ESB PRACTICE CUMULATIVE EXAM

Which characteristic(s) 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

Rachel owns a summer camp for children. Based on a survey she gave to parents, she learned that her customers want their children to have a healthy lifestyle. What is a legitimate value proposition for potential customers?

• A Providing flexible hours for picking up and dropping off the children

• Sending parents daily photographs of the children’s activities

• Serving fresh, organic meals and nutritious snacks

• Offering discounts during different times of the year

Carlos runs a handyman service for senior citizens. Carlos knows that seniors often need urgent repairs at night and on holidays. He wants seniors to know that they can rely on his service. What can Carlos provide customers to support his value proposition?

• A A list of references and positive reviews from other senior citizen customers.

• An invoice that includes the price for the materials and a breakdown of the cost for labor

• A website that lists all the services his business offers along with an email address to contact him.

• A flyer that shows his team members and tells how they are available to help day and night every day.

Anya wants to set up a legal structure for her food delivery service. Which of the following is NOT a question she should she ask herself to help her make her decision?

• Is it important for me to make all of the decisions for the business?

• Do I even need to set up a legal structure?

• Will this business be too risky for me to start it alone?

• Do I have any personal assets that I want to make sure are protected?

A "Permit " is a legal document that allows a business to take a specific action

• True

• False

"Zoning Variances" are usually regarding changing the physical appearance/use of a building, as it relates to buying or moving to a new building

• True

• False