GROUP 7 ENTREP

Question 1

need a clear business model and strategy to ensure long-term success.

Answer 1

Entrepreneurs

Question 2

A _________ describes how your business operates and makes money

Answer 2

business model

Question 3

Who are your target customers? (eg., businesses, individuals,
niche markets)

Answer 3

Customer Segments

Question 4

-What problem are you solving? What makes your product/service
unique?

Answer 4

Value Proposition

Question 5

How do you reach your customers? (e.g., online, physical stores, social
media)

Answer 5

Channels

Question 6

How do you interact with customers? (e.g. personalized
service, self-service)

Answer 6

Customer Relationships

Question 7

What core activities drive your business? (e.g., production, marketing,
distribution)

Answer 7

Key Activities

Question 8

How does your business make money? (eg, sales, subscriptions,
advertising)

Answer 8

Revenue Streams

Question 9

What essential assets do you need? (e.g., technology, brand,
workforce)

Answer 9

Key Resources

Question 10

What are your major expenses? (eg, rent, salaries, marketing costs)

Answer 10

Cost Structure

Question 10

-Who are your business allies? (eg, suppliers, affiliates, investors)

Answer 10

Key Partnerships

Question 11

A business strategy outlines how a company competes, grows, and sustains itself in the
market.

Answer 11

DEVELOPING YOUR BUSINESS STRATEGY

Question 12

Your long-term goal (e.g., “To be the most-loved coffee brand in the
city”).

Answer 12

Vision Statement

Question 13

Your purpose and values (e.g., “Providing ethically sourced coffee
in a warm, inviting space”).

Answer 13

Mission Statement:

Question 14

What gives you an advantage? (e.g., strong brand, unique product)

Answer 14

Strengths

Question 15

What are your limitations? (e.g., high costs, limited reach)

Answer 15

Weaknesses

Question 16

What trends can you leverage? (e.g., rise of eco-friendly products)

Answer 16

Opportunities

Question 17

What external risks could impact your business? (e.g.. competition,
changing customer preferences)

Answer 17

Threats

Question 18

Compete on price (e.g., offering the most affordable coffee).

Answer 18

Cost Leadership

Question 19

Provide a unique value (eg, organic, hand-crafted coffee).

Answer 19

Differentiation

Question 20

Target a specific audience (e.g., premium, artisanal coffee for
connoisseurs)

Answer 20

Niche Focus

Question 21

Competitive pricing, premium pricing, or subscription-based models.

Answer 21

Pricing Strategy

Question 22

Social media campaigns, influencer marketing, local partnerships.

Answer 22

Marketing Strategy

Question 23

Open more branches, offer franchising, or expand internationally

Answer 23

Expansion Plan

Question 24

Define clear business objectives (e.g., “Increase online sales by 30% in six months”).

Answer 24

Specific

Question 25

Track sales, website traffic, and customer feedback.

Answer 25

Measurable

Question 26

Set realistic targets based on market conditions.

Answer 26

Achievable

Question 27

Align goals with your long-term vision.

Answer 27

Relevant

Question 28

Set deadlines for achieving goals

Answer 28

Time-bound

Question 29

Monthly and annual earnings

Answer 29

Sales Revenue

Question 30

How much it costs to get a new customer.

Answer 30

Customer Acquisition Cost (CAC)

Question 31

How many customers return.

Answer 31

Customer Retention Rate

Question 32

Your position compared to competitors.

Answer 32

Market Share

Question 33

Use Al for customer service, data analytics for decision making.

Answer 33

Leverage Technology

Question 33

Monitor industry trends, customer behavior, and emerging competitors.

Answer 33

Stay Updated on Trends

Question 33

Be flexible in changing your business model when necessary.

Answer 33

Adapt Strategies