CEO Quiz

1. A “small” business is defined as
—$1 million in sales or less$2 million in sales or less$5 million in sales or less$10 million in sales or less$50 million in sales or less

2. On average, small businesses have better profit margins than large businesses
TrueFalse

3. According to Dun & Bradstreet, what percentage of small business failures can be traced to poor management from lack of knowledge
—10%25%50%90%

4. According to a study by the Forum Group, the reason(s) customers defect is
—100% price50% price, 50% serviceYou cannot control why customers leave15% prefer other vendor, 15% price, 70% poor service

5. The popular book “Rich Dad, Poor Dad” states that your professional life can be classified as: having a job, self-employed, investor, or owning a business. The author’s definition of “owning a business” is
—Experiencing the typical headaches of business ownershipHaving more than 5 employeesHaving a physical locationThe ability to pay a quality person to run the business & still have money left over

6. A simple yet powerful analysis tool is “SWOT” analysis. SWOT stands for
—Soundness, Weaknesses, Options, TeamworkSoundness, Weaknesses, Opportunities, TeamworkStrengths, Weaknesses, Opportunities, ThreatsStrengths, Weirdness, Orneriness, Timelessness

7. The Boston Consulting Group Matrix helps businesses allocate resources between business units based on growth and market share. The labels are:
—Winners, Losers, Newbies, DudsCash Cows, Winners, Losers, Question MarksCash Cows, Stars, Question Marks, DogsGood, Bad, Ugly

8. According to “The Emyth”, by Michael Gerber, the single biggest mistake made by business owners is
—Being too easy on employeesWorking in their business, not on itNot working hard enoughNot having an MBA

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