Question 1: What is the first step you should take when planning a new business idea?

Answer: Identify a gap in the market or a need that your business can fill.

Question 2: Explain why it is important to set clear objectives for your enterprise.

Answer: Clear objectives help to focus efforts, measure progress, and achieve specific goals for the business.

Question 3: Name two types of research you might do before starting your business and explain their purpose.

Answer: Market research to understand customer needs and competitors, and financial research to estimate costs and potential profits.

Question 4: Describe what a simple business plan should include.

Answer: A business plan should include an overview of the business, target market, products or services, costs, pricing, and marketing strategies.

Question 5: Draw a basic layout of a plan for a small café business, including at least three key sections.

Answer: A clear sketch showing sections such as 'Market Analysis', 'Financial Plan', and 'Operations Plan'.

Question 6: List three qualities that are important for an entrepreneur to have when planning a new enterprise.

Answer: Creativity, determination, and good organisational skills.

Question 7: Explain why budgeting is a crucial part of planning an enterprise.

Answer: Budgeting helps to control costs, ensure there is enough money to operate, and plan for profits and losses.

Question 8: Identify two potential risks in starting a new business and suggest how to manage them.

Answer: Risks include financial loss and lack of customers. Managing them involves careful planning, market research, and marketing strategies.

Question 9: Sketch a simple flowchart showing the steps from idea generation to launching a business.

Answer: A flowchart with steps such as 'Generate Idea', 'Research', 'Create Business Plan', 'Secure Funding', 'Set Up', and 'Launch'.

Question 10: Why is it important to review and revise your business plan regularly?

Answer: Because market conditions, costs, and customer preferences can change, and reviewing helps keep the business on track.