reading answers of business planning

Business Planning Reading Questions and Answers

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IELTS Reading passage – Business Planning

Business Planning

What is a Business plan?

It is probably best described as a summary and evaluation of your business idea, in writing.Preparation of a business plan is the first and most important task for the business starter. The plan should include details concerning the industry in which you operate, your product or service, marketing, production, personnel and financial strategies.

What purpose does it serve?

A business plan allows you to think through all the factors of a business, and to solve potential problems before you come to them. It will identify strengths and weaknesses and help to assess whether the business can succeed. It is a blueprint for starting, maintaining or expanding a business. It is a working plan to use in comparing your achievements to the goals you set. It should provide information required by financial institutions when finance is sought.

How to produce a Business plan

Step 1: Collect InformationGather as much relevant information as possible concerning the industry in which you intend to operate (the number of businesses already operating, the size of their operations, where they are located). Use books, industry associations, and existing business owners to help you.Collect all possible information regarding the market/s you are aiming for (who buys, why do they buy, what are the key features the customer looks for).Learn all you can about the product/s or services you intend to produce, distribute or offer.Step 2: AnalysisRead over all the material you have collected and decide what is relevant to your business idea. You may have to modify your idea depending on what your research shows. The key question to ask is:“Can you design a business that will earn enough to cover costs and pay a wage and reasonable profit to you as a proprietor?”When Steps 1 and 2 are completed, you should have decided if there is a market for your product or service which is large enough and sufficiently accessible to make your new business financially worthwhile. Now you are ready to commit your plan to paper.Step 3: Strategy FormulationDecide how the business will operate. You should describe how the business will be managed, and the staff and organisational structure that will be in place. Diagrams may be useful to show how these areas will work. Don’t forget to include the areas of responsibility for each member of staff. This is especially important if some of your staff will be family members.There are three further parts that go together to make a comprehensive business plan:

• A Marketing plan, which includes location, method of selling, packaging, pricing and so on. In all these areas you must be aware of consumer trends to make sure that your business does not become outdated or irrelevant. • An Operational plan, which describes the day-to-day running of the business. You should include supply sources, cost and quantities of materials, processes, equipment and methods of extending the services or products offered. • A Financial plan, which is a master budget for the operation and includes:

– cash flow forecast – balance sheet – profit and loss statement – sources of finance – sales forecast and target. The financial aspects of the plan are most important and you should develop or access financial skills to make sure this part of your plan is accurate and realistic. Don’t forget set-up costs and the money needed to see you through an initial period of low cash flow when calculating your first year’s budget.

Update your Business plan

Nothing remains constant in business; circumstances change, markets change, fashions change, methods change. From time to time you must check your sources of information and reassess your business plan. What is relevant when you start is not necessarily so in five years’ time. You may also need to revise targets and budgets if external factors (such as interest rates) vary.Keep your information up-to-date and be prepared to change as circumstances demand. A business plan should be thought of as flexible, not fixed. If you use these steps to develop a business plan, changing it according to circumstances, you will be well on the way to a successful business.

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Business Planning – IELTS General Reading Passage

Read the text below and answers to the questions 28-40 on your answer sheet.

GT Reading: “Business Planning”

Read the text below and answer Question 28-40 .

