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ESB Exam __ Questions And Complete Solutions
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ESB Exam __ Questions And Complete SolutionsOnline Networking ✔️Ans - 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 ✔️Ans - 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? ✔️Ans -
Risk tolerance, strengths, and weaknesses
Which description best fits an entrepreneur? ✔️Ans - 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? ✔️Ans - Get some basic accounting knowledge
Which is considered to be the largest risk of being an entrepreneur? ✔️Ans
- loss of money
Which two characteristics best describe entrepreneurs? ✔️Ans - Creative
and adaptable
Which is considered to be a great immediate benefit of being an
entrepreneur? ✔️Ans - More schedule control
Courage ✔️Ans - A willingness to take risks despite possible losses
Value achievement ✔️Ans - The desire to succeed over the desire of
money
Tenacious ✔️Ans - A willingness to see things through
Self-reliant ✔️Ans - The ability to consistently believe in the
entrepreneurial dream
,Attending a Chamber of Commerce event ✔️Ans - Sharing information
with local businesses
Talking to people in a store ✔️Ans - Face-to-face conversations
Posting information to Facebook ✔️Ans - Marketing to online
communities
Going to a trade show ✔️Ans - 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? ✔️Ans - Lower prices
Which are traits of a successful entrepreneur? There's three. ✔️Ans -
patient, confident, enthusiastic
Which entrepreneurial trait best deals with ambiguity? ✔️Ans - 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? ✔️Ans - 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? ✔️Ans - A
lack of patience
Besides defining strengths and weaknesses, what is the other main factor
determined during a self-assessment? ✔️Ans - 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? ✔️Ans - 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? ✔️Ans - Location
, Which are considered risks of being an entrepreneur? (Three) ✔️Ans -
Long hours, financial instability, and possibility of failure
Which are considered rewards of being an entrepreneur? (Three) ✔️Ans -
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) ✔️Ans
- 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? ✔️Ans -
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? ✔️Ans - Autonomy
Which are the three reasons to buy a franchise instead of starting a new
business? ✔️Ans - 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? ✔️Ans - 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? ✔️Ans - Buy an existing business and offer online ordering
Dakota is performing a survey of 100 potential customers for her travel
booking business that specializes in cruise ship vacations. The survey
revealed that 15% would book flights, which adds $300, 10% would book
rental cars, which adds $100, 15% would book a hotel before or after the
cruise, which adds $300 per guest, and 60% of her customers would book
shore excursions, which adds $300 per guest. Based on this information,
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