B06 - Micro Business for (Ohio) Teens – Part 4
Q.1
The video featured Lucas Rice who started his own Landscaping Micro Business. What was his strategy when he started his business?
He started his business slowly
He started his business with no debt
He borrowed money from the bank to purchase his first tractor
Both start his business slowly and start his business with no debt.
Q.2
In order to grow his business, Lucas purchased a riding lawn mower. How did he fund the purchase of the mower?
Borrowed money from his family
Borrowed money from the bank
Used the money he saved from his business
Venture capitalists
Q.3
One of the biggest impacts to Lucas’ business was an article, in USA Today, that featured his business. What was the amazing outcome of that article?
The company that Lucas purchased his first riding lawn mower from, which was shown in the article, gave him a brand new riding mower
He was paid $10,000
His customer base doubled
There was no change to his business
Q.4
One important lesson that Lucas learned when he started his Micro Business was to keep the startup manageable. How long before Lucas hired his first employee?
6 months
One year
Two years
Three years
Q.5
Philip Santoro, owner of FreeForms, sold his company for $1,200, 000. One very important lesson that he learned was to be generous with his knowledge and money. What did Philip do with part of the money?
Bought a brand new home
Paid off his parents’ home mortgage
Put the money in the bank
Donated the entire amount to charity