Business Planning

What is a Business plan? It is probably best described as a summary and evaluation of your business idea, in writing. Preparation of a business plan is the first and most important task for the business starter. The plan should include details concerning the industry in which you operate, your product or service, marketing, production, personnel and financial strategies. What purpose does it serve? A business plan allows you to think through all the factors of a business, and to solve potential problems before you come to them. It will identify strengths and weaknesses and help to assess whether the business can succeed. It is a blueprint for starting, maintaining or expanding a business. It is a working plan to use in comparing your achievements to the goals you set. It should provide information required by financial institutions when finance is sought. How to produce a Business plan Step 1: Collect Information Gather as much relevant information as possible concerning the industry in which you intend to operate (the number of businesses already operating, the size of their operations, where they are located). Use books, industry associations, and existing business owners to help you. Collect all possible information regarding the market/s you are aiming for (who buys, why do they buy, what are the key features the customer looks for). Learn all you can about the product/s or services you intend to produce, distribute or offer. Step 2: Analysis Read over all the material you have collected and decide what is relevant to your business idea. You may have to modify your idea depending on what your research shows. The key question to ask is: “Can you design a business that will earn enough to cover costs and pay a wage and reasonable profit to you as a proprietor?” When Steps 1 and 2 are completed, you should have decided if there is a market for your product or service which is large enough and sufficiently accessible to make your new business financially worthwhile. Now you are ready to commit your plan to paper. Step 3: Strategy Formulation Decide how the business will operate. You should describe how the business will be managed, and the staff and organisational structure that will be in place. Diagrams may be useful to show how these areas will work. Don’t forget to include the areas of responsibility for each member of staff. This is especially important if some of your staff will be family members. There are three further parts that go together to make a comprehensive business plan: • A Marketing plan, which includes location, method of selling, packaging, pricing and so on. In all these areas you must be aware of consumer trends to make sure that your business does not become outdated or irrelevant. • An Operational plan, which describes the day-to-day running of the business. You should include supply sources, cost and quantities of materials, processes, equipment and methods of extending the services or products offered. • A Financial plan, which is a master budget for the operation and includes: – cash flow forecast – balance sheet – profit and loss statement – sources of finance – sales forecast and target. The financial aspects of the plan are most important and you should develop or access financial skills to make sure this part of your plan is accurate and realistic. Don’t forget set-up costs and the money needed to see you through an initial period of low cash flow when calculating your first year’s budget. Update your Business plan Nothing remains constant in business; circumstances change, markets change, fashions change, methods change. From time to time you must check your sources of information and reassess your business plan. What is relevant when you start is not necessarily so in five years’ time. You may also need to revise targets and budgets if external factors (such as interest rates) vary. Keep your information up-to-date and be prepared to change as circumstances demand. A business plan should be thought of as flexible, not fixed. If you use these steps to develop a business plan, changing it according to circumstances, you will be well on the way to a successful business.

Questions 28-34

Do the following statements agree with the views of the writer in the passage “Business Planning?” In boxes 28-34 on your answer sheet write YES if the statement agrees with the views of the writer NO if the statement contradicts the views of the writer NOT GIVEN if it is impossible to say what the writer thinks about this 28. A business plan must be written down. 29. Creating a business plan is only necessary for a new business. 30. A business plan should include a diagram of your proposed office or shop layout. 31. A business should generate enough money to pay salaries and some profit to the owner. 32. The roles of family members in the business must be clearly defined in the business plan. 33. You should expect not to earn much money in the first year. 34. Once a business plan is finished, no further changes will need to be made to it.

Questions 35-40

The text describes how to make a business plan.

Choose the correct word or phrase from the box to complete the following flow chart of how to make a business plan.

Write its letter in boxes 35-40 on your answer sheet.

Answer: 28. YES 29. NOT GIVEN 30. NOT GIVEN 31. YES 32. YES 33. YES 34. NO 35. C 36. J 37. I 38. F 39. H 40. B

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Choosing premises for a new business: Reading Answers

IELTS General Test – Passage 03: Choosing Premises for a new business reading with answers explanation, location and pdf summary. This reading paragraph has been taken from our huge collection of Academic & General Training (GT) Reading practice test PDF’s.

Choosing premises for a new business Reading Answers pdf

IELTS reading module focuses on evaluating a candidate’s comprehension skills and ability to understand English. This is done by testing the reading proficiency through questions based on different structures and paragraphs (500-950 words each). There are 40 questions in total and hence it becomes extremely important to practice each and every question structure before actually sitting for the exam.

This reading passage mainly consists of following types of questions:

Fill in the blanks

We are going to read about different factors that need to be considered while choosing a place for new business. You must read the passage carefully and try to answer all questions correctly.

Choosing Premises for a new business

What you need Three factors dominate the priorities of small businesses looking for premises: cost, cost and cost. Nobody ever has enough money, so there is an overwhelming temptation to go for the cheapest property. It is a mistake that can take decades to rectify – and even threaten the future of a promising business.

