Most successful entrepreneurs start their business for which of the following reasons?

• To make as much money as they can
• To have more freedom and work less
• To achieve an important engaging purpose
• To gain status and recognition in their community

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Which of the following is the most powerful reason for starting a new business?

• Wanting to do something you are really passionate about
• Wanting to create jobs for people in your community
• Wanting to give back to the community in which you operate
• All of the above are strong reasons for starting a business

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Having a strong and motivating purpose gives you two additional qualities you will need to succeed as an entrepreneur. What are these qualities?

• Passion and perseverance
• Patience and tolerance
• Discipline and self-control
• Confidence and self-esteem

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What important point does author Simon Sinek make in his book Start with Why?

• Customers are most interested in the features and benefits of your products.
• You need to constantly communicate why your product is better than your competitors products.
• People dont buy what you do; they buy why you do it.
• Customers are primarily interested in getting the lowest price for products.

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Benny and Julie Benson are great role models who have taught us that:

• To be successful, you need to locate your business in a large city
• You find a lot more customers in larger cities than in smaller towns
• You can build a strong business doing what you love where you want to live
• All of the above are correct

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The strong driving purpose behind the successful business Gail and Will Williams have built in Idaho is:

• To get free passes at all the ski resorts they service
• To utilize the large chicken coop sitting on their property
• To serve the people in the area who work for their company
• To keep themselves busy during their retirement

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While living in a concentration camp during World War II, the psychiatrist Victor Frankl learned that:

• The people who survived were the biggest and strongest physically
• The people with the strongest purpose were the ones who survived
• If you have a why to live for, you can overcome any how
• The second and third answers are both correct

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Which statement below is NOT true of the millennial workforce?

• They care about the values of the companies they buy from.
• They want to work for large corporations that pay the most.
• They care about the values of the companies they work for.
• They want to participate in meaningful work in their careers.

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When you have a strong MOJO for running your business, you:

• Play the victim and blame others when things go wrong
• Take full responsibility for the success of your company
• Are satisfied with bare minimum levels of performance
• Feel obligated to do most of the things you do

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Research on managing our thoughts shows that:

• We tend to feel the way that we think
• Negative thoughts produce brain chemicals associated with anxiety and depression
• Positive and optimistic thoughts produce happy neurotransmitters in our brains
• All of the above are correct based on research on managing our thoughts

Knowing your industry well will be very important to which group of people?

• Your mentors and advisers
• Members of your management team
• Investors and strategic partners
• All of the above will want you to understand your industry

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The company Stio, founded by Steve Sullivan, has become very successful because:

• The founder knew the industry well from building the company Cloudveil
• All of the companys team members are active users of the products they create
• The founder is able to tell his own brand story directly to customers
• All of the above have contributed to the success of Stio

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The main reason Allen Lim started Skratch Labs was:

• He had loved making money ever since he was a young boy
• He wanted to live in Boulder, Colorado, and he had to think of something to do
• He was passionate about solving a hydration and nutrition problem in the sports industry
• He just wanted to start a business and didnt care what the products would be

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Shelia Kemper Dietrich, her husband, and her daughter all lost a significant amount of weight because:

• They joined Weight Watchers and were diligent in following the program
• They started walking and exercising every morning
• They started right-sizing the portions of the food they ate
• They actually tried lots of programs but didnt lose any weight

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If you have no experience in your industry from either working in it or using the products regularly:

• You still have an excellent probability of building a very successful business
• You can learn the industry from reading books about it
• Your probability for failure will be high without any type of industry experience
• The first two answers are both correct

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A user entrepreneur is someone who:

• Has completed a college degree in a business-related field
• Has worked in an industry for at least five years
• Uses the products regularly and understands the industry from the customers' perspective
• Has a lot of friends and family members who work in the industry

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What is one of the most valuable ways you can gain knowledge of your industry?

• By working at a job in the industry for several years
• By taking classes at your local community college
• By talking to people who have worked in your industry
• By taking career tours of businesses in your industry

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Having worked in the industry in which you start your business is helpful because:

• You most likely have a college degree in that particular field
• You have made a lot of money and have adequate savings
• You know the customers, competitors, suppliers, and missing pieces
• You know how hard it is to succeed in that industry

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One of the key reasons Nicole DeBoom was successful building Skirt Sports was that:

• She had been a professional athlete for many years and knew what women wanted
• She won a major triathlon wearing one of her new skirts and got lots of publicity
• She created fun and fashionable athletic clothing that strongly appealed to women
• All of the above are key factors in the success of Skirt Sports

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Which statement below about knowing your industry is NOT correct?

• Being lucky during a business launch is as important as knowing your industry.
• The more you know about your industry, the greater your chance for success.
• Being in the right place at the right time is more important than industry knowledge.
• The first and third answers are both incorrect

What fundamental qualities do you need to develop to build a successful small business?

• Purpose, communication skills, and confidence
• Purpose, passion, and perseverance
• Passion, patience, and sales skills
• Purpose, self-esteem, and presentation skills

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Having an exciting purpose or why for building your business is important because:

• It gets you through the difficult times you will often face
• It appeals to mentors and team members who can help you succeed
• It attracts and keeps loyal customers who love what you are doing
• All of the above

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Which of the following is generally NOT a strong enough purpose for creating an excellent business and sustaining it in the long run?

• Doing something that can make a real difference in peoples lives
• Wanting to meet a need or solve a problem that you are excited about
• Working on products or services that you absolutely love
• A strong desire to make as much money as you can as fast as you can

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What is the value of having a strong purpose, passion, and perseverance when you start your business?

• These qualities will remain constant during the entire life of your business.
• These qualities are nice to have, but they are not as critical as other key factors.
• These qualities will help you launch your company but are not as important later on.
• These qualities are essential but will come and go during the life of your business, so you need to learn how to keep them alive.

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When customers understand and love the purpose for your business:

• They become fiercely loyal to your products and company
• They continue to shop at all of your competitors on a regular basis
• They think your purpose is interesting but it doesnt impact their buying behavior
• All of the above are correct

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To keep your passion and perseverance alive while building your business, you need to:

• Talk to people who have gone through the same things you are experiencing
• Use social media to get ongoing feedback and reviews from your customers
• Revisit your purpose, set and achieve goals, remember the advantages of ownership, take regular breaks, and manage your thoughts
• Give up everything you are doing other than your business for three to five years

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The best way to gain knowledge and experience of the industry in which you launch your new business is to:

• Work in the industry or a related industry for a period of time
• Frequently use the products and services of the industry
• Bring in partners who know the industry and learn from their experience
• All of the above

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Working in an industry is very important to the success of new businesses because:

• It highlights problems customers are having with products in the industry
• It introduces you to key suppliers and venders of products and services
• It shows you firsthand how customers are reacting to competitors products
• All of the above are important advantages of working in the industry

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User entrepreneurs who have a great deal of experience with their product or service but limited experience in their industry usually fail because:

• They dont have the contacts with key vendors and suppliers
• They usually dont have enough capital to get started
• They just dont understand the industry they are entering
• User entrepreneurs can actually do really well because they understand the industry from the customers perspective

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The ultimate combination of industry experiences before starting a new business is:

• Understanding bank loans, angel investors, private equity, and venture capital
• A college degree in the field, excellent grades, and professors who will mentor you
• Having family members, friends, and neighbors tell you about their business experiences
• Working in an industry, experience in a related industry, and using the products often