Question 1: Define the term 'business plan' and explain its importance in enterprise planning.

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

Question 2: List three key components that should be included in a comprehensive market analysis for a new enterprise.

Answer: Target market demographics, competitor analysis, and customer needs or preferences.

Question 3: Describe two methods a new business can use to identify potential competitors in their industry.

Answer: Researching online directories and industry reports; conducting local market surveys or visiting similar businesses.

Question 4: Explain why setting SMART objectives is important when planning an enterprise.

Answer: SMART objectives are Specific, Measurable, Achievable, Relevant, and Time-bound, which helps ensure clear focus, effective measurement of progress, and realistic goal setting.

Question 5: Sketch a simple layout for a store that includes a checkout counter, shelves, and a customer entrance. Label each part clearly.

Answer: A large blank space for the student to draw a basic store layout. Correct sketch should show a designated entrance, shelves arranged logically, and a checkout counter positioned near the exit.

Question 6: Identify two potential risks that a new enterprise might face during the planning stage and suggest how to mitigate them.

Answer: Potential risks include insufficient funding and poor market research. Mitigation strategies include securing adequate funding before launch and conducting thorough market analysis.

Question 7: Outline the steps involved in creating a financial forecast for a new business.

Answer: Estimating startup costs, projecting sales revenue, calculating expenses, determining profit margins, and developing cash flow forecasts.

Question 8: Describe what a SWOT analysis involves and why it is useful in enterprise planning.

Answer: A SWOT analysis examines Strengths, Weaknesses, Opportunities, and Threats of a business. It helps identify internal and external factors that can impact success, guiding strategic decisions.

Question 9: Imagine you are planning a small cafe. List three key factors you would consider when choosing a location.

Answer: Foot traffic, accessibility for customers, and proximity to suppliers or competitors.

Question 10: Explain the importance of setting a realistic timeline in the planning process of an enterprise.

Answer: A realistic timeline helps ensure tasks are completed on schedule, prevents overambition, and allows for adjustments if delays occur, increasing the chances of success.