Ironically some firms swing too far in the other direction, committing themselves to a heavy initial outlay because they believe in the importance of image – and that does not come cheap. Finding the right premises is the real secret. That can, and will, vary enormously according to the type of business. But there are some general rules that apply to any operation.

Location High street premises are important for shops which rely on passing trade – but these are expensive. Rents fall quickly within a few metres of main roads. Offices, however, need not be located centrally, particularly if most business is done on the phone or via email.

Manufacturing and storage relies heavily on access. Think about how vans and lorries will deliver and collect goods from the premises. Nearby parking can be important for staff, and public transport can be even more so, as traffic restrictions tighten.

Size This is a crucial decision. Health and Safety laws provide basic guidance on how much room is required per office desk or manufacturing operation. But remember to allow for growth.

Growth Every small business aims to become a big business, but this prospect can be obstructed if the wrong decisions are made early on. It is important to consider flexibility from the start. Can a building be physically altered internally by knocking down walls or by extending outwards or adding extra floors? Is there spare land next door to expand later if necessary?

Landlords obviously have to agree to any changes so it is important that the contract includes details of what will be allowed and how much extra will be charged on top of the costs of rebuilding or alteration. Planning rules must also be considered. Local authorities are not always open to discussion about the future of premises. They may have rigid rules about increasing density of development. The building may be in a conservation area or near housing, in which case it will be much more difficult to consider changes.

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Questions 15-20

Complete the sentences below. Choose NO MORE THAN TWO WORDS from the text for each answer. Write your answers in boxes 15-20 on your answer sheet . 15. Some people choose expensive premises because they want to create an impressive ………………… for their company. 16. Businesses which depend on ………………… need to be on or near the principal shopping areas. 17. Businesses which produce goods must check there is ………………… to the premises for delivery vehicles. 18. When choosing a building for your premises, find out whether ………………… could be removed to create more room. 19. Make sure that the ………………… states what type of building alterations might be permitted. 20. If business premises are located close to …………………, extensions may not be allowed.

Check out Choosing Premises for a new business reading answers below with explanations and locations given in the text.

15. image 16. passing trade 17. access 18. walls 19. contract 20. housing

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12.8: Reading- Create Your Business Plan

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Executive Summary

This written guide will help you create a business plan and map out how you will start and run your business successfully.

The executive summary is often considered the most important section of a business plan. This section briefly tells your reader where your company is, where you want to take it, and why your business idea will be successful. If you are seeking financing, the executive summary is also your first opportunity to grab a potential investor’s interest.

The executive summary should highlight the strengths of your overall plan and therefore be the last section you write. However, it usually appears first in your business plan document.

Below are several key points that your executive summary should include based on the stage of your business.

If You Are an Established Business

If you are an established business, be sure to include the following information:

The Mission Statement —This explains what your business is all about. It should be between several sentences and a paragraph.
Company Information —Include a short statement that covers when your business was formed, the names of the founders and their roles, your number of employees, and your business location(s).
Growth Highlights —Include examples of company growth, such as financial or market highlights (for example, “XYZ Firm increased profit margins and market share year-over-year since its foundation). Graphs and charts can be helpful in this section.
Your Products/Services —Briefly describe the products or services you provide.
Financial Information —If you are seeking financing, include any information about your current bank and investors.
Summarize future plans —Explain where you would like to take your business.

With the exception of the mission statement, all of the information in the executive summary should be covered in a concise fashion and kept to one page. The executive summary is the first part of your business plan many people will see, so each word should count.

If You Are a Startup or New Business

If you are just starting a business, you won’t have as much information as an established company. Instead, focus on your experience and background as well as the decisions that led you to start this particular enterprise.

Demonstrate that you have done thorough market analysis. Include information about a need or gap in your target market, and how your particular solutions can fill it. Convince the reader that you can succeed in your target market, then address your future plans.

Remember, your Executive Summary will be the last thing you write. So the first section of the business plan that you will tackle is the Company Description section.

