MHR 322 EXAMS SCRIPT ANSWERS AND
QUESTIONS SET A+
✔✔The key lesson from The New Business Road Test is - ✔✔not all business
opportunities are created equal
✔✔an attractive market segment is characterized by - ✔✔Customers who perceive that
our product or service will be better than what they can purchase from others.
✔✔For entrepreneurs a market is - ✔✔a group of current or potential customers that
want to buy a product or service
✔✔In 5 forces a substitute means - ✔✔A different product or service that meets the
customer need in the same way
✔✔best explanation for why an innovation would likely to be successful in the market -
✔✔the entrepreneur is a good communicater and has access to key resources
✔✔When looking at the classic technology adoption S-curve the slope is - ✔✔How
quickly technologies were adopted, which will be correlated with the growth rate of the
companies commercializing those technologies
✔✔Matthew Sacks vid on opportunity recognition suggests that entrepreneurs should
look around them for emerging opportunities but also be willing to say "no" in short term
- ✔✔True
✔✔ In "A Student's Guide to Startups," author Paul Graham warns that real
entrepreneurship is not like a class project because: - ✔✔Solving a rare and valuable
problem usually involves figuring out the real problem in an iterative process.
✔✔According to Dr. Bock, the best reason to choose to be an entrepreneur is: -
✔✔Because there is something that you want to accomplish and a startup company
appears to be the best way to make it possible
, ✔✔In the video "It's about loving what you do," UW-Madison graduate Carol Bartz
suggests that you combine what you love with: - ✔✔Being flexible
✔✔In "Most entrepreneurs are not rock stars," David Friedberg suggests that if your
goal is to have impact with an innovation, your best option is probably: - ✔✔Go to work
for a large company since they have direct access to customers and users already.
✔✔One of the key goals of MHR 322 (this class) is to: - ✔✔Give you an opportunity to
experience what it feels like to be an entrepreneur to see if you like it or not
✔✔In "What Entrepreneurs Can Teach Us All About Life," author Stephen Hicks
suggests that entrepreneurship is like life in general because: - ✔✔Both require
challenging basic rules and assumptions
✔✔In "Where Is The Best Place To Learn How To Become A Successful Entrepreneur,"
author Kimberly Whitler argues that aspiring entrepreneurs should avoid working for
large corporations to avoid learning bad habits - ✔✔False
✔✔In "Design Your Way to a Happier Life," authors Evans and Burnett identify a
"design" approach to life planning that involves starting with where you are and what
you have. - ✔✔True
✔✔In "Most entrepreneurs are not rock stars," David Friedberg encourages students to
focus on ventures where they can make a lot of money. - ✔✔False
✔✔An entrepreneurial mindset can be especially valuable when: - ✔✔There is limited
time, information, and/or other resources
✔✔According to the Kauffman Foundation, new and young companies are the primary
source of job creation in the American economy. - ✔✔True
✔✔Professor Bill Green argues that an important aspect of entrepreneurship is the
creation of an enterprise that can ultimately function independently from the
entrepreneur. - ✔✔True
✔✔The Austrian economist Schumpeter defines entrepreneurship as: - ✔✔A process of
creative destruction
✔✔Approximately 95% of all startups fail within 5 years of being founded. - ✔✔False
QUESTIONS SET A+
✔✔The key lesson from The New Business Road Test is - ✔✔not all business
opportunities are created equal
✔✔an attractive market segment is characterized by - ✔✔Customers who perceive that
our product or service will be better than what they can purchase from others.
✔✔For entrepreneurs a market is - ✔✔a group of current or potential customers that
want to buy a product or service
✔✔In 5 forces a substitute means - ✔✔A different product or service that meets the
customer need in the same way
✔✔best explanation for why an innovation would likely to be successful in the market -
✔✔the entrepreneur is a good communicater and has access to key resources
✔✔When looking at the classic technology adoption S-curve the slope is - ✔✔How
quickly technologies were adopted, which will be correlated with the growth rate of the
companies commercializing those technologies
✔✔Matthew Sacks vid on opportunity recognition suggests that entrepreneurs should
look around them for emerging opportunities but also be willing to say "no" in short term
- ✔✔True
✔✔ In "A Student's Guide to Startups," author Paul Graham warns that real
entrepreneurship is not like a class project because: - ✔✔Solving a rare and valuable
problem usually involves figuring out the real problem in an iterative process.
✔✔According to Dr. Bock, the best reason to choose to be an entrepreneur is: -
✔✔Because there is something that you want to accomplish and a startup company
appears to be the best way to make it possible
, ✔✔In the video "It's about loving what you do," UW-Madison graduate Carol Bartz
suggests that you combine what you love with: - ✔✔Being flexible
✔✔In "Most entrepreneurs are not rock stars," David Friedberg suggests that if your
goal is to have impact with an innovation, your best option is probably: - ✔✔Go to work
for a large company since they have direct access to customers and users already.
✔✔One of the key goals of MHR 322 (this class) is to: - ✔✔Give you an opportunity to
experience what it feels like to be an entrepreneur to see if you like it or not
✔✔In "What Entrepreneurs Can Teach Us All About Life," author Stephen Hicks
suggests that entrepreneurship is like life in general because: - ✔✔Both require
challenging basic rules and assumptions
✔✔In "Where Is The Best Place To Learn How To Become A Successful Entrepreneur,"
author Kimberly Whitler argues that aspiring entrepreneurs should avoid working for
large corporations to avoid learning bad habits - ✔✔False
✔✔In "Design Your Way to a Happier Life," authors Evans and Burnett identify a
"design" approach to life planning that involves starting with where you are and what
you have. - ✔✔True
✔✔In "Most entrepreneurs are not rock stars," David Friedberg encourages students to
focus on ventures where they can make a lot of money. - ✔✔False
✔✔An entrepreneurial mindset can be especially valuable when: - ✔✔There is limited
time, information, and/or other resources
✔✔According to the Kauffman Foundation, new and young companies are the primary
source of job creation in the American economy. - ✔✔True
✔✔Professor Bill Green argues that an important aspect of entrepreneurship is the
creation of an enterprise that can ultimately function independently from the
entrepreneur. - ✔✔True
✔✔The Austrian economist Schumpeter defines entrepreneurship as: - ✔✔A process of
creative destruction
✔✔Approximately 95% of all startups fail within 5 years of being founded. - ✔✔False
