ENTREPRENEURSHIP-QUIZ3

What is a business plan?

• A marketing strategy for a product

• A financial statement of a company

• A verbal agreement between partners

• A written document outlining a company's objectives

Why is a business plan important?

• It guarantees success in business

• It eliminates all uncertainties

• It helps keep the business on track and attain goals

• It is only necessary for large corporations

What should entrepreneurs analyze to determine market potential?

• The location of their business

• The customer base and its growth potential

• The price of raw materials

• The number of competitors only

What is a key factor in choosing a business location?

• The historical significance of the area

• The availability of transportation and parking

• The aesthetic appeal of the building

• The owner's personal preference

What does SWOT analysis stand for?

• Sales, Wages, Operations, Time

• Strengths, Weaknesses, Opportunities, Threats

• Strategies, Workforce, Outcomes, Trends

• Systems, Workflows, Objectives, Targets

What is a critical aspect of financial management in a business plan?

• Product design

• Marketing strategies

• Employee satisfaction

• Capital investment and funding sources

What should a marketing study include?

• The history of the business

• Analysis of product demand and competitive advantage

• The personal background of the entrepreneur

• Only the selling price of the product

What is a significant characteristic of weak products?

• Unique design and appeal

• Poor quality and high price

• Strong market demand

• High quality and low price

What is one of the basic phases of a business plan?

• Marketing and Distribution Study

• Employee recruitment

• Customer service training

• Product packaging design

What should be included in the project summary of a business plan?

• Market competition analysis

• Detailed financial statements

• Personal goals of the entrepreneur

• Name of the firm and brief description of the business