GMETRIX Entrepreneurship and Small Business Session 1 Post assessment Questions with Correct Answers

Which entrepreneurial trait best deals with ambiguity - Patience 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 strength 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 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 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 considered risks being an entrepreneur? Choose three answers. - Financial instability, Long hours, Possible business failure 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 awnsers. - Satisfaction of pursuing his passion, Financial gain