Traits of Successful Business Owners

In the context of traits that are common among successful business owners, how does perseverance help an entrepreneur succeed?

• by retaining momentum despite setbacks

• by providing joy in the work itself

• by ensuring a focus on sales numbers

• by improving staff management skills

A business that has no formal registration (like a sole proprietorship) can't legally be sold or transferred to anyone else. Is this statement true or false?

• True

• False

What two measurements most define the concept of market balance?

• profit and loss

• assets and liabilities

• supply and demand

• growth and decline

A company owns a warehouse—they've paid off the mortgage and have no monthly payments for it. What is the warehouse, to that company?

• An asset

• A liability

• An expense

• A revenue

When a partnership decides to dissolve and there is no formal agreement on profit sharing, what is considered the most fair way to divide the profits according to a judge?

• Based on the relative amounts each partner invested in the company

• Legally, the money must be divided equally among all owners

• Prioritizing whoever owned the business longer

• Based on who was a better, more reliable, and more efficient worker

For a product to be successful, is it essential that customers believe they need that product?

• True

• False

Where should one start when reviewing a business plan to get a high-level overview before analyzing the details?

• Executive summary

• Market analysis

• Organizational structure

• Marketing plan

Which is the BEST example of becoming a franchisee?

• Creating a new product

• Improving an existing product

• Opening a Baskin-Robbins shop

• Creating an online webstore

What did Treadstone Sports Agency's Laurenne Mercier identify as her biggest challenge when launching her business—something she didn't realize ahead of time?

• How much capital it took to start up

• How she had to take on so many roles at once

• How complicated it was to file her taxes

• How little reward she got for all her hard work

What is the greatest drawback of a sole proprietorship?

• Extremely high tax rates

• More likely to fail

• Greater liability for owners

• High restrictions in marketing