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

a. Portia needs to find her funding.

b. Portia needs to find her what.
c. Portia needs to find her emotional readiness.
d. Portia needs to find her why.

Ans. D

2. Cami is starting her own business canning homemade gourmet sauces. If she begins
with a side hustle, what can Cami do?
a. Cami can sell her sauces at a local farmers' market.
b. Cami can approach grocery store managers to put her sauces on their shelves.
c. Cami can gather her friends and relatives for a sales party.
d. Cami can create packaged meals to use with the sauces.

Ans. A

3. You are having difficulty coming up with a company name that is catchy and
memorable. Which tried-and-true method can help you?
a. Use terms in the popular culture.
b. Examine company trademarks.
c. Search through social media.
d. Refer to history or fiction.

Ans. D

4. You are considering seeking funding from friends and family for your startup
business. What best practice should you follow?
a. Rely on verbal commitments to avoid upsetting friends and family.
b. Avoid upsetting your friends and family with worst-case scenarios.
c. Be clear about your expectations regarding the likelihood that you will be successful.
d. Understand that they do not need to be kept in the communication loop early on in the
investment.

Ans. C

5. You are an entrepreneur looking for a mentor. What advice should you follow?
a. Avoid seeking out numerous mentors.
b. Limit your mentors to older individuals with significant experience.
c. Keep your relationship with mentors formal.
d. Make the time you spend with mentors count.

Ans. D

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?
a. committing more resources to the marketing plan
b. sticking to your plan for a longer period of time
c. being flexible in the early stages of a marketing plan
 d. assessing the costs of implementation

Ans. C

7. In using the "three W's" marketing strategy, what should you focus on first?
a. the who
b. the when
c. the where
d. the what

Ans. A

8. When considering a product partnership, which key questions should you ask?
a. Is the potential partner's product distinct enough to not compete with me, and can the
partner help grow my business?
b. Does the potential party share the same audience, and can the partner help grow my
business?
c. Does the potential partner share my vision, and can the partner provide funding for my
business?
d. Is the potential partner well-funded, and can the partner provide me with business
connections?

Ans. B

9. What is the best tip to help you avoid being seen as a nuisance by potential
customers?
a. Always be mindful of your customers' time.
b. Always request a meeting with customers by email.
c. Always use sales calls to communicate with your customers.
d. Always have a meaningful reason for contacting customers.

Ans. D

10. Which type of financing product provides you an unlimited credit line as long as the
balance is paid within 30 days?
a. Finance cards
b. Credit cards
c. Charge cards
d. Debit cards

Ans. C

11. Which strategy should you start with when seeking publicity for your personal brand?
a. Start small and work your way up
b. Focus on the big wins
c. Remember that more is better
d. Avoid pitching your brand too often

Ans. A

12. There are a number of myths about venture capital. What is actually true about
venture capital and venture capitalists?
 a. Venture capitalists are celebrities or well-known individuals, such as Mark Zuckerberg of
Facebook
b. Venture capital guarantees success for a startup business
c. Venture capitalists provide both money and advice to a startup business
d. Venture capitalists invest because they believe in the startup company’s vision

Ans. C

13. Kumar is starting a business and decides to use bootstrapping for his funding. His
funding is both startup and growth. What is Kumar doing?
a. Copying what other successful new businesses did to start up and grow
b. Using his own labour in place of monetary funding to start up and grow
c. Borrowing money from relatives and friends to start up and grow
d. Using his own savings and profits to start up and grow

Ans D

14. If you are growing your network of connections with friends and family, what do you
want to AVOID?
a. Seeking out others via social media
b. Showing you are in control of all aspects of your business
c. Asking your friends and family for help
d. Admitting there is something you do not know

Ans. B

15. How are business coaches different than mentors?

a. A business coach can only look at problems superficially, but a mentor can take a deep-dive
into problems
b. Unlike business coaches who have full-time day jobs, mentors can spend many hours per
day with you
c. Unlike mentors, business coaches know your business, so their feedback is biased
d. Your success is a full-time job for business coaches, while it is only part of a mentor’s unpaid
job

