P1 - ESB Certification Prep - Exam - Part 1

Front

Which is the biggest challenge in creating a successful crowdfunding campaign? Options: Entrepreneurs must dedicate a lot of time and resources to the marketing efforts., Entrepreneurs must share profits with contributors., Entrepreneurs are obligated to fulfill orders even if the project is not fully funded., Entrepreneurs give up ownership of their ideas.

Back

Entrepreneurs are obligated to fulfill orders even if the project is not fully funded.

Front

What legal structure do you have if you work alone, do not plan to sell stock, and need to protect your personal property?

Back

Limited Liability Corporation

Front

What is the primary difference between wholesale and retail sales channels?

Back

Wholesale is business-to-business while retail is business-to-consumer.

Front

What are the characteristics of an entrepreneurial mindset? Options: People skills, problem solving, and career exploration, Community awareness, educational readiness, and literacy, Business knowledge, financial knowledge, and organizational skills, Creativity, adaptability, determination, and empathy

Back

Creativity, adaptability, determination, and empathy

Front

Which lean canvas component describes how a business solves customer problems in a better way than existing solutions? Options: Value proposition, Competition, Milestones, Business model

Back

Value proposition

Front

What are the qualities of an entrepreneurial mindset? Options: Demanding and authoritative, Flexible and resilient, Sensitive and obedient, Assertive and independent

Back

Flexible and resilient

Front

What stage of product development are you in if you take samples to a focus group for their reactions?

Back

Product development

Front

How should you determine performance criteria for race cars? Options: Test an interactive prototype, Run a social media campaign, Create a commercial explaining the product, Secure additional funding

Back

Test an interactive prototype

Front

What is the main advantage of direct distribution over fulfillment services?

Back

Unfiltered relationship with customers