wake to a purpose
You can enjoy your family time more
If you find out your schedule is too full to accomplish the things that must be done tomorrow, you can delegate.
You eliminate the “Decision Dilemma”
2.5 point per reason.
Maximum score: 10
Answer(s) may vary
Maximum score: 10
Question type 3: Problems, or Case Study
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Definition of the Task Elements to be Included to the Right
Answer
Scoring Instructions Remarks
9. It is imperative for any business organization to
retain the top employees by means of motivation. An
engaged workforce is a productive workforce.
Businesses cannot achieve desired goals without
experienced and qualified staff. Therefore,
organizations need to motivate their employees to
obtain the best possible results for a long period of
time. There are several techniques that businesses
should consider in regard to motivation and retention
of top performing employees.
Please mention two techniques.
Monetary Compensation
Organizational Culture
Clear Communication
Employee Involvement
Learning & Development Opportunities
5 points per technique.
Maximum score 10 points
Use this link to
research about this
topic:
http://www.businessdi
ctionary.com
10. For most individual motive strength is associated
with a strong beliefs that justify the commitment, the
intense effort toward goal achievement, or the relative
setbacks.
Success is an individual responsibility:
Achievement motivated individuals tend to believe that initiative, effort, and persistence are key determinants of success at demanding tasks.
Demanding tasks should be encountered as opportunities
Please assign 3.33 points
per correct answer.
Maximum score: 10
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Consider yourself as a senior manager, who is
approached by a younger colleague seeking for advice
regarding the core beliefs that differentiate
achievement motivated individuals.
What would be your top three advices, in order to help
him to boost his/her career?
Achievement motivated individuals tend to see demanding tasks where success is uncertain as ‘challenges’ or ‘opportunities’.
Achievement 44elegate44 is enjoyable and can also be valuable
Achievement motivated individuals associate effort on demanding tasks with dedication, concentration, commitment and involvement. Moreover, they value hard work in and of itself.
Skills can be improved
Achievement-motivated individuals have a strong belief that they can improve their performance on demanding tasks with practice, training, coaching, and dedication to learning.
Persistence works
Achievement motivated individuals are inclined to believe that continued effort and commitment will overcome initial obstacles or failures.
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Competence 2.3. Mobilising resources
DESCRIPTOR: Get and manage the material, non-material and digital resources needed to turn ideas into action.
Level 5
Learning Outcome: I can develop a plan for dealing with limited resources when setting up my value creating activity.
Question type 1: Multiple Choice or True/False/DNK (do not know)
The Question Alternative Answers Right
Answer
Remarks
1. Which of the following consist time management techniques
that boosts productivity?
a) Delegate & outsource
b) Systemise & organize
c) Desire to learn every little detail before acting
d) Doing someone else’s work, inability to say “no”
a) Delegate & outsource
b) Systemise & organize
c) Desire to learn every little
detail before acting
d) Doing someone else’s work,
inability to say “no”
a), b)
5 marks for
each correct
answer
Maximum 10 marks
c) Desire to learn
every little detail before
acting (time consumers)
d) Doing someone
else’s work, inability (time
consumers)
2. You have started you SME and you do not possess the financial resources in order to buy software for your business. Which of above software can be alternatives for your situation?
a) Linux
b) Mac
a)
b)
Maximum 10 marks
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a) Linux b) Mac c) Windows 10 d) Microsoft Office e) Open Office f) Outlook g) Gmail h) Dropbox Premium i) Onedrive
You may choose more than one answer
c) Windows 10
d) Microsoft Office
e) Open Office
f) Outlook
g) Gmail
h) Dropbox Premium
i) Onedrive
c) , e)
2,5 marks for
each correct
answer
3. Which of the above factors consist non-material costs for producing
photocopies for your business?
a) Energy spend of photocopy machine b) Paper consumed producing photocopies c) Ink used in photocopies d) Cost of maintains e) Storage handling of consumables f) Time spent by staff to produce photocopies.
You may choose more than one answer
a) Energy spend of photocopy machine
b) Paper consumed producing photocopies
c) Ink used in photocopies d) Cost of maintains e) Storage handling of
consumables f) Time spent by staff to
produce photocopies.
e)
f)
5 marks for
each correct
answer
Maximum 10 marks
4. Which of the following sentences are boundaries to delegation?
a) Asking for help indicates a lack of ability
b) Feel guilty about the act of delegating work
a) Asking for help indicates a
lack of ability
b) Feel guilty about the act
of delegating work
a)
b)
c)
Maximum 10 marks
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c) Be reluctant to relinquish any part of the work c) Be reluctant to relinquish
any part of the work
3,3 marks for
each correct
answer
5. Which of those practises can help to effectively tackle the problem
of limited resources?
a) Train all stuff of an organization, in order to be “at the same page”
b) Update your everyday procedures, turning into more complex one
c) Do not track allocated tasks, since this act consumes time
a) Train all stuff of an
organization, in order to be
“at the same page”
b) Update your everyday
procedures, turning into more
complex one
c) Do not track allocated
tasks, since this act consumes
time
a) Maximum 10 marks
Question type 2: Open Ended Questions
The Question Answer Leading to Full Scores Scoring Instructions Remarks
6. You have decided that you want to start your own non-
You can consider volunteerism, for tasks that do not require specific
knowledge or competences.
2.5 points per justified
element.
Maximum
score: 10
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profit organization that helps refugees.
Your financial resources are limited, you cannot afford to pay high wages, and you are afraid that this will lead to high percentages of employee turnover and difficulties in finding staff.
On the other hand, you need employees to be able to produce value for the refugees.
How can you deal with this limited resource? Propose four ways to deal with this issue.
You can take advantage of several employment plans (eg Erasmus mobility
programmes, funded employment and so on)
Also ask for employees with lower credentials and no work experience and
invest time in their training.
Additionally, at your post for application, clearly state that there are multiple
benefits for the employees in the future.
