ENT 2113 STUDY GUIDE 2025/2026 QUESTIONS AND
SOLUTION RATED A+
✔✔In what time period did the United States see a decline in large multinational firms
and a rise of new opportunities for entrepreneurial businesses? - ✔✔The late 1970s to
early 1980s
✔✔Which of the following statements is true of venture capital start-ups? - ✔✔They are
often formed as high-tech ventures consisting of unique characteristics.
✔✔A(n) harvest plan is a plan to exit the business that allows the investors to take
advantage of growth. - ✔✔harvest
✔✔What significant, historical event marked the beginning of the decline of
entrepreneurial businesses in the United States? - ✔✔World War II
✔✔Why do individuals decide to start a new business? - ✔✔The desire to be one's own
boss
✔✔Which of the following descriptions are characteristics of entrepreneurial firms? -
✔✔The operation is designed in the image of the founder.
The number of employees will not be expected to grow beyond 100.
The start-up is self-funded or closely funded.
✔✔What are the critical elements that an entrepreneur must solve for success? -
✔✔Develop an ability to generate consistent and growing sales
Sustainable operating profit margin
Sufficient resources to get the business to a point where it is self-funding
✔✔A difference between entrepreneurial businesses and venture capital-backed firms
is that________ - ✔✔entrepreneurial businesses' resources are more constrained than
those of venture capital-backed businesses
✔✔Which of the following are reasons why entrepreneurial businesses are successful?
- ✔✔Tend to be more focused than large corporations
Free to place energy into satisfying the needs of customers
Fewer layers of management
,✔✔Which of the following are reasons for the recent growth in the number of women
starting new businesses? - ✔✔Greater control over work-life balance
Frustration with the glass ceiling
✔✔The United States Small Business Administration was organized to: - ✔✔aid,
counsel, and protect the interests of small businesses.
provide assistance at all levels of management for entrepreneurial businesses.
provide information at all levels of organizational development for entrepreneurial
businesses.
✔✔Economies of scale is the condition that allows the long-run average cost to
continue as production - ✔✔downward; increases
✔✔Civic leaders often look to ___________as a means to promote economic strength
for a community, region, or state. - ✔✔entrepreneurs
✔✔The glass ceiling refers to the fact that women and minorities may be hired by large
firms but they experience limits placed on their advancement within the firm. - ✔✔Glass
ceilling
✔✔The World Bank estimates that one of the strongest factors in the growth of any
nation's GNP is the presence of entrepreneurial __________enterprises. - ✔✔small-
and medium-sized
✔✔Unlike the business plan of a venture capital-backed business, the entrepreneurial
business plan is developed as a __________ - ✔✔guide for the running of the business
✔✔Which act officially organized the United States Small Business Administration
(SBA)? - ✔✔Small Business Act
✔✔Which of the following are provided by the Economic Gardening program in the
United States? - ✔✔Financing for the venture
Tax incentives
Support classes
✔✔According to the text, which of the following is an important driver of the economic
success of a community? - ✔✔New business development
, ✔✔Which of the following are ways entrepreneurial businesses can act as catalysts for
societal change? - ✔✔Entrepreneurial businesses are willing to pursue smaller markets
ignored by large corporations.
Entrepreneurial businesses have an understanding of the local community
✔✔Identify the reasons individuals can become frustrated with working in a large
corporation. - ✔✔Lack of promotion opportunities Inflexibility of large corporations in
dealing with the needs of an individual's family and children
✔✔The business plan for a new entrepreneurial business is developed to serve as a
guide to manage the business, to provide potential investors with critical information to
evaluate the business, and to: - ✔✔provide a self-evaluation
✔✔Which of the following statements are true regarding robber barons? - ✔✔They took
advantage of the economies of scale.
They dominated the industrial sectors.
They were responsible for some of the great abuses in business.
✔✔Which of the following need to be evaluated in order to provide potential investors
with the critical information required when developing a business plan for a new
entrepreneurial business? - ✔✔Management team
Cash flow
Competitive advantage
✔✔Which of the following are goals of the business plan for a new entrepreneurial
business? - ✔✔To provide self-evaluation
To provide investors with necessary information
To be a guide to managing the business
✔✔True or false: The Great Depression of the 1930s was harder on larger more mature
businesses than on entrepreneurial businesses. - ✔✔False
✔✔Silicon Valley and Boston's 128 corridor are well known for: (Check all that apply.) -
✔✔providing a growing tax revenue base.
providing a basis to the area's economic vitality.
generating new employment with entrepreneurial ventures.
