Online Networking - Answer- Each day, Donnie posts the progress of her new building to Facebook as a countdown to opening her business. What type of networking is Donnie using?
Increase of service - Answer- Ophelia discovers her competitor's turnaround time is double her turnaround time. What sh...
ESB QUESTIONS AND ANSWERS
Online Networking - Answer- Each day, Donnie posts the progress of her new building
to Facebook as a countdown to opening her business. What type of networking is
Donnie using?
Increase of service - Answer- Ophelia discovers her competitor's turnaround time is
double her turnaround time. What should Ophelia's new marketing strategy be to woo
back her customers?
Which three things are defined when doing a self-assessment? - Answer- Risk
tolerance, strengths, and weaknesses
Which description best fits an entrepreneur? - Answer- Willing to take risks
After a self assessment, Julie realizes she has no clue how to figure out whether her
restaurant is profitable. What should Julie
do? - Answer- Get some basic accounting knowledge
Which is considered to be the largest risk of being an entrepreneur? - Answer- loss of
money
Which two characteristics best describe entrepreneurs? - Answer- Creative and
adaptable
Which is considered to be a great immediate benefit of being an entrepreneur? -
Answer- More schedule control
Courage - Answer- A willingness to take risks despite possible losses
Value achievement - Answer- The desire to succeed over the desire of money
Tenacious - Answer- A willingness to see things through
Self-reliant - Answer- The ability to consistently believe in the entrepreneurial dream
Attending a Chamber of Commerce event - Answer- Sharing information with local
businesses
Talking to people in a store - Answer- Face-to-face conversations
Posting information to Facebook - Answer- Marketing to online communities
Going to a trade show - Answer- Sharing information with others in your industry
, Many of Fran's customers complain about a lack of available flooring companies in the
area and that of those companies, the prices are too high. what can be a good
marketing strategy? - Answer- Lower prices
Which are traits of a successful entrepreneur? There's three. - Answer- patient,
confident, enthusiastic
Which entrepreneurial trait best deals with ambiguity? - Answer- patience
Todd is rejected for lack of collateral. Todd then turns to private investors in an effort to
get the business started. What entrepreneurial characteristic is Todd exhibiting? -
Answer- Flexibility
In the last 10 years, Ronnie has moved five times to five different states. What about
Ronnie could hamper potential success for this business? - Answer- A lack of patience
Besides defining strengths and weaknesses, what is the other main factor determined
during a self-assessment? - Answer- risk tolerance
After a self-assessment, Peter realizes he wants to start a plumbing business, but
doesn't want to risk a lot of his own money. What would be his best option? - Answer-
Purchase an existing business
Upon researching the situation, Donnie decides to open a doggie daycare facility. Which
marketing option for this new business should be a point of emphasis? - Answer-
Location
Which are considered risks of being an entrepreneur? (Three) - Answer- Long hours,
financial instability, and possibility of failure
Which are considered rewards of being an entrepreneur? (Three) - Answer- Bigger
community asset, Working the way one chooses, Better earnings
George wants to take his passion for gold and open a golf academy. What would be
benefits George could enjoy from this experience? (Two) - Answer- Financial gain and
satisfaction of pursuing his passion
Phyllis opens a new pet store in a growing area of town but the new store fails and
closes after a year. How should Phyllis best handle this? - Answer- Evaluate why the
business failed and use the knowledge for the future
Rey often is dissatisfied with the stagnation of her job and wants to open her own
transportation service. Which benefit of entrepreneurship will be the biggest one for
Rey? - Answer- Autonomy
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