For example, that your organization will provide mentorship to employees
through daily guides or/and strong new employee orientation programs, that
will enable them to strengthen and further develop their knowledge, skills and
competences in their field.
Furthermore note that employees will receive recognition of their work;
through certificates and attestations that will add value to their curriculum
vitae and recognition of their effort.
7. Time is one of the main
resource limitations that a small
business has to deal with. Write
down two measures in order to
overcome time limitations.
Efficiency understand what factors contribute to any inefficiency and how to work smarter rather than harder – so you achieve more in less time.
Prioritising
identify what you need to deal with first. Once you’re in control of your time, you’ll be able to stop rushing around chasing ‘urgent’ deadlines and instead find time to deal with the things that are important to you.
Setting limits
5 points per adequate
explained measure.
Maximum
score: 10
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take control of your time through recognizing your limits, learning how to respond to your needs, and how to say ‘no’ whilst still holding onto your self-respect and the respect of the people around you.
8. Provide 1 strategy that will
allow you to begin a start up
with limited financial resources.
Two main strategies, namely lowering the costs or collect funds from outside sources are proposed.
1. Lowering the costs
You can reduce the needs of your business. Alter your business model demanding just the basic needs to at the beginning. For example, the employ expenses can be reduces, if you have the opportunity to start a company as a consultant or freelancer, eliminating “employee”. Explore the option to work from home instead of use an office space. With a little research you might be able to detect cheaper sources of supplies, or services that are not too expensive. Furthermore, produce as many resources as can be your own.
Give yourself and your business a “warmup” period. Instead of starting right away, make a beginning with just the basics. Minize your scope, your audience and your profit, in order to get a head-start.
2. Collect fund from outside sources
Friends and family might be the first resource of funding, since you are reliable to their eyes.
Angel investors and Venture capitalists who have the resources and are willing to invest in your business idea in some exchange e.g. for partial ownership of the company,.
Crowd funding. Attract funding of supporters who share your vision and values and are willing to contribute to your idea .
10 points for one
strategy
Maximum
score: 10
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Government grants and loans. The Small Business Administration exist solely to help small businesses grow. Many offer loans and grants to help you get started.
Bank loans. You can always explore the option of opening a line of credit with the bank if your credit is in good standing.
9. State and analyse the use of
four digital solutions that will
help you manage your value-
creating activities efficiently.
Agile CRM is a cloud-based CRM with a ton of great features and email support at the free level, also manages 50,000 contacts and unlimited deals, tasks, and documents.
Capsule is an easy to use and easy to learn software. Capsule is free for up to two users with 10MB of storage and 250 contacts.
Infusionsoft is a marketing tool. Infusionsoft Complete can track up to 10,000 contacts for you, but Infusionsoft also offers less complex programs that accommodate less if you don’t need this capacity. You can live-record interactions with clients or customers and incorporate comments or details regarding how “hot” they are, as well as their preferences or quirks.
Monday.com is a project management tool to manage all parts of your business. Create structures to plan your team workload, manage your projects, clients, and much more. It makes it fun and easy for everyone to collaborate, focus on what’s important, and get more done at work. It’s the first visual tool of its kind and shows you exactly where things stand at a single glance.
NetSuite is the world’s #1 cloud ERP solution, providing a unified platform to streamline all business processes, like accounting, CRM, and ecommerce. With built-in business intelligence, reporting, and real-time visibility across your 50ractice50ion, NetSuite empowers businesses of all sizes and industries to unleash growth, reduce IT costs, and eliminate operational inefficiencies—
2,5 points per answer.
Answers may vary.
Maximum
score: 10
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allowing you to focus on key, revenue-generating decisions, rather than worry about your back-end systems.
ezTalks Cloud Meeting lets you to communicate with colleagues in HD video and crystal-clear audio comfortably and conveniently. Besides video communication, this software also empowers you to chat with in privately or publicly with its built-in instant messaging tool.
Slack This business communication software is actually a messaging app that gathers all your communications with your team members in just one place. It gives you real-time messaging and searching for teams, as well as archiving.
Question type 3: Problems, or Case Study
Definition of the Task Elements to be Included to the Right Answer Scoring Instructions Remarks
10. Last year you have started
your small business and you are
the manager of this business.
You want to expand your
business significantly over the
next year. However your
resources are limited. What
actions do you think that are
crucial to obtain in order to
Be Laser Focused Narrowing down which markets you want to approach. Develop a disciplined method to expanding your business and ensure that every new market you explore offers at least one of the following advantages over others: A larger customer base, potentially with a higher willingness to pay Access to cheaper supply of labor or raw material, leading to cost efficiencies
Have a Written Business Plan Very few lenders, including banks, the government, or even friends or family members, will lend you or give you money if you don’t have an updated business plan that clearly explains how you’ll use the money and how you’ll pay it back.
Bootstrapping Bootstrapping; finding the means within your company to come up with additional funding. For example, you can look at ways at reducing your
5 points per action.
Answer(s) may vary
Maximum
score: 10
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achieve your goals? (provide
two actions)
expenses so that you can use your profits or retained earnings to grow your business, instead of borrowed money.
Taking Advantage of Tax Breaks, Subsidies, and Incentives The provincial and federal governments offer tax breaks, subsidies, and incentives to businesses for initiatives that they feel are priorities.
Find Creative Ways To Reduce Your Customers’ Risk Search the market and find out who is most in need of your service, then come up with creative ways for them to try your service.
Work Toward Profitability Be profitable in what you do. When you are focused and making money, you can then afford options of spin-offs with innovative ideas, giving to your people, or paying expenses related to exploring new approaches, people or technologies.
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Competence 2.4. Financial and economic literacy
DESCRIPTOR: Plan, put in place and evaluate financial decisions over time
Level 5
Learning Outcome: I can explain the difference between a balance sheet and a profit-loss account.
