L5 - STRATEGIC PLANNING

Question 2

refers to the systematic process of envisioning a desired future and translating this vision into broadly defined goals and objectives, which involves formulation of strategies and allocation of resources to achieve those objectives.

Answer 2

Strategic Planning

Question 3

refers to the aggregation of factors that
differentiate a small business from its
competitors and gives it a unique and superior
position in the market

Answer 3

Competitive Advantage

Question 4

• refers to how the entrepreneur sees
  the company he/she is about to put up in the
  future.

Answer 4

Vision

Question 5

• refers to the basic
  description of the fundamental nature,
  rationale, and direction of the firm.

Answer 5

• Mission Statemen

Question 6

Elements of a Mission Statement

Answer 6

• The purpose of the business
• The business the
  entrepreneurship is in
• The values of the
  entrepreneurship

Question 7

• is an entrepreneurial tool
  used in assessing the firm’s internal
  strengths and weaknesses and the
  opportunities and threats in the external
  environment.

Answer 7

SWOT Analysis

Question 8

are broad and long-term attributes
that the business seeks to accomplish

Answer 8

Goals

Question 9

designed
plan which indicates how the entrepreneur
will attempt to accomplish the goals with the
resources available. It defines the means on
how the vision, mission, goals and objectives
will be attained.

Answer 9

Strategy (Courses of Action

Question 10

• refers to the specific
  performance targets that the
  entrepreneurship hopes to accomplish

Answer 10

Strategic Objectives

Question 11

Fundamentals Strategies for Small Business

Answer 11

1. Flexibility strategy
2. Strategy of effectiveness as a higher priority
3. Strategy of starting simple

Question 12

• refers to businesses operated
  for the first time by the small business
  operator.

Answer 12

• New Business