UF ENT 3003 Exam 1 – Questions with
Correct Answers
Section 1: Entrepreneurship Myths & Truths
Question 1: True or False: Entrepreneurs plan
more than they act.
Answer: False
Rationale: Entrepreneurs act more than they
plan. The entrepreneurship method emphasizes
smart action and moving quickly .
1
,Question 2: True or False: Successful
entrepreneurs are lucky.
Answer: False
Rationale: Hard work leads to luck. Success is
attributed to persistence and effort, not chance
.
Question 3: True or False: Entrepreneurship
starts with a good or service.
Answer: False
2
,Rationale: Entrepreneurship is all about
identifying and exploiting opportunities, not
just starting with a product .
Question 4: True or False: Most
entrepreneurial ventures fail.
Answer: Somewhat true and false
Rationale: The key is to learn from failure. The
liability of newness means newer firms are
more likely to fail, but failure is part of the
learning process .
3
, Question 5: True or False: Entrepreneurs need
a lot of money to succeed.
Answer: Mostly false
Rationale: The average startup cost is
approximately $25,000. Significant capital is
not always required .
Question 6: True or False: Entrepreneurs are
all about making money.
Answer: False
4
Correct Answers
Section 1: Entrepreneurship Myths & Truths
Question 1: True or False: Entrepreneurs plan
more than they act.
Answer: False
Rationale: Entrepreneurs act more than they
plan. The entrepreneurship method emphasizes
smart action and moving quickly .
1
,Question 2: True or False: Successful
entrepreneurs are lucky.
Answer: False
Rationale: Hard work leads to luck. Success is
attributed to persistence and effort, not chance
.
Question 3: True or False: Entrepreneurship
starts with a good or service.
Answer: False
2
,Rationale: Entrepreneurship is all about
identifying and exploiting opportunities, not
just starting with a product .
Question 4: True or False: Most
entrepreneurial ventures fail.
Answer: Somewhat true and false
Rationale: The key is to learn from failure. The
liability of newness means newer firms are
more likely to fail, but failure is part of the
learning process .
3
, Question 5: True or False: Entrepreneurs need
a lot of money to succeed.
Answer: Mostly false
Rationale: The average startup cost is
approximately $25,000. Significant capital is
not always required .
Question 6: True or False: Entrepreneurs are
all about making money.
Answer: False
4
