MHR 322 Exam | Questions with Verified Answers

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 in ...

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. 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 The best way to get customer information is to: Observe how they react when purchasing your product According to Vic Verma (founder of Savi Technology), you should love what you do as an entrepreneur because: You're likely to be doing it for a long time According to the "For Entrepreneurs" article on estimating TAM (Total Addressable Market), a bottom-up analysis: Explains how the new product/service will be priced and how many units could be sold based on number of potential customers According to Steve Blank's video on "Acting on Customer Discovery," the process of customer discovery is critical because it: Identifies what the customer actually wants rather than what the entrepreneur has already made According to the MaRS article on estimating market size, your ultimate market size (value) estimate is calculated as: Market volume (number of potential customers) x average value (price/value per customer) According to Disciplined Entrepreneurship, all of the following are conditions for defining a market segment EXCEPT: -The customers within the market can serve as references for each other -The customers within the market all buy similar products -The customers within the market have a similar sales cycle -The customers within the market are all the same age According to Vic Verma (founder of Savi Technology), a common mistake for entrepreneurs is: To believe that they can simply convince customers that they need a new product or service According to the MaRS article on estimating market size, you need to identify the "market penetration “rate in order to figure out What percent of all potential customers are likely to actually buy your product or service Disciplined Entrepreneurship defines "China Syndrome" as a market size estimation process based on claiming that the venture will succeed by capturing a small portion of a huge market. True An end-user profile should be relatively narrow because you do not want to spend your time and resources trying to be everything to everyone.