foundations of business and entrepreneurship examFoundations Of Business And Entrepreneurship Exam Answers

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QUESTION 1 : Which one of the following factors is NOT one of the reasons that make us entrepreneurs quit their jobs?

  • Large companies move slowly.
  • Climbing the corporate ladder isn obstacle to doing great work.
  • Some jobs give lot of free time to learn new skills.
  • Frustration leads to burnout.

QUESTION 2: Which thoughtful modeling isn excellent technique to succeed for entrepreneurs?

  • Thought modeling helps us discovering the paths of ones who have done it before.
  • Thoughtful modeling helps us learn from the best practices in our industry.
  • Thoughtful modeling helps usvoid mistakes that have been made in our industry.
  • All thebove choices.

QUESTION 3 : Which one of the choices is NOT thoughtful modeling?

  • Modeling marketing techniques of competitor.
  • Copying someone’s product ideasnd serving these ideas to ourudience.
  • Modeling web site of competitor.
  • Learning principles of successful person in lifend business.

QUESTION 4 : Which one of the choicesbout thoughtful modeling is NOT true?

  • Modeling what is happening on the surface of business will be good enough.
  • For successful modeling,ll the things happeningfter buyer initially contacted those businesses need to bessessednd understood.
  • Most of the things that can be modeledbout businessre not visible to the naked eye.A
  • When it comes to modeling, entrepreneurs need to keep in mind that most businesses make real money by leveraging back-end marketingnd sales processes.

QUESTION 5 : Which one of the choices is NOT good idea to thrive our businesss entrepreneurs?

  • Focusing on principlesnd methods thatre timelines, even if technologiesnd tools change.
  • 100% Relying on thoughtful modeling without much creative thinkingnd originality.A
  • Using proven playbooks for creatingnd scaling successful businesses that will exponentially increase your salesnd income.
  • Learning evergreen skills, frameworks,nd strategies that will be justs useful 20 years from nows theyre today.

QUESTION 6 : What is the single most crucial factor in why only 25% of new businesses make it to 15 years or more?

  • Discounts provided to potential buyers.
  • The quality of productsnd services.A
  • The speed of delivery.
  • The value created for clients.

QUESTION 7 :s entrepreneurs like us, what is NOT one of our high priority motivations for doing our own business, so we can stay in business?

  • Earning money.
  • Solving problems.
  • Serving ourudience.
  • Creating value.

QUESTION 8 : Which one of the choices is truebout earning money?

  • The more value we offer, the more were going to earn.
  • Our focus is to create valuet our highest levels possible. The money will follow.
  • If we start on our entrepreneurship journey by focusing on making money rather than creating values for our clients, we will serve neither their interests nor ours.
  • All thebove choices.

QUESTION 9 : Every business has key interdependent processes that make it function. Which one of the choices is NOT one of them?

  • Value Creation: Discovering what people need or want, then creating it.
  • Human Resources: Representing interests of management by positions themselves in way that they represent the interests of employees.
  • Marketing:ttractingttentionnd building demand for what you have created.
  • Sales: Turning prospective customers into paying customers.

QUESTION 10 : Which one of the choices is NOT truebout interdependent processes that make business function?

  • These processes will enable entrepreneurs to fix impediments in your business.
  • If business is not performings goods we want it to be, the problem must be in one or multiple of these processes.
  • Those interdependent processes can be operated by 100% independent silos bridged by managersnd team leaders.
  • If business owner can’t describe or diagram his or her business idea in terms of these core processes, the business idea probably hasn’t been well enough understood yet to make it work.

QUESTION 11 : Which one of the choices is trueboutttract, Connect,nd Serve (ACS) Framework?

  • A forttract means creating your honestnd sincere message to hook your prospective customersnd filter out the rest.
  • C for Connect means helping your clients personally, rapidly creating value for them,nd rightfully earning their trusts.
  • S for Serve meansscending your clients in your value ladder to offer more valuend serving themt your highest levels possible by solving their more significantnd/or other relevant problems.
  • All thebove choices.

QUESTION 12 : What is the personal point of view of entrepreneursbout taking responsibility?

  • While most of the world is trying to get rid of responsibility, entrepreneurs take responsibility for problemsnd figure out way to solve them.
  • Entrepreneursvoid responsibilitynd expect their teams to take responsibility.
  • Entrepreneursre ready to take responsibilitynd riskss longs they see chance to earn money from project.
  • None of thebove choices.

