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 the primary purpose of a business plan?
Answer: To outline goals and strategies for a business
A business plan outlines a company's goals, strategies, market analysis, and financial projections to guide operations and attract investors.
What does a SWOT analysis evaluate?
Answer: Strengths, Weaknesses, Opportunities, Threats
SWOT analysis assesses internal strengths and weaknesses alongside external opportunities and threats facing a business.
Which section of a business plan describes your target customers and competition?
Answer: Market Analysis
The market analysis section details target demographics, market size, and competitive landscape.
What is a value proposition?
Answer: A promise of value delivered to customers
A value proposition is a clear statement that explains how your product solves a problem and why customers should choose you over competitors.
What is a competitive advantage?
Answer: A unique quality that gives a business an edge over rivals
A competitive advantage is a distinct attribute—such as technology, brand, or cost structure—that allows a business to outperform competitors.
What does the term 'exit strategy' mean for an entrepreneur?
Answer: A plan for how an owner will eventually leave or sell the business
An exit strategy outlines how an entrepreneur plans to transition out of the business, such as through a sale, merger, or IPO.