Ans. D

16. Jaime decides to use the Myers-Briggs personality assessment to identify pitfalls
within himself. Why should Jaime do this?
a. Jaime can identify his personal weaknesses
b. Jaime can develop strategies to overcome his personal weaknesses
c. Jaime can keep a diary of the weaknesses he identifies
d. Jaime can understand how his weakness may affect his chances for success

Ans. B

17. Who is the ideal partner to bring into your new business?
a. Someone with a different vision than yours
b. Someone who has experience in your industry
c. Someone with the same skill set as yours
d. Someone who has strengths where you have weaknesses
Ans. D

18. Jackson is looking to grow revenue but needs to buy inventory and equipment.
Which type of capital will help with this?
a. Financial
b. Nonfinancial
c. Human
d. Intellectual

Ans. A

19. You have the financial resources to start your own business. Before proceeding, what
question should you ask yourself?
a. What are my goals for the first year
b. Am I emotionally ready to start my business?
c. Are the people closest to me ready?
d. Have I assessed my worst-case scenario

Ans. D

20. Why should you engage with the early adopters of your product or service?
a. They give you feedback to help improve your product along the way
b. They become a walking billboard for your business
c. They are excited to help you grow your business

Ans. B

21. What is the Entrepreneurial Way?

a. a way of thinking that entrepreneurs adopt through taking certain actions and habits
b. a playbook for founders of small businesses
c. a secret recipe to how entrepreneurs find success
d. a map of the Entrepreneurial mountain range

Ans. A

22. An entrepreneur is anyone who_____.

a. starts an enterprise in pursuit of reward
b. starts a business
c. launches an enterprise to explore strange new worlds
d. starts dreaming about what it would be like to be successful

Ans. A

23. What is an effective thing you can do to find more motivation to think commercially?
a. Follow Whitney Wolfe Herd on Twitter.
b. Take a course on balancing profit and loss.
c. Get to know your organisation inside out.
d. You don't work in a sales or commercial role, so there's no point.

Ans. C

24. Why do entrepreneurs surround themselves with other people?

 a. Because they love learning from others.
b. Because they are motivated by them.
c. Because they get lonely by themselves.
d. Because they value human connection at work.

Ans. B

25. According to Daniel Pink, what are three root sources of intrinsic reward?
a. Liberty, Equality, and Fraternity
b. Bonuses, Free Healthcare, and Company Cars
c. Autonomy, Mastery, and Purpose
d. Pizza, Doughnuts, and Ice-Cream

Ans. C

26. Before you try to rethink how you do things on your team, what step could you take
to make sure any changes will be well received?
a. Think about the outcome you're after.
b. Make some brownies for the team.
c. Lay some groundwork and do plenty of research.
d. Tear up the project plan and tell everyone you think you should have a rethink.

Ans. C

27. Psychological Flexibility is the ability to (1) accept the present moment, even when
the going gets tough and (2) to stay focused on what’s important to you, even if that
means _____.
a. living with huge discomfort
b. ignoring everything else
c. overriding what's important to everyone else
d. recalculating your route

Ans. D

28. If you are thinking about applying the 'Feel the fear and do it anyway' mantra to a
situation in your life or at work, what extra step might help you ensure a successful
outcome?
a. Try and avoid fear in the first place.
b. Tell your brain to deactivate the amygdala.
c. Ask yourself 'What's the worst that could happen?'
d. Buy a lightsaber.

Ans. C

29. What is the negativity bias?

a. Negativity bias is a tool used by Bob the Builder.
b. Negativity bias describes how how people give up trying to change their circumstance
because they believe they are incapable of doing so
c. Negativity bias describes how we’re programmed to notice what’s wrong with a situation
we're in or an experience we have before we see what’s right.
 d. Negativity bias describes a belief that we are masters of our own destiny.

