MHR 322 (UW-Madison) Exam Revision
Questions And Correct Answers.
All of the following are valid reasons that students (or any people) are interested in entrepreneurship
EXCEPT: - Answer The person has an idea that can change the world, or at least some small part of it, in
a positive way.
The person wants to earn as much money as possible as quickly as possible. (ANSWER)
The person has a passion, is comfortable developing skills, and might want to control his/her own
destiny.
The person has come up with a technological breakthrough and wants to capitalize on it or expedite how
quickly it is deployed.
Ventures founded by individuals tend to be more successful than those founded by teams. (T/F) - Answer
FALSE
In "A Student's Guide to Startups," author Paul Graham warns that real entrepreneurship is not like a
class project because: - Answer You can't learn entrepreneurship in a classroom.
TrueSolving a rare and valuable problem usually involves figuring out the real problem in an iterative
process. (ANSWER)
One semester is simply not enough time to figure out customers' real needs.
The teamwork on a classroom project is nothing like teamwork in the real world.
In "Where Is The Best Place To Learn How To Become A Successful Entrepreneur?" author Kimberly
Whitler states that aspiring entrepreneurs can learn all of the following from consumer packaged goods
companies EXCEPT: - Answer How to take smart, calculated risks. (ANSWER?)
, How to innovate beyond just new product ideas.(NOT IT)
How to manage cash and short-term financial needs.
How to develop and pitch new ideas.
In "Design Your Way to a Happier Life," authors Evans and Burnett encourage students to figure out what
your passion is and then everything else will fall into place. (T/F) - Answer FASLE
According to Paul Graham, the author of "A Student's Guide to Startups," most startups end up doing
something different than they planned. (T/F) - Answer TRUE
According to the Kauffman Foundation, new businesses account for nearly all net new job creation in the
United States.(T/F) - Answer TRUE
According to the "History of Entrepreneurship" reading by Johnson Hur, the following developments
facilitated entrepreneurial activity EXCEPT: - Answer The availability of energy production
The availability of cheap labor as people moved from rural areas to cities
The invention of modern warfare (ANSWER)
The invention of currency (money) to replace barter
Professor Bill Green argues that an important aspect of entrepreneurship is the creation of an enterprise
that can ultimately function independently from the entrepreneur. (T/F) - Answer TRUE
The US government defines a "small business" as a company with... - Answer Fewer than 50 employees
Questions And Correct Answers.
All of the following are valid reasons that students (or any people) are interested in entrepreneurship
EXCEPT: - Answer The person has an idea that can change the world, or at least some small part of it, in
a positive way.
The person wants to earn as much money as possible as quickly as possible. (ANSWER)
The person has a passion, is comfortable developing skills, and might want to control his/her own
destiny.
The person has come up with a technological breakthrough and wants to capitalize on it or expedite how
quickly it is deployed.
Ventures founded by individuals tend to be more successful than those founded by teams. (T/F) - Answer
FALSE
In "A Student's Guide to Startups," author Paul Graham warns that real entrepreneurship is not like a
class project because: - Answer You can't learn entrepreneurship in a classroom.
TrueSolving a rare and valuable problem usually involves figuring out the real problem in an iterative
process. (ANSWER)
One semester is simply not enough time to figure out customers' real needs.
The teamwork on a classroom project is nothing like teamwork in the real world.
In "Where Is The Best Place To Learn How To Become A Successful Entrepreneur?" author Kimberly
Whitler states that aspiring entrepreneurs can learn all of the following from consumer packaged goods
companies EXCEPT: - Answer How to take smart, calculated risks. (ANSWER?)
, How to innovate beyond just new product ideas.(NOT IT)
How to manage cash and short-term financial needs.
How to develop and pitch new ideas.
In "Design Your Way to a Happier Life," authors Evans and Burnett encourage students to figure out what
your passion is and then everything else will fall into place. (T/F) - Answer FASLE
According to Paul Graham, the author of "A Student's Guide to Startups," most startups end up doing
something different than they planned. (T/F) - Answer TRUE
According to the Kauffman Foundation, new businesses account for nearly all net new job creation in the
United States.(T/F) - Answer TRUE
According to the "History of Entrepreneurship" reading by Johnson Hur, the following developments
facilitated entrepreneurial activity EXCEPT: - Answer The availability of energy production
The availability of cheap labor as people moved from rural areas to cities
The invention of modern warfare (ANSWER)
The invention of currency (money) to replace barter
Professor Bill Green argues that an important aspect of entrepreneurship is the creation of an enterprise
that can ultimately function independently from the entrepreneur. (T/F) - Answer TRUE
The US government defines a "small business" as a company with... - Answer Fewer than 50 employees
