SMALL BUSINESS MANAGEMENT EXAMS [2026] UPDATED ACTUAL Exam | Question and Answer | COMPLETE EXAM PREP

SMALL BUSINESS MANAGEMENT EXAMS [2026] UPDATED
ACTUAL Exam | Question and Answer | COMPLETE EXAM
PREP
• Small Business -✓✓ Small in size relative to larger competitors (fewer than 500
employees)


• Entrepreneurial Opportunity -✓✓ economically attractive and timely opportunity
that creates value for interested buyers.


• Bootstrapping -✓✓ Doing more with less in terms of resources invested in a
business and controlling resources without owning them.


• Entrepreneurial Qualities -✓✓ -Commitment
-Motivated to Excel
-Leadership
-Tolerance of Risk
-Opportunity Obsession
-Creativity


• Founder -✓✓ -"Pure Entrepreneur"
-a person who bring a new firm into existence


• Second Stage Entrepreneur -✓✓ administrative entrepreneur who oversees the
operations of an ongoing business

, • Franchisee -✓✓ an entrepreneur whose power is limited by the contractual
relationship with a franchising organization.


• Entrepreneurial Team -✓✓ two or more people working together as
entrepreneurs.


• Social Entrepreneurship -✓✓ an entrepreneurship activity whose goal is to find
innovative solutions to society's most pressing needs, problems, and opportunities.


• Problems Facing Women Entrepreneurs -✓✓ Lack of mentors and financing


• Reluctant Entrepreneur -✓✓ a person who become an entrepreneur as a result of
some severe hardship


• Corporate Refugee -✓✓ a person who become an entrepreneur to escape an
undesirable situation


• Motivations for Founding a Company -✓✓ Personal Fulfillment
Personal Satisfaction
Independence
Financial Rewards


• Business Paradigm -✓✓ One Person, Three Personalities
-Technician
-Manager
-Entrepreneur