Business Final AES Questions and Answers 100% Pass

Business Final AES Questions and Answers 100% Pass What might be a motivation to become an entrepreneur? Be your own boss The definition of an entrepreneur is a person who Is willing to take a risk in the hunt for new business opportunities Why is it important for entrepreneurs with home-based businesses to remember? You need to work hard to build your business and make it successful What is a benefit of starting a new business from scratch? you are creating something that is uniquely your own What are successful entrepreneurs willing to do? Take risks Which could be good sources of information for entrepreneurs? Websites, webinars and message boards A national coffee chain is an example of what kind of business opportunity? A franchise Why is it important for entrepreneurs to identify customers' wants and needs as they plan their businesses? To understand how to make money fulfilling those wants and needs Which is an advantage of owning a franchise? The company has wide-spread name and brand recognition What is the definition of market share? The percentage of sales earned by a company over a specific period of time What is the purpose of networking with other businesses? and resources with businesses who have similar goals, interests and clients What is a target customer? The ideal customers a business should try to attract Why is collecting feedback from customers important? To better understand what your customers like and dislike about your business Why is it a good idea to match a specific product to a target market? To ensure a strong customer base for the product If you owned a flower shop what kinds of businesses would you network? A wedding chapel, a funeral home and a hospital Identifying the target market for a product allows an entrepreneur to _____. Market the product to specific people Which of the following is an example of a market statement? Realtors selling homes under $130,000 How can a business get involved in its community? All of the above Which of the following is the best long-term strategy to reach profitability? Expand into different markets Which is the best short-term option to reach profitability? Cut total expenses Which is more important when doing planning for your business? Both short and long-term planning A person goes on the same amusement park ride