ESB Questions And Answers Graded A+
Online Networking - 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 - Ophelia discovers her competitor's turnaround time is double her
tur...
Online Networking - ✔✔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 - ✔✔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? - ✔✔Risk tolerance, strengths, and
weaknesses
Which description best fits an entrepreneur? - ✔✔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? - ✔✔Get some basic accounting knowledge
Which is considered to be the largest risk of being an entrepreneur? - ✔✔loss of money
Which two characteristics best describe entrepreneurs? - ✔✔Creative and adaptable
Which is considered to be a great immediate benefit of being an entrepreneur? - ✔✔More schedule
control
Courage - ✔✔A willingness to take risks despite possible losses
Value achievement - ✔✔The desire to succeed over the desire of money
Tenacious - ✔✔A willingness to see things through
Self-reliant - ✔✔The ability to consistently believe in the entrepreneurial dream
Attending a Chamber of Commerce event - ✔✔Sharing information with local businesses
Talking to people in a store - ✔✔Face-to-face conversations
Posting information to Facebook - ✔✔Marketing to online communities
Going to a trade show - ✔✔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? - ✔✔Lower prices
Which are traits of a successful entrepreneur? There's three. - ✔✔patient, confident, enthusiastic
, Which entrepreneurial trait best deals with ambiguity? - ✔✔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? - ✔✔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? - ✔✔A lack of patience
Besides defining strengths and weaknesses, what is the other main factor determined during a self-
assessment? - ✔✔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? - ✔✔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? - ✔✔Location
Which are considered risks of being an entrepreneur? (Three) - ✔✔Long hours, financial instability,
and possibility of failure
Which are considered rewards of being an entrepreneur? (Three) - ✔✔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) - ✔✔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? - ✔✔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? - ✔✔Autonomy
Which are the three reasons to buy a franchise instead of starting a new business? - ✔✔Proven
business model, guaranteed income, easier to finance
Which is a drawback to starting a business from scratch instead of buying a franchise or pre-existing
business? - ✔✔Greater probability of failuer
Susan has always dreamed of running her own flower shop. Before opening shop, she wanted to do
some research. She surveyed 100 potential customers who provided the following information: 20%
would prefer to place orders online, 50% would prefer buying from an existing florist. Given this
information, which opportunity would have the highest probability of success? - ✔✔Buy an existing
business and offer online ordering
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