ESB Questions and Answers Graded A+
Online Networking - Answer ✔️✔️-Each day, Donnie posts the progress of her new building to
Facebook as a countdown to opening her business. What type of networking is Donnie using?
Increase of service - Answer ✔️✔️-Ophelia discovers her competitor's turnaround time is double
her turnaround time. What should Ophelia's new marketing strategy be to woo back her
customers?
Which three things are defined when doing a self-assessment? - Answer ✔️✔️-Risk tolerance,
strengths, and weaknesses
Which description best fits an entrepreneur? - Answer ✔️✔️-Willing to take risks
After a self assessment, Julie realizes she has no clue how to figure out whether her restaurant is
profitable. What should Julie
do? - Answer ✔️✔️-Get some basic accounting knowledge
Which is considered to be the largest risk of being an entrepreneur? - Answer ✔️✔️-loss of money
Which two characteristics best describe entrepreneurs? - Answer ✔️✔️-Creative and adaptable
Which is considered to be a great immediate benefit of being an entrepreneur? - Answer ✔️✔️-
More schedule control
Courage - Answer ✔️✔️-A willingness to take risks despite possible losses
Value achievement - Answer ✔️✔️-The desire to succeed over the desire of money
Tenacious - Answer ✔️✔️-A willingness to see things through
Self-reliant - Answer ✔️✔️-The ability to consistently believe in the entrepreneurial dream
Attending a Chamber of Commerce event - Answer ✔️✔️-Sharing information with local
businesses
,Talking to people in a store - Answer ✔️✔️-Face-to-face conversations
Posting information to Facebook - Answer ✔️✔️-Marketing to online communities
Going to a trade show - Answer ✔️✔️-Sharing information with others in your industry
Many of Fran's customers complain about a lack of available flooring companies in the area and
that of those companies, the prices are too high. what can be a good marketing strategy? -
Answer ✔️✔️-Lower prices
Which are traits of a successful entrepreneur? There's three. - Answer ✔️✔️-patient, confident,
enthusiastic
Which entrepreneurial trait best deals with ambiguity? - Answer ✔️✔️-patience
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? - Answer ✔️✔️-
Flexibility
In the last 10 years, Ronnie has moved five times to five different states. What about Ronnie
could hamper potential success for this business? - Answer ✔️✔️-A lack of patience
Besides defining strengths and weaknesses, what is the other main factor determined during a
self-assessment? - Answer ✔️✔️-risk tolerance
After 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? - Answer ✔️✔️-Purchase an existing
business
Upon researching the situation, Donnie decides to open a doggie daycare facility. Which
marketing option for this new business should be a point of emphasis? - Answer ✔️✔️-Location
Which are considered risks of being an entrepreneur? (Three) - Answer ✔️✔️-Long hours,
financial instability, and possibility of failure
, Which are considered rewards of being an entrepreneur? (Three) - Answer ✔️✔️-Bigger
community asset, Working the way one chooses, Better earnings
George wants to take his passion for gold and open a golf academy. What would be benefits
George could enjoy from this experience? (Two) - Answer ✔️✔️-Financial gain and satisfaction of
pursuing his passion
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? - Answer ✔️✔️-Evaluate why the business failed and
use the knowledge for the future
Rey often is dissatisfied with the stagnation of her job and wants to open her own transportation
service. Which benefit of entrepreneurship will be the biggest one for Rey? - Answer ✔️✔️-
Autonomy
Which are the three reasons to buy a franchise instead of starting a new business? - Answer ✔️✔️-
Proven business model, guaranteed income, easier to finance
Which is a drawback to starting a business from scratch instead of buying a franchise or pre-
existing business? - Answer ✔️✔️-Greater probability of failuer
Susan has always dreamed of running her own flower shop. Before opening shop, she wanted to
do some research. She surveyed 100 potential customers who provided the following
information: 20% would prefer to place orders online, 50% would prefer buying from an existing
florist. Given this information, which opportunity would have the highest probability of success?
- Answer ✔️✔️-Buy an existing business and offer online ordering
Dakota is performing a survey of 100 potential customers for her travel booking business that
specializes in cruise ship vacations. The survey revealed that 15% would book flights, which
adds $300, 10% would book rental cars, which adds $100, 15% would book a hotel before or
after the cruise, which adds $300 per guest, and 60% of her customers would book shore
excursions, which adds $300 per guest. Based on this information, which add-on should Dakota
promote from a revenue perspective? - Answer ✔️✔️-Shore excursions
Online Networking - Answer ✔️✔️-Each day, Donnie posts the progress of her new building to
Facebook as a countdown to opening her business. What type of networking is Donnie using?
