Entrepreneurship Business Planning and Strategy 1

Question 1

What is the primary purpose of a business plan?

Accepted Answer

To outline goals and strategies for a business

Answer

A business plan outlines a company's goals, strategies, market analysis, and financial projections to guide operations and attract investors.

Question 2

What does a SWOT analysis evaluate?

Accepted Answer

Strengths, Weaknesses, Opportunities, Threats

Answer

SWOT analysis assesses internal strengths and weaknesses alongside external opportunities and threats facing a business.

Question 3

Which section of a business plan describes your target customers and competition?

Accepted Answer

Market Analysis

Answer

The market analysis section details target demographics, market size, and competitive landscape.

Question 4

What is a value proposition?

Accepted Answer

A promise of value delivered to customers

Answer

A value proposition is a clear statement that explains how your product solves a problem and why customers should choose you over competitors.

Question 5

What is a competitive advantage?

Accepted Answer

A unique quality that gives a business an edge over rivals

Answer

A competitive advantage is a distinct attribute—such as technology, brand, or cost structure—that allows a business to outperform competitors.

Entrepreneurship Practice Test