UF ENT 3003 EXAM 1 UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question 1
True/False Entrepreneurship is an either/or concept
Correct Answer
False. It is a continuous variable and spectrum.
Question 2
Self-Employment in the US
Correct Answer
Declining since 1980. US Self Employment is lower than most other OECD countries.
Now more business failures than business starts.
Question 3
True/False Entrepreneurs are born, not made
Correct Answer
False. Can be taught
Question 4
Trends of Opportunity
Correct Answer
Economic trends
Social trends
Technological trends
Political/regulatory trends
Customer reviews
SBIR Website
Page 1 of 23
,Question 5
Selective attention
Correct Answer
process and react to certain stimuli but ignore others
Question 6
Entrepreneurship
Correct Answer
the PROCESS of creating value by bringing together a unique combination of
resource to exploit an opportunity
Question 7
Multiple cause opportunities
Correct Answer
come about due to a confluence of multiple trends (long lives, medicare, senior
citizen dating service)
Question 8
Facts on Ent. in the US
Correct Answer
-More likely to start a business in an "unattractive" industry. (Construction and not
tech)
-More likely to start a business when they earn little money, unemployed, or change
jobs often.
-Avg start up earns $100,000 in revenue a year
-Typical ent earns less and works more than someone who has a "traditional" job
Question 9
Competencies
Correct Answer
things that a firm does well
Page 2 of 23
, Question 10
Management
Correct Answer
day-to-day operation of the business
Question 11
Multiple effect opportunities
Correct Answer
lead to changing customer preferences (Global warming. Inc enviro awareness &
more warm weather clohing)
Question 12
True/False Most Entrepreneuerial ventures fail
Correct Answer
Somewhat true and false. Learn from failure
Question 13
True/False Entrepreneurs should strive to serve as many customers as possible
Correct Answer
False. Have to target a market
Question 14
Kaleidoscopic Thinking
Correct Answer
thinking about a problem from every possible angle in order to generate ideas,
make connections, and discern patterns
Page 3 of 23
QUESTIONS AND CORRECT ANSWERS
Question 1
True/False Entrepreneurship is an either/or concept
Correct Answer
False. It is a continuous variable and spectrum.
Question 2
Self-Employment in the US
Correct Answer
Declining since 1980. US Self Employment is lower than most other OECD countries.
Now more business failures than business starts.
Question 3
True/False Entrepreneurs are born, not made
Correct Answer
False. Can be taught
Question 4
Trends of Opportunity
Correct Answer
Economic trends
Social trends
Technological trends
Political/regulatory trends
Customer reviews
SBIR Website
Page 1 of 23
,Question 5
Selective attention
Correct Answer
process and react to certain stimuli but ignore others
Question 6
Entrepreneurship
Correct Answer
the PROCESS of creating value by bringing together a unique combination of
resource to exploit an opportunity
Question 7
Multiple cause opportunities
Correct Answer
come about due to a confluence of multiple trends (long lives, medicare, senior
citizen dating service)
Question 8
Facts on Ent. in the US
Correct Answer
-More likely to start a business in an "unattractive" industry. (Construction and not
tech)
-More likely to start a business when they earn little money, unemployed, or change
jobs often.
-Avg start up earns $100,000 in revenue a year
-Typical ent earns less and works more than someone who has a "traditional" job
Question 9
Competencies
Correct Answer
things that a firm does well
Page 2 of 23
, Question 10
Management
Correct Answer
day-to-day operation of the business
Question 11
Multiple effect opportunities
Correct Answer
lead to changing customer preferences (Global warming. Inc enviro awareness &
more warm weather clohing)
Question 12
True/False Most Entrepreneuerial ventures fail
Correct Answer
Somewhat true and false. Learn from failure
Question 13
True/False Entrepreneurs should strive to serve as many customers as possible
Correct Answer
False. Have to target a market
Question 14
Kaleidoscopic Thinking
Correct Answer
thinking about a problem from every possible angle in order to generate ideas,
make connections, and discern patterns
Page 3 of 23
