Which of the listed tools is used as a decision-making tool?
Explanation: Decision-making tools are methods used to approach problem-solving effectively. Some of them are SWOT analysis, Model Business Canvas, etc.
Which four aspects are defined in a SWOT analysis?
Explanation: SWOT analyses are often presented in a four-quadrant table, visually organising internal (strengths and weaknesses) and external (opportunities and threats) factors to provide clear insights into a company’s strategic position.
Why do we use Business Model Canvas?
Explanation: The Business Model Canvas (BMC) stands out as a highly practical tool for business planning due to its concise, clear, and flexible design.
What are business goals?
Explanation: Business goals are objectives planned within a business that must be measurable and achievable.
What do the SMART acronyms stand for?
Explanation: It means:
Specific – Clearly state what you want to achieve. Measurable – Define how success will be measured (quantifiable metrics). Achievable – Ensure the goal is realistic based on resources and capabilities. Relevant – Align with business priorities and long-term objectives. Time-bound – Set a deadline for achieving the goal.
SMART stands for Simple, Manageable, Adaptable, Reliable, and Tested.
SMART stands for Goals, Meaningful, Accountable, Soft and Transparent.
SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound.
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How does establishing a clear financial picture early on help businesses?
Explanation: Establishing a clear financial picture early on helps businesses manage resources effectively and set realistic financial objectives.
What portion of all farm managers were female in 2020?
Explanation: Farming is a male-dominated profession, with only 31.6 % of farmers managers being women in 2020.
What percentage of businesses in Europe are family businesses?
Explanation: Family businesses account for more than 60% of all businesses in Europe, from sole traders to large multinational corporations.
