What is the first step in brainstorming a business idea?

• Choosing a business name

• Identifying your interests, skills, and passions

• Creating a marketing plan

• Applying for a business license

Why is researching competitors important during brainstorming?

• It helps you copy their business model

• It helps you identify gaps in the market and potential opportunities

• It isn’t necessary when starting a business

• It ensures your business will be exactly the same as theirs

What should you focus on when brainstorming a business idea?

• Only ideas that require little work

• Solving a problem or meeting a need in the market

• Starting a business with the most expensive products

• Avoiding industries that interest you

You want to start a food truck, but there are already several in your city. What should you do?

• Find a unique menu or location to stand out from competitors

• Copy another food truck’s menu exactly

• Avoid food trucks and start a completely different business

• Buy an expensive food truck before researching the market

Why is it important to define your target market?

• So you can price your products as high as possible

• So you know who your ideal customers are and how to reach them

• So you can avoid marketing efforts

• So you can sell to everyone without focusing on a specific group

Which of the following is NOT a good business idea?

• A business that solves a problem

• A business that fits your skills and interests

• A business with no research or planning

• A business that has a unique selling point

What is the purpose of a task list in business planning?

• To keep track of important tasks and deadlines

• To make the business plan look professional

• To replace a business plan completely

• To write down random ideas

You are creating a task list for your new business. What should be included?

• Task descriptions, deadlines, and priority levels

• Only a list of business expenses

• Employee names and schedules

• A list of competitors

Scenario: Jake wants to open a clothing store. He has brainstormed his idea and is now making a task list. What is the FIRST task he should complete?

• Research the costs of clothing and rental space

• Buy clothing inventory immediately

• Open the store before securing funding

• Skip planning and start selling clothes

What is an example of a high-priority task when starting a business?

• Choosing a business logo color

• Securing the necessary licenses and permits

• Deciding what music will play in the store

• Creating a personal social media account