SECTION 1:6 TEST

1. According to Warren Buffett, what is important to remember when pursuing success?
A) Success can be achieved overnight with enough effort
B) Talent is all that is needed for success
C) Some things take time, no matter the talent or effort
D) Instant rewards should be prioritized

2. What long-term strategy did Jeff Bezos emphasize for building Amazon?
A) Prioritizing quick profits over long-term growth
B) Aligning customer and shareholder interests through long-term thinking
C) Avoiding risks to ensure immediate success
D) Focusing solely on shareholder interests

3. What does Gary Vaynerchuk mean by “Macro patience, micro speed”?
A) Take slow, deliberate actions and focus on quick rewards
B) Delay all actions until the perfect moment
C) Work quickly on daily tasks but focus on long-term success
D) Focus on speed over strategy in business decisions

4. How does patience help entrepreneurs when facing setbacks?
A) It allows them to ignore their failures and move on quickly
B) It helps them stay calm, learn from mistakes, and keep pushing forward
C) It ensures they never fail in the first place
D) It encourages them to avoid taking risks

5. What lesson does Jack Ma offer about the entrepreneurial journey?
A) Success comes easily to those who avoid failure
B) Persistence is unnecessary if you face too many failures
C) Never give up, as hard times precede better days
D) Focusing on short-term profits is the key to success

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Answers:

1. C) Some things take time, no matter the talent or effort
2. B) Aligning customer and shareholder interests through long-term thinking
3. C) Work quickly on daily tasks but focus on long-term success
4. B) It helps them stay calm, learn from mistakes, and keep pushing forward
5. C) Never give up, as hard times precede better days