ESB Certification Study Guide Questions With 100% Correct Verified Answers, Exams of Entrepreneurship

Download ESB Certification Study Guide Questions With 100% Correct Verified Answers and more Exams Entrepreneurship in PDF only on Docsity! ESB Certification Study Guide Questions With 100% Correct Verified Answers What is entrepreneurship? - Setting up a business with the aim to make a profit. A________employee received a set of amount of pay each month without overtime compensation for extra hours worked. - Salary An example of_______compensation is paying field laborers for the amount of fruit they pick. - Piece work Employees most affected by minimum wage laws are compensated ________. - Hourly Life cycle stage 1 - Existence Life cycle stage 2 - Survival Life cycle stage 3 - Success Life cycle stage 4 - Take off Life cycle stage 5 - Maturity An employee who is paid a percentage of a sale is paid by________. - Commission Acquire an emphatic understanding of the problem you're trying to solve, typically through user research. - Empathize Element of Design Thinking Process: State your users' needs and problems - Define Which is one of the greatest benefits of being an entrepreneur? - Schedule control Successful Entrepreneurs have mindset that typically possess which 3 characteristics? - Responsible, Adaptable, Tenacious Which two documents summarize the business plan of a company? - Lean Canvas and Pitch Deck A single page business summary template - Lean Canvas A slide presentation for potential investors that summarize key items of a business - Pitch Deck Which three characteristics help identify a business opportunity? - Service, Price, Quantity A multi-page document describing and detailing a business - Business Plan What is a target market? - Costumers to whom a company wants to sell its products and services A summary of business assets (What a business owns) and liabilities (what the business owes). It also shows 'owners equity'. - Balance sheet An operational document that outlines a company's advertising strategy to generate leads and reach its target market. - Marketing plan Primary data is information collected through original or first hand research (true/false) - True Secondary data is information which has been collected in the past by someone else (True/False) - True Direct competition is - - any company that offers the same thing as you Indirect competition is - - Refers to a business whos products and services are different from yours but potentially could satisfy the same need within the same target audience. Which three are segments in a marketing plan? - Demographic Behavioral Geographic Selling products to end costumers for a profit, either in store, online, mail-order, or by phone. - Retail Selling products in bulk to various outlets or retailers for onward sale - Wholesale Businesses that sell to other businesses who are the intended end user of a product. - B2B You operate a small insurance office with a partner. Which expense is a fixed cost? - Property lease for the office Which Sales Channel has been opened to manufacturers because of digital tools? - Direct-to-consumer Which two should be included when calculating start-up costs for a business? - Permits, licences, and incorporation fees and business cards