Company Description

This section of your business plan provides a high-level review of the different elements of your business. This is akin to an extended elevator pitch and can help readers and potential investors quickly understand the goal of your business and its unique proposition.

What to Include in Your Company Description

Describe the nature of your business and list the marketplace needs that you are trying to satisfy.
Explain how your products and services meet these needs.
List the specific consumers, organizations or businesses that your company serves or will serve.
Explain the competitive advantages that you believe will make your business a success such as your location, expert personnel, efficient operations, or ability to bring value to your customers.

Next, you’ll need to move on to the Market Analysis section of your plan.

Market Analysis

The market analysis section of your business plan should illustrate your industry and market knowledge as well as any of your research findings and conclusions.

What to Include in Your Market Analysis

Industry Description and Outlook —Describe your industry, including its current size and historic growth rate as well as other trends and characteristics (e.g., life cycle stage, projected growth rate). Next, list the major customer groups within your industry.
Information About Your Target Market —Narrow your target market to a manageable size. Many businesses make the mistake of trying to appeal to too many target markets. Research and include the following information about your market:
Distinguishing Characteristics —What are the critical needs of your potential customers? Are those needs being met? What are the demographics of the group and where are they located? Are there any seasonal or cyclical purchasing trends that may impact your business?
Size of the Primary Target Market —In addition to the size of your market, what data can you include about the annual purchases your market makes in your industry? What is the forecasted market growth for this group?
How Much Market Share Can You Gain? —What is the market share percentage and number of customers you expect to obtain in a defined geographic area? Explain the logic behind your calculation.
Pricing and Gross Margin Targets —Define your pricing structure, gross margin levels, and any discount that you plan to use.
When you include information about any of the market tests or research studies you have completed, be sure to focus only on the results of these tests. Any other details should be included in the appendix (which we will discuss later).
Market share
Strengths and weaknesses
How important is your target market to your competitors?
Are there any barriers that may hinder you as you enter the market?
What is your window of opportunity to enter the market?
Are there any indirect or secondary competitors who may impact your success?
What barriers to market are there (e.g., changing technology, high investment cost, lack of quality personnel)?
Regulatory Restrictions —Include any customer or governmental regulatory requirements affecting your business, and how you’ll comply. Also, cite any operational or cost impact the compliance process will have on your business.

Once you’ve completed this section, you can move on to the Organization and Management section of your business plan.

Organization and Management

This section should include: your company’s organizational structure, details about the ownership of your company, profiles of your management team, and the qualifications of your board of directors.

Who does what in your business? What is their background and why are you bringing them into the business as board members or employees? What are they responsible for? These may seem like unnecessary questions to answer in a one- or two-person organization, but the people reading your business plan want to know who’s in charge, so tell them. Give a detailed description of each division or department and its function.

This section should include who’s on the board (if you have an advisory board) and how you intend to keep them there. What kind of salary and benefits package do you have for your people? What incentives are you offering? How about promotions? Reassure your reader that the people you have on staff are more than just names on a letterhead.

Organizational Structure

A simple but effective way to lay out the structure of your company is to create an organizational chart with a narrative description. This will prove that you’re leaving nothing to chance, you’ve thought out exactly who is doing what, and there is someone in charge of every function of your company. Nothing will fall through the cracks, and nothing will be done three or four times over. To a potential investor or employee, that is very important.

Ownership Information

This section should also include the legal structure of your business along with the subsequent ownership information it relates to. Have you incorporated your business? If so, is it a C or S corporation? Or perhaps you have formed a partnership with someone. If so, is it a general or limited partnership? Or maybe you are a sole proprietor.

