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ESB CERTIFICATION EXAM (Q/A) 2023
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ESB CERTIFICATION EXAM (Q/A) 2023Entrepreneurship ✔️Ans - the process of starting, organizing, managing,
and assuming the responsibility for a business
- to make a profit
S corporation ✔️Ans - - small business
- 100 max shareholders
- taxed once
C Corporation ✔️Ans - - public corp/stock
- unlimited shareholders
- taxed twice
Sole Proprietorship ✔️Ans - a business owned and managed by a single
individual
- taxed once
LLC (Limited Liability Company) ✔️Ans - - liability protection
- unlimited members, NO SHAREHOLDERS
Stage 1 (Business Life Cycle) ✔️Ans - existence
Stage 2 of business life cycle ✔️Ans - survival of the fittest
stage 3 of business life cycle ✔️Ans - success
stage 4 of business life cycle ✔️Ans - takeoff
Stage 5 of business life cycle ✔️Ans - maturity
empathize ✔️Ans - Research your users' needs
define ✔️Ans - State your users' needs and problems
ideate ✔️Ans - Challenge assumptions and create ideas
, prototype ✔️Ans - create solutions
test ✔️Ans - try the prototype/solution
characteristics of a small business ✔️Ans - - less than 35.5 mil in revenue
- 1500 employees or less
CEO (Chief Executive Officer) ✔️Ans - highest officer of the company
CFO (Chief Financial Officer) ✔️Ans - Creates budgets, analyzes financial
data, and forecasts company profits.
CIO ✔️Ans - Develops policies and structures to protect company data.
coo ✔️Ans - Chief Operating Officer; oversees day to day admin functions
Existence definition ✔️Ans - business introduces itself to market, wanting
to catch attention to customers
survival of the fittest ✔️Ans - focus shifts to revenue, cashflow!
success ✔️Ans - stable, profitable
takeoff ✔️Ans - Expansion strategies are implemented, and investment is
balanced with potential.
maturity ✔️Ans - business is seperate from owner, may be a household
name
disadvantages of physical products ✔️Ans - need storage, need employees
to track supply, shipping and packaging fees
B2B (business-to-business) ✔️Ans - the process of selling merchandise or
services from one business to another
B2C (business-to-consumer) ✔️Ans - A commercial exchange (e.g.,
products or services) between businesses and consumers conducted over the
Internet.
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