ESB Questions And Answers Graded A+

ESB Questions And Answers Graded A+ Online Networking 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 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? Risk tolerance, strengths, and weaknesses Which description best fits an entrepreneur? 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? Get some basic accounting knowledge Which is considered to be the largest risk of being an entrepreneur? loss of money Which two characteristics best describe entrepreneurs? Creative and adaptable Which is considered to be a great immediate benefit of being an entrepreneur? More schedule control Courage A willingness to take risks despite possible losses Value achievement The desire to succeed over the desire of money Tenacious A willingness to see things through Self-reliant The ability to consistently believe in the entrepreneurial dream Attending a Chamber of Commerce event Sharing information with local businesses Talking to people in a store Face-to-face conversations Posting information to Facebook Marketing to online communities Going to a trade show 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? Lower prices Which are traits of a successful entrepreneur? There's three. patient, confident, enthusiastic Which entrepreneurial trait best deals with ambiguity? 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? 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? A lack of patience Besides defining strengths and weaknesses, what is the other main factor determined during a self-assessment? 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? 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? Location Which are considered risks of being an entrepreneur? (Three) Long hours, financial instability, and possibility of failure Which are considered rewards of being an entrepreneur? (Three) 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) 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? 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? Autonomy Which are the three reasons to buy a franchise instead of starting a new business? 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? 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? 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? Shore excursions He has identified some potential customers who will not pay high prices. Given this information, which segmentation method is Gary using? Behavioral Sally is looking to open a videography business. She needs to impress a group of potential investors with a presentation that includes a value proposition which three items should be included in Sally's value proposition? Business overview, service to customers, and differences between competitors Pierre wants to target business and holiday travelers whose schedules are often at the mercy of the airlines. Which is the best value proposition for Pierre's target audience? 24-hour access to his kennel Start a new business Build a unique own way and inherent risk Buy an existing business Existing customers and expensive Buy a franchise Brand success and royalty payments Geographic Boat owners that live near the business Demographic Boat owners that make more money Behavioral Boat owners that are looking for discounts and promotions on cleaning services Psychographic Boat owners that do not have time to clean their own boats Which are two advantages of buying a franchise? Marketing assistance and brand recognition Which is a benefit of starting a business versus buying a franchise or pre-existing business? Create your own rules Phil needs to determine the demand for the services his business provides. Given this information, which two factors should Phil consider? How many competitors are in the area? and What are the customer spending patterns in the area? Damon is researching the business options available in order to turn his photography hobby into a business. He surveyed 100 potential customers who provided the following information: 20% prefer a photographer with online samples, 60% prefer a photographer from a studio, and 10% would prefer to go to a photographer they have been referred to. Given this information, which opportunity would give Damon the highest probability of success? Opening a studio with a gallery of sample work Chris is a recent technical college grad with certifications in ATV and OHV engine repairs. He has raised $80,000 in order to start his own business. He lacks professional and business experience, however he has more than five years' experience repairing ATVs for family and friends in addition to the two years' experience from school. After surveying 100 potential customers, Chris has learned the following information: 10% do their own repairs, 40% want repairs done by an ATV/OHV dealership, 50% want to use an automotive or other mechanic, and additionally 70% of the customers surveyed indicated they wanted modern computer diagnostics regardless of who did the repairs. The survey also revealed how much customers currently spend on repairs: $100 or less when completing their own repairs, $100-$300 when completed by an automotive mechanic, and $200-$500 dollars when completed by a dealership. Given this information, which would be the best opportunity for Chris to pursue? Open a new shop and invest $50,000 in modern diagnostic equipment Larry has a papercraft hobby and wants to make some money off of it. He wants to sell custom greeting cards and other items from his home. After surveying 100 potential customers, Larry discovered the following ordering preferences: 25% would prefer to place orders using social media, 15% would prefer to order using the phone, 45% would prefer ordering from a dedicated business website, and 20% would prefer purchasing from an auction website. He also learned what customers are willing to spend on his custom designs: 20% would spend $50 or less, 40% would spend $50-$100, 30% would spend $100-$150, and 10% would spend $150 or more. Given this information, which opportunity offers the highest probability for success? Open an online business Bruce is an experienced mechanic that grew up in a family of entrepreneurs. He has decided to open an auto shop that specializes in alignments, repairs, oil changes, and warranty work for rental fleets, leasing companies, and auto dealerships. Which customer group will Bruce's company support? Businesses Frank runs a sandwich delivery company and is looking for new customers. A number of potential customers have moved into a new housing complex within his delivery limit. Which segmentation method is Frank currently employing? Geographic Charlie owns Doggy Day Care and needs to identify a value proposition that will help pet owners feel secure about using his services. Which two items will provide Charlie's customers with a sense of security and assure their pet's safety? Live webcam access via the internet, references from other pet owners Autumn runs a child daycare and wishes to expand her facility to better meet the needs of her customers' schedules. Which is the best value proposition for her customers? Extended hours for drop-off and pickup A well-conceived business plan benefits which groups the most? Investors and Business owner