Question type 1: Multiple Choice or True/False/DNK (do not know)
The Question Alternative Answers Right
Answer
Remarks
1. The profit and loss statement
and the balance sheet are the
only financial statements that
companies issue regularly.
True or False?
True or False? False Maximum 10 marks
Cash-flow statement is another financial statement that companies
issue regularly.
2. The balance sheet
summarizes the financial
position of a company for a
certain period of time.
True or False? False
Maximum 10 marks
The balance sheet summarizes the financial position of a company for one specific point in time.
Because the balance sheet informs the reader of a company’s financial position as of one moment in time, it allows someone—like a creditor—to see what a company owns as well as what it owes to
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True or False? other parties as of the date indicated in the heading. This is valuable information to the banker who wants to determine whether or not a company qualifies for additional credit or loans. Others who would be interested in the balance sheet include current investors, potential investors, company management, suppliers, some customers, competitors, government agencies, and labor unions.
3. Financial statement that
indicates the success or failure
of a business, over a period of
time is called:
a) A cash flow statement b) A retained earnings
statement c) An income statement
(profit and loss statement)
d) A balance sheet
a) A cash flow statement
b) A retained earnings
statement
c) An income statement
(profit and loss
statement)
d) A balance sheet
c) Maximum 10 marks
4. Financial statements are
prepared mainly for:
a) Internal users of
financial information
a) Internal users of
financial information
b) External users of
financial information
c) Creditors of the business
b) Maximum 10 marks
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b) External users of
financial information
c) Creditors of the
business
d) Managers of the
business
d) Managers of the
business
5. Purchases + opening stock-
closing stock=?
a) Amount of sales b) Gross profit c) Cost of goods sold d) Net income
a) Amount of sales
b) Gross profit
c) Cost of goods sold
d) Net income
c) Maximum 10 marks
6. Which of the following
financial reports shows the
profitable of a business?
a) Income statement b) Balance sheet c) Cash flow statement d) Statement of changes in
equity
a) Income statement
b) Balance sheet
c) Cash flow statement
d) Statement of changes in
equity
a) Maximum 10 marks
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Question type 2: Open Ended Questions
The Question Answer Leading to Full Scores Scoring Instructions Remarks
7. What is the main difference
between balance sheet and
profit and loss statement in
terms of time?
The P&L statement shows revenues and expenses during a set period of time. The
length of the period of time covered in the P&L statement may vary, but common
intervals include quarterly (three months) and annual statements.
On the other hand, profit and loss statement and the balance sheet involves their
respective treatments of time.
10 points for
adequate explanation
Maximum
score: 10
8. What is the main difference
between balance sheet and
profit and loss statement in
terms of purpose?
The P&L statement clearly states whether the company is profitable or not. Whereas accountants use the P&L statement to help gauge the accuracy of financial transactions and investors use the P&L statement to judge a company’s health, the company itself can review its own statement for productive purposes. The purpose of monitoring financial statements is to reveal where revenue is strong and where expenses incurred efficiently.
Balance sheets carry out more broad information, regarding company’s owns and owes and long-term investments. Instead of income statement, the balance sheet shows the full value of long-term investments or debts. Balance sheet was named after the way that the three major accounts eventually balance out in order to equal each other. All assets listed in a specific section, and their sum must equal the sum of all liabilities and the shareholders’ equity.
10 points for
adequate explanation
Maximum
score: 10
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9. List and justify three possible
sources for financial equity
Personal Savings: Personal resources can include profit-sharing or early
retirement funds, real estate equity loans, or cash value insurance policies.
Friends and Relatives : Founders of a start-up business may look to private
financing sources such as parents or friends. It may be in the form of equity
financing in which the friend or relative receives an ownership interest in the
business.
Venture Capital: Venture capital refers to financing that comes from
companies or individuals in the business of investing in young, privately held
businesses.
Angel Investors: Angel investors are individuals and businesses that are
interested in helping small businesses survive and grow.
Government Grants: Federal and state governments often have financial
assistance in the form of grants and/or tax credits for start-up or expanding
businesses.
3.3 points per
mentioned source.
Maximum
score: 10
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Question type 3: Problems, or Case Study
Definition of the Task Elements to be Included to the Right Answer Scoring Instructions Remarks
10. The accountant of your
company notice increasing sales
but decreasing profits. Which
document do you think that will
reveal the possible problem and
will help you to search for new
solutions in order to reduce
costs of operation, balance
sheet or P&L?
P&L, since it shows the financial state over a period of time and with close monitor
can be decided if this is a permanent or just transient issue.
Furthermore, P&L is the tool that states whether the company is profitable or not.
5 points per fully
justified reason.
Answer(s) may vary,
Maximum score: 10
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Competence 2.5. Mobilising others
DESCRIPTOR: Demonstrate effective communication, persuasion, negotiation and leadership
Level 5
Learning Outcome: I can communicate the vision for my (or my team’s) venture in a way that inspires and persuades external groups, such as funders, partner organisations, volunteers, new members and affiliate supporters
Question type 1: Multiple Choice or True/False/DNK (do not know)
The Question Alternative Answers Right Answer Remarks
1. Storytelling can be a method to be
used to communicate your business
vision.
True or False?
True or False?
True As Gary Vaynerchuk remarks, “No matter what you do, your job is to tell a story”
When you tell a good story, you give life to a vision. A good story told by a gifted storyteller will create trust, capture hearts and minds, and serve as a reminder of the vision. Additionally, people will find it easier to repeat the story that to talk about the vision statement.
2. Do you consider one-on-one
conversations to be a good practice in
order to communicate your vision?
True or False?
True or False?
True Personal connections give influencers the opportunity
to transmit information, receive feedback, build
support and create energy around the vision.
