Podcast
Questions and Answers
Which of the following best describes the relationship between an objective and a performance indicator in a business plan?
Which of the following best describes the relationship between an objective and a performance indicator in a business plan?
- Objectives provide a general direction, while performance indicators offer a specific, measurable way to assess progress toward that direction. (correct)
- Performance indicators define the broad goals, while objectives provide the detailed steps to achieve those goals.
- Objectives and performance indicators are the same; they both measure the financial success of a plan.
- Objectives are externally imposed, while performance indicators are chosen arbitrarily by the business owner.
A new business is developing its 'enterprise strategy.' Which question is most relevant to this process?
A new business is developing its 'enterprise strategy.' Which question is most relevant to this process?
- How will the business build and develop its overall game plan for success? (correct)
- What is the current market price for similar products or services?
- Who are the business's primary competitors?
- What are the daily operational procedures of the business?
A company prides itself on environmental stewardship, incorporating this into its 'core values & beliefs.' Which action best reflects this alignment?
A company prides itself on environmental stewardship, incorporating this into its 'core values & beliefs.' Which action best reflects this alignment?
- Lobbying for weaker environmental regulations to reduce compliance costs.
- Sponsoring a local sports team to improve community relations.
- Using the cheapest available materials to maximize profit margins.
- Implementing sustainable sourcing and production practices. (correct)
A business is analyzing 'macro-environmental factors.' How could a change in social demographics MOST affect its business plan?
A business is analyzing 'macro-environmental factors.' How could a change in social demographics MOST affect its business plan?
How does a company's 'main value proposition' relate to its 'target customers'?
How does a company's 'main value proposition' relate to its 'target customers'?
According to the content, what is the ultimate vision for the year 2040?
According to the content, what is the ultimate vision for the year 2040?
Flashcards
Objective
Objective
The desired end result or goal to be achieved.
Performance Indicators
Performance Indicators
A way to measure the success or progress toward a specific goal.
Core Values & Beliefs
Core Values & Beliefs
The fundamental behaviors, guiding principles and ideas that shape a company's culture and decisions.
Enterprise Strategy
Enterprise Strategy
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Enterprise Delivery System
Enterprise Delivery System
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Main Value Proposition (Unique Selling Proposition)
Main Value Proposition (Unique Selling Proposition)
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Study Notes
- Entrepreneurship
Objective
- End result expected
Performance Indicators
- Quantitative measure
Core Values & Beliefs
- Behaviors and ideas
Executive Summary
Enterprise Strategy
- Builds and develops the game plan
Enterprise Delivery System
- Inputs and outputs
Business Proponents
Target Customers
Main Value Proposition
- Unique selling proposition
Market Demand
Macro-environmental Factors
- External environment or big forces
Social Demographics
- Structure
- Social status
- The dynamics of the population at large
- People’s beliefs and customs
Political
- Laws, rules, and regulations
Economic
- External factors influencing cost behavior
Ecological
- Natural resources
Technological
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Use of technology
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In 2040, all will enjoy a stable and comfortable lifestyle, secure in the knowledge to cover our daily needs and unexpected expenses, able to plan and prepare for our own and our children's future.
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Description
Overview of entrepreneurship covering business strategy and planning. Includes target customers, value proposition, market demand, and macro-environmental factors. It also covers social demographics, political, economical, ecological and technological factors.
