ESB Test 1 QUESTIONS AND ANSWERS
Ophelia runs a local seamstress business. Ophelia is losing customers to a competing
business. Upon sending an employee over to check out the competition, Ophelia
discovers the competitor's turnaround time is double her turnaround time. What should
Ophelia's new marketing strategy be to woo back her customers? - Answer- service
Gabe has worked as a journeyman electrician for an employer for the past 16 years. He
is paid a good salary. His only dissatisfaction is the hours are long and often when he
requests time off he is denied because of customer workload. Recently, two new
electricians were hired that do sloppy work and don't get along well with Gabe. As a
resultGabe decides go into business for himself. Which benefit of entrepreneurship will
Gabe most enjoy? - Answer- autonomy
A photographer enjoys traveling and having freedom over her own schedule. She would
like to turn her photography hobby into a business. Which are the two greatest benefits
she might experience by turning her hobby into a successful business ? (Choose two ) -
Answer- making her own rules
satisfaction
Which two characteristics best describe entrepreneurs? - Answer- creative
adaptable
Successful entrepreneurs typically possess which three characteristics? - Answer-
tenacious
adaptable
responsible
Rey has worked as a transportation coordinator for the past 10 years. Rey often is
dissatisfied with the stagnation of the job and wants to open her own transportation
service. Which benefit of entrepreneurship will be the biggest one for Rey? - Answer-
autonomy
After a self-assessment, a potential entrepreneur has learned that he knows nothing
about accounting and keeping records for a business. Based upon this finding, what
should this entrepreneur do? - Answer- enroll in a beginning level business accounting
course at a local community college
Which are three risks of entrepreneurship? (Choose three) - Answer- financial insecurity
potential business failure
long hours
Which are traits of a successful entrepreneur? Choose three answers. - Answer-
enthusiastic
patient
, confident
Fran works for a flooring company in a neighboring town. 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. Should Fran decide to open a flooring business,
what can be a good marketing strategy? - Answer- low prices
Besides defining strengths and weaknesses, what is the other main factor determined
during a self-assessment? - Answer- Risk tolerance
Which is considered to be a great immediate benefit of being a an entrepreneur? -
Answer- more schedule control
George wants to take his passion for golf and open a golf academy. What would be
benefits George could enjoy from this experience? Choose two answers. - Answer-
financial gains
satisfaction of pursing his passion
Which three things are defined when doing a self-assessment? - Answer- weaknesses
strengths
risk tolerance
Which are considered rewards of being an entrepreneur? Choose three answers -
Answer- bigger community asset
potential for better earnings compared to regular job
working the way one chooses
Julie wants to open a restaurant. Upon doing 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
An entrepreneur moves into a small town and notices several stores selling guns and
ammunition. The entrepreneur loves to compete in competitive shooting events , but
learns there is no shooting range in the local community. Research into the situation
reveals that a large number of recreational shooters and competitive shooters are
traveling to a public range located in a neighboring town. The entrepreneur decides to
open a shooting range in the local community. Based on the scenario provided, what
should be emphasized in marketing to attract customers? - Answer- location
local community - Answer- attendance at a chamber of commerce event
your kndustry - Answer- participation in a specialized trade show
online communities - Answer- Posting on Twitter
Ophelia runs a local seamstress business. Ophelia is losing customers to a competing
business. Upon sending an employee over to check out the competition, Ophelia
discovers the competitor's turnaround time is double her turnaround time. What should
Ophelia's new marketing strategy be to woo back her customers? - Answer- service
Gabe has worked as a journeyman electrician for an employer for the past 16 years. He
is paid a good salary. His only dissatisfaction is the hours are long and often when he
requests time off he is denied because of customer workload. Recently, two new
electricians were hired that do sloppy work and don't get along well with Gabe. As a
resultGabe decides go into business for himself. Which benefit of entrepreneurship will
Gabe most enjoy? - Answer- autonomy
A photographer enjoys traveling and having freedom over her own schedule. She would
like to turn her photography hobby into a business. Which are the two greatest benefits
she might experience by turning her hobby into a successful business ? (Choose two ) -
Answer- making her own rules
satisfaction
Which two characteristics best describe entrepreneurs? - Answer- creative
adaptable
Successful entrepreneurs typically possess which three characteristics? - Answer-
tenacious
adaptable
responsible
Rey has worked as a transportation coordinator for the past 10 years. Rey often is
dissatisfied with the stagnation of the job and wants to open her own transportation
service. Which benefit of entrepreneurship will be the biggest one for Rey? - Answer-
autonomy
After a self-assessment, a potential entrepreneur has learned that he knows nothing
about accounting and keeping records for a business. Based upon this finding, what
should this entrepreneur do? - Answer- enroll in a beginning level business accounting
course at a local community college
Which are three risks of entrepreneurship? (Choose three) - Answer- financial insecurity
potential business failure
long hours
Which are traits of a successful entrepreneur? Choose three answers. - Answer-
enthusiastic
patient
, confident
Fran works for a flooring company in a neighboring town. 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. Should Fran decide to open a flooring business,
what can be a good marketing strategy? - Answer- low prices
Besides defining strengths and weaknesses, what is the other main factor determined
during a self-assessment? - Answer- Risk tolerance
Which is considered to be a great immediate benefit of being a an entrepreneur? -
Answer- more schedule control
George wants to take his passion for golf and open a golf academy. What would be
benefits George could enjoy from this experience? Choose two answers. - Answer-
financial gains
satisfaction of pursing his passion
Which three things are defined when doing a self-assessment? - Answer- weaknesses
strengths
risk tolerance
Which are considered rewards of being an entrepreneur? Choose three answers -
Answer- bigger community asset
potential for better earnings compared to regular job
working the way one chooses
Julie wants to open a restaurant. Upon doing 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
An entrepreneur moves into a small town and notices several stores selling guns and
ammunition. The entrepreneur loves to compete in competitive shooting events , but
learns there is no shooting range in the local community. Research into the situation
reveals that a large number of recreational shooters and competitive shooters are
traveling to a public range located in a neighboring town. The entrepreneur decides to
open a shooting range in the local community. Based on the scenario provided, what
should be emphasized in marketing to attract customers? - Answer- location
local community - Answer- attendance at a chamber of commerce event
your kndustry - Answer- participation in a specialized trade show
online communities - Answer- Posting on Twitter