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3. Which of the following practices are
considered as good pitching practices?
a) Providing big business plan to review b) Speaking with clichés c) Choose the Right Audience d) Turn your pitch into a story
You may choose more than one answer
a) Providing big business plan
to review
b) Speaking with clichés
c) Choose the Right Audience
d) Turn your pitch into a story
c)
d)
5 marks for each
correct answer
Maximum 10 marks
4. Assertiveness is considered a good
communication practice in order to
disseminate your vision before moving
into action-planning
True or False?
True or False?
True 10 marks
5. Which of the following are
considered to be good practices in order
to influence opinions in relation to your
value- creating activity?
a) Build Trust With Your Co-Workers
a) Build Trust With Your
Co-Workers
b) Be Flexible
c) Listen to Others
d) Focus on Argument
rather than Actions
a)
b)
c)
3,3 marks for each
correct answer
Maximum 10 marks
Focus on Actions Rather Than Argument
Be Assertive, Not Aggressive
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b) Be Flexible c) Listen to Others d) Focus on Argument rather than Actions e) Be Aggressive
You may choose more than one answer
e) Be Aggressive
6. What are the core elements that a
vision statement should include, in
order to stimulate the audience and
communicate its purpose efficiently?
a) Powerful Visualizations
b) Simple Metaphors
c) Technical terms
d) Heavy calculations.
You may choose more than one answer
a) Powerful
Visualizations
b) Simple Metaphors
c) Technical terms
d) Heavy calculations.
a)
b)
c)
d)
2,5 marks for each
correct answer
Maximum 10 marks
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Question type 2: Open Ended Questions
The Question Answer Leading to Full Scores Scoring
Instructions
Remarks
7. Propose two ways of communication
of your vision. Tell a story. When you tell a good story, you give life to a vision.
Perfect your “elevator speech.” Be prepared to talk about your vision in restricted time frame.
Use multiple forms of media. The more channels of communication you use, the better the chance of your organization understanding the vision.
Have one-on-one conversations. Engage people on a personal level.
Draw a crowd internally. Include everyone within your organization who will motivate others to buy into your vision.
Go outside the company. Involve stakeholders and shareholders.
Make memories. Use creatively all channels of communication.
Guide the expedition. Use every mean available to update your vision.
Back up what you’re talking about. Keep a close distance among your words and your actions.
5 points per way.
Answer(s) may
vary
Maximum
score: 10
8. Summarize 2 basic elements of
effective pitch potential investors or
donor
Take only ten minutes. Timing is critical. The less time your pitch takes, the better.
Turn your pitch into a story. Storytelling is a scientifically-proven way to capture a listener’s attention and hold it. Besides, it makes your pitch unforgettable.
Be laser-focused. Investors’ time is their most valuable asset. If you convey a respect for their time, they will interpret that respect as your ability to treat their funding with respect.
5 points per
element.
Answer(s) may
vary
Maximum
score: 10
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Explain exactly what your product or service is. Show your potential investors a picture of, or give them the actual product to handle.
Explain exactly what is unique about your product or service. If you are not producing or providing anything different from the run-of-the-mill widget, don’t even go to the meeting. Go back to your drawing board, and design something better.
Explain exactly who your target audience is. Use demographic and psychographic features to pinpoint your customers.
Explain exactly how you intend to acquire these customers. Business success comes down to marketing. If you have a marketing idea, method, technique or process, this is your chance to showcase it. Contrary to pithy maxims, great products don’t sell themselves. You sell the product.
Explain your revenue model. Investors invest because they want to make a return on that investment.
Be wildly enthusiastic. A good technique for increasing your energy level is to add about 50 percent more energy than you feel comfortable with. Entrepreneurs must crawl out of their comfort zone.
Dress to kill. You can judge a person by the way he or she looks. That may be unfair, and you may resent it, but you’re not going to overcome this natural human tendency.
Practice your pitch. And then practice it again. And again.
Anticipate questions, and answer them ahead of time. If an investor is interested, he or she will ask more questions. Be ready for these questions.
9. As the founder of your company, you
have to step back and think about your What my team know about the current status of our project or goal or
bigger strategy?
3.3 points per
question.
Maximum
score: 10
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team. You might know your colleagues
well enough, but attitudes may change
over time. Think over your team’s KPI’s
and write down three important
prerequisite questions in order to
understand better your team. Keep in
mind that the goal is the answers to
those questions to help you transmit to
your team’s members the vision of your
company.
What are my team’s expectations?
How my team feel about itself and organization right now?
How would they challenge the vision?
What would make the team resistant to vision?
How can I help my team?
What problems am I trying to solve that will make their lives better in
some way?
Answer(s) may
vary
Question type 3: Problems, or Case Study
Definition of the Task Elements to be Included to the Right Answer Scoring Instructions Remarks
10. You and your colleagues
discuss about the vision
statement of your start-up.
Those statements are compact and focused, although make no difference from
any other vision statement. The statement of being profitable and working to
increase market share is a necessity to being a business.
5 points per
argument. Answer(s)
may vary
Maximum
score: 10
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One of them propose the
following: Our vision is to be the
most profitable company in our
industry. Another one argues:
our vision is to be #1 in our
industry. Do you agree with
those statements? Support
your opinion with arguments or
provide your own proposal.
(provide four arguments)
Therefore, vision statements needs to be more than just a statement. It must
also contains other elements, as:
a thought, concept, or object formed by the imagination
the act or power of imagination
mode of seeing or conceiving
unusual discernment or foresight
the act or power of seeing
Source: Excerpts from Merriam-Webster
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Competence 3.1. Taking the initiative
DESCRIPTOR: Take up challenges
Level 5
Learning Outcome: I take action on new ideas and opportunities, which will add value to a new or existing value-creating venture
Question type 1: Multiple Choice or True/False/DNK (do not know)
The Question Alternative Answers Right
Answer
Remarks
1. One way to increase value of your
business is to increase the speed you
deliver the service or product to the
customers
True or False?
True or False? True 10 marks
2. Observing everyday activities is not very
proactive in order to put your ideas into
action
True or False?
True or False?
