What are some of the new technological developments that are replacing jobs?

• E-commerce is reducing the number of jobs in the retail world
• Robots are being used increasingly in manufacturing and other industries
• Many jobs in the service sector are now being performed by computers
• All of the above are correct

Bookmark question for later

Why is it easier to start a business today than ever before?

• The growing preference we have for smaller businesses
• The inexpensive technologies that are available to everyone
• The ability to reach international markets through the Internet
• All of the above are correct

Bookmark question for later

What does it mean to pivot in business?

• To switch from calendar year accounting to fiscal year accounting
• To add additional streams of revenue to reduce company vulnerability
• To change from a Limited Liability Company to a C Corporation
• To sell your first company as soon as you can and start a second one

Bookmark question for later

Why is serving the broader community an important key to success in business?

• Community members are more likely to support businesses that support the community
• It is a generous thing to do but it doesnt really benefit the business
• Entrepreneurs with tremendous wealth need to spend it somewhere
• All of the above are correct

Bookmark question for later

What is an advantage of being the low-cost provider in an industry?

• a. You never have to take out a business loan or give up ownership
• b. You have a larger profit margin than your competitors
• c. You can lower your prices and pick up market share
• d. B and C

Bookmark question for later

What are the three types of teams successful entrepreneurs build?

• Brain trust, core team, strategic partners
• Mentors, executives, advisory board
• Accounting, analysts, distributors
• Manufacturing, sales, distribution

Bookmark question for later

Why is knowing your industry important when starting a new business?

• You are more likely to get into executive development programs
• You know the products, suppliers, distribution channels, competitors, and missing pieces
• It gives you confidence but is not a critical factor for success
• It improves your chance of getting a business license

Bookmark question for later

Why is zealous tenacity important?

• Its a fire that drives the venture and allows you to compete
• It attracts key members to the team
• It entices customers to buy your products
• All of the above

Bookmark question for later

What is one of the key characteristic of the new career path that is well suited for our changing economy?

• It give you multiple streams of revenue to provide greater financial security
• It puts you at the very center of your own financial future
• It helps compensate for the displacements of jobs in many industries
• All of the above are correct answers