G-Metrix Entrepreneurship & Small Business Post Assessment 1-4 Questions (Answered)

G-Metrix Entrepreneurship & Small Business Post Assessment 1-4 Questions (Answered) Which are considered risks of being an entrepreneur? Choose three answers. Financial instability Long hours Possible business failure Todd wants to open a golf shop. Todd does not have and collateral except for his Ford Pinto. Upon attempting to secure financing from a bank, Todd is rejected for lack of collateral. Todd then turns to private investors in an effort to get the business started. When entrepreneurial characteristic is Todd exhibiting? Flexibility Besides defining strengths and weaknesses, what is the other main factor determining during a self-assessment? Risk tolerance Donnie is new to a town that does not have a doggie day care facility. Upon researching the situation, Donnie decides to open a doggie day care facility. Which marketing option for this new business should be a point of emphasis? Location Phyllis owns multiple pet stores. 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? Evaluate why the location failed and used that knowledge for future ventures 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. Satisfaction of pursuing his passion Financial gain 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? Autonomy Which entrepreneurial trait best deals with ambiguity? Patience Ronnie wants to start a retail outdoor sports store. In the last 10 years, Ronnie has moved five times to five different states. What about Ronnie could hamper potential success for this business? Lack of patience Which are considered rewards of being an entrepreneur? Choose three. Bigger community asset Potential for better earnings compared to a regular job Working the way one chooses After doing a self-assessment, peter realizes he wants to start a plumbing, but doesn't want to risk a lot of his own money. What would be his best option? Purchase an existing business Fran works for a flooring company in a neighboring town. Many of Fran's customers complain about lack of available flooring companies in the area and that these companies, the prices are too high. Should Fran decide to open a flooring business, what can be a good marketing strategy? Lower prices Which are traits of a successful entrepreneur? Choose two answers. Confident Patient Enthusiastic Post Assessment 2 Which are two advantages of buying a franchise? Marketing assistance and brand recognition Which is a benefit of starting a business versus buying a franchise ore pre-existing? The owner can create their own rules. Phil is a master plumber looking to move his family and his business to a new city. Before doing so, he needs to determine the demand for the services his business provides. Given this information, which two factors should Phil consider? The number of competitors is in the area and what the customers spending patterns are in the area before he relocates his business. Damon is researching the business researching options available in order to turn his photography hobby into a business. He surveyed 100 potential customers who provided the following information:20% prefer a photographer with online samples, 60% prefer a photographer from a studio, and 10% prefer to go to a photographer they have been referred to. Damon's survey also revealed what customers would be willing to spend: 20% would spend $100 or less, 45% would spend $100 to $500, 30% would spend $500 to $1000, and only 5 % of customers would be willing to spend $1000 or more.