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Course 531001- The Entrepreneurial Myth
  Final Exam
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531001v - The Entrepreneurial Myth

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Finance
12 CPE Credit Hours
10/31/2025
Final Exam
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Read 'Chapter 1: The Entrepreneurial Myth' & answer the following question(s):
1. The E Myth is a misunderstanding.
2. Most small business are started by ordinary people who have an entrepreneurial seizure.
3. The following is not part of an entrepreneurial seizure:
Read 'Chapter 2: The Entrepreneur, the Manager, and the Technician' & answer the following question(s):
4. The personality characterized as the visionary and dreamer is the:
5. Everybody who goes into business is actually three people in one.
6. The Manager is the doer.
7. The work of an Entrepreneur is to wonder!
Read 'Chapter 3: Infancy: The Technician's Phase' & answer the following question(s):
8. In Infancy, most businesses are operated according to:
9. In Infancy, you realize that your business has become the boss you thought you left behind.
10. The Technician in infancy has a strategic rather than tactical view.
11. The work that's not getting done in Infancy is:
Read 'Chapter 4: Adolescence: Getting Some Help' & answer the following question(s):
12. Infancy begins at the point in your business when you decide to get some help.
13. Management by Abdication is in direct contrast to Management by Delegation.
14. In the Adolescent phase:
Read 'Chapter 5: Beyond the Comfort Zone' & answer the following question(s):
15. The Manager's comfort zone is bounded by how much he can do for himself.
16. The Entrepreneur's comfort zone is bounded by how many technicians he can supervise effectively.
17. As a business grows beyond its comfort zone, it can:
Read 'Chapter 6: Maturity and the Entrepreneurial Perspective' & answer the following question(s):
18. Maturity is an inevitable result of the Infancy and Adolescent phases.
19. The Entrepreneurial Perspective is not about the commodity or the work itself, but rather:
20. According to the Business Franchise Format, the true product of a business is not what it sells but how it sells it.
Read 'Chapter 7: The Turn-Key Revolution' & answer the following question(s):
21. It is in the franchise prototype that every failed franchisor builds his future.
22. Trade name franchises have increased dramatically over the same period that franchising in general has fallen.
23. The "Business Format Franchise" boasts that the true product of a business is:
24. The secret to finding the model you need to make your small business work is in the:
25. A system is an integrated whole whose properties cannot be reduced to those of its parts
26. The Business format franchise has revolutionized American business.
Read 'Chapter 8: The Franchise Prototype' & answer the following question(s):
27. The system runs the business. The people run the system.
28. A Business Format Franchise is really:
29. To the Manager, the Franchise Prototype provides order and predictability.
30. To the Entrepreneur, the Franchise Prototype is the medium through which his vision takes form.
31. The Business Format Franchise is designed to give the franchisee as much operating discretion as possible.
Read 'Chapter 9: Working On Your Business Not In It' & answer the following question(s):
32. Your business and your life are two totally separate things.
33. The Franchise Prototype involves:
34. The model will provide consistent value, beyond what is expected.
35. The model will utilize workers of the highest skill level affordable.
36. The model will stand out as a place of impeccable order.
37. Documentation is helpful, but not necessary.
38. The model will provide service that is unpredictable and exciting.
39. The model will utilize a uniform color, dress, and facilities code.
Read 'Chapter 10: The Business Development Process' & answer the following question(s):
40. Innovation simplifies your business to its critical essentials.
41. Orchestration promotes diversity.
42. A franchise is your unique way of doing things.
45. The Business Development Process should:
46. The Business Development Process is:
47. The business development process is dynamic.
Read 'Chapter 11: Your Business Development Program' & answer the following question(s):
48. The vehicle through which you create your Franchise Prototype is called the:
Read 'Chapter 12: Your Primary Aim' & answer the following question(s):
Read 'Chapter 13: Your Strategic Objective' & answer the following question(s):
43. Your strategic objective is the vision of the finished product that is and will be your business.
44. Your Business Strategy & Plan should be able to be reduced to a set of simple and clearly stated standards.
49. Your Business Strategy and Plan communicate:
50. Creating money standards is strategically necessary for your business and your life.
51. An "Opportunity Worth Pursuing" is a business that can fulfill:
52. People buy feelings, not commodities.
53. Your strategic objective is NOT a business plan.
Read 'Chapter 14: Your Organizational Strategy' & answer the following question(s):
54. A position contract includes:
56. Most companies organize around functions rather than around personalities.
57. Your organization chart flows down from your strategic objective which in turn flows down from your primary aim.
Read 'Chapter 15: Your Management Strategy' & answer the following question(s):
58. The secret to a successful management is NOT in hiring amazingly competent managers.
Read 'Chapter 16: Your People Strategy' & answer the following question(s):
Read 'Chapter 17: Your Marketing Strategy' & answer the following question(s):
55. In developing your marketing strategy, you should forget about everything except your customer.
59. Demographics and psychographics are the two essential supporting pillars of a successful marketing program.
Read 'Chapter 18: Your Systems Strategy' & answer the following question(s):
60. A system is a set of things, actions, ideas, and information that interact with each other, and in so doing, alter other systems.
Read 'Chapter 19: A Letter to Sarah' & answer the following question(s):
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