SOLUTION RATED A+
✔✔In what time period did the United States see a decline in large multinational firms
and a rise of new opportunities for entrepreneurial businesses? - ✔✔The late 1970s to
early 1980s
✔✔Which of the following statements is true of venture capital start-ups? - ✔✔They are
often formed as high-tech ventures consisting of unique characteristics.
✔✔A(n) harvest plan is a plan to exit the business that allows the investors to take
advantage of growth. - ✔✔harvest
✔✔What significant, historical event marked the beginning of the decline of
entrepreneurial businesses in the United States? - ✔✔World War II
✔✔Why do individuals decide to start a new business? - ✔✔The desire to be one's own
boss
✔✔Which of the following descriptions are characteristics of entrepreneurial firms? -
✔✔The operation is designed in the image of the founder.
The number of employees will not be expected to grow beyond 100.
The start-up is self-funded or closely funded.
✔✔What are the critical elements that an entrepreneur must solve for success? -
✔✔Develop an ability to generate consistent and growing sales
Sustainable operating profit margin
Sufficient resources to get the business to a point where it is self-funding
✔✔A difference between entrepreneurial businesses and venture capital-backed firms
is that________ - ✔✔entrepreneurial businesses' resources are more constrained than
those of venture capital-backed businesses
✔✔Which of the following are reasons why entrepreneurial businesses are successful?
- ✔✔Tend to be more focused than large corporations
Free to place energy into satisfying the needs of customers
Fewer layers of management
,✔✔Which of the following are reasons for the recent growth in the number of women
starting new businesses? - ✔✔Greater control over work-life balance
Frustration with the glass ceiling
✔✔The United States Small Business Administration was organized to: - ✔✔aid,
counsel, and protect the interests of small businesses.
provide assistance at all levels of management for entrepreneurial businesses.
provide information at all levels of organizational development for entrepreneurial
businesses.
✔✔Economies of scale is the condition that allows the long-run average cost to
continue as production - ✔✔downward; increases
✔✔Civic leaders often look to ___________as a means to promote economic strength
for a community, region, or state. - ✔✔entrepreneurs
✔✔The glass ceiling refers to the fact that women and minorities may be hired by large
firms but they experience limits placed on their advancement within the firm. - ✔✔Glass
ceilling
✔✔The World Bank estimates that one of the strongest factors in the growth of any
nation's GNP is the presence of entrepreneurial __________enterprises. - ✔✔small-
and medium-sized
✔✔Unlike the business plan of a venture capital-backed business, the entrepreneurial
business plan is developed as a __________ - ✔✔guide for the running of the business
✔✔Which act officially organized the United States Small Business Administration
(SBA)? - ✔✔Small Business Act
✔✔Which of the following are provided by the Economic Gardening program in the
United States? - ✔✔Financing for the venture
Tax incentives
Support classes
✔✔According to the text, which of the following is an important driver of the economic
success of a community? - ✔✔New business development
, ✔✔Which of the following are ways entrepreneurial businesses can act as catalysts for
societal change? - ✔✔Entrepreneurial businesses are willing to pursue smaller markets
ignored by large corporations.
Entrepreneurial businesses have an understanding of the local community
✔✔Identify the reasons individuals can become frustrated with working in a large
corporation. - ✔✔Lack of promotion opportunities Inflexibility of large corporations in
dealing with the needs of an individual's family and children
✔✔The business plan for a new entrepreneurial business is developed to serve as a
guide to manage the business, to provide potential investors with critical information to
evaluate the business, and to: - ✔✔provide a self-evaluation
✔✔Which of the following statements are true regarding robber barons? - ✔✔They took
advantage of the economies of scale.
They dominated the industrial sectors.
They were responsible for some of the great abuses in business.
✔✔Which of the following need to be evaluated in order to provide potential investors
with the critical information required when developing a business plan for a new
entrepreneurial business? - ✔✔Management team
Cash flow
Competitive advantage
✔✔Which of the following are goals of the business plan for a new entrepreneurial
business? - ✔✔To provide self-evaluation
To provide investors with necessary information
To be a guide to managing the business
✔✔True or false: The Great Depression of the 1930s was harder on larger more mature
businesses than on entrepreneurial businesses. - ✔✔False
✔✔Silicon Valley and Boston's 128 corridor are well known for: (Check all that apply.) -
✔✔providing a growing tax revenue base.
providing a basis to the area's economic vitality.
generating new employment with entrepreneurial ventures.