Ans. C

30. Visionary thinking allows us to see the world _____ .

a. more clearly because we have stronger lenses in our glasses
b. through the stories of Tolstoy
c. as it could be
d. in technicolor

Ans. C

31. Why do entrepreneurs embrace failure?

a. Because they have a growth mindset.
b. Because they know that Walt Disney was fired from one of his first animation jobs
because he 'lacked imagination and had no good ideas'.
c. Because they always fail tests.
d. Because they know that, even if they fail, they will have learned something along the way.

Ans. D

32. What is the Entrepreneurial Way?

a. a way of thinking that entrepreneurs adopt through taking certain actions and habits

33. An entrepreneur is anyone who

Ans. starts an enterprise in pursuit of reward

34. What is an effective thing you can do to find more motivation to think commercially?

Ans. Get to know your organisation inside out.

35. Why do entrepreneurs surround themselves with other people?

Ans. Because they are motivated by them.

36. According to Daniel Pink, what are three root sources of intrinsic reward?

Ans. Autonomy, Mastery, and Purpose

37. Before you try to rethink how you do things on your team, what step could you take
to make sure any changes will be well received?
a. Lay some groundwork and do plenty of research.

38. Psychological Flexibility is the ability to (1) accept the present moment, even when
the going gets tough and (2) to stay focused on what’s important to you, even if that
means
a. recalculating your route
 39. If you are thinking about applying the 'Feel the fear and do it anyway' mantra to a
situation in your life or at work, what extra step might help you ensure a successful
outcome?
a. Ask yourself 'What's the worst that could happen?'

40. What is the negativity bias?

Ans. Negativity bias describes how we’re programmed to notice what’s wrong with a situation
we're in or an experience we have before we see what’s right.

41. Visionary thinking allows us to see the world

Ans. as it could be

42. Why do entrepreneurs embrace failure?

Ans. Because they know that, even if they fail, they will have learned something along the way.

43. What is not a step in the original process of narrowing down your list to the best five
business ideas?
a. Make sure the business idea hasn't been done before.
44. Which discovery will help you with your new business idea?
a. Discover people's pain.
b. Discover what other people are wanting and needing.
c. Discover business annoyances.
d. All of these answers

Ans. D

45. What is not the best starting point when it comes to finding your new business idea?

Ans. Find lists online of the businesses that you can create.

46. A _____ advantage, like a patent or a trademark, can add a tremendous amount of
value to your business idea.

Ans. Proprietary

47. The _____ number is overhead divided by the contribution margin. This is what you
need to double every month to make sure your business is highly profitable.

Ans. break-even

48. Think twice before immediately seeking out a _____ who has a skill that you lack.

Ans. Partner
 49. Which opportunity factor is referred to as market size?

Ans. Demand

50. In order to test the business opportunity you have chosen, you need to create a _____
before you invest any money.

Ans. micro business plan

51. What should the Business Validation Micro Plan list?

a. All of these answers
b. budget for test
c. test period
d. most likely customers

ans. A

52. If you run your test, and all results are successful, what should you do next?

Ans. Run a new test, this time focusing on price.

53. What has been found to work best for testing a business opportunity that offers
services, and can be customized geographically?

Ans. a listing on Craigslist

54. When testing your business idea, who should not be a source to ask for feedback?

Ans. your friends and family

55. The micro-message that you need to set for your business ideas should not _____.

Ans. leave people guessing what the business offers

56. When making your list of ideas for a new business, what is something you should
avoid?

Ans. Erasing and editing ideas

57. In order to finalize your single best business idea out of your top five ideas, you need
to take each idea through all of the _____ factors to test it.

Ans. Opportunity

58. The process of figuring out if you need to sell the product over the internet, in stores,
or face-to-face helps you discover your _____ model.

