VE Domain#2 "Future Orientation" DAY#37

Which of the following best describes characteristics of future orientation? Select ALL that apply!!

• To make a profit immediately

• To have an optimistic disposition

• To do anything that will attract customers

• To focus on obtaining required career skills

From the given business scenarios, select the one that is an example of a sustainable business.

• Sell beverages in disposable plastic cups that are convenient for takeout

• Sell affordable skin care creams that give good results but include toxic chemicals

• Sell packaged ready-to-eat snacks with lots of artificial preservatives

• Start a cafe' for college students that serves locally sourced healthy food options

Nakia wants to start her own beauty salon. Match the characteristics to the actions

• Able to prioritize long-term success in the face of short-term sacrifice

• Motivated to set and pursue long term goals

• Take guidance from professionals to create an online presence.

• find out how a salon works and learn the skills required to be a beautician

• Open two new salons in the next 5 years

• Provide at-home service to save money on opening a salon

• Use products with refillable packaging

• Express interest in building a business that is sustainable (financially and environmentally)

• Seek out information about careers and their demands

• Brooke wants to start her own Ice Cream Parlor. She wants to make her own decisions, but seek help when needed.

Which of the following is a SMART goal?

• Provides good service to your customers to ensure they return, thereby building up your client base

• Acquire four new clients within two months for your cleaning service by asking for referrals

• Increase sales by 50% in two months and become rich

• Make your clothing line successful by gaining popularity in the 18-25 age group

How does developing a customer journey map help a business succeed over time?

• It guarantees the success of the business by eliminating possible setbacks

• It eliminates the need for a business to plan for the future

• It helps better align your business to customers' needs

• It guarantees more income by understanding the coompetition

Select the scenario that best demonstrates the entrepreneurial mindset of taking initiative and being self-reliant

• Madison works at a coffee shop but wants to start her own business.

• To keep up with the competition and customer demands, expand the business with birthday mania to reach all age group

• You consider giving up because you are stuck and work under an experienced person

• Due to a drop in the economy the business is not doing well. You hope business will pick-up once the economy is strong

Which of the following would apply to an entrepreneur who has an internal locus of control? Select ALL that apply!!

• Undertakes strategies to succeed

• Takes charge of events occurring in life

• Considers that fate determines one's success of failure

• Believes that hard work and competency can overcome any failure

What should you do to demonstrate the entrepreneurial mindset of initiative and self-reliance in funding your startup if unsure of acquiring an investor. (Select ALL that apply)

• offer 5% ownership shares to encourages investors

• Approach a venture capital firm that is willing to invest in your business start-up

• Aim to improve your business plan by targeting students on social media where your business has potential

• Be patient and be on the lookout for a suitable investor

You need raw material for your business, how can you demonstrate an initiative and self-reliant mindset in getting the raw material?

• Consider buying raw materials online as needed to reduce efforts of developing a relationship with a vendor

• Plan on buying raw materials after you start getting orders in order to reduce risk in startup cost

• Contact multiple vendors to find one that offers the best raw materials at the best price

• Believe that raw materials vendors will contact you when they hear about your business

Match the characteristic to one of the actions.

• Maintain a record of regular customers and aim to double the customer base in the next 3 months

• Maintain an optimistic attitude in the face of uncertainty

• I can accomplish anything I set my mind on

• Internal Locus

• Balance the startup work along with your job until your shop is successfully opened

• (Make your own decisions, but seek help when needed).

• Be confident about the business doing well despite competition

• Set own goals and monitor their progress

• Take guidance from professionals to create an online presence

• Persevere until a project is done