Business Skills Assessment

What is the first step in the business ideation process?

• Hire employees

• Create a business plan

• Identify a problem or opportunity

• Choose a company name

Explain the importance of operational planning in a business.

• Operational planning only leads to confusion and inefficiency in a business.

• Operational planning is unnecessary and a waste of time in a business.

• Operational planning is only relevant for large corporations, not small businesses.

• Operational planning is crucial in a business to set goals, allocate resources, coordinate activities, identify risks, and ensure smooth operations.

What are some effective sales strategies for a new business?

• Identify target customers and create a strong value proposition

• Utilize social media and digital marketing and offer promotions or discounts,

• Utilizing all the social media platform and digital marketing. The more the better!

• Continuously analyze and adjust strategies based on performance.

Answer explanation

Utilizing all the social media platform and digital marketing. The more the better! is false because it is time-consuming and costly to manage all platforms at once.

What company SHOULD NOT be doing to effectively manage risks in a competitive industry?

• By mainly focusing on short-term gains

• By following successful competitors' strategies because it works really well for them

• By relying on market data and analysis that are 30 years and above

• By conducting risk assessments e.g., implementing mitigation strategies

Answer explanation

By following successful competitors' strategies because it works really well for them - Just because it works well for them, does not mean it will work well for us.

Why is networking important for entrepreneurs?

• Building relationships is not so necessary for entrepreneurial success.

• Networking helps entrepreneurs build relationships

• Entrepreneurs should focus solely on individual efforts

• Networking might help to access resources and collaboration for growth.

Discuss the role of marketing techniques in promoting a business.

• Marketing techniques are essential for creating awareness.

• Marketing techniques are primarily focused on reducing costs.

• Marketing techniques are essential for driving sales for a business.

• Marketing techniques are only useful for small businesses.

How can brainstorming sessions help in generating innovative business ideas?

• Brainstorming sessions allow a diverse group of individuals to share perspectives

• Brainstorming sessions limit creativity by imposing structure and rules.

• Brainstorming sessions only benefit individuals with prior business experience.

• Brainstorming sessions often lead to conflicts which could provide opportunities

Answer explanation

Brainstorming sessions often lead to conflicts which could provide opportunities

Not all conflicts are bad. Some conflicts help us to think from different angles.

What factors are FALSE when considering an operational plan for a business?

• Risks are not important at this stage

• Outline tasks and responsibilities

• Set unrealistic timelines

• Business opening day and time is very important for operational management

What are the key components of a successful sales pitch in a business?

• Addressing objections from the public

• Creating a sense of urgency

• Using psychological tactics to influence customers e.g., fear, worry

• It is best to memorize a script from A-Z

Answer explanation

Using psychological tactics to influence customers e.g., fear, worry - is a part of marketing gimmicks

Memorizing a script would sound unnatural

How can a professional like Olivia expand her network?

• Reaching out to alumni from your school or previous workplaces.

• Participating in industry conferences or seminars

• Connecting with colleagues on social media platforms like LinkedIn,

• Attending networking events, joining professional organizations