ENT 3315 EXAM 1 (ALLEN) QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) ALREADY
GRADED A+
What is a Small Business? Ans✓✓✓among small businesses, there is a
great degree of diversity in size, in growth potential, in organizational
structure, and often in culture.
There is no generally accepted or universally agreed-on definition.
high-potential ventures or gazelles Ans✓✓✓the few businesses with
phenomenal prospects for growth
franchisees Ans✓✓✓44% of businesses are franchises according to the
Franchise Association
these differ from other business owners in the degree of their
independence
reluctant entrepreneurs Ans✓✓✓those who started or acquired small
businesses as a result of financial hardship or other severely negative
conditions
corporate refugees Ans✓✓✓individual fleeing the bureaucratic
environment of a corporation that seems stifling or oppressive to them.
of 721 office workers, 42% had considered quitting their jobs over
bureaucratic hassles.
a person who becomes and entrepreneur to escape an undesirable job
situation
, Understanding Your Paradigm Ans✓✓✓knowing your motivations is
important to anyone interested in starting a business. but you also need
to understand if your perceptions of what it takes to be successful in
business are accurate, this may require a paradigm shift, changing how
we fundamentally see a situation
3 paradigms Ans✓✓✓technician, manager, and entrepreneur
entrepreneurial legacy Ans✓✓✓includes both tangible items and
intangible qualities passed on not only to heirs but also to the broader
society. You can appreciate, then, the seriousness with which the
entrepreneur needs to consider the kind of legacy he or she is building
stakeholders Ans✓✓✓typically described as those individuals or groups
who either can affect the performance of the company or are affected by
it
Big 3 stakeholders Ans✓✓✓owners: most important to success, make
the rules
customers: is always right, and forms the success of the company
employees: are the only thing that keep the company moving
companies rely on these 3 groups
DETAILED ANSWERS (VERIFIED ANSWERS) ALREADY
GRADED A+
What is a Small Business? Ans✓✓✓among small businesses, there is a
great degree of diversity in size, in growth potential, in organizational
structure, and often in culture.
There is no generally accepted or universally agreed-on definition.
high-potential ventures or gazelles Ans✓✓✓the few businesses with
phenomenal prospects for growth
franchisees Ans✓✓✓44% of businesses are franchises according to the
Franchise Association
these differ from other business owners in the degree of their
independence
reluctant entrepreneurs Ans✓✓✓those who started or acquired small
businesses as a result of financial hardship or other severely negative
conditions
corporate refugees Ans✓✓✓individual fleeing the bureaucratic
environment of a corporation that seems stifling or oppressive to them.
of 721 office workers, 42% had considered quitting their jobs over
bureaucratic hassles.
a person who becomes and entrepreneur to escape an undesirable job
situation
, Understanding Your Paradigm Ans✓✓✓knowing your motivations is
important to anyone interested in starting a business. but you also need
to understand if your perceptions of what it takes to be successful in
business are accurate, this may require a paradigm shift, changing how
we fundamentally see a situation
3 paradigms Ans✓✓✓technician, manager, and entrepreneur
entrepreneurial legacy Ans✓✓✓includes both tangible items and
intangible qualities passed on not only to heirs but also to the broader
society. You can appreciate, then, the seriousness with which the
entrepreneur needs to consider the kind of legacy he or she is building
stakeholders Ans✓✓✓typically described as those individuals or groups
who either can affect the performance of the company or are affected by
it
Big 3 stakeholders Ans✓✓✓owners: most important to success, make
the rules
customers: is always right, and forms the success of the company
employees: are the only thing that keep the company moving
companies rely on these 3 groups
