Week 1 Practice Assignment
What fundamental qualities do you need to develop to build a successful small
business?
Purpose, communication skills, and confidence
Purpose, passion, and perseverance
Passion, patience, and sales skills
Purpose, self-esteem, and presentation skills - Answers -Purpose, passion, and
perseverance
Having an exciting purpose or "why" for building your business is important because:
It gets you through the difficult times you will often face
It appeals to mentors and team members who can help you succeed
It attracts and keeps loyal customers who love what you are doing
All of the above - Answers -All of the above
Which of the following is generally NOT a strong enough purpose for creating an
excellent business and sustaining it in the long run?
Doing something that can make a real difference in people's lives
Working on products or services that you absolutely love
Wanting to meet a need or solve a problem that you are excited about
A strong desire to make as much money as you can as fast as you can - Answers -A
strong desire to make as much money as you can as fast as you can
What is the value of having a strong purpose, passion, and perseverance when you
start your business?
These qualities will remain constant during the entire life of your business.
These qualities will help you launch your company but are not as important later on.
These qualities are essential but will come and go during the life of your business, so
you need to learn how to keep them alive.
These qualities are nice to have, but they are not as critical as other key factors. -
Answers -These qualities are essential but will come and go during the life of your
business, so you need to learn how to keep them alive.
When customers understand and love the purpose for your business:
They become fiercely loyal to your products and company
They continue to shop at all of your competitors on a regular basis
They think your purpose is interesting but it doesn't impact their buying behavior
All of the above are correct - Answers -They become fiercely loyal to your products and
company
To keep your passion and perseverance alive while building your business, you need to:
Give up everything you are doing other than your business for three to five years
What fundamental qualities do you need to develop to build a successful small
business?
Purpose, communication skills, and confidence
Purpose, passion, and perseverance
Passion, patience, and sales skills
Purpose, self-esteem, and presentation skills - Answers -Purpose, passion, and
perseverance
Having an exciting purpose or "why" for building your business is important because:
It gets you through the difficult times you will often face
It appeals to mentors and team members who can help you succeed
It attracts and keeps loyal customers who love what you are doing
All of the above - Answers -All of the above
Which of the following is generally NOT a strong enough purpose for creating an
excellent business and sustaining it in the long run?
Doing something that can make a real difference in people's lives
Working on products or services that you absolutely love
Wanting to meet a need or solve a problem that you are excited about
A strong desire to make as much money as you can as fast as you can - Answers -A
strong desire to make as much money as you can as fast as you can
What is the value of having a strong purpose, passion, and perseverance when you
start your business?
These qualities will remain constant during the entire life of your business.
These qualities will help you launch your company but are not as important later on.
These qualities are essential but will come and go during the life of your business, so
you need to learn how to keep them alive.
These qualities are nice to have, but they are not as critical as other key factors. -
Answers -These qualities are essential but will come and go during the life of your
business, so you need to learn how to keep them alive.
When customers understand and love the purpose for your business:
They become fiercely loyal to your products and company
They continue to shop at all of your competitors on a regular basis
They think your purpose is interesting but it doesn't impact their buying behavior
All of the above are correct - Answers -They become fiercely loyal to your products and
company
To keep your passion and perseverance alive while building your business, you need to:
Give up everything you are doing other than your business for three to five years
