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Business Coaching Exam Test Items
©WWWriters / J.Kaminski
Written for a Founding Coaching Institution
COACH TRAINING PROGRAM: SELF - TESTS
MODULE C25: NEW BUSINESS SUCCESS
Module=C25
Item= Which of the following is a new business owner bound to experience as they launch their enterprise?
1. Expensive learning curve
2. Lots of action steps to take
3. Professional Development
4. Personal Growth
5. Stability
Ans-a=1, 2, 3, 4
Ans-b=2, 3, 4, 5
Ans-c=1, 3, 4, 5
Ans-d=1, 2, 4, 5
Ans-e=All of the above
Best=Ans- a
Why=Without counsel, new business owners are likely to experience an expensive learning curve as they get established. They have a lot of things they must do to get the business going and to attract clientele. Professional development and personal growth also accompany the endeavor, and without these, the business is likely to fail. Stability is a rare event in the beginning, more likely to experience lots of risk.
Module=C25
Item= To coach a new business owner, you need to understand how to guide them to:
1. Learn from their mistakes
2. Go for Profit from the very beginning
3. Phase - in the company's development and investment
4. Balance business with their personal life
5. Keep it simple at first
Ans-a=1, 2, 3, 4
Ans-b=1, 2, 4, 5
Ans-c=2, 3, 4, 5
Ans-d=1, 2, 3, 5
Ans-e=All of the above
Best=Ans- a
Why=Help clients to recover quickly from mistakes, to learn, then move on. Encourage the client to have a very low overhead, and focus on profitability. Encourage them to Pilot project their service or product in the beginning. Test the market first. Guide them to continue to focus on their personal life, to maintain perspective and balance. Do keep it simple at first, especially on frills; but don't skimp on technology - pays off in the long run.
Module=C25
Item= Common business mistakes that may prove deadly for the new business owner are:
1. Overly optimistic
2.Too many "Shoulds"
3. Sloppy books
4. Putting self at risk
5. Low Reserve
Ans-a=1, 2, 3, 4
Ans-b=2, 3, 4, 5
Ans-c=1, 2 ,4, 5
Ans-d=1, 2, 3, 5
Ans-e=All of the above
Best=Ans-e
Why=The new business owner will probably be emotionally high about their new company and may not make provisions for slow starts, unexpected expenses, etc. Too many "shoulds" cost a lot - raises the overhead and expenses. "We "should" have expensive office, secretary, car, glossy brochures, ad campaign, etc.". Inadequate bookkeeping can support disaster, as can low reserve (money, equipment, energy and so on).Some new business owners optimistically put themselves at risk, giving up their previous job without adequate reserve. Others start a business out of necessity (laid off, etc.), again, without the reserve to keep their own life financed, let alone the business expenses covered.
Module=C25
Item= Help your client to work through the basic steps of launching a new business by guiding them to:
1. Develop their Business Skills
2. Plan and Strategize
3. Develop and use Sales Tools, Promote Effort
4. Write up your Policies and Procedures Guidelines
5. Focus on making your business Grow
Ans-a=1, 2, 3, 5
Ans-b=2, 3, 4, 5
Ans-c=1, 2, 3, 4
Ans-d=1, 2, 4, 5
Ans-e=All of the above
Best=Ans- c
Why=Assist your client to assess their Business Skills and develop them as needed. They need to focus on Leadership, Influence, Commitment, Problem - solving and prevention, and so on, and prioritize which to work on first. Planning and Strategies takes a lot of thought, writing, and organization to do it right.They need to develop sales tools to capture their daily quotas, and use them. To hire only those who can really sell/deliver. Policies and Procedures can be written that streamline the operation of the business, leaving the owner some time to create and sell. Guide your client to focus on profits, not just growth.
Module=C25
Item= Good advice to offer a client who is starting a new business is:
1. Make everything a pilot project
2. Maximize every opportunity
3. Build the reserve and strategies to have a great business and a great life
4. Let the market tell you what they want, and how they want it
5. Develop techno - savvy
Ans-a=1, 2, 3, 4
Ans-b=2, 3, 4, 5
Ans-c=1, 3, 4, 5
Ans-d=1, 2, 4, 5
Ans-e=All of the above
Best=Ans- c
Why=Making every product and service a pilot project reduces cost and overhead, and gains valuable information about what the market wants and how they want it. Building a reserve and applying strategies to balance the business with the client's personal life will facilitate a steady flow and satisfaction with the venture. Becoming technologically (including computer and Internet) literate opens many doors for the new business person. A company website can be created inexpensively, offering a new profit centre and potentially, an international market. Technology can also be used to streamline the day to day operation of a business. Brochures, newsletters, sales letters, stationary, invoices, staff schedules, accounts, databases, etc. can all be handled by using a personal computer.
Module=C25
Item= Which of the following motives would alert you that your client has jumped into a business without thinking it through?
Ans-a=They want to make a killing
Ans-b=They're getting into something that sounds great
Ans-c=They're using the business as a means to an end
Ans-d=The venture provides an emotional high
Ans-e= All of the above
Best=Ans- e
Why=All of these common motives set a new business owner up for disaster, unless they've got the skills to pull it off and they've really done their homework. Starting a business primarily to make lots of money may prompt the client to focus on growth only, without ensuring value or market interest. Getting into a business because it's the current rage or it sounds good, can be a mistake, unless the client already has the necessary skills and training (e.g. the "new" rage of website design). If they're using the business as a means to an end, such as making up for a layoff, they may fail due to low revenue and inability to meet personal and business obligations. Most new owners feel an emotional high as they start their new venture, but without adequate reserve and business skills, the high quickly becomes an adrenaline addiction.
Module=C25
Item= New Biz Strategies that you can share with your client are:
1. Design a sales Engine
2. Keep your life simple
3. Hang out with the experts
4. Build a bus, not a sports car
5. Advertise extensively
Ans-a=1, 2, 3, 4
Ans-b=2, 3, 4, 5
Ans-c=1, 2, 4, 5
Ans-d=1 ,2 ,3, 5
Ans-e=All of the above
Best=Ans- a
Why=The best way to launch a new business is to set up a system for referrals. Create a network of people who can send you customers and give these people quality and value. They'll spread the word more effectively than any expensive ad campaign. Cut out any extras, like volunteer work, and associate with the experts in your field or line of product/service. Build a bus by developing profit centers (e.g. a website) to offer more services, and target a larger market.
Module=C25
Item=As you coach the new business owner, you can share long - term viability strategies with them such as:
1. Be Flexible
2. Listen to your customer and your staff
3. Sustain your Profitability
4. Establish your reputation
5. Control your staff
Ans-a=1, 2, 3, 4
Ans-b=1, 2, 3, 5
Ans-c=2, 3, 4, 5
Ans-d=1, 2, 3, 5
Ans-e=All of the above
Best=Ans-a
Why=Keep flexible and up to date with new ideas, trends, and opportunities; Interact with your customers and staff interdevelopmentally, really hearing what they say and don't say Stay focused on profitability- ALWAYS! Be known for style as well as substance. Let your customers be proud to use your product or service. Don't control your staff - instead, create a strong company culture.
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