ESB Questions With answers. Predictor!
100% Approved.
Online Networking - ?Ans/ Quiz?Each day, Donnie posts the progress of her new building to Facebook
as a countdown to opening her business. What type of networking
...
ESB Questions With answers. Predictor!
100% Approved.
Online Networking - ?Ans/ Quiz?Each day, Donnie posts the progress of her new building to Facebook
as a countdown to opening her business. What type of networking is Donnie using?
Increase of service - ?Ans/ Quiz?Ophelia discovers her competitor's turnaround time is double her
turnaround time. What should Ophelia's new marketing strategy be to woo back her customers?
Which three things are defined when doing a self-assessment? - ?Ans/ Quiz?Risk tolerance, strengths,
and weaknesses
Which description best fits an entrepreneur? - ?Ans/ Quiz?Willing to take risks
After a self assessment, Julie realizes she has no clue how to figure out whether her restaurant is
profitable. What should Julie
do? - ?Ans/ Quiz?Get some basic accounting knowledge
Which is considered to be the largest risk of being an entrepreneur? - ?Ans/ Quiz?loss of money
Which two characteristics best describe entrepreneurs? - ?Ans/ Quiz?Creative and adaptable
Which is considered to be a great immediate benefit of being an entrepreneur? - ?Ans/ Quiz?More
schedule control
Courage - ?Ans/ Quiz?A willingness to take risks despite possible losses
Value achievement - ?Ans/ Quiz?The desire to succeed over the desire of money
Tenacious - ?Ans/ Quiz?A willingness to see things through
Self-reliant - ?Ans/ Quiz?The ability to consistently believe in the entrepreneurial dream
Attending a Chamber of Commerce event - ?Ans/ Quiz?Sharing information with local businesses
Talking to people in a store - ?Ans/ Quiz?Face-to-face conversations
Posting information to Facebook - ?Ans/ Quiz?Marketing to online communities
Going to a trade show - ?Ans/ Quiz?Sharing information with others in your industry
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. what can be a good marketing strategy? - ?Ans/ Quiz?Lower
prices
Which are traits of a successful entrepreneur? There's three. - ?Ans/ Quiz?patient, confident,
enthusiastic
Which entrepreneurial trait best deals with ambiguity? - ?Ans/ Quiz?patience
Todd is rejected for lack of collateral. Todd then turns to private investors in an effort to get the
business started. What entrepreneurial characteristic is Todd exhibiting? - ?Ans/ Quiz?Flexibility
In the last 10 years, Ronnie has moved five times to five different states. What about Ronnie could
hamper potential success for this business? - ?Ans/ Quiz?A lack of patience
Besides defining strengths and weaknesses, what is the other main factor determined during a selfassessment? - ?Ans/ Quiz?risk tolerance
After a self-assessment, Peter realizes he wants to start a plumbing business, but doesn't want to risk a
lot of his own money. What would be his best option? - ?Ans/ Quiz?Purchase an existing business
Upon researching the situation, Donnie decides to open a doggie daycare facility. Which marketing
option for this new business should be a point of emphasis? - ?Ans/ Quiz?Location
Which are considered risks of being an entrepreneur? (Three) - ?Ans/ Quiz?Long hours, financial
instability, and possibility of failure
Which are considered rewards of being an entrepreneur? (Three) - ?Ans/ Quiz?Bigger community
asset, Working the way one chooses, Better earnings
George wants to take his passion for gold and open a golf academy. What would be benefits George
could enjoy from this experience? (Two) - ?Ans/ Quiz?Financial gain and satisfaction of pursuing his
passion
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? - ?Ans/ Quiz?Evaluate why the business failed and use the
knowledge for the future
Rey often is dissatisfied with the stagnation of her job and wants to open her own transportation
service. Which benefit of entrepreneurship will be the biggest one for Rey? - ?Ans/ Quiz?Autonomy
Which are the three reasons to buy a franchise instead of starting a new business? - ?Ans/
Quiz?Proven business model, guaranteed income, easier to finance
Which is a drawback to starting a business from scratch instead of buying a franchise or pre-existing
business? - ?Ans/ Quiz?Greater probability of failuer
Susan has always dreamed of running her own flower shop. Before opening shop, she wanted to do
some research. She surveyed 100 potential customers who provided the following information: 20%
would prefer to place orders online, 50% would prefer buying from an existing florist. Given this
information, which opportunity would have the highest probability of success? - ?Ans/ Quiz?Buy an
existing business and offer online ordering
Dakota is performing a survey of 100 potential customers for her travel booking business that specializes
in cruise ship vacations. The survey revealed that 15% would book flights, which adds $300, 10% would
book rental cars, which adds $100, 15% would book a hotel before or after the cruise, which adds $300
per guest, and 60% of her customers would book shore excursions, which adds $300 per guest. Based on
this information, which add-on should Dakota promote from a revenue perspective? - ?Ans/
Quiz?Shore excursions
He has identified some potential customers who will not pay high prices. Given this information, which
segmentation method is Gary using? - ?Ans/ Quiz?Behavioral
Sally is looking to open a videography business. She needs to impress a group of potential investors with
a presentation that includes a value proposition which three items should be included in Sally's value
proposition? - ?Ans/ Quiz?Business overview, service to customers, and differences between
competitors
Pierre wants to target business and holiday travelers whose schedules are often at the mercy of the
airlines. Which is the best value proposition for Pierre's target audience? - ?Ans/ Quiz?24-hour access
to his kennel
Start a new business - ?Ans/ Quiz?Build a unique own way and inherent risk
Buy an existing business - ?Ans/ Quiz?Existing customers and expensive
Buy a franchise - ?Ans/ Quiz?Brand success and royalty payments
Geographic - ?Ans/ Quiz?Boat owners that live near the business
Demographic - ?Ans/ Quiz?Boat owners that make more money
Behavioral - ?Ans/ Quiz?Boat owners that are looking for discounts and promotions on cleaning
services
Psychographic - ?Ans/ Quiz?Boat owners that do not have time to clean their own boats
Which are two advantages of buying a franchise? - ?Ans/ Quiz?Marketing assistance and brand
recognition
Which is a benefit of starting a business versus buying a franchise or pre-existing business? - ?Ans/
Quiz?Create your own rules
Phil needs to determine the demand for the services his business provides. Given this information,
which two factors should Phil consider? - ?Ans/ Quiz?How many competitors are in the area? and
What are the customer spending patterns in the area?
