Exam (elaborations)

MHR 322 Exam | Questions with Verified Answers

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MHR 322

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MHR 322

MHR 322 Exam | Questions with Verified Answers In "A Student's Guide to Startups," author Paul Graham warns that real entrepreneurship is not like a class project because: Solving a rare and valuable problem usually involves figuring out the real problem in an iterative process. According to Dr. ...

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Institution MHR 322
Course MHR 322

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MHR 322 Exam

In "A Student's Guide to Startups," author Paul Graham warns that real
entrepreneurship is not like a class project because:
Solving a rare and valuable problem usually involves figuring out the real problem in an
iterative process.

According to Dr. Bock, the best reason to choose to be an entrepreneur is:
Because there is something that you want to accomplish and a startup company
appears to be the best way to make it possible

In the video "It's about loving what you do," UW-Madison graduate Carol Bartz suggests
that you combine what you love with:
Being flexible

In "Most entrepreneurs are not rock stars," David Friedberg suggests that if your goal is
to have impact with an innovation, your best option is probably:
Go to work for a large company since they have direct access to customers and users
already.

One of the key goals of MHR 322 (this class) is to:
Give you an opportunity to experience what it feels like to be an entrepreneur to see if
you like it or not

In "What Entrepreneurs Can Teach Us All About Life," author Stephen Hicks suggests
that entrepreneurship is like life in general because:
Both require challenging basic rules and assumptions

In "Where Is The Best Place To Learn How To Become A Successful Entrepreneur,"
author Kimberly Whitler argues that aspiring entrepreneurs should avoid working for
large corporations to avoid learning bad habits
False

In "Design Your Way to a Happier Life," authors Evans and Burnett identify a "design"
approach to life planning that involves starting with where you are and what you have.
True

In "Most entrepreneurs are not rock stars," David Friedberg encourages students to
focus on ventures where they can make a lot of money.
False

An entrepreneurial mindset can be especially valuable when:
There is limited time, information, and/or other resources

, According to the Kauffman Foundation, new and young companies are the primary
source of job creation in the American economy.
True

Professor Bill Green argues that an important aspect of entrepreneurship is the creation
of an enterprise that can ultimately function independently from the entrepreneur.
True

The Austrian economist Schumpeter defines entrepreneurship as:
A process of creative destruction

Approximately 95% of all startups fail within 5 years of being founded.
False

According to the "History of Entrepreneurship" reading by Johnson Hur, the earliest
forms of entrepreneurship resulted from individuals serving in highly generalized roles in
economic activity, such as organizing groups or trade.
False

According to the Kauffman Foundation, immigrants are nearly twice as likely as native-
born Americans to start businesses.
True

According to the "History of Entrepreneurship" reading by Johnson Hur, the primary
challenge for modern entrepreneurs is:
Having to compete with entrepreneurs around the world, some of whom have access to
cheaper labor and materials

Reid Hoffman believes that entrepreneurs are "modern pioneers" because they have to
make critical decisions and judgments in new circumstances.
True

The starting point for being an entrepreneur is answering the following question: "What
can I do well that I would love to do for an extended period of time?"
True

When students are interested in entrepreneurship but do not have a specific idea or
technology, they should:
Take stock of personal interests, strengths, and skills to more readily identify good
opportunities.

Your friends and family are likely in very different (traditional) demographic groups (e.g.
age, income, geography). What characteristic makes it possible they are in the same
market segment for your t-shirt project?
They like you

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