ENT 3315 EXAM 1 (ALLEN) QUESTIONS
AND ANSWERS 100% PASS 2026/2027
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
@2026 ALLRIGHTS RESERVED 1
, 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
Stakeholder: Owner's responsibility - ANS Friedman argued that businesses should be
expected simply to earn profits honestly; any other use of the firm's resources is justified only if
it enhances the firm's value
unethical behavior, integrity, and government regulations - ANS is fraudulent reporting of
income and expenses for income tax purposes aka skimming. as well as improperly claiming
personal expenses to be business-related
ethical imperialism - ANS applying US standards to a situation, sometimes criticized as an
arrogant attempt to impose American values on other societies
@2026 ALLRIGHTS RESERVED 2
AND ANSWERS 100% PASS 2026/2027
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
@2026 ALLRIGHTS RESERVED 1
, 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
Stakeholder: Owner's responsibility - ANS Friedman argued that businesses should be
expected simply to earn profits honestly; any other use of the firm's resources is justified only if
it enhances the firm's value
unethical behavior, integrity, and government regulations - ANS is fraudulent reporting of
income and expenses for income tax purposes aka skimming. as well as improperly claiming
personal expenses to be business-related
ethical imperialism - ANS applying US standards to a situation, sometimes criticized as an
arrogant attempt to impose American values on other societies
@2026 ALLRIGHTS RESERVED 2
