ESB EXAM Study Guide Questions And Answers
Question 1: What are three characteristics of entrepreneurs?
CORRECT ANSWER : Creativity, Determination,
Enthusiasm
Question 2: After a self-assessment, a potential entrepreneur
has learned that she has a very low risk tolerance. Based upon this finding, which approach might be less stressful for the entrepreneur to have her own business?
CORRECT ANSWER : Buy an existing business that is
already successful
Question 3: An entrepreneur moves into a small town and
notices several stores selling guns and ammunition. The entrepreneur loves to compete in competitive shooting events.Based on the scenario provided, what should be emphasized in marketing to attract customers?
CORRECT ANSWER : Location
Question 4: An entrepreneur has been working for a flooring
business in a neighboring town. He feels he is ready to open his own flooring business in his local community. Which should be emphasized in marketing to attract customers to his new business?
CORRECT ANSWER : Lower Prices
Question 5: Which is one of the greatest benefits of
entrepreneurship?
CORRECT ANSWER : Being your own boss
Question 6: Which are three risks of entrepreneurship?
CORRECT ANSWER : Long hours, potential business failure,
financial insecurity
Question 7: Gabe has worked as a journeyman electrician for
an employer for the past 16 years. He is paid a good salary.His only dissatisfaction is the hours are long and often when he requests time off he is denied because of customer workload. Which benefit of entrepreneurship will Gabe most enjoy?
CORRECT ANSWER : Autonomy
Question 8: What is a primary benefit of starting a new
business without purchasing a franchise or buying an existing business?
CORRECT ANSWER : Developing your own rules
Question 9: A mechanic just graduated from motorcycle
repair school and wants to start a business because there is a lack of motorcycle repair shops in the local town. Given the facts provided, which opportunity would be the best choice for the motorcycle mechanic to open a business?
CORRECT ANSWER : Start a new business and invest
$50,000 in modern diagnostic tools
Question 10: An entrepreneur who has a hobby in leathercraft
wants to turn it into a business. She wants to sell purses, belts, and other leathercrafts from her home. Which opportunity for starting a leathercraft business would have the highest probability of success?
CORRECT ANSWER : Build an online storefront
Question 11: Based upon the education and skills gained from
the years of vocational training as an auto mechanic, as well as having grown up in a family of entrepreneurs, a young adult decides to open an auto mechanic shop. Which customer group will this new auto mechanic business support?
CORRECT ANSWER : Businesses
Question 12: The owner of a pizza delivery business is
seeking new customers. The owner has identified a group of