Increase of service - Answer ✔️✔️-Ophelia discovers her competitor's turnaround time is double
her turnaround time. What should Ophelia's new marketing strategy be to woo back her
customers?
Which three things are defined when doing a self-assessment? - Answer ✔️✔️-Risk tolerance,
strengths, and weaknesses
Which description best fits an entrepreneur? - Answer ✔️✔️-Willing to take risks
After a self assessment, Julie realizes she has no clue how to figure out whether her restaurant is
profitable. What should Julie
do? - Answer ✔️✔️-Get some basic accounting knowledge
Which is considered to be the largest risk of being an entrepreneur? - Answer ✔️✔️-loss of money
Which two characteristics best describe entrepreneurs? - Answer ✔️✔️-Creative and adaptable
Which is considered to be a great immediate benefit of being an entrepreneur? - Answer ✔️✔️-
More schedule control
Courage - Answer ✔️✔️-A willingness to take risks despite possible losses
Value achievement - Answer ✔️✔️-The desire to succeed over the desire of money
Tenacious - Answer ✔️✔️-A willingness to see things through
Self-reliant - Answer ✔️✔️-The ability to consistently believe in the entrepreneurial dream
Attending a Chamber of Commerce event - Answer ✔️✔️-Sharing information with local
businesses
,Talking to people in a store - Answer ✔️✔️-Face-to-face conversations
Posting information to Facebook - Answer ✔️✔️-Marketing to online communities
Going to a trade show - Answer ✔️✔️-Sharing information with others in your industry
Many of Fran's customers complain about a lack of available flooring companies in the area and
that of those companies, the prices are too high. what can be a good marketing strategy? -
Answer ✔️✔️-Lower prices
Which are traits of a successful entrepreneur? There's three. - Answer ✔️✔️-patient, confident,
enthusiastic
Which entrepreneurial trait best deals with ambiguity? - Answer ✔️✔️-patience
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? - Answer ✔️✔️-
Flexibility
In the last 10 years, Ronnie has moved five times to five different states. What about Ronnie
could hamper potential success for this business? - Answer ✔️✔️-A lack of patience
Besides defining strengths and weaknesses, what is the other main factor determined during a
self-assessment? - Answer ✔️✔️-risk tolerance
After 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? - Answer ✔️✔️-Purchase an existing
business
Upon researching the situation, Donnie decides to open a doggie daycare facility. Which
marketing option for this new business should be a point of emphasis? - Answer ✔️✔️-Location
Which are considered risks of being an entrepreneur? (Three) - Answer ✔️✔️-Long hours,
financial instability, and possibility of failure
, Which are considered rewards of being an entrepreneur? (Three) - Answer ✔️✔️-Bigger
community asset, Working the way one chooses, Better earnings
George wants to take his passion for gold and open a golf academy. What would be benefits
George could enjoy from this experience? (Two) - Answer ✔️✔️-Financial gain and satisfaction of
pursuing his passion
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? - Answer ✔️✔️-Evaluate why the business failed and
use the knowledge for the future
Rey often is dissatisfied with the stagnation of her job and wants to open her own transportation
service. Which benefit of entrepreneurship will be the biggest one for Rey? - Answer ✔️✔️-
Autonomy
Which are the three reasons to buy a franchise instead of starting a new business? - Answer ✔️✔️-
Proven business model, guaranteed income, easier to finance
Which is a drawback to starting a business from scratch instead of buying a franchise or pre-
existing business? - Answer ✔️✔️-Greater probability of failuer
Susan has always dreamed of running her own flower shop. Before opening shop, she wanted to
do some research. She surveyed 100 potential customers who provided the following
information: 20% would prefer to place orders online, 50% would prefer buying from an existing
florist. Given this information, which opportunity would have the highest probability of success?
- Answer ✔️✔️-Buy an existing business and offer online ordering
Dakota is performing a survey of 100 potential customers for her travel booking business that
specializes in cruise ship vacations. The survey revealed that 15% would book flights, which
adds $300, 10% would book rental cars, which adds $100, 15% would book a hotel before or
after the cruise, which adds $300 per guest, and 60% of her customers would book shore
excursions, which adds $300 per guest. Based on this information, which add-on should Dakota
promote from a revenue perspective? - Answer ✔️✔️-Shore excursions
