Podcast
Questions and Answers
Your friend is developing a marketing plan for her new business. What should she put in this plan? (Select all that apply)
Your friend is developing a marketing plan for her new business. What should she put in this plan? (Select all that apply)
- Where she wants to sell her product
- The price of her product
- A description of the people in her target market
- All of the above (correct)
Which statement is the best description of a value proposition?
Which statement is the best description of a value proposition?
- The cost of creating the product
- A component of the business plan that identifies the target market for the product
- The features and benefits that make the product or business unique (correct)
- None of the above
What is the main purpose of developing a business pitch?
What is the main purpose of developing a business pitch?
- To tell investors all the important details and goals of your business so they don't need to read the business plan
- To determine whether your business idea is a business opportunity
- To provide customers with an in-depth description of how your business was formed
- To briefly share the most important information about your business to people in an engaging way (correct)
Which of the following is probably NOT an important point to include in a business pitch?
Which of the following is probably NOT an important point to include in a business pitch?
Why is it important to conduct market research on your target audience before building your marketing plan?
Why is it important to conduct market research on your target audience before building your marketing plan?
Which of the following is NOT a creative thinking exercise entrepreneurs use to generate ideas?
Which of the following is NOT a creative thinking exercise entrepreneurs use to generate ideas?
Sharon is thinking about opening a bakery. She knows she wants to set her own hours, reduce her stress, and make a profit. But she still has a lot to think through. Which of the following would NOT be a good early step?
Sharon is thinking about opening a bakery. She knows she wants to set her own hours, reduce her stress, and make a profit. But she still has a lot to think through. Which of the following would NOT be a good early step?
Sharon realizes that she needs additional research before she approaches potential investors. What kind of research should she do to effectively evaluate her potential business opportunity?
Sharon realizes that she needs additional research before she approaches potential investors. What kind of research should she do to effectively evaluate her potential business opportunity?
What are the four parts of a SWOT analysis?
What are the four parts of a SWOT analysis?
George and Miguel are considering opening up a shoe store but first need to do market research. Which one of these is NOT part of the market research process?
George and Miguel are considering opening up a shoe store but first need to do market research. Which one of these is NOT part of the market research process?
George and Miguel want to know more about their local and online competitors and about the retail industry. What is the best way for them to find all of this information?
George and Miguel want to know more about their local and online competitors and about the retail industry. What is the best way for them to find all of this information?
Which of these is NOT part of a consumer profile?
Which of these is NOT part of a consumer profile?
Regina is looking to start a knitting business and complete a target market profile to include in her business plan. Identify which item in her target market profile is in the wrong category and where it should be moved.
Regina is looking to start a knitting business and complete a target market profile to include in her business plan. Identify which item in her target market profile is in the wrong category and where it should be moved.
Regina is creating her competitive analysis. She understands why it's important to know about her direct competitors, but she is not sure why indirect competitors matter. She asks you if indirect competitors are important to know about. What should you say?
Regina is creating her competitive analysis. She understands why it's important to know about her direct competitors, but she is not sure why indirect competitors matter. She asks you if indirect competitors are important to know about. What should you say?
Which of the following is a fixed expense for Maria's sandwich food truck?
Which of the following is a fixed expense for Maria's sandwich food truck?
Which of the following is a start-up expense for Maria's food truck?
Which of the following is a start-up expense for Maria's food truck?
Pete wants to write a business plan for Pete's PB&J cupcake cart. He needs to identify all expenses associated with making a peanut butter and jelly cupcake. For the economics of one unit, what is the most accurate way of determining his expense?
Pete wants to write a business plan for Pete's PB&J cupcake cart. He needs to identify all expenses associated with making a peanut butter and jelly cupcake. For the economics of one unit, what is the most accurate way of determining his expense?
Pete is disappointed with the projections of how much his cupcake cart will make in the first month. What could he do to try to improve his net profit?
Pete is disappointed with the projections of how much his cupcake cart will make in the first month. What could he do to try to improve his net profit?
Based on the diagram, has Pete's business broken even (meaning, covered its fixed expenses and become profitable)?
Based on the diagram, has Pete's business broken even (meaning, covered its fixed expenses and become profitable)?
Which of the following is NOT one of the four steps to preparing a sales forecast?
Which of the following is NOT one of the four steps to preparing a sales forecast?
What is the definition of an entrepreneur?