Ans. Distribution

59. What is an effective way to cheaply test the viability of your business idea?
a. All of these answers
b. Have a special phone number for tracking inbound calls
c. Have an ad run on a local craigslist page
d. Have a simple website landing page so you can measure opt-ins
Ans. A

60. _____ like materials, equipment, and money are what you need to assess carefully
before you start your business.

Ans. Resources

61. What is not a recommended testing option?

Ans. Billboard

62. What is not an opportunity factor that leads to a successful business?

Ans. A clever business idea

63. When defining the problem your company solves, you should look at it through the
perspective of _____.4

Ans. Your customers

64. What is a profit pool?

Ans. the profit dollars available in a given market

65. What does the "T" in SWOT stand for?

Ans. Threats

66. The threat of substitutes is the risk you face when _____.

Ans. your customers can use a different product to solve their problem

67. The product development roadmap describes _____.

Ans. how you'll build your product over time

68. When you describe your points of differentiation versus competitors, those
differences must be _____.

Ans. substantial and meaningful

69. What does the sales section of your business plan explain?

Ans. your FOB delivery terms for each sale

70. A brand is a _____.

Ans. Promise

71. What must your production plan explain?

Ans. whether you'll insource or outsource production

72. What is the most expensive form of compensation?

Ans. Equity

73. What is one way to exit your business?

Ans. Acquisition

74. What is one way to exit your business?

Ans. built based on unit drivers

75. What is a warning sign that your financial plan isn't accurate?

Ans. A hockey stick forecast

76. What is the most important thing your product delivery plan should focus on?

Ans. How you get your products into your customers’ hands

77. Contingency plans should be created once you're sure one of your financial risks is a
certainty.

Ans. False

78. Patents are the absolute best way to protect your market.

Ans. False

79. What does your value proposition describe?

Ans. How your product benefits your customer

80. What are two things you must know about your capital on hand?

Ans. Your burn rate and runaway

81. Why should you have expert advice when it comes to HR and legal issues?

Ans. To prevent major regulatory and legal issues from harming your business

82. Your go-to market strategy explains how you'll get your product to your customers.

Ans. True

83. Financial assumptions don't really matter as long as they're generally reasonable.

Ans. False

84. Which option affects how you support your product?

Ans. All of these answers

85. Pricing decisions impact revenues but not profits.

Ans. False

86. Members of your advisory board should always have deep expertise in your industry.

Ans. False

87. Understanding market trends has no impact on risks your business faces.

Ans. False
 88. What is a moon chart?

Ans. A way to compare your business to your competitors

89. What is not a type of revenue model?

Ans. Positive amortization

90. When choosing suppliers, you should select the one that is _____.

Ans. The best fit with your business model

91. What should the leadership section of your business plan cover?

Ans. The structure and roles of the leadership team

92. You can expect new employees to be fully effective within a few days of joining your
company.

Ans. False

93. The way you define your product must explain benefits to your customer.

Ans. True

94. What is the difference between Important tasks and Urgent tasks?

Ans. Urgent tasks have a deadline; Important tasks affect your world.

95. When would a prospect leave your Top 20 or Golden 5?

Ans. when you either qualify them out or successfully sell to them

96. When Social Selling, why might it be more beneficial to search through a company's
LinkedIn page rather than search for a contact directly in the LinkedIn Search Bar?

Ans. Searching the page helps you get a better feel for the business.

97. When purchasing data from a 3rd Party, what should you be cautious of?

Ans. the accuracy of the data, such as employee titles and business turnover

98. If you have the email address of David Jackson at Acme Ltd
(david.jackson@acme.com) and you wanted to email Joanna Burgess, what is her
email likely to be?

Ans. joanna.burgess@acme.com

99. Calling a prospect's mobile phone is more impactful when introducing yourself than
calling their desk or office phone. Why?

Ans. Calling someone on their mobile is more personal and catches their attention, as it's a
channel other salespeople don't often use.

100. How is access to stakeholders seen as an opportunity in virtual selling?

Ans. Numerous stakeholders can be involved in a buying decision and all of them brought
together virtually.