False Keeping a keen eye is elementary in order to turn your
ideas into action. Examples and methods that are used in
another field, might be suitable for yours too. As an
example, a person who came up with the idea of flying
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dolls, was watching his kids playing outside with their dolls
and catching “whirligig” seedlings from a large maple tree
and throwing them in the air. He started wondering what
would happen if you attached those kinds of natural
“wings” to a doll and there it was, an idea made more than
$300 million worldwide.
3. Which of the following actions are
examples of good delegation?
a) Calculating the amount of time it will take to carry out designated tasks b) Hiring a search firm to generate candidates for an opening c) Selecting the employee whose skills less match the task requirements Evaluating the performance of the elegate before the transfer of responsibility You may choose more than one answer
a) Calculating the amount of
time it will take to carry out
designated tasks
b) Hiring a search firm to
generate candidates for an
opening
c) Selecting the employee
whose skills less match the
task requirements
d) Evaluating the
performance of the
67elegate before the
transfer of responsibility
a), b)
5 marks for
each correct
answer
Maximum 10 marks
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4. Which of the following actions will add
value to your venture?
a) Selecting employees who align with
company’s values
b) Make everybody feel understood
c) Avoid to assign certain
responsibility to certain persons
d) Review the results but not the
impact of specific actions
You may choose more than one
answer
a) Selecting employees who
align with company’s values
b) Make everybody feel
understood
c) Avoid to assign certain
responsibility to certain
persons
d) Review the results but not
the impact of specific
actions
a), b)
5 marks for
each correct
answer
Maximum 10 marks
5. Which of those tips can help you convert
your ideas into reality?
a) Believe in Yourself
b) Do not accept consultation
c) Be impatient
d) Disregard Work/Life Balance
a) Believe in Yourself
b) Do not accept
consultation
c) Be impatient
d) Disregard Work/Life
Balance
a) Maximum 10 marks
Question type 2: Open Ended Questions
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The Question Answer Leading to Full Scores Scoring Instructions Remarks
6. You and your team arise with
a new and suitable idea for your
project.
What actions will you take in
order to materialise it? (provide
up to three actions)
Get Aligned. Connect directly your new idea with the goals and objectives of your
organization.
Get Clarified. Before put your idea into action, make sure you truly understand all the parameters and possible results.
Get Organized. Plan out the implementation steps. Draw a timeline. Planning is important, so spent time on it.
Get Help. Calculate the resources you will need and work on lining them up early on involving all the necessary people to assemble those resources.
Get Focused. Create the space and time to turn the idea into reality. Focus your efforts towards result.
Get Over Them. Choose the right idea over the good one. Be willing to let go all those ideas that maybe are good but do not serve your aims and goals.
3.33 points per action.
Answer(s) may vary
Maximum
score: 10
7. Propose measures that
proactively will help add value
on your existing ideas. (provide
up to four measures)
Always be alert for ways to make something work better.
Be the example for implementing those processes.
Think of ways to save money and reduce costs.
Be helpful to your colleagues and team members.
Volunteer for tough projects and assignments.
Always be prepared. Research your field and drown examples from other
endeavourers.
2.5 points per
measure. Answer(s)
may vary
Maximum
score: 10
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Question type 3: Problems, or Case Study
Definition of the Task Elements to be Included to the Right Answer Scoring Instructions Remarks
8. The role of the administrative staff
in your company is to purchase office
supplies.
Your task as entrepreneur is to
develop him/her so this person will
not only follow the standard
procedures, (place orders for items
requested from approved vendors,
and ensure the purchased products
are received) but with your guidance
will improve her skills as well as the
value of the company.
Write down and justify three
mentoring suggestions.
Researching vendors to find more competitive pricing and making
informed recommendations to decision-makers.
Aggressively negotiating with existing vendors for better pricing.
Creating an “office supply sharing” program between departments
so inventory does not pile up in one area while another is always in
need.
Purchasing in bulk when appropriate to increase savings.
Strategically purchasing to take advantage of sales, rebates and
discounts.
Offering tips to help staff members reduce waste of supply
inventory, and perhaps starting some kind of competition or reward
system to inspire participation.
3.3 points per
suggestion. Answer(s)
may vary.
Maximum
score: 10
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9. You acquire the new idea for your
start-up and now is the time to
transform it into reality. What would
be your next few steps in order to
make your dream happen? Display
three steps of your course of action.
Research the market
Do not dive into any market until you have a clear idea of the competition, where you fit in, and the steps you will have to take to become a major player.
Create a business plan
Regardless of your idea, timeline, or how much money you plan on spending, it’s imperative to create a business plan that can provide guidance now and in the future.
Set a budget
Look into other details regarding your finances. Find a mentor. Once you have a budget in mind, you will find it easier to make the right financial decisions as you take your business from idea to the real thing.
Find a mentor
It’s important to find a mentor who can show you the way, help you avoid trouble, and put you on the right path to success.
Set a start date
Without a start date, you may find yourself facing one unnecessary delay after the next. If you truly want to take the big leap, you need to set a start date and then do whatever it takes to reach this goal.
3.3 points per justified
step. Answer(s) may
vary.
Maximum
score: 10
10. You have developed a small company that creates designer top quality souvenirs that promote your country but are developed with top quality materials. Your resources do not allow you to produce volume.
As you have a top-level quality product, it is imperative to invest also on top level in quality and design packaging.
Identify exclusive places where you can have your product (eg airports, aircrafts etc.)
Have an exclusive website through which you can distribute your product.
2.5 points per
proposal. Answer(s)
may vary
Maximum
score: 10
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Identify ways in which you can add value to what you offer to your clients
Give serial numbers to each of your souvenirs, produce limited quantities and increase the pricing
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Competence 3.2. Planning and Management
DESCRIPTOR: Set long- medium- and short- term goals.
Level 5
Learning Outcome: I can define long-term goals arising from the vision for my value-creating activity.
