My Own Business - Quiz for Part One - Session 1

Vừa làm xong bài kiểm tra của Session 1: Deciding on a business

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1. Which of the following actions must always be taken to become a successful entrepreneur?
• C. Choose a business that is in a field you enjoy.
  Correct Choosing a business you enjoy is of utmost importance. Think of it as selecting a lifetime mate!
2. The most common and biggest mistake made by entrepreneurs is not having sufficient money.
• B. False
  Correct The most common mistake and the most costly one is not selecting the right business initially. Before you decide, keep in mind that this is the time for soul-searching, gaining experience in the business, conducting research and even test marketing.
3. Which one of the following is NOT a good reason to consider starting a moonlight business?
• C. You have the time and equipment available on your regular job to conduct your own business.
  Correct One of the biggest risks in starting a moonlight business is that your job might conflict with your business. This can be avoided by compartmentalizing your business in every way: separate time, place and product or service.
4. Let's say that you are looking for some overall guidelines for picking a business. Which one of the following answers would be a good decision?
• D. You'd take your sweet time to seek out that one great opportunity.
  Correct Take your sweet time. Since your selection will be your single most important business decision, wait for that one opportunity that has everything you are seeking. Think about jumping a hurdle: wouldn't you rather risk getting over a one-foot hurdle than a seven-foot one?
5. Realizing that there are no hard and fast rules, generally speaking, which of the following businesses would be easier to start and command better pricing power?
• B. Sell your grandma's special candies.
  Correct Sell your grandma's special candies. If you open a service station, the price of your product (gasoline) is going to be controlled by what other operators sell for on the same corner. As Warren Buffett has said, "You're only as smart as your dumbest competitor." In other words, you are in a commodity business and must have the lowest cost in order to survive. On the other hand, if grandma's candies are really good, then over time you can build a brand name and achieve pricing power. Your candy customers won't be taking price bids on candy when they buy it for their sweethearts!
6. In most cases, the very best way to become qualified in a business you intend to open is to:
• D. Work for someone in the same business.
  Correct All the answers to this question are good ways to become qualified, but this one wins first place. Work for someone in the same business.
7. Starting a "hollow corporation" means:
• D. Creating a company where all activities are outsourced (manufacturing and packaging).
  Correct Creating a company where all principal activities are outsourced. Hollow corporations are appropriate for start-up entrepreneurs.
8. You have always dreamed of opening a hardware store but now that you're ready to start, you realize that the Home Depots of the world would be too hard to challenge. You should:
• D. All of the above
  Correct All Answers are Correct.
9. What is the single most frequently made mistake that leads to failure?
• C. Not selecting the right business to begin with.
  Correct Not selecting the right business to begin with is the most commonly made mistake.
10. A service business is less subject to price competition than a product business.
• A. True
  Correct Service businesses generally have pricing power and are not dependant on competing with the lowest price in town.