1. Entreprenaurship Foundations Linkedin Learning

Chapter Quiz Entrepreneurship Foundations Answers

Que 1: Portia wants to be an entrepreneur. What should she do first?

• Portia needs to find her funding.IncorrectEntrepreneurs depend on various sources of funding, but other questions must be answered prior to this step.

• Portia needs to find her what.IncorrectThis is important and will identify what will sustain Portia through difficult times, but it is not the first step.

• Portia needs to find her emotional readiness.IncorrectThis is paramount in ensuring Portia is ready mentally for the entrepreneurship roller coaster, but only after she has taken other steps.

• Portia needs to find her why.

Que 2: Cami is starting her own business canning homemade gourmet sauces. If she begins with a side hustle, what can Cami do?

• Cami can sell her sauces at a local farmers’ market.CorrectThis will allow Cami to test the market for her sauces, before diving in and incurring significant cost for a product that might not sell.

• Cami can approach grocery store managers to put her sauces on their shelves.IncorrectA side hustle is a low-cost way to test the waters; Cami would have to produce large amounts of her sauce to get space at a grocery store.

• Cami can gather her friends and relatives for a sales party.

• Cami can create packaged meals to use with the sauces.

Que 3: You are having difficulty coming up with a company name that is catchy and memorable. Which tried-and-true method can help you?

• Use terms in the popular culture.IncorrectIf you choose terms popular with Generation X, they might not be understood by Millennials or Baby Boomers.

• Examine company trademarks.IncorrectThis will reveal names that are already in use, which means you cannot use them.

• Search through social media.IncorrectIf you do this, you will spend most of your time finding names that are already in use.

• Refer to history or fiction.

Que 4: You are considering seeking funding from friends and family for your startup business. What best practice should you follow?

• Rely on verbal commitments to avoid upsetting friends and family.

• Avoid upsetting your friends and family with worst-case scenarios.IncorrectYou absolutely must present any potential investor, family or not, with the risk of loss that might occur.

• Be clear about your expectations regarding the likelihood that you will be successful.CorrectWhen you do this, you will also avoid misunderstandings about the short- and long-term expected return on their investments.

• Understand that they do not need to be kept in the communication loop early on in the investment.

Que 5: You are an entrepreneur looking for a mentor. What advice should you follow?

• Avoid seeking out numerous mentors.IncorrectIn fact, having a handful of mentors can expose you to different opinions and different strategies for success.

• Limit your mentors to older individuals with significant experience.IncorrectMentors should be anyone who can guide you, including your contemporaries.

• Keep your relationship with mentors formal.IncorrectEach mentor may prefer a different approach for communication.

• Make the time you spend with mentors count.

Que 6: You implemented a marketing strategy for a product that ended up being costly because customers were not buying it. Which approach would have helped you avoid this situation?

• committing more resources to the marketing plan

• sticking to your plan for a longer period of time

• being flexible in the early stages of a marketing plan.

• assessing the costs of implementation

Que 7: In using the “three W’s” marketing strategy, what should you focus on first?

• the who

• the when

• the where

• the what

Que 8: When considering a product partnership, which key questions should you ask?

• Is the potential partner’s product distinct enough to not compete with me, and can the partner help grow my business?

• Does the potential party share the same audience, and can the partner help grow my business?

• Does the potential partner share my vision, and can the partner provide funding for my business?

• Is the potential partner well-funded, and can the partner provide me with business connections?

Que 9: What is the best tip to help you avoid being seen as a nuisance by potential customers?

• Always be mindful of your customers’ time.

• Always request a meeting with customers by email.

• Always use sales calls to communicate with your customers.IncorrectActually, the least annoying calls are those that are not sales calls.

• Always have a meaningful reason for contacting customers.

Final Exam Entrepreneurship Foundations Answers

Question 1 of 11

Which type of financing product provides you an unlimited credit line as long as the balance is paid within 30 days?

• finance cards

• credit cards

• Attempted correct option

• charge cards

• debit cards

Question 2 of 11

Which strategy should you start with when seeking publicity for your personal brand?

• Start small and work your way up.

• Focus on the big wins.

• Remember that more is better.

• Avoid pitching your brand too often.

Question 3 of 11

There are a number of myths about venture capital. What is actually true about venture capital and venture capitalists?

• Venture capitalists are celebrities or well-known individuals, such as Mark Zuckerberg of Facebook.

• Venture capital guarantees success for a startup business.

• Venture capitalists provide both money and advice to a startup business.

• Venture capitalists invest because they believe in the startup company’s vision.

Question 4 of 11

Kumar is starting a business and decides to use bootstrapping for his funding. His funding is both startup and growth. What is Kumar doing?

• copying what other successful new businesses did to start up and grow

• using his own labor in place of monetary funding to start up and grow

• borrowing money from relatives and friends to start up and grow

• using his own savings and profits to start up and grow

Question 5 of 11

If you are growing your network of connections with friends and family, what do you want to AVOID?

• seeking out others via social media

• showing you are in control of all aspects of your business

• asking your friends and family for help

• admitting there is something you do not know

Question 6 of 11

How are business coaches different than mentors?

• A business coach can only look at problems superficially, but a mentor can take a deep-dive into problems.

• Unlike business coaches who have full-time day jobs, mentors can spend many hours per day with you.

• Attempted incorrect option

• Unlike mentors, business coaches know your business, so their feedback is biased.

• Your success is a full-time job for business coaches, while it is only part of a mentor’s unpaid job.

Question 7 of 11

Jaime decides to use the Myers-Briggs personality assessment to identify pitfalls within himself. Why should Jaime do this?

• Jaime can identify his personal weaknesses.

• Jaime can develop strategies to overcome his personal weaknesses.

• Jaime can keep a diary of the weaknesses he identifies.

• Jaime can understand how his weaknesses may affect his chances for success.

Question 8 of 11

Who is the ideal partner to bring into your new business?

• someone with a different vision than yours

• someone who has experience in your industry

• someone with the same skill set as yours

• someone who has strengths where you have weaknesses

Question 9 of 11

Jackson is looking to grow revenue but needs to buy inventory and equipment. Which type of capital will help with this?

• financial

• Attempted incorrect option

• nonfinancial

• human

• intellectual

Question 10 of 11

You have the financial resources to start your own business. Before proceeding, what question should you ask yourself?

• What are my goals for the first year?

• Attempted incorrect option

• Am I emotionally ready to start my business?

• Are the people closest to me ready?

• Have I assessed my worst-case scenario?

Question 11 of 11

• Why should you engage with the early adopters of your product or service?

• They give you feedback to help improve your product along the way.

• They become a walking billboard for your business.

• They are excited to help you grow your business.