ELE 3010 2025 EXAM QUESTIONS AND
CORRECT ANSWERS!!
Which of the following best defines an entrepreneur?
One who creates, organizes, and operates a new business venture while taking on financial risks
Which type of entrepreneur focuses on finding new approaches or methods that add value
by solving problems?
Innovators
What is a key characteristic of the entrepreneurial mindset? (Select all that apply)
A focus on identifying opportunities through solving everyday problems, Resiliency and the
ability to overcome setbacks, Forward-thinking and planning
Which of the following is not a common motivation for entrepreneurship?
Guaranteed to get rich
What is the purpose of a vision statement?
Picture of what the venture will become in the future
What are some factors driving the growth of entrepreneurship? (Select all that apply)
Shifts in career perspectives, ncreased community and organizational support like Clemson's
Brook T. Smith Launchpad, Job loss and employment risks
What are the basic steps in the Creative Thinking Process? (Select all that apply)
Verification, Incubation, Preparation, Illumination
What's the secret to entrepreneurship?
Make something people want
Which of the following elements is NOT typically included in a Mission Statement
A 5-10 year projection of the venture's future
, What is the first step in the entrepreneurial journey?
Inspiration - discovering motivation
Which of the following is an example of benchmarking?
To compare the performance of your venture with industry leaders
Which of these describes a Minimum Viable Product (MVP)?
A tool to collect validated learning about customers
What is the main goal of a business plan?
To set important goals and mapping a plan for success
In the Assessment (evaluating viability) phase of the entrepreneurial process, how might
one reflect on an idea? (Select all that apply)
Decide if you really want to purse the idea as planned, or do you pivot?, Reevaluate based on
new industry knowledge that may arise as you move through the journey, Assess viability and
interest of the concept
Which is NOT an essential business resource needed to begin the entrepreneurial journey?
Emotional support
Which of the following is not a recommended step in the entrepreneurial process?
Bypassing feedback from potential customers until the final product launch
Why is it important for an entrepreneur to embrace a creative, open, and innovative way of
thinking?
To dream big about the future and its opportunities
Which of the following best describes creativity?
The ability to develop something original, especially an idea
Which of these is an example of lateral thinking? (Select all that apply)
Challenging established patterns, Open to possibilities
CORRECT ANSWERS!!
Which of the following best defines an entrepreneur?
One who creates, organizes, and operates a new business venture while taking on financial risks
Which type of entrepreneur focuses on finding new approaches or methods that add value
by solving problems?
Innovators
What is a key characteristic of the entrepreneurial mindset? (Select all that apply)
A focus on identifying opportunities through solving everyday problems, Resiliency and the
ability to overcome setbacks, Forward-thinking and planning
Which of the following is not a common motivation for entrepreneurship?
Guaranteed to get rich
What is the purpose of a vision statement?
Picture of what the venture will become in the future
What are some factors driving the growth of entrepreneurship? (Select all that apply)
Shifts in career perspectives, ncreased community and organizational support like Clemson's
Brook T. Smith Launchpad, Job loss and employment risks
What are the basic steps in the Creative Thinking Process? (Select all that apply)
Verification, Incubation, Preparation, Illumination
What's the secret to entrepreneurship?
Make something people want
Which of the following elements is NOT typically included in a Mission Statement
A 5-10 year projection of the venture's future
, What is the first step in the entrepreneurial journey?
Inspiration - discovering motivation
Which of the following is an example of benchmarking?
To compare the performance of your venture with industry leaders
Which of these describes a Minimum Viable Product (MVP)?
A tool to collect validated learning about customers
What is the main goal of a business plan?
To set important goals and mapping a plan for success
In the Assessment (evaluating viability) phase of the entrepreneurial process, how might
one reflect on an idea? (Select all that apply)
Decide if you really want to purse the idea as planned, or do you pivot?, Reevaluate based on
new industry knowledge that may arise as you move through the journey, Assess viability and
interest of the concept
Which is NOT an essential business resource needed to begin the entrepreneurial journey?
Emotional support
Which of the following is not a recommended step in the entrepreneurial process?
Bypassing feedback from potential customers until the final product launch
Why is it important for an entrepreneur to embrace a creative, open, and innovative way of
thinking?
To dream big about the future and its opportunities
Which of the following best describes creativity?
The ability to develop something original, especially an idea
Which of these is an example of lateral thinking? (Select all that apply)
Challenging established patterns, Open to possibilities