QUESTION 13 : Which one of the choices is NOT truebout the personal characteristics of successful entrepreneurs?

  • Taking responsibility.
  • Avoiding taking risks entirely.
  • Willing to solve the problems of others.
  • Changing the lives of their clients to leave positive impact.

QUESTION 14 : Which one of the following choices is form of solving the client’s problems?

  • Creating service to provide help orssistance.
  • Creating shared resource that can be used by many people.
  • Creating platform toggregate theudience of group of people with specific characteristics.
  • All thebove choices.

QUESTION 15 : Which one of the following choices is NOT part of the process to identify your business idea?

  • Your job now is to watch businessesround you to discover business modelsnd forms of solving their client’s problems theypply.
  • This new perception of reality, how those companies please yound make you want more of what they have to offer, or how they leave bitter taste in your mouth, will be your main compass to design your own businessnd differentiate it from your competitors.
  • Spend your entire time to understand the competitive business ecosystem in which you operate to design the best offers for the best prices.
  • Use one of multiple of 12 forms of solving client’s problems by exploiting 55 business models.

QUESTION 16 : What is the preference of entrepreneurs to get compensated whore keen on serving their clientsnd solving their problems?

  • Paycheque per hour they work.
  • Producing durablessets, products, services, or productized services (in summary, values) for the target market, so thosessets will be serving their clientsnd making money.
  • Stable salary.
  • A massive payoutfter selling their businesses to investors.

QUESTION 17 : Whyre entrepreneurs in the business of marketingnd sales of what their businesses do?

  • Marketingnd salesre two of the five core interdependent processes that makell businesses successfully operate.
  • The inability of entrepreneurs to market themselves, sell what their businesses have to offer would be huge disservice for their potential clients.
  • Unless entrepreneurs find their ways to their prospective clients, sell their productsnd services, they will never beble to serve them.
  • All thebove choices.

QUESTION 18 : For successful entrepreneurs, which one is NOTmong the most essentialreas of their businesses?

  • Hiring the best of the best talents from the job market.
  • Generating leads (Marketing)
  • Converting leads into clients (Sales)
  • Fulfilling the promise of the sale (Delivery, the “doing” part of the business)

QUESTION 19 : When do entrepreneurs have moral obligation to marketnd sell their productsnd services, so their clients can benefit from what those entrepreneurs offer?

  • When their productsre the mostffordable in the market.
  • When their speed of deliveries is the fastest in the market.
  • When they genuinely believe that what they have is usefulnd valuable to their clients.
  • When the quality of their products is the highest in the market.

QUESTION 20 : Which one of the following techniques is frequently used by entrepreneurs to increase the efficient use of their timend efforts?

  • Pareto’s Law (The 80/20 Principle) guides entrepreneurs to limit tasks to the important to shorten work time.
  • Parkinson’s Law guide entrepreneurs to shorten work time to limit tasks to the important.
  • Leveraging Pareto’s Lawnd Parkinson’s Law both simultaneously.
  • All thebove choices.

QUESTION 21 : From the light of Pareto’s Law (The 80/20 Principle), especially when you’ret the beginning of your entrepreneurial journey, which one of the following question is NOT great question tosk?

  • Which 20% of your clientsre causing 80% of your delivery problems? What can you dobout these clients?re they the right clients for your business?
  • Which 80% of clientsre generating 20% of your income? What can you do to sellnd serve more to them?
  • Which 20% of yourctivitiesre resulting in 80% of your delivery? What can you dobout these 80% ofctivities contributing to only 20% of your delivery? Can you outsource or even eliminate some of them?
  • Which 20% of the prospective client types you do marketing result in 80% of your sales? Hownd where can you find more of those particular prospective client types?

QUESTION 22 : Whatre the right skills to master in salesnd marketing?

  • Finding your voice, establishing yourselfs credible expertnd leader.
  • Identifyingnd finding more of your dream customers, generating leads.
  • Persuasion, negotiation,nd closing.
  • All thebove choices.

QUESTION 23: Which one of the choicesbout entrepreneurship is NOT true?

