The questions which follow provide a basic knowledge test of selected concepts covered in this learning pathway: Professional advisors and mentors.
The questions published at the end of each learning pathway are re-used for the knowledge test for learners interested in earning a digital badge or certificate of participation for the Introduction to entrepreneurship (IENT102) micro-course. Please consult the Certify participation page for more information.
Indicate whether the following statements are true or false:
- Experienced business owners do not need guidance from others.
- True
- Wrong, experienced entrepreneurs know the value of sound business advice.
- False
- It is important to choose a mentor who is older than you, so they have more experience.
- True
- This statement is false – a younger person may be an appropriate mentor if they have more experience in the relevant business area.
- False
- You are right, this statement is false.
- Professional advisers are professionals with specific expertise (such as lawyers, accountants, and IT specialists).
- True
- False
- No, professional advisors are consulted because of the value of their knowledge and experience in specialised fields.
- Business owners may choose to join a formal or informal support group, such as a Business Owners’ network.
- True
- False
- Incorrect, many entrepreneurs participate in formal and informal business networks.
Multiple choice questions
- Which one of these is statements about business mentors is FALSE:
- Business mentoring is a relationship between an experienced business person (the mentor) and a less-experienced business owner or employee (the mentee)
- Business mentoring can be informal
- This is true. Your business mentor could be a neighbour, friend, or family member who is an experienced business person.
- Business mentoring is generally only useful during the first two years of a company’s operations
- This is false. Mentoring can be useful at any stage (for example, if you are looking at growing your business, diversifying, or expanding into a new market, of if you have a particular problem which you have not encountered before).
- Mentoring can help you to expand your business network
- Which of the following are common mistakes when entrepreneurs are considering using a professional business adviser? (Tick all that apply – there are two correct answers):
- Relying only on family and friends for advice
- That’s right. This is a common mistake. There are times when expert help is needed.
- Talking directly to your adviser about any concerns about the service you are getting
- No, this is not a mistake. It is good to raise concerns promptly so that they can be resolved – or you can leave the relationship amicably.
- Asking a lot of questions
- No, it is not a mistake to ask questions – answering them is part of the service the professional adviser provides.
- Choosing an adviser based on how much they charge for their services
- You are right. This is a common mistake. You should look at an adviser’s track record and reputation, as well as their fees.
- Which of the following is NOT mentioned in the video-clip on the importance of mentorship in the IENT102 pathway on professional advisors:
- It’s important to work with a mentor from the same industry or sector as you
- This is mentioned in the video.
- Networking is a significant benefit of having a mentor
- This is addressed in the video.
- You can talk with your mentor about your challenges and frustrations
- This is mentioned in the video.
- Mentorship can help improve your business finances
- This is NOT mentioned in the video. Simply having a mentor is unlikely to affect your business finances. Your mentor may advise you on how to raise finance, or manage your finances, but it would be your decisions and actions that would determine whether or not your business finances improve.
- Based on your learning in this micro-course, what should you do before approaching a professional business adviser? (Select ONE correct answer):
- Send them a detailed business plan and copies of your financial statements
- No, this is not recommended. When you first meet the adviser(s) in person, they may ask to see this information, but you would not normally share this level of detail with them beforehand, in the absence of a contractual agreement.
- Put together an outline of what you do, what you’re trying to achieve, and what you’d like help with
- Draw up a detailed list of objectives that your adviser should meet
- No, this is not recommended. It’s important to remember that your business adviser(s) will have skills and expertise that you don’t have, and haven’t considered. It’s important to be flexible.
- Look up their photographs on social media
- No,this is not mentioned. It is recommended that you ask for referrals and/or read testimonials, which may be available online.
The questions which follow provide a basic knowledge test of selected concepts covered in this learning pathway: Professional advisors and mentors.
The questions published at the end of each learning pathway are re-used for the knowledge test for learners interested in earning a digital badge or certificate of participation for the Introduction to entrepreneurship (IENT102) micro-course. Please consult the Certify participation page for more information.
True - false questions
Indicate whether the following statements are true or false:
Multiple choice questions