ESB Exam Questions and Answers 100%
Correct
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
Correct
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
