Question 1: Define what a business plan is and explain its importance for an enterprise.

Answer: A business plan is a detailed document that outlines the goals, strategies, target market, financial forecasts, and operational plans of a business. It is important because it guides the business’s development, attracts investors, and helps manage risks.

Question 2: List three key components that should be included in an enterprise’s marketing plan.

Answer: Target market analysis, marketing strategies (such as advertising and promotions), and pricing strategies.

Question 3: Identify two potential sources of finance an entrepreneur might use to start their enterprise.

Answer: Bank loans and personal savings.

Question 4: Describe the importance of conducting market research before launching a new product or service.

Answer: Market research helps understand customer needs and preferences, identify competitors, and assess the demand for the product or service, reducing the risk of failure.

Question 5: Evaluate why it is important for an enterprise to set SMART objectives during the planning stage.

Answer: SMART objectives (Specific, Measurable, Achievable, Relevant, Time-bound) help ensure clear direction, facilitate progress tracking, motivate staff, and improve chances of achieving business goals.

Question 6: Sketch a simple flowchart showing the steps involved in planning an enterprise from idea generation to launch.

Answer: A flowchart should include steps such as idea generation, market research, setting objectives, creating a business plan, securing finance, and launching the enterprise.

Question 7: Draw a basic layout for a business start-up checklist, including at least five items that need to be completed before launching.

Answer: A checklist should include items such as market research, securing funding, registering the business, developing a marketing plan, and setting up premises or online presence.

Question 8: Explain the term 'target market' and why it is crucial in the planning process.

Answer: A target market is a specific group of consumers at whom the business aims its products or services. It is crucial because understanding the target market helps tailor marketing strategies and product offerings to meet customer needs.

Question 9: Identify three risks that an enterprise might face during the planning stage and suggest one way to mitigate each.

Answer: Financial risk (mitigate by creating a detailed budget), market risk (mitigate by conducting thorough market research), and operational risk (mitigate by planning resources and processes carefully).

Question 10: Create a brief outline of a contingency plan for an enterprise facing potential supply chain disruptions.

Answer: Identify alternative suppliers, maintain extra inventory, and develop flexible delivery schedules to ensure continuity of supply.