GMETRIX Entrepreneurship (All Correctly Answered)

Besides defining strengths and weaknesses, what is the other main factor determined during a self-assessment? correct answers Risk tolerance Which are considered risks of being an entrepreneur? choose three answers. correct answers Financial instability & Possible business failure & Long hours George wants to take his passion for golf and open a golf academy. What would be the benefits George could enjoy from this experience? Choose two correct answers Financial gain & Satisfaction of pursing his passion After doing a self assessment, Peter realizes he wants to start a plumbing business, but doesn't want to risk a lot of his own money. What would be his best option? correct answers Purchase an existing business Which are considered rewards of being an entrepreneur? Choose three answers correct answers Working the way one chooses & Bigger community asset & Potential for better earnings compared to a regular job Todd wants to open a golf shop. Todd does not 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? correct answers Flexibility Which are traits of a successful entrepreneur? Choose three answers. correct answers Patient & Confident & Enthusiastic 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? correct answers Evaluate why the location failed and use that knowledge for future ventures Ronnie wants to start a retail outdoor sports store. In the last 10 years, Ronnie has moved five times to five different states. What about Ronnie could hamper potential success for his businesses? correct answers A lack of patience Which entrepreneurial trait deals with ambiguity? correct answers Patience 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? correct answers Location Fran works for a flooring company in a neighboring town. Many of Fran's customers complain about lack of available flooring in the area and that of those companies, the prices are too high. Should Fran decide to open a flooring business, what can be a good marketing strategy? correct answers Lower prices