MHR 322 UPDATED ACTUAL EXAM COMPLETE QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS)
/ALREADY GRADED A+
1. All of the following are valid reasons that ✓ The person wants to earn as
students (or any people) are interested much money as possible as
in entrepreneurship EXCEPT: quickly as possible
-The person has a passion, is
comfortable developing skills, and might
want to control his/her own destiny
-The person wants to earn as much
money as possible as quickly as
possible
-The person has an Idea that can
change the world, or at least some small
part of it, in a positive way
-The person has come up with a
technological breakthrough and wants to
capitalize on it or expedite how quickly it
is deployed
2. When students are interested in ✓ take stock of personal interests,
entrepreneurship but do not have a strengths, and skills to more
specific idea or technology, they should: readily identify good
opportunities
-Find an entrepreneurship "coach" who
can provide guidance on opportunity
identification and evaluation
-Look at current market trends to try to
find something "hot"
-Take stock of personal interests,
, strengths, and skills to more readily
identify good opportunities
-Survey a trusted group of friends and
peers to identify an opportunity that
resonates with like-minded people
3. In the video "It's about loving what you ✓ being flexible
do," UW-Madison graduate Carol Bartz
suggests that you combine what you
love with:
-putting your job first
-being flexible
-being willing to risk all your money
-moving to California
4. In "Most entrepreneurs are not rock ✓ Go to work for a large company
stars," David Friedberg suggests that if since they have direct access
your goal is to have impact with an to customers and users already
innovation, your best option is probably:
-Go to work for a large company since
they have direct access to customers
and users already
-Create a practice venture first so you
can test out the entrepreneurial
experience before you launch your real
venture
-Plan out for a 10-15 year timeframe to
ensure that you can do quality work and
address all necessary issues
-launch a new company and raise as
much moeny as you can to scale the
business quickly
5. In "What Entrepreneurs can teach us ✓ both require challenging basic
about life," author Stephen Hicks rules and assumptions
suggests that entrepreneurship is like
life in general because:
-both offer high levels of risk and
rewards
, -both involve birth, growth, and death
-both require challenging basic rules
and assumptions
6. One of the key goals of MHR 322 (this ✓ give you an opportunity to
class) is to: experience what it feels like to
be an entrepreneur to see if
-give you an opportunity to experience you like it or not
what it feels like to be an entrepreneur
to see if you like it or not
-be the most difficult course you take
this semester
-convince you to avoid being an
entrepreneur when you graduate
-convince you to be an entrepreneur
when you graduate
7. The age when most founders start a ✓ 40
business is approximately?
-60
-20
-50
-40
8. The Austrian economist Schumpeter ✓ a process of creative
defines entrepreneurship as: destruction
-having the vision to see the future
before your competitors
-rolling the dice with the opportunity to
get rich or lose it all
-a process of creative destruction
-starting a new business entity
9. The US government defines a "small ✓ Fewer than 500 employees
business" as a company with...
-fewer than 50 employees
, -fewer than 500 employees
-less than $2M in annual revenue
-only one "small" office of less than 500
sq ft
10. Reid Hoffman believes that ✓ True
entrepreneurs are "modern pioneers"
because they have to make critical
decisions and judgments in new
circumstances.
-True
-False
11. When identifying your target market ✓ direct interaction with real
segment that vast majority of your potential customers about their
primary market research should come situations, pain points, and
from: opportunities
-direct interaction with real potential
customers about their situations, pain
points, and opportunities
-market research reports complied by
experts
-online searches via google and
quantitative information engines such as
Wolfram Alpha
-interviews and focus groups with
industry experts
12. The "China Syndrome" is a common ✓ Think that success is getting a
mistake of entrepreneurs who: small share of an extremely
large market
-Think that success is getting a small
share of an extremely large market
-Think that the best option is to
outsource production to China
-Think that the long-term competition will
come from Chinese companies
DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS)
/ALREADY GRADED A+
1. All of the following are valid reasons that ✓ The person wants to earn as
students (or any people) are interested much money as possible as
in entrepreneurship EXCEPT: quickly as possible
-The person has a passion, is
comfortable developing skills, and might
want to control his/her own destiny
-The person wants to earn as much
money as possible as quickly as
possible
-The person has an Idea that can
change the world, or at least some small
part of it, in a positive way
-The person has come up with a
technological breakthrough and wants to
capitalize on it or expedite how quickly it
is deployed
2. When students are interested in ✓ take stock of personal interests,
entrepreneurship but do not have a strengths, and skills to more
specific idea or technology, they should: readily identify good
opportunities
-Find an entrepreneurship "coach" who
can provide guidance on opportunity
identification and evaluation
-Look at current market trends to try to
find something "hot"
-Take stock of personal interests,
, strengths, and skills to more readily
identify good opportunities
-Survey a trusted group of friends and
peers to identify an opportunity that
resonates with like-minded people
3. In the video "It's about loving what you ✓ being flexible
do," UW-Madison graduate Carol Bartz
suggests that you combine what you
love with:
-putting your job first
-being flexible
-being willing to risk all your money
-moving to California
4. In "Most entrepreneurs are not rock ✓ Go to work for a large company
stars," David Friedberg suggests that if since they have direct access
your goal is to have impact with an to customers and users already
innovation, your best option is probably:
-Go to work for a large company since
they have direct access to customers
and users already
-Create a practice venture first so you
can test out the entrepreneurial
experience before you launch your real
venture
-Plan out for a 10-15 year timeframe to
ensure that you can do quality work and
address all necessary issues
-launch a new company and raise as
much moeny as you can to scale the
business quickly
5. In "What Entrepreneurs can teach us ✓ both require challenging basic
about life," author Stephen Hicks rules and assumptions
suggests that entrepreneurship is like
life in general because:
-both offer high levels of risk and
rewards
, -both involve birth, growth, and death
-both require challenging basic rules
and assumptions
6. One of the key goals of MHR 322 (this ✓ give you an opportunity to
class) is to: experience what it feels like to
be an entrepreneur to see if
-give you an opportunity to experience you like it or not
what it feels like to be an entrepreneur
to see if you like it or not
-be the most difficult course you take
this semester
-convince you to avoid being an
entrepreneur when you graduate
-convince you to be an entrepreneur
when you graduate
7. The age when most founders start a ✓ 40
business is approximately?
-60
-20
-50
-40
8. The Austrian economist Schumpeter ✓ a process of creative
defines entrepreneurship as: destruction
-having the vision to see the future
before your competitors
-rolling the dice with the opportunity to
get rich or lose it all
-a process of creative destruction
-starting a new business entity
9. The US government defines a "small ✓ Fewer than 500 employees
business" as a company with...
-fewer than 50 employees
, -fewer than 500 employees
-less than $2M in annual revenue
-only one "small" office of less than 500
sq ft
10. Reid Hoffman believes that ✓ True
entrepreneurs are "modern pioneers"
because they have to make critical
decisions and judgments in new
circumstances.
-True
-False
11. When identifying your target market ✓ direct interaction with real
segment that vast majority of your potential customers about their
primary market research should come situations, pain points, and
from: opportunities
-direct interaction with real potential
customers about their situations, pain
points, and opportunities
-market research reports complied by
experts
-online searches via google and
quantitative information engines such as
Wolfram Alpha
-interviews and focus groups with
industry experts
12. The "China Syndrome" is a common ✓ Think that success is getting a
mistake of entrepreneurs who: small share of an extremely
large market
-Think that success is getting a small
share of an extremely large market
-Think that the best option is to
outsource production to China
-Think that the long-term competition will
come from Chinese companies