The following important ownership information should be incorporated into your business plan:

Names of owners
Percentage ownership
Extent of involvement with the company
Forms of ownership (i.e., common stock, preferred stock, general partner, limited partner)
Outstanding equity equivalents (i.e., options, warrants, convertible debt)
Common stock (i.e., authorized or issued)
Management Profiles
Experts agree that one of the strongest factors for success in any growth company is the ability and track record of its owner/management team, so let your reader know about the key people in your company and their backgrounds. Provide resumes that include the following information:
Position (include brief position description along with primary duties)
Primary responsibilities and authority
Unique experience and skills
Prior employment
Special skills
Past track record
Industry recognition
Community involvement
Number of years with company
Compensation basis and levels (make sure these are reasonable — not too high or too low)
Be sure you quantify achievements (e.g. “Managed a sales force of ten people,” “Managed a department of fifteen people,” “Increased revenue by 15 percent in the first six months,” “Expanded the retail outlets at the rate of two each year,” “Improved the customer service as rated by our customers from a 60 percent to a 90 percent rating”)

Also, highlight how the people surrounding you complement your own skills. If you’re just starting out, show how each person’s unique experience will contribute to the success of your venture.

Board of Directors’ Qualifications

The major benefit of an unpaid advisory board is that it can provide expertise that your company cannot otherwise afford. A list of well-known, successful business owners/managers can go a long way toward enhancing your company’s credibility and perception of management expertise.

If you have a board of directors, be sure to gather the following information when developing the outline for your business plan:

Positions on the board
Extent of involvement with company
Historical and future contribution to the company’s success

Service or Product Line

Once you’ve completed the Organizational and Management section of your plan, the next part of your business plan is where you describe your service or product, emphasizing the benefits to potential and current customers. Focus on why your particular product will fill a need for your target customers.

What to Include in Your Service or Product Line Section

A Description of Your Product/Service —Include information about the specific benefits of your product or service – from your customers’ perspective. You should also talk about your product or service’s ability to meet consumer needs, any advantages your product has over that of the competition, and the current development stage your product is in (e.g., idea, prototype).
Details About Your Product’s Life Cycle —Be sure to include information about where your product or service is in its life cycle, as well as any factors that may influence its cycle in the future.
Intellectual Property —If you have any existing, pending, or any anticipated copyright or patent filings, list them here. Also disclose whether any key aspects of a product may be classified as trade secrets. Last, include any information pertaining to existing legal agreements, such as nondisclosure or non-compete agreements.
Research and Development (R&D) Activities —Outline any R&D activities that you are involved in or are planning. What results of future R&D activities do you expect? Be sure to analyze the R&D efforts of not only your own business, but also of others in your industry.

Marketing and Sales

Once you’ve completed the Service or Product Line section of your plan, the next part of your business plan should focus on your marketing and sales management strategy for your business.

Marketing is the process of creating customers, and customers are the lifeblood of your business. In this section, the first thing you want to do is define your marketing strategy. There is no single way to approach a marketing strategy; your strategy should be part of an ongoing business-evaluation process and unique to your company. However, there are common steps you can follow which will help you think through the direction and tactics you would like to use to drive sales and sustain customer loyalty.

An overall marketing strategy should include four different strategies:

A market penetration strategy.
A growth strategy. This strategy for building your business might include: an internal strategy such as how to increase your human resources, an acquisition strategy such as buying another business, a franchise strategy for branching out, a horizontal strategy where you would provide the same type of products to different users, or a vertical strategy where you would continue providing the same products but would offer them at different levels of the distribution chain.
Channels of distribution strategy. Choices for distribution channels could include original equipment manufacturers (OEMs), an internal sales force, distributors, or retailers.
Communication strategy. How are you going to reach your customers? Usually a combination of the following tactics works the best: promotions, advertising, public relations, personal selling, and printed materials such as brochures, catalogs, flyers, etc.

After you have developed a comprehensive marketing strategy, you can then define your sales strategy. This covers how you plan to actually sell your product.

Your overall sales strategy should include two primary elements:

A sales force strategy. If you are going to have a sales force, do you plan to use internal or independent representatives? How many salespeople will you recruit for your sales force? What type of recruitment strategies will you use? How will you train your sales force? What about compensation for your sales force?
Your sales activities. When you are defining your sales strategy, it is important that you break it down into activities. For instance, you need to identify your prospects. Once you have made a list of your prospects, you need to prioritize the contacts, selecting the leads with the highest potential to buy first. Next, identify the number of sales calls you will make over a certain period of time. From there, you need to determine the average number of sales calls you will need to make per sale, the average dollar size per sale, and the average dollar size per vendor.

