Business Plans
What is the primary purpose of a business plan?
To outline goals, strategies, and financial forecasts for a business.
What is revenue minus expenses called?
Profit
What is the purpose of market research?
To understand the target audience and market trends.
What is an elevator pitch?
A short, persuasive speech about a business idea.
Who was the female instructor for the course?
Dr. Rukaiza Khan
Name two key components of a business plan.
Executive summary and financial projections.
What is a budget?
A financial plan for managing income and expenses.
What are two types of research in market analysis?
Primary and secondary research.
Why is active listening important in business?
It helps understand others’ needs and build better relationships.
What does "target audience" mean?
The specific group of people a business is trying to reach.
What does ROI stand for?
Return on Investment
What does "target market" mean?
The specific group of people a product is aimed at.
What does non-verbal communication include?
Gestures, facial expressions, and body language
True or False: Business plans are only needed for startups.
False.
What is the difference between gross and net income?
Gross income is before expenses; net income is after expenses.
What is competitor analysis?
Studying competitors’ strengths and weaknesses.
What is a value proposition?
A statement explaining why a product is better than competitors’.
Why is the management and operations section important to investors?
It shows that entrepreneurs understand the resources and personnel needed to run the business.
What is equity financing?
Raising capital by selling shares of the company.
What is a focus group?
A small group of people gathered to provide feedback on a product or idea.
What is networking?
Building relationships to share information and find opportunities.