12/8/2022


Correct Answers 0
Total Questions 60
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Course # 531001
The Entrepreneurial Myth
based on the book:

The E Myth Revisitied: Why Most Small Businesses Don’t Work and What to Do About It
by: Michael E. Gerber ( 1995 )

12 CPE Credit Hours
Financial Planning

A P E X C P E . C O M  . . . . .  1.877.317.9047  . . . . .  support@apexcpe.com


Chapter 1 - The Entrepreneurial Myth

1.    The E Myth is a misunderstanding.   
TRUE
FALSE
2.    Most small business are started by ordinary people who have an entrepreneurial seizure.   
TRUE
FALSE
3.    The following is not part of an entrepreneurial seizure:   
Despair
Exhilaration
Comfort
Terror


Chapter 2 - The Entrepreneur, the Manager, and the Technician

4.    The personality characterized as the visionary and dreamer is the:   
Technician
Manager
GateKeeper
Entrepreneur
5.    Everybody who goes into business is actually three people in one.   
TRUE
FALSE
6.    The Manager is the doer.   
TRUE
FALSE
7.    The work of an Entrepreneur is to wonder!   
TRUE
FALSE


Chapter 3 - Infancy: The Technician's Phase

8.    In Infancy, most businesses are operated according to:   
what the customer wants.
what the business needs.
what the owner wants.
None of the above
9.    In Infancy, you realize that your business has become the boss you thought you left behind.   
TRUE
FALSE
10.    The Technician in infancy has a strategic rather than tactical view.   
TRUE
FALSE
11.    The work that's not getting done in Infancy is:   
the work that will lead your business forward
the entrepreneurial work
the strategic work
All of the above


Chapter 4 - Adolescence: Getting Some Help

12.    Infancy begins at the point in your business when you decide to get some help.   
TRUE
FALSE
13.    Management by Abdication is in direct contrast to Management by Delegation.   
TRUE
FALSE
14.    In the Adolescent phase:   
The boss always interferes.
Work is never done to the boss' satisfaction.
The Entrepreneur and the Manager within are asleep.
All of the above


Chapter 5 - Beyond the Comfort Zone

15.    The Manager's comfort zone is bounded by how much he can do for himself.   
TRUE
FALSE
16.    The Entrepreneur's comfort zone is bounded by how many technicians he can supervise effectively.   
TRUE
FALSE
17.    As a business grows beyond its comfort zone, it can:   
get small again and return to Infancy.
grow faster and faster and "go for broke".
survive and hang on for dear life.
All of the above


Chapter 6 - Maturity and the Entrepreneurial Perspective

18.    Maturity is an inevitable result of the Infancy and Adolescent phases.   
TRUE
FALSE
19.    The Entrepreneurial Perspective is not about the commodity or the work itself, but rather:   
how it looks
how it acts
how it does what it is intended to do.
All of the above
20.    According to the Business Franchise Format, the true product of a business is not what it sells but how it sells it.   
TRUE
FALSE


Chapter 7 - The Turn-Key Revolution

21.    It is in the franchise prototype that every failed franchisor builds his future.   
TRUE
FALSE
22.    Trade name franchises have increased dramatically over the same period that franchising in general has fallen.   
TRUE
FALSE
23.    The "Business Format Franchise" boasts that the true product of a business is:   
what it sells
how it sells
its brand
None of the above
24.    The secret to finding the model you need to make your small business work is in the:   
Franchise agreement
Trade Name Franchise
Business Plan
None of the above
25.    A system is an integrated whole whose properties cannot be reduced to those of its parts   
TRUE
FALSE
26.    The Business format franchise has revolutionized American business.   
TRUE
FALSE


Chapter 8 - The Franchise Prototype

27.    The system runs the business. The people run the system.   
TRUE
FALSE
28.    A Business Format Franchise is really:   
a subset of the trade name franchise
a disciplined work plan
A proprietary operating system.
All of the above
29.    To the Manager, the Franchise Prototype provides order and predictability.   
TRUE
FALSE
30.    To the Entrepreneur, the Franchise Prototype is the medium through which his vision takes form.   
TRUE
FALSE
31.    The Business Format Franchise is designed to give the franchisee as much operating discretion as possible.   
TRUE
FALSE


