Before watching the video series, let's assess your current understanding. Some notes before beginning.
Read these key concepts before starting the quiz.
It is not just for banks. A business plan is a written guide for your business. Think of it like a roadmap. It helps you organize your ideas and check if your business can make money before you start spending it.
MVP stands for Minimum Viable Product. This is a simple version of your product that you create to get feedback from customers. It helps you see if people actually like your idea before you build the final version.
An LLC (Limited Liability Company) is the best way to protect your personal money. It separates the things you own (like your house or car) from the business. If the business gets sued or owes money, your personal things stay safe.
Do not try to sell to "everyone." You need to find the specific group of people who need your product. Think about their age, location, and interests. focusing on a specific group saves you money on advertising.
SOP stands for Standard Operating Procedure. These are written, step-by-step instructions on how to do a task. They make sure the work is done the same way every time to prevent mistakes.
The #1 reason businesses fail isn't lack of money—it is because not enough people want to buy what they are selling. This is why researching your market before you start is so important.