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Test your Skills

1 What is the key to business success
business knowledge
market awareness
hands on management
sufficient capital
hard work

 

2 If a relative ever asks me for advice about starting a business I will
tell them to
work for someone else in the field first
write a business plan
study marketing
give up the idea
learn about budgeting

 

3 Which is the largest potential trouble spot
too much growth
too little growth
too fast growth
too slow growth
sporadic growth

 

4 I trust
nobody
myself
my partner
a few key employees
my customers

 

5 I am unhappy when my employees are
late
unhappy
abrupt with customers
resigning
less dedicated than me

 

6 My customers are
always right
too fussy
demanding
worth listening to
dumb

 

7 Which of these is of most importance for small-business marketing success
word-of-mouth
advertising
signs
location
community events

 

8 When it comes to money I am
careful
too carefree
emotional
shrewd
hardnosed

 

9 Financially my firm
has trouble with cash-flow
has a good line of credit
is financed totally by receipt--no credit
is making better profits this year than last
knows exactly where it is all the time

 

10  In hiring people
I take far too long
I look for the cheapest person
personality is more important than experience
I look for the best person, and am willing to pay
I only hire at the trainee level

 

11 With my employees
I treat everybody the same
I try to talk privately to everybody once a week
To whatever extent possible I tailor assignments to personalities
I encourage them to talk to me about the business
I try to work alongside them whenever possible

 

12 The real key to business success is
hard work and perseverance
fine products and service
advertising
knowing the fundamentals of business
employees

 

13 Competition is
dumb
smart
cunning
everywhere
a constant threat

 

14 The best competitive advantage is
experience
understanding what the market wants
confidence
conducting a business ethically
a detailed plan

 

15 I keep
careful financial records
in touch with my customers
in touch with my employees
trying new techniques
wanting to retire

 

16 My dream is
to grow the business until someone else can run it
to work until I drop
to give up these headaches and have more fun at work
to try another business
to take a vacation

 

17 I think business plans are
for the birds
nice but not necessary
something I can do with my accountant
useful and informative
essential--wouldn't do business without them

 

18 What makes a terrific entrepreneur
creativity
discipline
consumer orientation
technical proficiency
flexibility

 

19 What does a business need most
money
market research
help
time
a solid business plan

 

20 What is essential to marketing
"a sixth sense"
market research
customer awareness
experience
testing

 

 

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