Question type 1: Multiple Choice or True/False/DNK (do not know)
The Question Alternative Answers Right Answer Remarks
1. You have developed an enterprise that sells out-door furniture. The vision of the company is described as:
To offer a wide range of outdoor furnishing items of good design and quality, durability and easy maintained, at affordable prices, serving everybody’s needs and making people happy.
Could the following statement to be in line with company’s vision, serving as a long term goal for customers service department?
Achieving at least 95 percent positive customer feedback in next year’s customer evaluation research.
a) True
b) False
a) True
b) False
True 10 marks
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2. Which of these examples are presenting long-
term goals?
a) Saving a small amount of money b) Saving up for an office extension or the update of company’s software c) Getting a good evaluation grade for a project, that my company participated in d) Getting good evaluation for previous year projects, that my company participated in You may choose more than one answer
a) Saving a small amount of money b) Saving up for an office extension or
the update of company’s software c) Getting a good evaluation grade for
a project, that my company participated in
d) Getting good evaluation for previous year projects, that my company participated in
b), d)
5 marks for
each correct
answer
Maximum 10 marks
3. True or False? Share leadership responsibilities
does not constitute a priority that serves your
teams vision.
True or False?
True or False False Effective leaders should take stock of their employees and spot the leaders among teams. These key employees take initiative, inspire and encourage others, and positively impact productivity and morale at team’s spirit.
4. Which of the following methods represent
performance appraisal methods
a) Management by Objectives b) Performance Standards c) Finance performance form d) Indicator-based Approach
You may choose more than one answer
a) Management by Objectives
b) Performance Standards
c) Finance performance form
d) Indicator-based Approach
a), b)
5 marks for
each correct
answer
Maximum 10 marks
c) Finance performance form (financial appraisal tool)
d) Indicator-based Approach (risk assessment method)
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5. Which of the following statements are presenting
long-term goals?
a) Become very good at using a computer
b) Write your resume
c) Read the employee handbook
d) Practice typing on the computer today
a) Become very good at using a
computer
b) Write your resume
c) Read the employee handbook
d) Practice typing on the computer
today
a) Maximum 10 marks
Question type 2: Open Ended Questions
The Question Answer Leading to Full Scores Scoring Instructions Remarks
6. Between the following two statements, which one describes a long-term goal and which one describes a company’s vision? Provide a short justification of your answer.
To become the world’s most appreciated, most eco-friendly, and most profitable transporter
In 5 years, our company will increase its share of sales for the European region by 5 percent by adding four new dealership locations.
Vision: To become the world’s most appreciated, most
eco-friendly, and most profitable transporter
Long-term goal: In 5 years, our company will increase
its share of sales for the European region by 5 percent
by adding four new dealership locations.
10 points for
adequate
justification.
Maximum
score: 10
7. Read carefully the following examples. Decide and
justify which one represents a vision and which one
Vision:
Martin Luther King Jr. since in his speach created powerful and specific images arising from the values of brotherhood, respect, and freedom for all—values that
10 points for
adequate explanation
Maximum
score: 10
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represents a long-term goal, providing arguments to
support your reply.
Martin Luther King Jr. in his “I Have a Dream” speech, he
described a world where his children “will not be judged
by the color of their skin but by the content of their
character.”
President John F. Kennedy announced the Apollo Moon
Project: to put a man on the moon by the end of the 1960’s.
resonate with the values that founded the United States.
Long-term Goal
President John F. Kennedy The purpose and values were not clear. Nevertheless, the image of the end result was powerful; therefore, the goal was reached in the face of overwhelming obstacles.
8. What types of information should be included in an
action plan? (provide up to two information types)
Who is going to do what – assigning the responsibilities and setting targets;
When – estimating the schedule and duration of activity;
In what order – determining the sequence and dependence of activities;
How – defining human, technical and financial resources needed;
What for – identifying and selecting indicators that can be used to track progress and monitor the performance of the action.
5 points per type.
Answer(s) may vary
Maximum
score: 10
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9. List four basic elements that a project plan should
include
Objectives
Scope that correlates to the requirements
Resources, including technology, budget, team roles and responsibilities
Schedule
Assumptions
Dependencies
Risk assessment and management plan
Change control plan
2.5 points per type.
Answer(s) may vary
Question type 3: Problems, or Case Study
Definition of the Task Elements to be Included to the Right Answer Scoring Instructions Remarks
10. Consider that your local community vision
states: A vibrant rural economy driven by new
and growing business.
Write down at least two long-term goals that
derive from that vision.
Develop training programmes to support
producers in developing small ventures to
sell their products (within the next two years)
Develop a network of entrepreneurs that can
identify synergies and help each other (in two
years)
5 points per goal.
Answer(s) may vary
Maximum score: 10.
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 78 | P a g e
Assessment tool for the entrepreneurship competence
Recruit local leaders interested and
experienced in business creation (in one
year)
Recruit experienced and reliable consultants
Identify and analyze market opportunities for
possible business rural ventures
Build a membership base
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 79 | P a g e
Assessment tool for the entrepreneurship competence
Competence 3.3. Coping with uncertainty, ambiguity and risk
DESCRIPTOR: Make decisions when the result of that decision is uncertain, when the information available is partial or ambiguous, or when there is a risk of unintended outcomes.
Level 5
Learning Outcome: I can apply the concept of affordable losses to make decisions when creating value
Question type 1: Multiple Choice or True/False/DNK (do not know)
The Question Alternative Answers Right Answer Remarks
1. When applying the concept of affordable losses where do you need to
put your focus on?
a) Comparison of what you have to win to what you have to lose when you apply your idea.
b) Minimise the risk by only investing what you are willing to lose. c) Focus on what you can succeed in the case the project reach its goal d) All of the above
a) Comparison of what you have to win to what you have to lose when you apply your idea.
b) Minimise the risk by only investing what you are willing to lose.
c) Focus on what you can succeed in the case the project reach its goal
d) All of the above
b)
Based on the
description
of affordable
loses concept
10 marks
2. The concept of affordable loss is based on the notion that someone should invest only what they are willing to loose.
True or False?