Chapter 9 - Working On Your Business Not In It

32.    Your business and your life are two totally separate things.   
TRUE
FALSE
33.    The Franchise Prototype involves:   
making your business unique
designing your business to serve 5000 smaller businesses
pretending your business is going to serve as a model for 5000 more just like it.
None of the above
34.    The model will provide consistent value, beyond what is expected.   
TRUE
FALSE
35.    The model will utilize workers of the highest skill level affordable.   
TRUE
FALSE
36.    The model will stand out as a place of impeccable order.   
TRUE
FALSE
37.    Documentation is helpful, but not necessary.   
TRUE
FALSE
38.    The model will provide service that is unpredictable and exciting.   
TRUE
FALSE
39.    The model will utilize a uniform color, dress, and facilities code.   
TRUE
FALSE


Chapter 10 - The Business Development Process

40.    Innovation simplifies your business to its critical essentials.   
TRUE
FALSE
41.    Orchestration promotes diversity.   
TRUE
FALSE
42.    A franchise is your unique way of doing things.   
TRUE
FALSE
45.    The Business Development Process should:   
Precede changes in the world
Anticipate changes in the world
Be infinitely flexible with regard to changes in the world
All of the above
46.    The Business Development Process is:   
Creativity, Quantification, and Orchestration
Innovation, Quantification and Orchestration
Innovation, Quality and Change Management
Innovation, Analysis and Quantification
47.    The business development process is dynamic.   
TRUE
FALSE


Chapter 11 - Your Business Development Program

48.    The vehicle through which you create your Franchise Prototype is called the:   
Franchise Method
Business Impact Model
Business Development Program
None of the Above


Chapter 12 - Your Primary Aim



Chapter 13 - Your Strategic Objective

43.    Your strategic objective is the vision of the finished product that is and will be your business.   
TRUE
FALSE
44.    Your Business Strategy & Plan should be able to be reduced to a set of simple and clearly stated standards.   
TRUE
FALSE
49.    Your Business Strategy and Plan communicate:   
The direction your business is going
How your business intends to get where it is going
The specific benchmarks your business will need to hit in order to get where its going
All of the above
50.    Creating money standards is strategically necessary for your business and your life.   
TRUE
FALSE
51.    An "Opportunity Worth Pursuing" is a business that can fulfill:   
Your need for creativity
Your dreams
The businesses overall mission with regard to quality and customer satisfaction
The financial standards you've created for your primary aim and your strategic objective.
52.    People buy feelings, not commodities.   
TRUE
FALSE
53.    Your strategic objective is NOT a business plan.   
TRUE
FALSE


Chapter 14 - Your Organizational Strategy

54.    A position contract includes:   
The summary of the results to be achieved by each position in the company
The work that the occupant of that position is accountable for
A list of standards by which the results are to be evaluated.
All of the above
56.    Most companies organize around functions rather than around personalities.   
TRUE
FALSE
57.    Your organization chart flows down from your strategic objective which in turn flows down from your primary aim.   
TRUE
FALSE


Chapter 15 - Your Management Strategy

58.    The secret to a successful management is NOT in hiring amazingly competent managers.   
TRUE
FALSE


Chapter 16 - Your People Strategy



Chapter 17 - Your Marketing Strategy

55.    In developing your marketing strategy, you should forget about everything except your customer.   
TRUE
FALSE
59.    Demographics and psychographics are the two essential supporting pillars of a successful marketing program.   
TRUE
FALSE


Chapter 18 - Your Systems Strategy

60.    A system is a set of things, actions, ideas, and information that interact with each other, and in so doing, alter other systems.   
TRUE
FALSE


Chapter 19 - A Letter to Sarah


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