ENT 3315 - David Allen - Baylor-Exam 1 Questions with Correct Answers Latest Update
2025/2026
What is a Small Business? - Answers 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 - Answers the few businesses with phenomenal prospects
for growth
franchisees - Answers 44% of businesses are franchises according to the Franchise Association
these differ from other business owners in the degree of their independence
reluctant entrepreneurs - Answers those who started or acquired small businesses as a result of
financial hardship or other severely negative conditions
corporate refugees - Answers 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 - Answers 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 - Answers technician, manager, and entrepreneur
entrepreneurial legacy - Answers 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 - Answers typically described as those individuals or groups who either can affect
the performance of the company or are affected by it
Big 3 stakeholders - Answers 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 - Answers 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 - Answers 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 - Answers applying US standards to a situation, sometimes criticized as an
arrogant attempt to impose American values on other societies
ethical relativism - Answers implies an anything goes strategy if the local culture accepts it, can
cause problems if it contradicts US laws and regulations
leading with integrity - Answers personal integrity of the founder of owner is key to a firm's
ethical performance
Better Business Bureau (BBB) - Answers privately owned companies joined together to promote
ethical conduct on the part of all businesses in a region, and they do so by providing crucial
information about businesses for customers and investors. this keeps businesses accountable
they report relevant information to law enforcement agencies, they are not government entities,
and they cannot collect money or impose penalties on companies that engage in unethical
business practices
ethonal - Answers produced from farm waste
environmental regulations, how it affects some small business - Answers businesses such as
fast lube and oil change centers, medical waste disposal operations, self-service car washes,
ethanol producers, and asbestos removal services have been especially hard hit by the
expanding of environmental regulations
opportunity recognition - Answers identification of imaginative new products or services that
may lead to promising business ventures
new market ideas - Answers startup ideas centered around providing customers with an
existing product or service not available in their market
new technology ideas - Answers startup ideas involving new or relatively new technology,
centered around providing customers with a new product or service
Prior work experience and new ideas - Answers found that prior work experience accounted for
45% of new ideas
new benefit ideas - Answers startup ideas centered around providing customers with new or
improved products or services or better ways of performing old functions
hobbies & start-up processes - Answers grow beyond being leisure activities to become
businesses, and they can add surprising energy to the startup process.
2025/2026
What is a Small Business? - Answers 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 - Answers the few businesses with phenomenal prospects
for growth
franchisees - Answers 44% of businesses are franchises according to the Franchise Association
these differ from other business owners in the degree of their independence
reluctant entrepreneurs - Answers those who started or acquired small businesses as a result of
financial hardship or other severely negative conditions
corporate refugees - Answers 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 - Answers 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 - Answers technician, manager, and entrepreneur
entrepreneurial legacy - Answers 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 - Answers typically described as those individuals or groups who either can affect
the performance of the company or are affected by it
Big 3 stakeholders - Answers 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 - Answers 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 - Answers 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 - Answers applying US standards to a situation, sometimes criticized as an
arrogant attempt to impose American values on other societies
ethical relativism - Answers implies an anything goes strategy if the local culture accepts it, can
cause problems if it contradicts US laws and regulations
leading with integrity - Answers personal integrity of the founder of owner is key to a firm's
ethical performance
Better Business Bureau (BBB) - Answers privately owned companies joined together to promote
ethical conduct on the part of all businesses in a region, and they do so by providing crucial
information about businesses for customers and investors. this keeps businesses accountable
they report relevant information to law enforcement agencies, they are not government entities,
and they cannot collect money or impose penalties on companies that engage in unethical
business practices
ethonal - Answers produced from farm waste
environmental regulations, how it affects some small business - Answers businesses such as
fast lube and oil change centers, medical waste disposal operations, self-service car washes,
ethanol producers, and asbestos removal services have been especially hard hit by the
expanding of environmental regulations
opportunity recognition - Answers identification of imaginative new products or services that
may lead to promising business ventures
new market ideas - Answers startup ideas centered around providing customers with an
existing product or service not available in their market
new technology ideas - Answers startup ideas involving new or relatively new technology,
centered around providing customers with a new product or service
Prior work experience and new ideas - Answers found that prior work experience accounted for
45% of new ideas
new benefit ideas - Answers startup ideas centered around providing customers with new or
improved products or services or better ways of performing old functions
hobbies & start-up processes - Answers grow beyond being leisure activities to become
businesses, and they can add surprising energy to the startup process.
