ESBv2 Certification Exam Prep

What is the purpose of the ESB certification?

• To test and validate foundation-level concepts and knowledge in entrepreneurship and small business management.

• To provide a comprehensive understanding of advanced business principles.

• To prepare students for a career in marketing and sales.

• To validate skills and knowledge in computer programming.

What are the four categories of objective domains in the ESBv2 exam?

• Entrepreneurship and small business concepts, Marketing and Sales, Production and Distribution, Business Financials

• Business Ethics, Human Resources, Supply Chain Management, Financial Analysis

• Market Research, Advertising, Product Development, Financial Planning

• Customer Service, Operations Management, Strategic Planning, Accounting

What is the recommended approach for preparing for the ESBv2 exam?

• Review the objective domains, take practice exams, and then take the final exam.

• Read the entire ESBv2 textbook and then take the final exam.

• Attend a workshop on entrepreneurship and small business management.

• Take the final exam without any preparation.

What is the Design Thinking Process?

• Empathize, Define, Ideate, Prototype, Test

• Research, Plan, Execute, Evaluate

• Analyze, Strategize, Implement, Monitor

• Create, Develop, Market, Sell

What is the difference between a business plan and a pitch deck?

• A business plan is a lengthy document used to obtain buy-in from investors, while a pitch deck is a visual presentation used to get investors' attention.

• A business plan is a visual presentation used to get investors' attention, while a pitch deck is a lengthy document used to obtain buy-in from investors.

• A business plan is a document used to secure a bank loan, while a pitch deck is a document used to attract potential customers.

• A business plan is a visual presentation used to attract potential customers, while a pitch deck is a document used to secure a bank loan.

What is the definition of a small business?

• A business with fewer than five hundred employees.

• A business with more than five hundred employees.

• A business that operates on a small scale.

• A business that is not profitable.

What are the different types of small businesses based on the nature of their products?

• Service vs. Product

• Digital vs. Physical

• B2B vs. B2C

• Franchises

What are the different stages of the business life cycle?

• Existence, Survival of the Fittest, Takeoff, Maturity, Success

• Maturity, Takeoff, Success, Survival of the Fittest, Existence

• Success, Takeoff, Maturity, Survival of the Fittest, Existence

• Existence, Takeoff, Survival of the Fittest, Maturity, Success

What are some benefits of being an entrepreneur?

• Schedule Control, Meeting New People

• Slow Return on Investment, Legal Issues

• Adaptable, Self-reliance

• Critical Thinking, Problem-Solving

What are some characteristics of a successful entrepreneur?

• Adaptable, Initiative, Creativity, Tenacious

• Meeting New People, Risk Tolerance, Collaboration, Responsible

• Self-reliance, Innovation, Forward-Thinking Mentality, Resiliency

• Growth Mindset, Critical Thinking, Problem-Solving, Ethical Practices