Entrepreneurship and Small Business (ESB) Pre-test Questions With 100% correct Solutions.

Entrepreneurship and Small Business (ESB) Pre-test Questions With 100% correct Solutions. Service A head chef conducts a survey of other restaurants in the area. The chef notices that most customer complaints primarily come from takeout order being delayed. The chef believes that having a short-order cook dedicated to primarily come from takeout orders being delayed. The chef believes that having a short-order cook dedicated to primarily come from takeout orders being delayed. The chef believes that having a short-order cook dedicated to preparing carryout orders will make his restaurant the fastest and most dependable place for takeout customers. By spending scare resources on hiring a short-order cook, what competitive advantage factor is the chef trying to achieve at his/her restaurant? Personal Financial Insecurity What is considered to be primary risk for an entrepreneur who is launching a start-up company? Easier to finance a business purchase than a business start-up What is a key benefit of buying an existing small business versus launching a start-up? Hotels A travel agent wants to start-up a new travel company. He pays a market research company to survey 100 frequent affluent vacation travelers about luxury travel options. The market research responses: Which luxury travel service would contribute the most to the profitability of the start-up business? A) Sending discount coupons to car owner who lives within 5 miles of the shop B) Giving current customers a loyalty discount A new auto mechanic business wants to grow revenues. What are marketing methods that promise to create new customers? Pick the two best answer. Providing 24 hour member access A fitness trainer is presenting a business plan for a new studio to investors. The trainer envisions a studio with equipment and features that will meet the needs of customers with a variety of personal and work schedules. What studio feature would appeal to customers with demanding schedules? Investors do not earn a return (dividends or increased stock price) if the business does not make a profit When entrepreneur convinces outside investors to contribute equity to the new venture, which is true? Probable loss of current and future clients