Business Planning and Strategy Flashcards
6 cards from real Entrepreneurship practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Business Planning and Strategy flashcards as text
What is a 'go-to-market strategy'?
Answer: A plan for entering a new geographic market with a product or service
A go-to-market strategy defines how a company will launch a product, reach target customers, and achieve a competitive advantage upon entry.
What is a milestone in a business plan?
Answer: A specific, measurable goal with a deadline used to track progress
Milestones are specific, time-bound achievements entrepreneurs use to track progress toward broader business goals.
What does 'burn rate' refer to in a startup context?
Answer: The rate at which a startup spends its cash reserves each month
Burn rate is the speed at which a startup consumes its cash before becoming cash-flow positive.
What is 'runway' for a startup?
Answer: The period of time a company can operate before running out of cash
Runway is the amount of time a startup can continue operating at its current burn rate before it runs out of money.
What is 'product-market fit'?
Answer: When a product satisfies strong demand in a specific target market
Product-market fit means your product effectively meets the needs of a clearly defined market, resulting in strong organic customer adoption.
What is a pivot in the context of entrepreneurship?
Answer: A fundamental shift in a startup's business strategy or product direction
A pivot is a structured course correction in which a startup changes its product, market, or business model based on validated learning.