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ESB Test 1 Questions And Answers,Graded A+
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ESB Test 1 Questions AndAnswers,Graded A+
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
, ESB Test 1 Questions And
Answers,Graded A+
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
answersAnswer - 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 communityAnswer - attendance at a chamber of commerce event
your kndustryAnswer - participation in a specialized trade show
online communitiesAnswer - Posting on Twitter
Face to face acquaintancesAnswer - having conversations including one sentence
elevator speech
Which is one of the greatest risks of entrepreneurship?Answer - loss of money
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