SME
influences in establishing SMES
business planning process
critical issues in business
success and failure
success and failure
random
100
what does SME stand for
small to medium enterprise
100
what is one factor that influences the establishment of an SME enterprise?
- Availability of funding and financial resources
- Market demand and industry trends
- Government policies and regulations
- Access to skilled labor and talent
- Technological advancements and infrastructure
- Entrepreneur's expertise and experience
- Competitive landscape and market conditions
- Support from business networks and mentors
100
What is the purpose of a business plan?
To outline a company's goals and strategies for achieving them
100
What are 3 factors contribute to business success?
- Strong leadership
- Clear vision and mission
- Effective marketing strategies
- Sound financial management
- High-quality products or services
- Customer focus and satisfaction
- Skilled and motivated workforce
- Continuous innovation and improvement
100
what movie is this🎈 🧓 🏠?
Up
200
what are 2 common funding sources of SMEs
- bank loans
- personal savings
-venture capital
- angel investors
- government grants
- crowdfunding platforms
200
What external factors influence the establishment of an SME enterprise?
- Economic conditions and stability
- Government policies and incentives
- Availability of funding and credit
- Market demand and consumer behavior
- Technological advancements and infrastructure
- Industry trends and competition
- Legal and regulatory environment
- Availability of skilled workforce
- Access to business support services and networks
200
What are 2 steps involved in developing a comprehensive business plan?
Define the Business Concept
Conduct Market Research.
Develop a Marketing Strategy
Create a Financial Plan
Outline Operations Plan
Craft an Executive Summary
Implement and Monitor
200
What are 2 primary reasons for business failure?
- Poor financial management
- Inadequate market research
- Weak business model
- Lack of strategic planning
- Ineffective leadership
- Insufficient marketing and sales efforts
- Failure to adapt to market changes
- Poor customer service
200
what is the only mammal capable of true flight
a bat
300
what is one primary advantage of SMEs over larger corporations?
ability to quickly adapt to market changes and trends
300
What are 3 internal factors that influence the establishment of an SME enterprise?
- Entrepreneur's skills and experience
- Business plan quality and clarity
- Availability of initial capital and financial resources
- Personal network and business connections
- Company culture and values
- Management team's capabilities
- Marketing strategy and brand positioning
- Operational efficiency and processes
- Innovation and adaptability to change
300
What are 2 steps in the business planning process
Conduct market research
Define business objectives
Develop a business strategy
Create a financial plan
Draft the business plan document
Review and revise the plan
Implement the plan
Monitor progress and update regularly
300
What is 1 of the critical issues that influence business success or failure?
Market demand and competition
Financial management and cash flow
Leadership and management capabilities
Business model viability
Customer satisfaction and retention
Adaptability to change and innovation
Operational efficiency
Strategic planning and execution
300
How much does a cloud weigh?
around 1 million tonnes
400
what are the 3 key benefits of SMEs to the economy
- create job opportunities
- foster innovation and competition
- contribute to local and national economic growth
- enhance community development
- increase diversity in products and services
400
How does market research influence the establishment of an SME enterprise? Identify two points
- Identifies target market demographics, needs, and preferences.
- Assesses market size, potential demand, and competition.
- Guides product or service development based on consumer insights.
- Helps in pricing strategies and positioning within the market.
- Minimizes risks by validating business ideas and concepts.
- Informs marketing and promotional efforts effectively.
- Supports long-term business sustainability and growth strategies.
400
What are 3 essential elements of a business plan?
Executive summary
Company description
Market analysis
Organization and management
Product line or services
Marketing and sales strategy
Funding request
Financial projections
Appendix
400
2 ways businesses mitigate risks that lead to failure?
- Conduct thorough risk assessment and management
- Maintain adequate cash reserves and financial stability
- Diversify customer base and revenue streams
- Cultivate strong vendor and partner relationships
- Invest in ongoing employee training and development
- Stay abreast of industry trends and competitive landscape
400
how much is the most expensive cow in the world?
$4 million
500
what are some challenges commonly faced by SMEs
- limited access to capital
- high competition from larger companies
- regulatory and compliance burdens
-difficulty in attracting and retaining talent
- vulnerability to economic fluctuations
500
What is 1 key components of the business planning process?
- Executive Summary
- Business Description
- Market Analysis
- Organization and Management
- Product or Service Line
- Marketing and Sales Strategy
- Funding Request
- Financial Projections
500
What are 2 common challenges in the business planning process?
Identifying target market accurately
Forecasting financials realistically
Managing limited resources effectively
Adapting to market changes
Securing funding
Aligning team and stakeholders
Setting achievable goals and milestones
500
What are 2 key factors that influence long-term business sustainability?
- Ethical business practices and corporate social responsibility
- Adaptation to technological advancements
- Effective risk management and crisis preparedness
- Commitment to environmental sustainability
- Strategic alliances and partnerships
- Continuous market analysis and customer feedback
500
which planet in the solar system has the longest day?
venus