Entrepreneurship Business Planning and Strategy 2

Question 1

What is a mission statement?

Accepted Answer

A brief description of a company's purpose and values

Answer

A company's long-term financial goal

Answer

A legal document filed with the state

Answer

A marketing slogan for advertising

Question 2

What is a vision statement?

Accepted Answer

A long-term aspirational goal for where the company wants to be

Answer

A description of current operations

Answer

A financial forecast for next quarter

Answer

A statement of employee benefits

Question 3

What is meant by 'scalability' in a business model?

Accepted Answer

The capacity to grow revenue without proportional cost increases

Answer

The ability to reduce employee headcount quickly

Answer

The ability to relocate a business to a new city

Answer

Having a flexible return policy for customers

Question 4

What is a business model canvas?

Accepted Answer

A one-page strategic framework describing how a business creates and delivers value

Answer

A visual chart of employee org structure

Answer

A legal template for business registration

Answer

A financial spreadsheet for projections

Question 5

What does 'bootstrapping' a startup mean?

Accepted Answer

Funding a business using personal savings without outside investors

Answer

Hiring a large team quickly to gain market share

Answer

Launching a business with a government grant

Answer

Taking out a bank loan to fund operations

Question 6

Which planning tool helps entrepreneurs forecast future revenues and expenses?

Accepted Answer

Financial projection

Answer

Org chart

Answer

Brand guideline

Answer

Customer journey map