ENT Exam 1- Grumbles Questions with correct Answers
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Course
NDSU
Institution
NDSU
ENT Exam 1- Grumbles Questions with correct Answers
How many small businesses are there?
27.8 million
How many businesses are small?
About 99.7%
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ENT Exam 1- Grumbles Questions with
correct Answers
How many small businesses are there? - answer 27.8 million
How many businesses are small? - answer About 99.7%
How many people work in small businesses? - answer 55 million people which is
49% of all employees
How many small businesses represent us exporters? - answer 97%
What are the growth potential characteristics? - answer Microbusiness
Attractive Small Firms
High Potential Ventures
What is an entrepreneur? - answer A person willing to create value, in either a new
or existing business, while assuming both the risks and rewards.
What is entrepreneurship? - answer It is a 4 stage process that involves the
relentless pursuit of an opportunity without regard to owning all the resources needed to
capture the opportunity
What are the four steps of entrepreneurship? - answer Identify the opportunity,
Acquire critical resources, Execute plan, harvest firm value
What are the different types of entrepreneurs? - answer Second-Stage
Franchisees
Social Entrepreneurs
Intrapreneurs
Entrepreneurial Teams
What is a second stage entrepreneur? - answer A family member or existing
manager
What is a franchisee? - answer functions within the boundaries of a franchisor
What are social entrepreneurs? - answer provide products and services that improve
lives
What are intrapreneurs? - answer people who work within corporations like PS4
, What are entrepreneurial teams? - answer 2 or more individuals that combine efforts
to create value (bill and melinda gates foundation)
What are the different motivations for owning a business? - answer Personal
Fulfillment
Personal Satisfaction
Independence
Financial Rewards
What is a technician personality? - answer a person who focuses on an already
developed skill and is concerned with the present
What is a manager personality? - answer likes order and planning operations
What is an entrepreneur personality? - answer focuses on the business and
providing results
What is a legitimacy lie? - answer misrepresenting facts or creating false
impressions
What are the types of startup ideas? - answer New market, new technology, new
benefit
What is a new market idea? - answer new product or service provided within a
particular market (in n out in waco)
What is a new technology idea? - answer unique technology, better than ones
available (google, microsoft, amazon)
What is a new benefit idea? - answer improving existing products or services
(doordash)
What are sources of startup ideas? - answer Personal/Work Experience,
Hobbies/Personal Interests
Characteristics of personal/work experience startup idea: - answer modifying an
existing product
improving a service
becoming a supplier
duplicating a business concept in a different location
Characteristics of Hobbies/Personal Interests startup idea: - answer Passion and
energy in enterprise
research has shown that these startups are more likely to generate early sales
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