Question 1: What is the first step you should take when starting to plan a new business?

Answer: Identify a product or service that people need or want.

Question 2: Explain why it is important to research your potential customers before starting a business.

Answer: Researching customers helps you understand what they need, how much they are willing to pay, and how to attract them to your business.

Question 3: List three factors you should consider when choosing a suitable location for your business.

Answer: Accessibility for customers, rent costs, and proximity to suppliers or competitors.

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

Answer: A business plan should include the business idea, target customers, start-up costs, marketing strategies, and how the business will make a profit.

Question 5: Sketch a basic layout for a small market stall that sells homemade baked goods. Label the key areas, such as the display counter, storage space, and cash register.

Answer: A large blank space where students draw a rectangular stall with labeled sections for display, storage, and payment area.

Question 6: Explain why setting a budget is important before starting a business.

Answer: A budget helps you manage your money, ensure you have enough funds to start and run the business, and avoid overspending.

Question 7: What could happen if a business owner does not plan for potential problems?

Answer: They might face unexpected challenges that they are unprepared for, which could lead to failure or financial loss.

Question 8: Identify two sources of information that can help you plan your business effectively.

Answer: Business advice from teachers or mentors, and research from books, websites, or local business support agencies.

Question 9: Imagine you want to start a small plant nursery. List three things you would include in your marketing plan.

Answer: Advertising through social media, offering discounts to early customers, and placing signs near the nursery location.

Question 10: Describe how you would evaluate whether your business idea is successful after the first few months of trading.

Answer: By checking if sales meet targets, getting customer feedback, and comparing actual expenses and income with your initial plan.