ESB PRACTICE - EMI Domains, Risks and Benefits of Biz

Which characteristics are not REQUIRED to be successful entrepreneurs?

• Good with math & public speaking

• Opportunity Recognition

• Truthful with others-Integrity

• Willing to take risk

After a self‐assessment, the owner of Tony’s Fresh and Hot Pizza Shop realizes that he lacks the creativity to offer a large menu that competes with gourmet pizza shops. What is Tony’s best strategy for successfully competing despite this weakness?

• Wait for gourmet pizza to go out of style

• Start making something other than pizza.

• Promote his fast delivery service of hot pizzas.

• Buy a franchise gourmet pizza shop with a large menu

Gage is getting married and needs to hire a photographer for the event. He meets with several local wedding photographers and is surprised by how expensive their services are. Gage is a talented photographer with his own professional gear. He decides to start his own business as a wedding photographer. Based on the scenario provided, what should Gage emphasize to attract customers to his new business?

• Lower prices

• Friendly Service

• Convenient location

• Higher quality photos

Martina and Crystal just graduated from a cooking school in a big city. They are both vegans and enjoy the treats at a vegan bakery downtown. However, traffic is bad in the city, and it takes them over an hour to drive to the bakery from their neighborhood. They decide to open a vegan bakery in their part of town. Based on the scenario provided, what should they emphasize in marketing to attract customers, in their area to their shop?

• Quality service

• Variety of backed goods

• Convenient location

• Cooking school education

Shauna works at a restaurant. She wants to own her own restaurant someday. Which is one of GREATEST risks of entrepreneurship?

• Less freedom

• Less challenges

• Loss of investment

• Loss of flexibility in schedule

If Kathy's cleaning biz wanted to increase revenue, selling cleaning products that would bring in an extra $175 weekly, she'd make $175x 52 weeks $9,100

• True

• False

What does it mean if your product or service has a product fit?

• You think that your product or service will be successful

• You have tried selling your product or service in the market

• Your product or service does not fit in the market

• You are more likely to have an opportunity because it meets the needs of the customer