Business Basics
What document outlines a company's goals and strategies?
Business Plan
What is the main purpose of a business logo?
To represent the brand visually
What is revenue?
Total money earned from sales
What is an entrepreneur?
A person who starts and runs a business
What is a SWOT analysis?
A tool for evaluating strengths, weaknesses, opportunities, and threats
What is the first step in starting a business?
Creating a business plan
What is a target audience?
The group a business aims to serve
What is a fixed cost?
An expense that does not change, like rent
What is the role of a mentor in business?
To offer guidance and advice
What is a competitive advantage?
A unique trait that sets a business apart
Which legal structure offers the most personal liability protection?
Corporation
What is the purpose of market research?
To identify potential customers and understand competitors
What is the difference between gross profit and net profit?
Gross profit = revenue minus direct costs, net profit = revenue minus all expenses
What is a business's mission statement?
A statement outlining goals and values
What is the primary goal of a marketing campaign?
To increase brand awareness
What is the purpose of a business plan?
To serve as a roadmap for goals and strategies
Name a key component of a business plan.
A detailed marketing strategy
What is the best way to track expenses?
Using financial software or a budget plan
Name two qualities of a strong leader
Communication and resilience
What strategy helps businesses analyze their strengths, weaknesses, opportunities, and threats?
SWOT analysis
What is one risk of starting a business?
Financial loss or uncertainty
What does a marketing strategy include?
Ways to promote the business and attract customers
Why is financial planning important in a startup?
It helps allocate resources and plan for sustainability
What is the importance of networking for an entrepreneur?
It creates opportunities and builds relationships
What is the best way to stay competitive in a market?
Innovation and customer focus