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better understand his customers’ values.

If you primarily sell false noses, wigs, and polka-dot jumpsuits to professional clowns,
except for once a year, when children buy your products to wear at Halloween, the children
are your
A. minor clientele. C. annual consumers.
B. secondary target market. D. primary target market.
18. West Side Medical Supply is in trouble. In the past two years, Fred Schultz, the owner,
suddenly lost 26 percent of his business when two drugstores and a local hospital closed.
He missed a big opportunity when his competitor got a contract at a new nursing home
before Fred even knew it was being built. Fred needs to
A. better understand his customers’ values.
B. sell to the public instead of to other
C. do continuous research on demographic changes.
D. improve his overall customer service.
19. One of the biggest problems with telephone surveys is that
A. people often refuse to participate.
B. the cost is higher than other methods.
C. they’re too impersonal.
D. it takes too long to collect the results.
20. As Jake began his market research, he discovered that there wasn’t another retail boating
supply business for more than 100 miles. In fact, there was no large lake or river, either.
Jake concluded that
A. the competition gave up too soon.
B. there was no market for his product.
c. he would have to offer lower prices.
D. his marketing should stress quality and service.

1. A great business idea is
A. all you need to succeed.
B. something that comes along once in a lifetime.
C. an idea that no one else has ever thought of.
D. the beginning of a great business.
2. What percentage of new businesses fail in the first year?
A. 25 percent
B. 40 percent
C. 60 percent
D. 75 percent
3. The price for predictability is often
A. stress and insecurity.
B. long hours.
C. increased self- confidence.
D. long- term boredom.
4. The best way to avoid cash flow problems is
A. regular saving.
B. constant marketing.
C. borrowing less.
D. downsizing.
5. What is one of the advantages of buying an existing business?
A. Is track record lets you know what to expect.
B. You can get it at a bargain price.
C. the previous owner will help you fund the business.
D. You don’t need to do any more advertising.
6. One of the unexpected drawbacks of starting ypur own business is
A. lonelines.
B. free time.
C. boredom.
D. lack of purpose.
7. Which of the following is an example of a franchise?\
A. Branson, Manson, & Hanson law office
B. Radio Shack
C. Main St. Car Wash
D. sam’s Club
8. Which of the following is an essential part of being an entepreneur?
A. Being friendly
B. Having a lot of money
C. Taking risks
D. Being an expert in your field
9. One of the main disadvantages of buying a franchise is that you may end up
A. feeling like an employee.
B. paying too muvk for operating costs.
C. choosing a poor location.
D. hiring a large staff.
10. The Freedom of working for yourself is necessarily limited by
A. the needs of your family and friends.
B. your own skills and abilities.
C. what your manager tells you to do.
D. your local competitors.
11. Typically, enterprenreurs don’t like to be told what to do because
A. they’re stubborn by nature.
B. it takes a big ego to run a business.
C. they have so many ideas of their own.
D. they have problems with authority figures.
12. How will you save money by buying a franchise?
A. Franchises require less investment than new businesses.
B. Your employees will be paid by the corporation.
C. You can get a volume discount on your products.
D. You won’t have to advertise.
13. Why are many entrpreneurs uncomfortable on a relaxing vacation?
A. They have a sence of urgency about their ideas.
B. They don’t get along well with others
C. They’re only comfortable if they’re competing.
D. they’re obsessive and can’t think of anything else but work.
14. Which of the following is an advantage of starting a new business?
A. You don’t have to reinvent the wheel.
B. You have the security of following in someone else’s footsteps.
C. You can expect a regular paycheck.
D. You don’t have to compensate for someone else’s mistakes.
15. Asking yourself “What can I do to build a loyal customer base?” is an example of
A. creativity.
B. research.
C. multitasking.
16. One of the advantages pf starting your own business is
A. free time.
B no hassles.
C. lack of responsibilty.
D. profit.
17. What is the failure rate for a franchise?
A. 50 percent
B. 30 percent
C. 15 percent
D. 5 percent
18. Of these types of businesses, which one requires the most drive and motivation?
A. A franchise
B. A partnership
C. A new business
D. An existing business
19. The numbe one reason for the failure of new businesses is
A. poor management.
B. taking too many risks.
C. insufficient cash.
D. poor marketing.
20. Of all new businesses, how many make it through their second year?
A. 80 percent
B. 60 percent
C. 50 percent
D. 20 percent


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