  • An entrepreneur is not compensated by the hours spentt work but by the values, benefits,nd change they create for their clients.
  • 80% of the outputs result from 20% of the inputs. Thinkbout the right 80/20 questions like Mr. Vilfredo Pareto would havesked, then your correctnswers will intuitively follow.
  • If you genuinely believe that what you have is usefulnd valuable to your clients, then it will sell itself.
  • The only way to get goodt thert of salesnd marketing is to become lifelong student of it.

QUESTION 24 : Why ourddiction to become specialists in our own niches can suddenly become one of our most significant obstacles to thrive our businessesnd serve our clients by creating values for them?

  • Most people prefer to stay in their comfort zone, which is their specialty.
  • Merely focusing on specialty can make it difficult to see the big picture.
  • For entrepreneurs operatingt the edges, intersections,nd overlaps where innovation thrives, being generalist increases chances to succeed consistentlynd repeatedly.
  • All thebove choices.

QUESTION 25 : What would you recommend to someone younger than you who wants to becomen entrepreneur?

  • Becomen expert in something,nd you will be fully ready to solve your clients’ problems.
  • When we set off building our own businessess entrepreneurs, ourddiction to become specialists in our own niches, suddenly becomes one of our most significant obstacles to thrive our businessesnd serve our clients by creating values for them. Bear in mind that for people like entrepreneurs operatingt the edges, intersections,nd overlaps where innovation thrives, being generalist is far more powerful.
  • Don’t waste your time to become specialist. You need to know only bit of everything to run your business successfully.
  • Work hard on your own subject matter expertise. For everything else required by your business, you can hire someone competent for the job.

QUESTION 26 : Which one of the following choices is NOT true while you’re,sn entrepreneur, implementing business idea?

  • Asn entrepreneur, especially if you’re just starting, your business can’tfford to be one of the many others.
  • If business idea works for others, it should work for you too. Simply one-to-one model what they do, then you will be fine.
  • Most of the time, your business can’t be better than others, because of the lack of time, money, people,nd other resources you can think of.
  • From day one, you cannd must do one thing to get share from your market, then dominate itfterward. This one thing is: You need to be creative, original,nd different,nd your business needs to be clearly differentiable, so your clients will keep on coming to you instead of going to your competitors.

QUESTION 27 : Which one of the following is NOT one of the characteristics that you willlways observe whenever you seen original business idea?

  • Managers: They use standard operating procedures dogmatized by their industry tovoid typical mistakes while implementing their ideas.
  • Architects: With their productsnd services, they either build new markets or entirely transform existing markets.
  • Integrators: They integrate business models from entirely different markets to their own niches. Example: Nestle (Nespresso) started using Gilette’s “Razornd Blade” business model to sellffordablend high-end coffee machines, but their primary source of income is selling coffee capsules.
  • Original Mixers: They mix ideasnd concepts in ways that they have never been thought of or tried before.

QUESTION 28 : Which one of the choices is truebout establishing new business?

  • Your business can’tfford to be one of the many others. You need to be creative, original,nd different,nd your business must be differentiable.
  • If you don’t want to limit your opportunities by your own hands, don’t make your expertisen excuse to not become generalistnd start buildingnd enhancing your skillsnd know-how today.
  • Next time you examine business idea, see it from the lenses ofnrchitect,n integrator, orn original mixer, identify how it’s different from its competition.
  • All thebove choices.

QUESTION 29 : Which one of the following choices is one of the must-have requirements in order to becomen entrepreneur?

  • An entrepreneur needs to quit his or her jobnd 100% focus on its own project.
  • An entrepreneur needs to be single-twenty something to get started, so he or she can keep the costs minimum while building the business.
  • An entrepreneur needs to be graduate from top-notch university to haven ideabout how to get the job donend deliver value for its clients.
  • None of thebove choices.

QUESTION 30 : Which one of the following choices is NOT true while you set off your entrepreneurial journey?

  • Entrepreneurship is for everyone with the right mindset who is sick of the deferred-life plannd wants to live life large instead of postponing it.
  • You don’t have to be graduate from top-notch university to build your own business.
  • You have to quit your jobnd take risks to get startedsn entrepreneur. Most people had done it, you can do it too.
  • If you’re hungry enough, if you want it bad enough, you will have the drive to play the whole gamend succeedsn entrepreneur.
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