True or False? True
10 marks
3. When we are designing the path to achieving our goals, we have to focus only on what we are going to gain of the outcome.
True or False? False 10 marks
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 80 | P a g e
Assessment tool for the entrepreneurship competence
True or False?
4. Why is it important to know what we will loose when deciding our next entrepreneurial move?
a) As at the end the losses may be more that the gains
b) As we might not “survive the journey” of achieving the goals
c) As we may be discouraged and decide that is not worth proceeding
with the implementation.
d) All of the above
e) A & B
a) As at the end the losses may be
more that the gains
b) As we might not “survive the
journey” of achieving the goals
c) As we may be discouraged and
decide that is not worth
proceeding with the
implementation.
d) All of the above
e) A & B
e) A&B
10 marks
5. Should an entrepreneur invest?
a) All that they have
b) What they are willing to loose
c) Either way will work out.
a) All that they have
b) What they are willing to loose
c) Either way will work out.
d)
10 marks
6. According to the affordable loss logic, you can maintain control by taking small steps in one direction instead of working towards long-term goals.
True or False?
True or False? True
10 marks
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 81 | P a g e
Assessment tool for the entrepreneurship competence
7. When taking decisions concerning long terms goals you have less chances of investing resources that you are not willing to loses.
True or False?
True or False? False
10 marks
Question type 2: Open Ended Questions
The Question Answer Leading to Full Scores Scoring
Instructions
Remarks
8. How will you proceed when developing and entrepreneurial plan having the concept of affordable losses in mind.
You can minimize the risk of a project by only investing 1) what you are willing to lose – 2) rather
than focusing on what can be achieved if the project succeeds. You should therefore practice
how 3) to make decisions and perform actions where you can manage the potential loss if your
actions do not get the expected outcome.
According to the affordable loss logic 4) you can maintain control by taking small steps in one
direction instead of working towards long-term goals with unpredictable outcomes. By
approaching decision making this way you can avoid investing time or money that you are not
actually willing to lose.
2.5 marks for
each of the four
essential
elements
Maximum
10 marks
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 82 | P a g e
Assessment tool for the entrepreneurship competence
9. What is the main idea behind the affordable loss principle?
Invest only as much as one can afford to lose. In extreme ideal case it is zero. The affordability is
not just about material aspects it can be spiritual, psychological, social etc.
Invest only as
much as one can
afford to lose. (8
marks).
The rest the 2
marks.
Maximum
10 marks
Question type 3: Problems, or Case Study
Definition of the Task Elements to be Included to the Right
Answer
Scoring Instructions Remarks
10. A baking student, that works part time at a restaurant and as an apprentice next to an exceptional Pastry chef, which she has promised to employee her fulltime once she is through with her studies. However, she is thinking of quitting her job, once she gets her degree, to proceed with opening a pastry shop that will honor the memory and recipes of her grandfather, the first and most lovable pastry baker in town. Many people encourages her to do so as she is the only one who can replicate his recipes so successfully. She is thinking that the budget needed the project is 20000 euros and at the moment she can invest 1000 euros, thus she needs to think where she can find the rest of 19000 euros to proceed and she is focusing on how to find more investors. The expected income after the first 2 years is 40000 euros.
The remaining investment budget and the expected profit are not something that we initially take in mind when we apply the principle of affordable costs.
The money of own investment is very relevant, however someone may also think for how long they can stay without income in the case the entrepreneurial activity does not go as planned and how to proceed. For example she may need to think that she can afford to pursue her idea uninterrupted for two year, as
5 marks for the
concepts mentioned
in the first paragraph
and 5 marks for the
second.
Max 10
marks
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 83 | P a g e
Assessment tool for the entrepreneurship competence
According to the above description does she seems to think according to the affordable losses principles. If not which are the above-mentioned information that are not relevant to the affordable losses principle. What else should she take in mind?
she also has a student loan. If everything that she can afford to lose (money, time, experience next to experienced bakers) are lost then she need to proceed with altering her plans.
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 84 | P a g e
Assessment tool for the entrepreneurship competence
Competence 3.4. Working with Others
DESCRIPTOR
Level 5
Learning Outcome: I can identify the boundaries of the system that are relevant to my value creating activity Business
Question type 1: Multiple Choice or True/False/DNK (do not know)
The Question Alternative Answers Right Answer Remarks
1. The business model Canvas is a tool providing specific elements to develop your
business model.
True or False?
True or False? True 10 marks
2. The first step to complete your business model canvas is to design its elements.
True or False?
True or False? False
10 marks
3. When designing my next entrepreneurial steps I have to consider all the areas that may affect my efforts and see how those are connected.
True or False?
True or False? True
10 marks
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 85 | P a g e
Assessment tool for the entrepreneurship competence
4. By identifying the areas and the key stakeholders of my endeavor I can recognise where are my boundaries’ and barriers.
True or False?
True or False? True
10 marks
5. When considering my entrepreneurship endeavor I have to consider which will be my key partners.
True or False?
True or False? True
10 marks
6. I can create a business model without knowing which is my cost structure.
True or False?
True or False? False
7. Which of the below are areas that should be filled in an a Business model Canvas.
a) Key partners b) Key activities c) Key resources d) Key concept e) Similar Business f) Other Ideas g) Barriers
You may choose up to three answers
a. Key partners b. Key activities c. Key resources d. Key concept e. Similar Business f. Other Ideas g. Barriers
a) b) c)
3.33 marks for each answer
Maximum
10 marks
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 86 | P a g e
Assessment tool for the entrepreneurship competence
Question type 2: Open Ended Questions
The Question Answer Leading to Full Scores Scoring Instructions Remarks
8. Which are the areas that the business model Canvas is consisting of.
1) Key partners 2) Key activities 3) Key resources 4) Value propositions 5) Customer Relationships 6) Channels 7) Customer Segments 8) Cost Structure 9) Revenue Streams
1,1 mark for each pf the areas
mentioned.
