Being accountable for your decisions and actions; not “passing the buck”

Refusing to quit despite obstacles

Inventing new ways of doing things; thinking “outside the box”

Which three characteristics are possessed by successful entrepreneurs? (Choose three)

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?

After a self-assessment, Zoey has realized that she lacks the outgoing nature needed to promote her hand-made hats. Based upon this finding, which approach would best strengthen this weakness in her business model?

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.

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 to their shop?

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

Which are three of the greatest rewards of entrepreneurship? (Choose three)

Sara has been the lead programmer for a software company for five years. She is respected, and enjoys working with her team, but her salary is lower than the industry average. Over the years, several team members left and started their own software company. They found quick success and are now very

wealthy. Sara has decided to leave and start her own software business. Which reward of entrepreneurship is Sara most interested in gaining?

Jaden has saved up enough money that he can pursue his dream of owning a business. It took a lot of time and hard work to finally have this opportunity. Jaden wants to start a business with the lowest risk of failure. What should he choose to do?

Emily has recently earned a certification in personal training. She is researching the business options

available for this type of service.

When 100 potential customers were surveyed, they provided the following responses:

 30% would hire a trainer based on referrals from a health club

 10% would hire a trainer through a corporate wellness program

 40% would hire a trainer based on promotion through social media

 20% would hire a trainer through a website

The customers reported that they are willing to spend the following amounts on a personal trainer:

 20% would pay $25-30 for a 30-minute group session

 55% would pay $40-60 for a 30-minute personal session

 20% would pay $50-75 for a 60-minute group session

 5% would pay $100-150 for a 90-minute personal session

Given the facts provided, which opportunity for Emily’s personal training service would have the highest

probability of success?

Logan is starting a business painting houses and other buildings. He is researching the business options

available for this type of service.

When 100 potential customers were surveyed, they provided this data showing interest from different

target markets:

 15% are real estate agents selling residential houses

 30% are owners of residential houses

 35% are owners of large apartment buildings

 20% are owners of businesses with large buildings

The customers reported that they are willing to spend the following amounts per square foot of

painted surface:

 50% of people would pay $35-55 for painting the interiors of residential houses

 35% of people would pay $30-50 for painting the exteriors of residential houses

 15% of people would pay $150-300 for exterior commercial painting of large buildings

Given the facts provided, which target market for Logan’s painting business would offer the highest

potential revenue in the market?

Justin owns a shop that sells clothing, books, posters, and gifts that appeal to people who love rap music. Which method of market segmentation is Justin using?

Vince is attending college to get a degree in broadcasting. He lives in an area with a large acting community with many opportunities for actors. To help pay for school, Vince uses a home computer system to edit videos. He specializes in editing footage of local actors to create demo reels that the actors

can send out to movie studios and theaters to help get acting jobs.

Which customer group does Vince’s editing business best support?

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?

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?