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ESB Certification Questions and Answers 100% Correct | Updated 2024
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ESB Certification Questions and Answers100% Correct | Updated 2024
Entrepreneur - 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? - ANSWER 1. Buy an existing
business
2. Buy a Franchise
3. Start a new business
What is the difference between small businesses and entrepreneurs? -
ANSWER Small business owners are not always interested in taking on new
business opportunities.
, Advantages of being an Entrepreneur - ANSWER 1. 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 - ANSWER Financial instability,
bankruptcy, may need to gain expertise quickly, time consuming, healthcare is not
included in your job
Characteristics of a successful entrepreneur mindset - ANSWER Action-
oriented, collaboration, confident, creative, innovative, critical thinker, problem-
solver, focused, passionate, adaptable, tenacious, resilient, socially responsible, &
optimistic
Stages of Design Thinking - ANSWER empathize, define, ideate, prototype, test
Empathize - ANSWER Stage #1 of the design thinking process. Involves
researching your user's needs.
Define the Problem - ANSWER Stage #2 of the design thinking process. State
your users' needs & problems.
Ideate - ANSWER Stage #3 of the design thinking process. In this stage
assumptions are challenged and ideas are created.
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