MHR 322 EXAM QUESTIONS AND
ANSWERS GRADED A+ 2025/2026
The first goal for an innovation-driven entrepreneurial venture is to:
A. Form a legal organization (such as an LLC).
B. Confirm that the target market is large enough to justify raising venture capital.
C. Assess the needs of potential customers to confirm product-market fit.
D. Finalize the product so that you can go to market as quickly as possible. - ANS C. Assess the
needs of potential customers to confirm product-market fit.
When students are interested in entrepreneurship but do not have a specific idea or technology,
they should:
A. Survey a trusted group of friends and peers to identify an opportunity that resonates with
like-minded people.
B. Find an entrepreneurship "coach" who can provide guidance on opportunity identification
and evaluation.
C. Look at current market trends to try to find something "hot."
1 @COPYRIGHT 2026 ALLRIGHTS RESERVED.
,D. Take stock of personal interestes, strengths, and skills to more readily identify good
opportunities. - ANS D. Take stock of personal interestes, strengths, and skills to more readily
identify good opportunities.
In the video "It's about loving what you do," UW-Madison graduate Carol Bartz suggests that
you combine what you love with:
A. Being willing to risk all your money
B. Being flexible
C. Putting your job first
D. Moving to California - ANS B. Being flexible
In "A Student's Guide to Startups," author Paul Graham argues that the people who are most
likely to be successful entrepreneurs are the ones who are:
A. Storytellers who can sell anything.
B. Financiers who have access to capital from friends and family.
C. Innovators who constantly have new ideas about possible ventures.
D. Builders who keep starting projects, and finish at least some of them. - ANS D. Builders
who keep starting projects, and finish at least some of them.
In "A Student's Guide to Startups," author Paul Graham warns that real entrepreneurship is not
like a class project because:
2 @COPYRIGHT 2026 ALLRIGHTS RESERVED.
, A. One semester is simply not enough time to figure out customers' real needs.
B. Solving a rare and valuable problem usually involves figuring out the real problem in an
iterative process.
C. You can't learn entrepreneurship in a classroom.
D. The teamwork on a classroom project is nothing like teamwork in the real world. - ANS B.
Solving a rare and valuable problem usually involves figuring out the real problem in an iterative
process.
In "Where Is The Best Place To Learn How To Become A Successful Entrepreneur?" author
Kimberly Whitler states that aspiring entrepreneurs can learn all of the following from
consumer packaged goods companies EXCEPT:
A. How to innovate beyond just new product ideas.
B. How to manage cash and short-term financial needs.
C. How to develop and pitch new ideas.
D. How to take smart, calculated risks. - ANS B. How to manage cash and short-term financial
needs.
According to the "History of Entrepreneurship" reading by Johnson Hur, the following
developments facilitated entrepreneurial activity EXCEPT:
A. The invention of currency (money) to replace barter
B. The availability of cheap labor as people moved from rural areas to cities
3 @COPYRIGHT 2026 ALLRIGHTS RESERVED.
ANSWERS GRADED A+ 2025/2026
The first goal for an innovation-driven entrepreneurial venture is to:
A. Form a legal organization (such as an LLC).
B. Confirm that the target market is large enough to justify raising venture capital.
C. Assess the needs of potential customers to confirm product-market fit.
D. Finalize the product so that you can go to market as quickly as possible. - ANS C. Assess the
needs of potential customers to confirm product-market fit.
When students are interested in entrepreneurship but do not have a specific idea or technology,
they should:
A. Survey a trusted group of friends and peers to identify an opportunity that resonates with
like-minded people.
B. Find an entrepreneurship "coach" who can provide guidance on opportunity identification
and evaluation.
C. Look at current market trends to try to find something "hot."
1 @COPYRIGHT 2026 ALLRIGHTS RESERVED.
,D. Take stock of personal interestes, strengths, and skills to more readily identify good
opportunities. - ANS D. Take stock of personal interestes, strengths, and skills to more readily
identify good opportunities.
In the video "It's about loving what you do," UW-Madison graduate Carol Bartz suggests that
you combine what you love with:
A. Being willing to risk all your money
B. Being flexible
C. Putting your job first
D. Moving to California - ANS B. Being flexible
In "A Student's Guide to Startups," author Paul Graham argues that the people who are most
likely to be successful entrepreneurs are the ones who are:
A. Storytellers who can sell anything.
B. Financiers who have access to capital from friends and family.
C. Innovators who constantly have new ideas about possible ventures.
D. Builders who keep starting projects, and finish at least some of them. - ANS D. Builders
who keep starting projects, and finish at least some of them.
In "A Student's Guide to Startups," author Paul Graham warns that real entrepreneurship is not
like a class project because:
2 @COPYRIGHT 2026 ALLRIGHTS RESERVED.
, A. One semester is simply not enough time to figure out customers' real needs.
B. Solving a rare and valuable problem usually involves figuring out the real problem in an
iterative process.
C. You can't learn entrepreneurship in a classroom.
D. The teamwork on a classroom project is nothing like teamwork in the real world. - ANS B.
Solving a rare and valuable problem usually involves figuring out the real problem in an iterative
process.
In "Where Is The Best Place To Learn How To Become A Successful Entrepreneur?" author
Kimberly Whitler states that aspiring entrepreneurs can learn all of the following from
consumer packaged goods companies EXCEPT:
A. How to innovate beyond just new product ideas.
B. How to manage cash and short-term financial needs.
C. How to develop and pitch new ideas.
D. How to take smart, calculated risks. - ANS B. How to manage cash and short-term financial
needs.
According to the "History of Entrepreneurship" reading by Johnson Hur, the following
developments facilitated entrepreneurial activity EXCEPT:
A. The invention of currency (money) to replace barter
B. The availability of cheap labor as people moved from rural areas to cities
3 @COPYRIGHT 2026 ALLRIGHTS RESERVED.
