ESB EXAM Study Guide
Test Questions With Revised
Correct Answers
What are three characteristics of entrepreneurs? -
ANSWER : Creativity, Determination, Enthusiasm
After a self-assessment, a potential entrepreneur
has learned that she has a very low risk tolerance.
Based upon this findin...
ESB EXAM Study Guide
Test Questions With Revised
Correct Answers
What are three characteristics of entrepreneurs? -
ANSWER ✔ : Creativity, Determination, Enthusiasm
After a self-assessment, a potential entrepreneur
has learned that she has a very low risk tolerance.
Based upon this finding, which approach might be
less stressful for the entrepreneur to have her own
business? - ANSWER ✔ : Buy an existing business
that is already successful.
An entrepreneur moves into a small town and
notices several stores selling guns and ammunition.
The entrepreneur loves to compete in competitive
shooting events. Based on the scenario provided,
what should be emphasized in marketing to attract
customers? - ANSWER ✔ : Location
An entrepreneur has been working for a flooring
business in a neighboring town. He feels he is ready
to open his own flooring business in his local
,community. Which should be emphasized in
marketing to attract customers to his new business?
- ANSWER ✔ : Lower Prices
Which is one of the greatest benefits of
entrepreneurship? - ANSWER ✔ : Being your own
boss
Which are three risks of entrepreneurship? -
ANSWER ✔ : Long hours, potential business
failure, financial insecurity
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.
Which benefit of entrepreneurship will Gabe most
enjoy? - ANSWER ✔ : Autonomy
What is a primary benefit of starting a new business
without purchasing a franchise or buying an existing
business? - ANSWER ✔ : Developing your own
rules
A mechanic just graduated from motorcycle repair
school and wants to start a business because there
,is a lack of motorcycle repair shops in the local town.
Given the facts provided, which opportunity would
be the best choice for the motorcycle mechanic to
open a business? - ANSWER ✔ : Start a new
business and invest $50,000 in modern diagnostic
tools.
An entrepreneur who has a hobby in leathercraft
wants to turn it into a business. She wants to sell
purses, belts, and other leathercrafts from her home.
Which opportunity for starting a leathercraft business
would have the highest probability of success? -
ANSWER ✔ : Build an online storefront
Based upon the education and skills gained from
the years of vocational training as an auto mechanic,
as well as having grown up in a family of
entrepreneurs, a young adult decides to open an
auto mechanic shop. Which customer group will this
new auto mechanic business support? - ANSWER
✔ : Businesses
The owner of a pizza delivery business is seeking
new customers. The owner has identified a group of
potential customers that have moved into some new
housing within reaches of his drivers. Which method
, of segmentation is the owner using? - ANSWER ✔ :
Geographic
A child daycare center needs to identify a value of
proposition that will help parents feel secure about
using their services. Which two initiatives meets this
objective? - ANSWER ✔ : Providing live web cams
parents can access from the Internet by using a
secure logon. Offering a list of references from other
parents
The owner of a pet daycare is presenting a plan to
investors to expand the facility and promises the
center will meet the needs of customers with a
variety of schedules. What is a legitimate value
proposition for potential customers? - ANSWER ✔ :
Providing extended hours to pickup and drop off
pets before and after work
Which two groups benefit most from a well-written
business plan? - ANSWER ✔ : Business owner
Investors
Which of the following should be addressed in the
description section of a business plan? - ANSWER
✔ : Target Markets
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