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 he...
ESB Test 1| 45 Questions| Correct
Answers| Verified
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, -
ANSWER location
local community - ANSWER attendance at a chamber of commerce event
your kndustry - ANSWER participation in a specialized trade show
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