Question

^{Please, can you help me answer these questions?}

1. Describe the new business planning process.

2. Explain the parameters of the idea sketch pad.

3. What are the risks for an entrepreneur who becomes emotionally attached to an idea for a new business?

4. Describe the four components of a feasibility analysis.

5. Why is it important for an entrepreneur to be aware of the macro forces that shape a new business venture?

6. List and describe the six foundational forces that shape the macro environment of a business venture.

7. Describe in detail Porter’s Five Forces Model.

8. What is a market niche?

9. Explain the advantages an entrepreneur gains by pursuing a niche market.

10. List and describe the various tools for conducting primary market research.

11. What are the four elements of a financial feasibility analysis?

12. Even a business that passes a market and a financial feasibility analysis may not be a good business for an entrepreneur to launch. Explain.

13. Why is it essential to develop a sound business model before writing a business plan?

14. List and describe the nine elements of the business model canvas.

15. Describe the four phases that go into developing a business model.

16. A sound business model should always begin with a market need. Explain this statement.

Answer 1

1. Business cannot just be started in a day after having an idea of the startup. It goes through a thorough process of planning every step, outcomes and business goals. The business planning process helps us understand where we are now, where we have to be and how to can get there. It is analysing the critical tasks to be performed in the business to achieve the goals and the resources required to accomplish those goals. Just having an insight of where we want to take the business is not enough. It is also important to know where we stand now.

The capital and other resources we have, our strengths and weaknesses and our capabilities to face the critical situations should be analysed in the business planning process. It also determines the areas where improvements can be made to reach a certain parameter in achieving business goals. The competition in the market is evaluated and it forms the basis for strategising the business operations. The opportunities in the market of emerging and sustaining are verified before starting the business. The customers' demands and requirements are identified based on which the sustainability of the business depends.

Based on all these facts and information the budget is forecasted and the resources are measured as per the goals. A feasibility report and the evaluation of the internal resources helps us to decide if the business is worth starting and investing. A new business planning process helps us to perform all the above-mentioned tasks and derive results for this decision. A business started without a proper planning process will be full of uncertainties and not survive in the market for long.

(As these are different questions of various topics, please post one question at a time. Thanks)