101. If you are a salesperson doing virtual sales calls, how should you frame
yourself in the video screen?

Ans. Have your entire head and your shoulders visible.

102. Why is looking at social media while working considered going down a rabbit
hole?

Ans. The more someone looks at social media, the more they will keep looking at it.

103. Amira makes a large sale with a customer in Korea and then calls a customer
in Bolivia. She jots down her notes from the Korea sale during the Bolivia call. What is
her biggest mistake here?

Ans. Amira did not give her full attention to the Bolivian customer.

104. Ishaan always looks up a prospect on LinkedIn before he makes his first sales
call. What is the most beneficial reason he does this?

Ans. so he can start the call by bringing up a shared connection or a shared interest

105. What is the goal of a pre-call plan?

Ans. to motivate the customer to take an action

106. You have the opportunity for a sixty-minute sales call with a new customer. In
what part of your call should you spend the most time?

Ans. Discovery

107. When Linda was a route salesperson, she had an uncanny ability to build trust
from the first face-to-face sales call. Now that she is selling virtually, how will she
build the same kind of trust?

Ans. by having a virtual presence that exudes confidence and professionalism

108. Among the types of sales questions, which ones elicit information that a
salesperson can find online?

Ans. Skin questions

109. Chen has a very tight sales presentation that has been moderately successful
to her. What might Chen be missing that can make her even more successful?

Ans. Telling stories in her presentation

110. Khalid is observing the new salesperson, Natalia, make a virtual sales call to a
prospect. He notices Natalia uses very animated hand gestures. What should Khalid
say about this?

Ans. Applaud Natalia for the way she engages with her prospect.
 111. When Mariana makes a video sales call, she likes to make sure her face
appears on the screen in an engaging way. How can she best do this while providing
an interactive experience with her customer?

Ans. Use the chat feature of the video call

112. How does a "temperature check" differ from the traditional sales approach of
an assumptive close such as, "Is Tuesday good for you, or is Wednesday better?"

Ans. A temperature check makes the customer take the next action that requires an effort, rather
than you setting a meeting that they can cancel.

113. "Content" refers to all of your organization's stories, both online and off, and
everything you produce to tell customers about your business. What does it include?

Ans. all of these answers

114. Why would you pay to promote a post on Facebook when an organic post
(unpaid update) reaches the people who liked your page just as well?

Ans. Organic posts from an organization's Facebook page no longer have the same reach without
paid promotion. Facebook is a pay to play platform for brands.

115. How does Pinterest most benefit social media marketing?

Ans. The image you share on Pinterest points back to the original source, so it becomes a good
driver of traffic for your website.

116. How would you define integrated marketing?

Ans. With integrated marketing all the parts of your marketing plan are designed to complement
each other and create a consistent story that reaches your customers throughout the day.

117. In a social media plan, the _ section includes taking an honest look at the
business landscape and what things could stop you from achieving your goal.

Ans. Strategic Considerations

118. One common marketing tactic is when you compare two creative options to
determine the one that performs best. What is this called?

Ans. A/B test

119. Among the most important things to consider when developing your
business' social media plan is to _____.

Ans. Pick the best channels and times to connect with your customers

120. The best way to set a goal and define your success with social media is with
the number of "likes" your Facebook page is getting.

Ans. False
 121. _ refer(s) to the tactics for improving how your website or blog is discovered
in search.

Ans. Search engine optimization (SEO)

122. What is true of a social media policy?

Ans. All of these

123. What do you call private messaging between people or between

organizations and their customers?

Ans. Dark social

124. Which of the following strategies represents how best to use social media to
build relationships with your customers?

Ans. Put your customer first

125. What's the secret to creating great content?

Ans. Stepping into your customer’s shoes and figuring out how to help them

126. To better understand the current landscape of prospective customers, the first
step is to _____.

Ans. Listen to the conversations your customers and prospects are having and understand what
they’re looking for

127. How would you correctly describe a vision statement and a mission
statement?

Ans. A vision statement is what your agency wants to be in the future. A mission statement is how
you will meet residents' needs in the present.