Damon is researching the business 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% would prefer to
go to a photographer they have been referred to. Given this information, which opportunity would give
Damon the highest probability of success? - ?Ans/ Quiz?Opening a studio with a gallery of sample
work
Chris is a recent technical college grad with certifications in ATV and OHV engine repairs. He has raised
$80,000 in order to start his own business. He lacks professional and business experience, however he
has more than five years' experience repairing ATVs for family and friends in addition to the two years'
experience from school. After surveying 100 potential customers, Chris has learned the following
information: 10% do their own repairs, 40% want repairs done by an ATV/OHV dealership, 50% want to
use an automotive or other mechanic, and additionally 70% of the customers surveyed indicated they
wanted modern computer diagnostics regardless of who did the repairs. The survey also revealed how
much customers currently spend on repairs: $100 or less when completing their own repairs, $100-$300
when completed by an automotive mechanic, and $200-$500 dollars when completed by a dealership.
Given this information, which would be the best opportunity for Chris to pursue? - ?Ans/ Quiz?Open a
new shop and invest $50,000 in modern diagnostic equipment
Larry has a papercraft hobby and wants to make some money off of it. He wants to sell custom greeting
cards and other items from his home. After surveying 100 potential customers, Larry discovered the
following ordering preferences: 25% would prefer to place orders using social media, 15% would prefer
to order using the phone, 45% would prefer ordering from a dedicated business website, and 20% would
prefer purchasing from an auction website. He also learned what customers are willing to spend on his
custom designs: 20% would spend $50 or less, 40% would spend $50-$100, 30% would spend $100-
$150, and 10% would spend $150 or more. Given this information, which opportunity offers the highest
probability for success? - ?Ans/ Quiz?Open an online business
Bruce is an experienced mechanic that grew up in a family of entrepreneurs. He has decided to open an
auto shop that specializes in alignments, repairs, oil changes, and warranty work for rental fleets, leasing
companies, and auto dealerships. Which customer group will Bruce's company support? - ?Ans/
Quiz?Businesses
Frank runs a sandwich delivery company and is looking for new customers. A number of potential
customers have moved into a new housing complex within his delivery limit. Which segmentation
method is Frank currently employing? - ?Ans/ Quiz?Geographic
Charlie owns Doggy Day Care and needs to identify a value proposition that will help pet owners feel
secure about using his services. Which two items will provide Charlie's customers with a sense of
security and assure their pet's safety? - ?Ans/ Quiz?Live webcam access via the internet, references
from other pet owners
Autumn runs a child daycare and wishes to expand her facility to better meet the needs of her
customers' schedules. Which is the best value proposition for her customers? - ?Ans/ Quiz?Extended
hours for drop-off and pickup
A well-conceived business plan benefits which groups the most? - ?Ans/ Quiz?Investors and Business
owner
A yoga instructor with no partners or employees wishes to protect himself from lawsuits. Which of the
following legal structures would best fit his needs? - ?Ans/ Quiz?Limited Liability company
Genevieve wants to start a seasonal fireworks stand and believes that after three months, her
enterprise will cover its own costs. She needs $10,000 for initial expenses, plus 10% contingency, and
then an additional 50% for cash reserves. How much does she need? - ?Ans/ Quiz?$16,500
Hector is looking to open an ice cream shop in a mixed-use development downtown. Which of the
following documents must he obtain for his staff? - ?Ans/ Quiz?Certificate
Marcus runs a business designing large outdoor fountains. A new client has requested a project that
would require $6,500 to produce. Even though his loan request was rejected by the bank, he still wishes
to be the sole business owner and does not want to sell shares to raise capital for the project. He also
does not want to lose this new customer. What would be the ideal route to pursue these funds? -
?Ans/ Quiz?Request an advance payment from the customer
A landscape architect wishes to start his own business constructing custom water features. This is his
first venture and requires assistance drafting a business plan, securing capital, and receiving overall
general guidance. Which of the following agencies should he go to first? - ?Ans/ Quiz?SBA
A sprinkler system company opens a new location in a suburb that has endured a long history of poorly
installed water and irrigation systems. What would be the most effective way for this company to gain
the trust of the neighborhood? - ?Ans/ Quiz?72-hour rapid response time for all repairs
A retiring hardware shop owner offers to sell his store to a competitor located on the south end of
town. The competitor agrees to cash out the seller, merge the two businesses, and continue operating
both locations. Which exit strategy is this an example of? - ?Ans/ Qui
[Show More]
