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ESB Certification Exam Questions and Answers 2024
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ESB Certification Exam
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ESB Certification ExamEntrepreneur - answer An individual with an idea to offer an innovative product or
service about which they are passionate.
Entrepreneurship: - answer Setting up a business with the aim to make a profit.
Franchise - answer A business where the owner licenses their operations, products or
services, branding, and knowledge for a royalty fee.
Small Business: - answer Owned and managed by one individual or sometimes a small
group of people with a focus on generating profits.
In order to be considered a small business a company needs fewer than 1,500
employees & $35.5 million in revenue.
What are the three ways to open a business? - answer1. Buy an existing business
2. Buy a Franchise
3. Start a new business
What is the difference between small businesses and entrepreneurs? - answerSmall
business owners are not always interested in taking on new business opportunities.
Advantages of being an Entrepreneur - answer1. Setting one's own hours
2. Getting to work with like-minded people
3. Develop your own rules
4. Flexible schedule. Entrepreneurs can set their own hours.
5. Work-life autonomy
Disadvantages of being an entrepreneur - answerFinancial instability, bankruptcy, may
need to gain expertise quickly, time consuming, healthcare is not included in your job
Characteristics of a successful entrepreneur mindset - answerAction-oriented,
collaboration, confident, creative, innovative, critical thinker, problem-solver, focused,
passionate, adaptable, tenacious, resilient, socially responsible, & optimistic
Stages of Design Thinking - answerempathize, define, ideate, prototype, test
Empathize - answerStage #1 of the design thinking process. Involves researching your
user's needs.
Define the Problem - answerStage #2 of the design thinking process. State your users'
needs & problems.
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