After doing a self-assessment, Peter realizes he wants to start a plumbing business, but
doesn't want to risk alot of his own money. What would be his best option? - ANSWER
Purchase an existing business
Besides defining strengths and weaknesses, what is the other main factor determined during
a self-assessment? - ANSWER Risk tolerance
Todd wants to open a golf shop. Todd doesn't have any 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. What entrepreneurial
characteristic is Todd exhibiting? - ANSWER Flexibility
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? - ANSWER
evaluate why the store failed and use that knowledge for future ventures
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? - ANSWER Location
Which entrepreneurial trait best deals with ambiguity? - ANSWER Patience
Fran works for a flooring company in a neighboring town. Many of Fran's customers com-
plain about lack of available flooring companies in the area and that of those companies,
prices are too high. Should Fran decide to open a flooring business, what can be a good mar-
keting strategy? - ANSWER Lower prices
1
doesn't want to risk alot of his own money. What would be his best option? - ANSWER
Purchase an existing business
Besides defining strengths and weaknesses, what is the other main factor determined during
a self-assessment? - ANSWER Risk tolerance
Todd wants to open a golf shop. Todd doesn't have any 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. What entrepreneurial
characteristic is Todd exhibiting? - ANSWER Flexibility
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? - ANSWER
evaluate why the store failed and use that knowledge for future ventures
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? - ANSWER Location
Which entrepreneurial trait best deals with ambiguity? - ANSWER Patience
Fran works for a flooring company in a neighboring town. Many of Fran's customers com-
plain about lack of available flooring companies in the area and that of those companies,
prices are too high. Should Fran decide to open a flooring business, what can be a good mar-
keting strategy? - ANSWER Lower prices
1