Next, if you are seeking financing for your business, you’ll need to complete the next part of your plan—Funding Request.

Funding Request

If you are seeking funding for your business venture, use this section to outline your requirements.

Your funding request should include the following information:

Your current funding requirement
Any future funding requirements over the next five years
How you intend to use the funds you receive: Is the funding request for capital expenditures? Working capital? Debt retirement? Acquisitions? Whatever it is, be sure to list it in this section.
Any strategic financial situational plans for the future, such as: a buyout, being acquired, debt repayment plan, or selling your business. These areas are extremely important to a future creditor, since they will directly impact your ability to repay your loan(s).

When you are outlining your funding requirements, include the amount you want now and the amount you want in the future. Also include the time period that each request will cover, the type of funding you would like to have (e.g., equity, debt), and the terms that you would like to have applied.

To support your funding request you’ll also need to provide historical and prospective financial information. Once you have completed your funding request, move on to the next part of your plan—Financial Projections.

Financial Projections

You should develop the Financial Projections section after you’ve analyzed the market and set clear objectives. That’s when you can allocate resources efficiently. The following is a list of the critical financial statements to include in your business plan packet.

Historical Financial Data

If you own an established business, you will be requested to supply historical data related to your company’s performance. Most creditors request data for the last three to five years, depending on the length of time you have been in business.

The historical financial data to include are your company’s income statements, balance sheets, and cash flow statements for each year you have been in business (usually for up to three to five years). Often, creditors are also interested in any collateral that you may have that could be used to ensure your loan, regardless of the stage of your business.

Prospective Financial Data

All businesses, whether startup or growing, will be required to supply prospective financial data. Most of the time, creditors will want to see what you expect your company to be able to do within the next five years. Each year’s documents should include forecasted income statements, balance sheets, cash flow statements, and capital expenditure budgets. For the first year, you should supply monthly or quarterly projections. After that, you can stretch it to quarterly and/or yearly projections for years two through five.

Make sure that your projections match your funding requests; creditors will be on the lookout for inconsistencies. It’s much better if you catch mistakes before they do. If you have made assumptions in your projections, be sure to summarize what you have assumed. This way, the reader will not be left guessing.

Finally, include a short analysis of your financial information. Include a ratio and trend analysis for all of your financial statements (both historical and prospective). Since pictures speak louder than words, you may want to add graphs of your trend analysis (especially if they are positive).

Next, you may want to include an Appendix to your plan. This can include items such as your credit history, resumes, letters of reference, and any additional information that a lender may request.

The Appendix should be provided to readers on an as-needed basis. In other words, it should not be included with the main body of your business plan. Your plan is your communication tool; as such, it will be seen by a lot of people. Some of the information in the business section you will not want everyone to see, but specific individuals (such as creditors) may want access to this information to make lending decisions. Therefore, it is important to have the appendix within easy reach.

The appendix would include:

Credit history (personal and business)
Resumes of key managers
Product pictures
Letters of reference
Details of market studies
Relevant magazine articles or book references
Licenses, permits or patents
Legal documents
Copies of leases
Building permits
List of business consultants, including attorney and accountant

Any copies of your business plan should be controlled; keep a distribution record. This will allow you to update and maintain your business plan on an as-needed basis. Remember, too, that you should include a private placement disclaimer with your business plan if you plan to use it to raise capital.

How to Make Your Business Plan Stand Out

One of the first steps to business planning is determining your target market and why they would want to buy from you.

For example, is the market you serve the best one for your product or service? Are the benefits of dealing with your business clear and are they aligned with customer needs? If you’re unsure about the answers to any of these questions, take a step back and revisit the foundation of your business plan.

The following tips can help you clarify what your business has to offer, identify the right target market for it and build a niche for yourself.

