Choose only one answer for multiple-choice questions (each is worth 3 points).

1. Which of the following statements is FALSE?

A. It is better to create full prototype rather than test, learn and reiterate or pivot regarding development of minimum viable product.

B. Presence of universities and the legal infrastructure in terms of rule of law as well as enforcement are key to a successful entrepreneurial eco-system.

C. A key reason our speaker, Nezar Akeel, succeeded in his turnaround of a failing company was acknowledging the cultural differences of where the company was located and adhering to Japanese cultural norms

D. One of the problems that Nezar encountered was that the manufacturer he used for his product employed better components and charged him for the extra cost

E. Crowdsourcing can be an entrepreneurs friend as it allows for getting certain services cheaper.

Which of the following statements is FALSE?

A. To be successful, entrepreneurs are advised to work on tasks in parallel and not sequentially

B. A patent is a necessity the founders with high-tech products as it protects against copy-cats

C. The entrepreneurs should discuss exit strategy in the presentation but he/she may or may not exit the company

D. A liquidation preference gives the VC the right to purchase the startup from the founders for book value

E. B & D are false

. Which of the following statements is FALSE?

1. VC money comes with strings attached
2. Micro VCs face lower barrier to entry than larger VCs
3. At least forty percent of companies in an angel groups portfolio could go bust
4. The money before raising VC funding is called post-money valuation

. Which of the following statements is TRUE?

1. Invention is the most primary step for a successful venture
2. Creativity is the only thing needed to make an innovation possible
3. Edison is considered a great innovator because he invented the phonograph

Which of the following statements is TRUE?

1. An entrepreneur is less likely to have people problems when partnering with family and friends
2. One benefit of a partner in an entrepreneurship is sharing the risk
3. Corporate VC funds are similar to traditional VC funds in terms of compensation
4. To be successful, it is important that entrepreneurs get as much funding as possible
5. B and D
6. Start-ups will succeed as long as they have good products/services
7. An entrepreneur marshals resources to make innovation happen