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