Be Clear About What You Have to Offer

Ask yourself: Beyond basic products or services, what are you really selling? Consider this example: Your town probably has several restaurants all selling one fundamental product—food. But each is targeted at a different need or clientele.

One might be a drive-thru fast food restaurant, perhaps another sells pizza in a rustic Italian kitchen, and maybe there’s a fine dining seafood restaurant that specializes in wood-grilled fare. All these restaurants sell meals, but they sell them to targeted clientele looking for the unique qualities each has to offer. What they are really selling is a combination of product, value, ambience and brand experience.

When starting a business, be sure to understand what makes your business unique. What needs does your product or service fulfill? What benefits and differentiators will help your business stand out from the crowd?

Don’t Become a Jack of All Trades—Learn to Strategize

It’s important to clearly define what you’re selling. You do not want to become a jack-of-all trades and master of none because this can have a negative impact on business growth. As a smaller business, it’s often a better strategy to divide your products or services into manageable market niches. Small operations can then offer specialized goods and services that are attractive to a specific group of prospective buyers.

Identify Your Niche

Creating a niche for your business is essential to success. Often, business owners can identify a niche based on their own market knowledge, but it can also be helpful to conduct a market survey with potential customers to uncover untapped needs. During your research process, identify the following:

Which areas your competitors are already well established
Which areas are being ignored by your competitors
Potential opportunities for your business

Check Your Understanding

Answer the question(s) below to see how well you understand the topics covered in this section. This short quiz does not count toward your grade in the class, and you can retake it an unlimited number of times.

Use this quiz to check your understanding and decide whether to (1) study the previous section further or (2) move on to the next section.

https://assessments.lumenlearning.com/assessments/195

Contributors and Attributions

Create Your Business Plan. Provided by : U.S. Small Business Association. Located at : https://www.sba.gov/writing-business-plan . License : Public Domain: No Known Copyright

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Unlocking the Secrets of Business Planning in IELTS Reading Answers

By knbbs-sharer.

Business planning has always been an integral part of ensuring the success of any organization. For students taking the IELTS exam, reading passages on business planning and management are quite common, and can pose a challenge if one is not familiar with the jargon used in the business world.

In this article, we will highlight some key tips and tricks on how to decipher and tackle questions related to business planning in IELTS Reading answers.

Introduction

The IELTS test is designed to assess an individual’s ability to effectively communicate in English. This includes reading comprehension, which is a crucial skill for anyone looking to pursue higher education or seek employment in an English-speaking country. The business world is a major contributor to the global economy, making it a common topic in the IELTS Reading section.

For those unfamiliar with the language of business planning, the passages can seem daunting. However, with a basic understanding of key terms and concepts, answering questions become much easier.

What is Business Planning?

Business planning is the process of setting a company’s goals, strategies, and objectives in order to achieve its desired outcomes. This involves analyzing market trends, identifying potential opportunities and risks, and creating action plans to achieve set goals.

When reading a passage related to business planning in IELTS Reading, it is important to be familiar with core terms such as SWOT analysis, risk management, and market segmentation.

SWOT analysis refers to an assessment of a company’s strengths, weaknesses, opportunities, and threats. This analysis is important in identifying areas where a company can improve and develop a competitive advantage.

Risk management involves identifying potential risks that could affect a company’s operations, and creating strategies to mitigate those risks. This can include creating contingency plans or implementing preventative measures.

Market segmentation involves dividing a market into smaller groups based on common characteristics, such as demographic or geographic factors. This helps companies tailor their products and services to specific groups, increasing the likelihood of success.

How to Approach Business Planning Questions in IELTS Reading

When faced with business planning questions in IELTS Reading, it is important to read through the passage thoroughly and identify key terms and concepts. Focus on understanding the overall message and purpose of the passage before attempting to answer questions.

Pay attention to any tables or graphs included in the passage, as they can provide valuable information to help answer questions.

Be mindful of any specific details mentioned in the passage, such as dates, names, or percentages. These details may be key in answering questions accurately.

Avoid rushing through the passage, as this can lead to misunderstandings or overlooking important information.