What is the definition of an entrepreneur?
Which of the following is NOT true about an entrepreneur?
Which of the following is NOT true about an entrepreneur?
An example of an asset is:
An example of an asset is:
Which of the following is NOT a true statement about business plans?
Which of the following is NOT a true statement about business plans?
Which of the following is NOT necessarily a characteristic of successful entrepreneurs?
Which of the following is NOT necessarily a characteristic of successful entrepreneurs?
Which of the following is an advantage of starting your own business?
Which of the following is an advantage of starting your own business?
While being an entrepreneur can be the right career choice for many, some may not feel that starting a business is for them. What is the best reason to study entrepreneurship?
While being an entrepreneur can be the right career choice for many, some may not feel that starting a business is for them. What is the best reason to study entrepreneurship?
What is the main difference between a personal characteristic and a skill?
What is the main difference between a personal characteristic and a skill?
Which one of these is NOT considered a skill?
Which one of these is NOT considered a skill?
What role do entrepreneurs play in economics?
What role do entrepreneurs play in economics?
What is Medicare?
What is Medicare?
Which of the following statements is TRUE about variable expenses?
Which of the following statements is TRUE about variable expenses?
Which of the following is TRUE about income?
Which of the following is TRUE about income?
Which of the following statements about take-home pay is TRUE?
Which of the following statements about take-home pay is TRUE?
When is a budget considered to be balanced?
When is a budget considered to be balanced?
Which of the following statements is TRUE about startup capital?
Which of the following statements is TRUE about startup capital?
Which of the following is an example of a tax you must pay?
Which of the following is an example of a tax you must pay?
Which of the following would be an example of a WANT?
Which of the following would be an example of a WANT?
Which of the following is a fixed expense?
Which of the following is a fixed expense?
When creating a personal budget, it is important to consider things you _____, _______ things you ______.
When creating a personal budget, it is important to consider things you _____, _______ things you ______.
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Study Notes
Business Planning and Market Research
- A comprehensive marketing plan includes sales locations, pricing, and target market demographics.
- A value proposition highlights unique features and benefits of a product or business.
- Business pitches should convey essential business information engagingly to potential investors.
- Avoid detailing the company name's meaning in business pitches; focus on customer benefits and uniqueness.
- Conducting market research helps identify potential customers and refine marketing strategies.
Creative Thinking and Idea Generation
- Creative exercises for entrepreneurs include challenging norms and drawing idea maps, but not judging ideas prematurely.
- Early steps for business planning should prioritize research and advice over immediate lease commitments.
SWOT Analysis and Market Competition
- A SWOT analysis identifies strengths, weaknesses, opportunities, and threats to a business.
- Market research encompasses identifying objectives, conducting primary and secondary research, and drawing conclusions.
Consumer Profiles and Competitive Analysis
- A consumer profile includes demographics, psychographics, and buying patterns, excluding polygraphics.
- Understanding indirect competitors is essential as they fulfill similar customer needs despite selling different products.
Business Financials and Expenses
- Fixed expenses include salaries and insurance, while start-up expenses include kitchen appliances for food businesses.
- The economics of a product should be calculated by assessing ingredient costs in detail.
- To improve net profit, entrepreneurs can adjust prices, increase sales volume, or reduce fixed expenses.
Sales Forecasting and Business Planning
- Steps in preparing sales forecasts involve current analysis, reviewing past trends, and estimating future sales, excluding organizational structure selection.
- Entrepreneurs create businesses that provide goods and services to meet consumer needs.
Entrepreneurial Characteristics and Assets
- Entrepreneurs manage and own businesses, bearing responsibility for their success, distinct from performing assigned tasks.
- Assets include time, money, and physical items such as vehicles.
Business Plans and Entrepreneurial Success
- Business plans warrant regular revisions and should outline goals and strategies.
- Traits of successful entrepreneurs include creativity, risk comfort, and initiative, while aggressiveness isn’t necessary.
Personal Budgeting and Income
- Income is recognized as earnings, and take-home pay is what remains after deductions.
- A balanced budget occurs when expenses do not exceed earnings.
Startup Capital and Financial Responsibilities
- Startup capital encompasses investments in essentials like marketing and supplies for beginning a business.
- Taxes include social security obligations, while wants contrast with needs, exemplified by desires like entertainment versus essential living conditions.
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