Question 1: Define what a business plan is and explain its importance when starting a new enterprise.

Answer: A business plan is a detailed document that outlines a company's goals, target market, strategies, financial projections, and operational plans. It is important because it guides the business, attracts investors, and helps identify potential challenges.

Question 2: List three key components that should be included in a business plan for a new enterprise.

Answer: Market analysis, financial plan, and marketing strategy.

Question 3: Describe how conducting market research can benefit your enterprise planning.

Answer: Market research helps identify customer needs and preferences, assess competitors, and estimate demand, enabling better decision-making and reducing risks.

Question 4: Sketch a simple layout of a business plan document. Include at least four sections that should be present.

Answer: A sketch showing sections labeled as: Executive Summary, Market Analysis, Financial Plan, and Marketing Strategy.

Question 5: Explain the importance of setting SMART goals in enterprise planning.

Answer: SMART goals are Specific, Measurable, Achievable, Relevant, and Time-bound. They help clarify objectives, track progress, and ensure realistic planning.

Question 6: Imagine you want to start a new business selling custom-made stationery. List three potential risks you might face and how you could plan to manage them.

Answer: Risks: Low customer demand, high production costs, competition. Management plans: Conduct market research to gauge demand, control costs through budgeting, and differentiate products to stand out from competitors.

Question 7: Draw a simple flowchart showing the basic steps involved in planning a new enterprise, from idea generation to launch.

Answer: A flowchart with steps: 1. Idea Generation, 2. Market Research, 3. Business Planning, 4. Funding, 5. Product Development, 6. Marketing, 7. Launch.

Question 8: Identify two legal considerations that must be addressed when planning a new business.

Answer: Registering the business with relevant authorities and understanding tax obligations.

Question 9: Explain why budgeting is critical in the planning phase of a new enterprise.

Answer: Budgeting helps estimate costs, allocate resources effectively, and ensure the business remains financially sustainable.

Question 10: Describe how customer feedback can influence the planning of your enterprise.

Answer: Customer feedback provides insights into preferences and areas for improvement, allowing the business to adapt products or services to better meet customer needs.

Question 11: Sketch a basic marketing mix (4Ps) for a new clothing business, including the four elements.

Answer: A sketch showing Product (clothing items), Price (affordable pricing), Place (online store and local shops), Promotion (social media and advertising).