UF ENT 3003 EXAM 1 QUESTIONS AND
ANSWERS GRADED A+ 2025/2026
True/False Successful Entrepreneurs are lucky - ANS False. Hard work leads to luck
True/False Entrepreneurship starts with a good or service - ANS False. All about identifying
and exploiting opportunities
True/False Most Entrepreneuerial ventures fail - ANS Somewhat true and false. Learn from
failure
True/False Entrepreneurs need a lot of money to succeed - ANS Mostly false. Average start
up is $25,000
True/False Entrepreneurs are all about making money - ANS False. Large factor but only one
of many factors
True/False Entrepreneurs should strive to serve as many customers as possible - ANS False.
Have to target a market
True/False Entrepreneurship is a one-time, chance event - ANS False. Not an event, is a
process
1 @COPYRIGHT 2026 ALLRIGHTS RESERVED.
, True/False Entrepreneurship is about running small businesses - ANS False. Not all businesses
are entrepreneurial
True/False Entrepreneurs are born, not made - ANS False. Can be taught
True/False Entrepreneurs take wild risks - ANS False. Some risks have to be taken but still
have to be careful
True/False Entrepreneurship is an either/or concept - ANS False. It is a continuous variable
and spectrum.
True/False Entrepreneurship empowers people - ANS Mostly true. Empowers one to work for
them self and "escape the machine"
True/False Entrepreneurship is about individuals - ANS Somewhat true. Venture usually starts
individually but needs many people to stay alive.
Liability of Newness - ANS The newer the firm, the more likely it is to fail.
80/20 Rule - ANS 80% of firm's income comes from 20% of its customers
Self-Employment in the US - ANS Declining since 1980. US Self Employment is lower than
most other OECD countries.
Now more business failures than business starts.
2 @COPYRIGHT 2026 ALLRIGHTS RESERVED.
ANSWERS GRADED A+ 2025/2026
True/False Successful Entrepreneurs are lucky - ANS False. Hard work leads to luck
True/False Entrepreneurship starts with a good or service - ANS False. All about identifying
and exploiting opportunities
True/False Most Entrepreneuerial ventures fail - ANS Somewhat true and false. Learn from
failure
True/False Entrepreneurs need a lot of money to succeed - ANS Mostly false. Average start
up is $25,000
True/False Entrepreneurs are all about making money - ANS False. Large factor but only one
of many factors
True/False Entrepreneurs should strive to serve as many customers as possible - ANS False.
Have to target a market
True/False Entrepreneurship is a one-time, chance event - ANS False. Not an event, is a
process
1 @COPYRIGHT 2026 ALLRIGHTS RESERVED.
, True/False Entrepreneurship is about running small businesses - ANS False. Not all businesses
are entrepreneurial
True/False Entrepreneurs are born, not made - ANS False. Can be taught
True/False Entrepreneurs take wild risks - ANS False. Some risks have to be taken but still
have to be careful
True/False Entrepreneurship is an either/or concept - ANS False. It is a continuous variable
and spectrum.
True/False Entrepreneurship empowers people - ANS Mostly true. Empowers one to work for
them self and "escape the machine"
True/False Entrepreneurship is about individuals - ANS Somewhat true. Venture usually starts
individually but needs many people to stay alive.
Liability of Newness - ANS The newer the firm, the more likely it is to fail.
80/20 Rule - ANS 80% of firm's income comes from 20% of its customers
Self-Employment in the US - ANS Declining since 1980. US Self Employment is lower than
most other OECD countries.
Now more business failures than business starts.
2 @COPYRIGHT 2026 ALLRIGHTS RESERVED.
