MHR 322 EXAM 1 UW–MADISON 2026/2027 – STUDY GUIDE, PRACTICE
QUESTIONS, EXAM REVIEW & TEST PREP
Entrepreneur traits - ANS ✔✔- High Self Esteem
- Motivated
- Innovative/Creative
- Optimistic
Drivers to become an Entrepreneur - ANS ✔✔- Current Low income
- High Personal wealth
- Unemployed
- Experienced
- Want to see change
Pros of a Student Startup - ANS ✔✔- stamina
- nothing to lose
- flexibility
- colleagues
- ignorance
Cons of a Student Startup - ANS ✔✔-less market knowledge
-limited capital
-less dedication since still a student
Why innovations aren't guaranteed - - ANS ✔✔- Sampling Problems
- Group Think
- Resources
- Environment
- Not believed possible
- Other
3 main motivators - ANS ✔✔- Idea
- Technology
- Passion
Other motivations - ANS ✔✔- $$$
- Change world
- work little
- own boss
- insight
small business - ANS ✔✔- owner's money
- self control
- small reach
- Controls firm
- Personal
, high-growth venture - ANS ✔✔- Investor's money
- multiple controllers
- Novelty/ all over
- Controls market
- Professional
Types of Entrepreneurship - ANS ✔✔- Small Business
- High Growth Venture
- Social
- Corporate
- Family Business
Social Entrepreneurship - ANS ✔✔leverages resources to address social problems
Corporate Entrepreneurship - ANS ✔✔the use or application of entrepreneurship within an established
firm
Family Business - ANS ✔✔owned and controlled by members of a family
"Make what you can sell" - ANS ✔✔"Don't sell what you can make"
Factors Affecting Diffusion - ANS ✔✔- relative advantage
- compatibility
- observe-ability
- complexity
- trial-ability
Fast Growth Start-up - ANS ✔✔- Large market potential
- Novel idea
- Strong tech
- Rapid market changes
- High value creation
- HIGH FAILURE RATE
Two Approaches to Market - ANS ✔✔- Predictive/Forecasting
- Learning/Experiments
Predictive/Forecasting - ANS ✔✔- Predict characteristics of customer
- use market research
Learning/Experiment - ANS ✔✔- Test and draw Conclusions
- BUILD, MEASURE, LEARN
Porter's 5 Forces - ANS ✔✔*Rivalry among competitors;
*Threat of new entrants;
*Threat of substitute products;
*Bargaining power of buyers;
QUESTIONS, EXAM REVIEW & TEST PREP
Entrepreneur traits - ANS ✔✔- High Self Esteem
- Motivated
- Innovative/Creative
- Optimistic
Drivers to become an Entrepreneur - ANS ✔✔- Current Low income
- High Personal wealth
- Unemployed
- Experienced
- Want to see change
Pros of a Student Startup - ANS ✔✔- stamina
- nothing to lose
- flexibility
- colleagues
- ignorance
Cons of a Student Startup - ANS ✔✔-less market knowledge
-limited capital
-less dedication since still a student
Why innovations aren't guaranteed - - ANS ✔✔- Sampling Problems
- Group Think
- Resources
- Environment
- Not believed possible
- Other
3 main motivators - ANS ✔✔- Idea
- Technology
- Passion
Other motivations - ANS ✔✔- $$$
- Change world
- work little
- own boss
- insight
small business - ANS ✔✔- owner's money
- self control
- small reach
- Controls firm
- Personal
, high-growth venture - ANS ✔✔- Investor's money
- multiple controllers
- Novelty/ all over
- Controls market
- Professional
Types of Entrepreneurship - ANS ✔✔- Small Business
- High Growth Venture
- Social
- Corporate
- Family Business
Social Entrepreneurship - ANS ✔✔leverages resources to address social problems
Corporate Entrepreneurship - ANS ✔✔the use or application of entrepreneurship within an established
firm
Family Business - ANS ✔✔owned and controlled by members of a family
"Make what you can sell" - ANS ✔✔"Don't sell what you can make"
Factors Affecting Diffusion - ANS ✔✔- relative advantage
- compatibility
- observe-ability
- complexity
- trial-ability
Fast Growth Start-up - ANS ✔✔- Large market potential
- Novel idea
- Strong tech
- Rapid market changes
- High value creation
- HIGH FAILURE RATE
Two Approaches to Market - ANS ✔✔- Predictive/Forecasting
- Learning/Experiments
Predictive/Forecasting - ANS ✔✔- Predict characteristics of customer
- use market research
Learning/Experiment - ANS ✔✔- Test and draw Conclusions
- BUILD, MEASURE, LEARN
Porter's 5 Forces - ANS ✔✔*Rivalry among competitors;
*Threat of new entrants;
*Threat of substitute products;
*Bargaining power of buyers;
