Entrepreneurs can make money on fads, but they have to know

Question 1 options:

when to get in and out in order to make a lot of money.

where the fad originated.

how to market the item once the fad has run its course.

how to manufacture the product themselves.

Lamar is researching a business opportunity and has asked his acquisition team to help him review and verify all of the information about the business. This process of research and verification is called

Question 2 options:

trust and verify.

due diligence.

truth and consequences.

due assessment.

Because most businesses don't have a one-size-fits-all approach, what do you need to do?

Question 3 options:

Add your own creativity to any concept.

Come up with something completely new.

Change your idea often.

Find a new model.

Micah has been working as a fitness trainer at a gym. He plans on opening a new gym of his own three blocks down the street. However, if he does this he will be in violation of the _______ he signed when he took the job, which prevents him from starting a gym within five miles of his employer.

Question 4 options:

taxpayer identification form

1099 form

noncompete agreement

exclusive account agreement

Which of the following business opportunities allows a business to purchase and sell a company's products, but not the right to use that company's trade name as its own?

Question 5 options:

Cooperative

Direct sales

Dealers/distributors

Licensees

When you want to start a business, what is the first step?

Question 6 options:

Figure out what you want to do.

Get a loan.

Seek counseling.

Find out which business make the most money.

Question 7

(5 points)

What is a good way to discover trends in the big cities to bring to your hometown?

Question 7 options:

Ask people who have been there.

Read library books on big cities.

Watch TV.

Read newspapers from those cities online.

(5 points)

How many businesses are started every year in the United States?

Question 8 options:

250,000

More than 540,000

Fewer than 500,000

4,000,000

When you're evaluating the risk of starting a new business, which risk is likely to be worth it?

Question 9 options:

Losing your quality of life

Losing your home

Losing time, energy, and money

Losing your loved ones

"Wouldn't it be great if we could get food delivered?" is an example of coming up with a business idea based on what?

Question 10 options:

Your own personal frustration

Hunger

A spin on a familiar idea

Buying a franchise

What prompted Reed Hastings to start Netflix?

Question 11 options:

He decided to copy the success of iTunes.

He got tired of watching YouTube.

The Blockbuster near his house closed.

He got a big late fee for a movie rental.

Purchasing a franchise can be a good way to

Question 12 options:

become involved in a business that you can then customize.

start a business with no risk.

transition to becoming an entrepreneur in a supportive environment.

learn a business and then copy it.

Which of the following is the most important trait of a successful business owner?

Question 13 options:

Perseverance

Friendliness

Intelligence

Adaptability

Gardening supplies are hot now, but they haven't always been. Why is this true of other businesses, too?

Question 14 options:

A little gardening improves any business.

Hot businesses often go through cycles.

More businesses are hot now than ever before.

Traditional ideas are always the best.

If you think carefully about what you're doing, always ask for advice when you need it, and keep asking questions, starting a business can be

Question 15 options:

a headache.

too much effort.

a calculated risk.

a foolish risk.

Question 16

(5 points)

A jewelry direct sales company pays its consultants based on recruiting new members.

Question 16 options:

The company is running a pyramid scheme, which is illegal.

The company is running a pyramid scheme, which is legal.

The company has implemented a legal and ethical plan for growth.

The company uses this method of compensation to reduce the fee for the product sample kit.

Question 17

(5 points)

In some areas, entrepreneurs can take advantage of _______ where they can lease low-cost office space and have access to office equipment and answering services.

Question 17 options:

hotel lobbies

business incubators

coffee shops

college libraries.

Question 18

(5 points)

Looking for a solution for a common source of irritation and frustration can be a(n)

Question 18 options:

great way to generate an idea.

dead end.

exercise in futility.

good chance to complain.

Question 19

(5 points)

Lisa has been working a full-time job and then working on her business in the evening. She makes $6,000 per month at her full-time job. How much income should Lisa be making from her business before quitting her full-time job?

Question 19 options:

$1,800

$2,000

$4,000

$6,000

Question 20

(5 points)

How can you avoid saying "This year I'm going to start my business" for years?

Question 20 options:

Make plans.

Feel good about it.

Promise yourself you'll do it.

Do it now.