128. In which step of strategic thinking do you utilize audits and assessments?

Ans. Review Current Procedure

129. Once you have identified the tasks to achieve a particular objective, what
should you look at next when managing your agency's resources?

Ans. the type of employees needed

130. Li is the new agency Finance Director. What can Li reliably use as a baseline
when she creates her first agency budget?

Ans. a previous year's budget

131. You have four new employees in the eight-member Streets Department.
There is a major street replacement job and a simple repaving job. How should you
use these new employees to develop their skill sets?

Ans. Have two employees on the major project to gain experience and two employees on the
small project in a lead role.
 132. What does research find to be the most significant factor in public sector
employee motivation?

Ans. growth opportunities

133. You are making your first presentation to a community group. Now that you
have gotten over your fear, how can you most effectively reach your audience?

Ans. Speak in a language the community group will understand.

134. In order to properly analyze risk, what must you always do first?

Ans. Determine the likelihood of the risk occurring.

135. In which situation would you be most likely to create a contingency plan?

Ans. when you identify a possible risk

136. Once an agency articulates its goals, what is the next step in meeting these
goals?

Ans. Break the goals into specific work actions.

137. You are the Budget Director of your agency. In this capacity, what is the most
important aspect of customer service for your city's residents?

Ans. Efficiency

138. What is the best thing you, as a public sector director, can use to lead
continuous improvement in your agency?

Ans. Data

139. At which two points is feedback most effective in improving behavior?

Ans. on a daily basis for new employees, and at milestones for experienced
employees

140. Tyrone is preparing to staff a summer street-repair project. In the context of

staffing in a government agency, what is meant by "optics"?

Ans. How will the public perceive the number of people working on one project at a
time?
141. In order to be truly open to innovative solutions, what must you do first?

Ans. Understand you might be too close to see things objectively.

142. Who, what, when, where, and why are essential elements in any
communication plan. The "what" is an Easter egg hunt at City Hall. Which
element will be the final step in your communication plan?
Ans. How

143. The Audit Department has an employee suggestion box for ideas on
ways they can do their jobs better. Once employees' ideas are received, what
should you as Department Director do with the best ideas?

Ans. Share the suggestions with Lake City senior leadership.

144. Share the suggestions with Lake City senior leadership.

Ans. Award

145. Change requests should always be submitted in writing.

Ans. True

146. Project managers should make sure all decisions are made by them.

Ans. False

147. Key stakeholders include all of the following, except: _____.

Ans. Competition

148. The Project Charter is _____.

Ans. High-level

149. An SOO is preferred over a PWS when details are not specific for the
intended results. It offers more flexibility to contractors.

Ans. True

150. Which phase takes place prior to the signing of the contract?

Ans. Pre-award

151. One of the 3 major project constraints is _____.

Ans. Cost

152. A Stakeholder Register helps you _____ stakeholders.

Ans. document and keep track of

153. What is the only way to modify an approved Project Charter?

Ans. send it through change control

154. Benefits to identifying risks early in your project include _____.

Ans. All of these answers

155. When you are assigned the project manager role, you should _____ the
deliverables.

Ans. Verify

156. You should only request a debrief with the agency if your company
isn't awarded a contract.

Ans. False

157. Communication is important. In order to keep everyone informed after

a kickoff meeting, you should _____.

Ans. Send meeting minutes

158. Two of the project management stages are _____.

Ans. Plan and monitor

159. The opposite of a kickoff meeting is a _____ meeting.

Ans. Postmortem

160. Key Performance Indicators are best for determining if your project is
_____.

Ans. On track

161. When is the majority of your project’s schedule and budget spent?

Ans. Execution

162. All of the following are baselines included in a Project Management

Plan, except: _____.

Ans. Appeal

163. Administrative closure begins before the completed deliverables have

been transitioned to the government.
Ans. false