MHR 322 (UW-Madison) Well Verified
Exam Revision Questions and Correct
Answers 2026 UPDATE!1.
Entrepreneur traits - correct answer- High Self Esteem
- Motivated
- Innovative/Creative
- Optimistic
Drivers to become an Entrepreneur - correct answer- Current Low income
- High Personal wealth
- Unemployed
- Experienced
- Want to see change
Pros of a Student Startup - correct answer- stamina
- nothing to lose
- flexibility
- colleagues
- ignorance
Cons of a Student Startup - correct answer-less market knowledge
-limited capital
-less dedication since still a student
Why innovations aren't guaranteed - - correct answer- Sampling Problems
- Group Think
- Resources
- Environment
- Not believed possible
- Other
3 main motivators - correct answer- Idea
- Technology
- Passion
Other motivations - correct answer- $$$
- Change world
- work little
- own boss
- insight
, small business - correct answer- owner's money
- self control
- small reach
- Controls firm
- Personal
high-growth venture - correct answer- Investor's money
- multiple controllers
- Novelty/ all over
- Controls market
- Professional
Types of Entrepreneurship - correct answer- Small Business
- High Growth Venture
- Social
- Corporate
- Family Business
Social Entrepreneurship - correct answerleverages resources to address social
problems
Corporate Entrepreneurship - correct answerthe use or application of entrepreneurship
within an established firm
Family Business - correct answerowned and controlled by members of a family
"Make what you can sell" - correct answer"Don't sell what you can make"
Factors Affecting Diffusion - correct answer- relative advantage
- compatibility
- observe-ability
- complexity
- trial-ability
Fast Growth Start-up - correct answer- Large market potential
- Novel idea
- Strong tech
- Rapid market changes
- High value creation
- HIGH FAILURE RATE
Two Approaches to Market - correct answer- Predictive/Forecasting
- Learning/Experiments
Predictive/Forecasting - correct answer- Predict characteristics of customer
- use market research
Exam Revision Questions and Correct
Answers 2026 UPDATE!1.
Entrepreneur traits - correct answer- High Self Esteem
- Motivated
- Innovative/Creative
- Optimistic
Drivers to become an Entrepreneur - correct answer- Current Low income
- High Personal wealth
- Unemployed
- Experienced
- Want to see change
Pros of a Student Startup - correct answer- stamina
- nothing to lose
- flexibility
- colleagues
- ignorance
Cons of a Student Startup - correct answer-less market knowledge
-limited capital
-less dedication since still a student
Why innovations aren't guaranteed - - correct answer- Sampling Problems
- Group Think
- Resources
- Environment
- Not believed possible
- Other
3 main motivators - correct answer- Idea
- Technology
- Passion
Other motivations - correct answer- $$$
- Change world
- work little
- own boss
- insight
, small business - correct answer- owner's money
- self control
- small reach
- Controls firm
- Personal
high-growth venture - correct answer- Investor's money
- multiple controllers
- Novelty/ all over
- Controls market
- Professional
Types of Entrepreneurship - correct answer- Small Business
- High Growth Venture
- Social
- Corporate
- Family Business
Social Entrepreneurship - correct answerleverages resources to address social
problems
Corporate Entrepreneurship - correct answerthe use or application of entrepreneurship
within an established firm
Family Business - correct answerowned and controlled by members of a family
"Make what you can sell" - correct answer"Don't sell what you can make"
Factors Affecting Diffusion - correct answer- relative advantage
- compatibility
- observe-ability
- complexity
- trial-ability
Fast Growth Start-up - correct answer- Large market potential
- Novel idea
- Strong tech
- Rapid market changes
- High value creation
- HIGH FAILURE RATE
Two Approaches to Market - correct answer- Predictive/Forecasting
- Learning/Experiments
Predictive/Forecasting - correct answer- Predict characteristics of customer
- use market research
