Question 1: Define the term 'enterprise' in your own words.

Answer: An enterprise is a business or organization that provides goods or services to customers, aiming to make a profit.

Question 2: List three important factors to consider when planning a new business venture.

Answer: Target customers, start-up costs, and location.

Question 3: Describe what a business plan should include.

Answer: A business plan should include the business idea, target market, competition, marketing strategy, costs, and financial projections.

Question 4: Imagine you want to start a small bakery. Write down three steps you would take to plan your business.

Answer: Research recipes and ingredients, find a suitable location, and estimate the costs and prices for baked goods.

Question 5: Draw a simple flow chart showing the steps involved in starting a small business.

Answer: A correct flow chart would include steps such as idea development, market research, planning, securing funding, setting up the business, and launching.

Question 6: Explain why it is important to identify your target customers before starting a business.

Answer: Knowing your target customers helps you tailor your products, marketing, and pricing to meet their needs, increasing the chances of success.

Question 7: List two potential challenges you might face when planning a new enterprise.

Answer: Limited funding and competition from existing businesses.

Question 8: Sketch a simple logo for a new business called 'Fresh Fruits'. The logo should include the business name and an image that represents freshness.

Answer: A correct sketch would show the words 'Fresh Fruits' with images such as fruits or leaves, emphasizing freshness and health.

Question 9: Describe how you could promote your new bakery to attract customers.

Answer: Use social media, offer special discounts, and distribute flyers in the local area.

Question 10: Explain what a budget is and why it is important in planning a business.

Answer: A budget is a plan that estimates income and expenses. It helps ensure the business has enough money to operate and grow.