Quiz: The Basics of Starting Your Own Business

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See if you know these entrepreneurship basics

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"What steps should you take before starting your own business?", "answers" : [ { "answer" : "Take a hard look at your business ideas, your qualifications and your personal goals",

"correctAnswer" : false }, { "answer" : "Research and plan, plan, plan", "correctAnswer" : false }, { "answer" : "Network", "correctAnswer" : false }, { "answer" : "All of the above",

"correctAnswer" : true } ], "multiSelect" : false, "explanation" : "Before starting your own business, take the time to analyze yourself, do your research, identify your product or service,

know the financial risks, and develop a business plan.", "hint" : "", "hintLink" : "", "questionImgCaption" : "", "questionImgCredit" : ""}, { "question" : "What does building a business

require?", "answers" : [ { "answer" : "A product or service ", "correctAnswer" : false }, { "answer" : "Thoughtful planning", "correctAnswer" : false }, { "answer" : "Access to financial

resources", "correctAnswer" : false }, { "answer" : "All of the above", "correctAnswer" : true } ], "multiSelect" : false, "explanation" : "You probably want to start your business because

you encountered a need that you’ve found a way to solve. But remember, building a business requires strategic planning, financial reserves, and the energy and zeal to put in long work

weeks.", "hint" : "", "hintLink" : "", "questionImgCaption" : "", "questionImgCredit" : ""}, { "question" : "Which of the following is not required when running a successful small

business?", "answers" : [ { "answer" : "Expand as quickly as possible", "correctAnswer" : true }, { "answer" : "Know your product and how to sell it", "correctAnswer" : false }, { "answer" :

"Be passionate about what you’re doing", "correctAnswer" : false }, { "answer" : "Have a business plan", "correctAnswer" : false } ], "multiSelect" : false, "explanation" : "Don't grow too

fast because early success can pin you into making poor decisions.", "hint" : "", "hintLink" : "", "questionImgCaption" : "", "questionImgCredit" : ""}, { "question" : "Which government

agency helps Americans start, build and grow businesses?", "answers" : [ { "answer" : "Federal Trade Commission (FTC)", "correctAnswer" : false }, { "answer" : "Small Business Administration

(SBA)", "correctAnswer" : true }, { "answer" : "Federal Reserve Board", "correctAnswer" : false }, { "answer" : "Securities and Exchange Commission (SEC)", "correctAnswer" : false } ],

"multiSelect" : false, "explanation" : "The Small Business Administration (SBA) helps Americans get real-world, actionable information they need to start and grow small businesses.", "hint"

: "", "h

intLink" : "", "questionImgCaption" : "", "questionImgCredit" : ""}, { "question" : "The first step to starting a business is to write a business plan. What does a good business plan

include?", "answers" : [ { "answer" : "Why your idea is workable", "correctAnswer" : false }, { "answer" : "How your business will operate", "correctAnswer" : false }, { "answer" : "How much

your projected revenues and expenses will be", "correctAnswer" : false }, { "answer" : "All of the above", "correctAnswer" : true } ], "multiSelect" : false, "explanation" : "A good

business plan shows why your idea is workable, how your business will operate and the amount of your income and expenses. The Small Business Administration has online workshops and templates

to help you assess your situation, identify a niche, analyze the market, and organize your finances—all important components of a business plan.", "hint" : "", "hintLink" : "",

"questionImgCaption" : "", "questionImgCredit" : ""}, { "question" : "Among the options listed below, which of the following is the best way to fund your small business?", "answers" : [ {

"answer" : "Use your retirement savings", "correctAnswer" : false }, { "answer" : "Sell your house", "correctAnswer" : false }, { "answer" : "Explore small business loans", "correctAnswer" :

true }, { "answer" : "Win the lottery", "correctAnswer" : false } ], "multiSelect" : false, "explanation" : "Don’t use your retirement income to start a business. Consider a small-business

loan to get you started.", "hint" : "", "hintLink" : "", "questionImgCaption" : "", "questionImgCredit" : ""}, { "question" : "Why is it important to have a small business mentor?",

"answers" : [ { "answer" : "To provide you with advice and guidance", "correctAnswer" : true }, { "answer" : "To shower you with praise", "correctAnswer" : false }, { "answer" : "To help you

become a millionaire", "correctAnswer" : false }, { "answer" : "All of the above", "correctAnswer" : false } ], "multiSelect" : false, "explanation" : "A good business mentor will tell you

like it is and provide you with advice and guidance, such as whether you have a good idea or whether your concept will work.", "hint" : "", "hintLink" : "", "questionImgCaption" : "",

"questionImgCredit" : ""}, { "question" : "Creating a marketing plan can help you reach your target customers and effectively promote your product or service. Which of the following is not

an essential component of a successful marketing plan?", "answers" : [ { "answer" : "Target customers", "correctAnswer" : false }, { "answer" : "Unlimited budget", "correctAnswer" : true },

{ "answer" : "Goals", "correctAnswer" : false }, { "answer" : "Marketing tactics", "correctAnswer" : false } ], "multiSelect" : false, "explanation" : "Creating a marketing plan for your

business can help ensure that you're maximizing each marketing dollar you spend and that your marketing message is getting across to your target customers, helping you meet your goals and

achieve

desired results.", "hint" : "", "hintLink" : "", "questionImgCaption" : "", "questionImgCredit" : ""}, { "question" : "Which of the following organizations specializes in helping small

businesses find mentors?", "answers" : [ { "answer" : "Small Business Development Centers", "correctAnswer" : false }, { "answer" : "Women’s Business Development Centers", "correctAnswer" :

false }, { "answer" : "SCORE", "correctAnswer" : true }, { "answer" : "All of the above", "correctAnswer" : false } ], "multiSelect" : false, "explanation" : "SCORE is a nationwide nonprofit

association dedicated to educating entrepreneurs and helping small businesses start, grow and succeed. SCORE pairs aspiring business owners with mentors who have extensive real-world

experience.", "hint" : "", "hintLink" : "", "questionImgCaption" : "", "questionImgCredit" : ""}, { "question" : "What is a helpful online resource for current and future small business

owners?", "answers" : [ { "answer" : "AARP’s Small Business Resource Center", "correctAnswer" : false }, { "answer" : "sba.gov/Encore", "correctAnswer" : false }, { "answer" :

"SmallBusinessMajority.org", "correctAnswer" : false }, { "answer" : "All of the above", "correctAnswer" : true } ], "multiSelect" : false, "explanation" : "AARP, the Small Business

Administration and the Small Business Majority offer free resources to help current and future entrepreneurs.", "hint" : "", "hintLink" : "", "questionImgCaption" : "", "questionImgCredit" :

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