Maximum
10 marks
9. What is the order that you should complete your business Canvas model in order to lead to success
1) Customer Segments 2) Value propositions 3) Channels 4) Customer Relationships 5) Revenue Streams 6) Key resources 7) Key activities 8) Key partners 9) Cost Structure
0,55 mark for area mentioned and
0,55 mark when it is in the right
order.
Maximum
10 marks
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 87 | P a g e
Assessment tool for the entrepreneurship competence
Question type 3: Problems, or Case Study
Definition of the Task Elements to be Included to the Right Answer Scoring Instructions Remarks
10. You and your two friends/colleagues have
decided to proceed with your entrepreneurial
idea and open your art hostel. A place to host
young artists from all over the world where they
can stay and enjoy the city as well as to meet
each other exchange opinions and techniques.
You are at the point where you need to consider
who will be the key Partners of your
entrepreneurship endeavor. How would you
handle that? Is there any specific of your
business model that you could use to guide you?
In order to successfully define your key partners you should have
a brainstorming session and explore many different areas like:
What Activities and Resources are important but not aligned
with what is uniquely strategy for you? What is outside of your
business type? Could partners do some of those? Why? Which?
It is very useful and important to connect Key partners to Key
Activities. If an activity is key, it is still part of your business
model. This is a way to denote which specific Partners are
handling various Key Activities for you.
You may develop this according to the Business model Canvas
Tool.
The reference of the
connection between
key partners and key
activities is 5 marks of
the question of the
question. The rest
could be questions
and technique used.
To grade
you may
use the
Business
Model
Canvas
logic.
Maximum
10 marks
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 88 | P a g e
Assessment tool for the entrepreneurship competence
Competence 3.5. Learning through Experience
DESCRIPTOR: Reflect and learn from both success and failure (your own and other people’s).
Level 5
Learning Outcome: I can understand what went wrong and what went well
Question type 1: Multiple Choice or True/False/DNK (do not know)
The Question Alternative Answers Right Answer Remarks
1. The question “What needs to be done differently?” is the first one that we ask when we analyse the lessons’ learned of our endeavour.
True or False?
True or False? False
10 marks
2. During the lessons learned analysis both openness and judgement should be encouraged.
True or False?
True or False? False
10 marks
3. A lessons’ learned analysis is a process improvement tool that assesses expectations versus outcomes and then identifies what can be done differently.
True or False?
True or False? True
10 marks
4. A lesson learned analysis is a reflection upon the endeavor and it is not of great importance and does not need to take part after the conclusion of the process.
True or False? False
10 marks
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 89 | P a g e
Assessment tool for the entrepreneurship competence
True or False?
5. A reflection session should take place:
a) Only at the very end of the process, to see how to proceed with
future endeavors (what to keep, what to change)
b) Only on a prearranged time and date in order for everyone to be
prepared
c) Whenever a circle is closed and we want to see how to proceed
(what to keep, what to change)
a) Only at the very end of the process, to
see how to proceed with future
endeavors
b) Only on a prearranged time and date
in order for everyone to be prepared
c) Whenever a circle is closed and we
want to see how to proceed (what to
keep, what to change)
c) 10 marks
6. A good way to evaluate our endeavour is to compare our plan and
vision with the result.
True or False?
True or False? True
10 marks
7. If the result does not match our initial plan then we should change the
whole process.
True or False?
True or False? False
10 marks
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 90 | P a g e
Assessment tool for the entrepreneurship competence
Question type 2: Open Ended Questions
The Question Answer Leading to Full Scores Scoring Instructions Remarks
8. Which is the first question
that we ask when we apply
lessons learned analysis?
What did we expect to occur? See correct answer for 10 marks. Maximum
10 marks
9. What is lessons’ learned
analysis tool?
A lessons’ learned analysis is a process improvement tool
that assesses expectations versus outcomes and then
identifies what can be done differently.
For the answer to be correct, 10 marks, it
should mention the assessment of
expectations versus outcomes, in any way.
Maximum
10 marks
Question type 3: Problems, or Case Study
Definition of the Task Elements to be Included to the Right Answer Scoring Instructions Remarks
10. Jenny has decided to open a bakery. She had
set her goals, made her business plans and set the
timeline for the opening day of the store. She has
A reflection should always take place, even when a goal is
achieved in order to see how the whole process went, how the
activities run, and if the side goals were achieved.
6 marks for
mentioning that a
reflection evaluation
Maximum
10 marks
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 91 | P a g e
Assessment tool for the entrepreneurship competence
cleverly promoted the store through various ways
and the opening day was a very big hit, however it
was three weeks after her initial planning.
However, since it was very important to have a
successful opening day, she has intensified the
promotion of the store and the opening became
more successful than expected. After that, and
since her initial goal of having a successful opening
was accomplished, she decided to continue with
her plan as is. Do you think that this is sensible?
Reflecting upon this story what would you take in
mind before proceeding to your next steps?
Thus, the first think to be included in the answer is that the
reflection/evaluation should have taken place in order to draw
the whole picture.
Reflecting upon the story we may see that the timeline was not
kept and we have to consider what did this take place, what
went wrong in order to avoid it in the future. Furthermore the
promotion may have been successful but the three week
extension costed more than what was initially budgeted thus,
we have to consider that for the next budgeting period.
On another issue, it seems that the actual timeline was very
successful thus, maybe in the future more time should be given
to tasks and activities.
should have taken
place, as the first cycle
was over.
1 mark for each
comment, that makes
sense that is made on
what should be
considered in the
future.
Development of an entrepreneurial mind-set in higher education
Intellectual Output [2] 92 | P a g e
Assessment tool for the entrepreneurship competence
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