ESB EXAM Study Guide Questions And Answers 2022

Flexibility - Answer - Ability to adapt, willingness to change Courage - Answer - Takes risks in spite of possible losses Empathy - Answer - Sensitive to thoughts and feelings of others 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