Example Case Study

To further illustrate these key concepts, let’s look at an example case study:

XYZ Company is looking to expand its operations into a new global market. The company has conducted a SWOT analysis and identified potential opportunities and risks within the market. XYZ plans to implement a risk management strategy to mitigate potential risks, and will tailor its products and services to specific market segments.

What is XYZ’s plan for expansion?

A. Conduct a market segmentation analysis B. Implement a risk management strategy C. Conduct a SWOT analysis D. None of the above

Answer: B. Implement a risk management strategy

In this example, understanding the purpose of a SWOT analysis and risk management strategy is crucial in correctly identifying the answer.

Business planning is a common topic in IELTS Reading, and can pose a challenge if one is not familiar with the language used. By understanding key terms and concepts related to business planning, tackling questions becomes much easier.

Be sure to read through the passage thoroughly, pay attention to key details, and avoid rushing through the passage.

By following these tips, you’ll be on your way to unlocking the secrets of business planning in IELTS Reading answers.

(Note: Do you have knowledge or insights to share? Unlock new opportunities and expand your reach by joining our authors team. Click Registration to join us and share your expertise with our readers.)

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Business English Texts and Articles

Free Business English lessons with texts, articles and exercises to practice English for work. The best way to master a new language is to practice it regularly, and the following Business English sections will help anyone interested in becoming fluent do so, all while mastering terms and phrases commonly used in business today. These texts were made specifically for students learning Business English, and besides being interesting and informative, they include exercises and questions that assure that readers learn as much as possible.

Business vocabulary and commonly used phrases are also detailed in the texts, and all this information - including the texts themselves, the vocabulary, and the questions - can be downloaded for free in PDF form, to be studied at a later time. These Business English sections are sure to help readers enhance their understanding of the English language and be prepared for work and interaction in finance, economics, HR, marketing, and more.

Balance Sheet PREMIUM ? »
B2B versus B2C ? »
Business Competitors PREMIUM ? »
Business Travel PREMIUM ? »
Fixed versus Variable Costs PREMIUM ? »
Insolvency and Bankruptcy PREMIUM ? »
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Market Share PREMIUM ? »
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SWOT Analysis PREMIUM ? »
Unique Selling Proposition (USP) PREMIUM ? »

Business People

Bill Gates ? »
Henry Ford – Lean Manufacturing ? »
Dave Thomas: Fast Food Giant PREMIUM ? »
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Leonard Lee: The Tool Man PREMIUM ? »
Mark Zuckerberg: The Face of Facebook PREMIUM ? »

Communication

Tips for a good Business Presentation PREMIUM ? »

Conversation on phone

Corporate governance.

Corporate Social Responsibility (CSR) PREMIUM ? »
Risk Analysis – How to make good decisions PREMIUM ? »

Customer service

Complaints in Business PREMIUM ? »
Gross Domestic Product (GDP) PREMIUM ? »
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Bitcoin PREMIUM ? »
Bonds PREMIUM ? »
Commodity Trading PREMIUM ? »
Hedge Funds PREMIUM ? »
Subprime Mortgage Crisis PREMIUM ? »
Take-over PREMIUM ? »

Human Resources (HR)

Getting a new job PREMIUM ? »
Human Resources (HR) PREMIUM ? »
Work-Life Balance PREMIUM ? »

Miscellaneous

Ship Blocks Suez Canal ? »
American Elections PREMIUM ? »
Business Mentors PREMIUM ? »
Businesses for 2021 PREMIUM ? »
Chatbots PREMIUM ? »
Coffee at Work PREMIUM ? »
Customer Service PREMIUM ? »
Digital Detox PREMIUM ? »
Dividends PREMIUM ? »
Forex (FX) PREMIUM ? »
Income Statement PREMIUM ? »
Internet of Things (IOT) PREMIUM ? »
Not everyone can work from home PREMIUM For some professions, working from home is truly impossible. ? »
Plastic Recycling PREMIUM ? »
Profit Margin PREMIUM ? »
Search Engine Optimization (SEO) PREMIUM ? »
Social Media in Business PREMIUM ? »
Thinking Outside of the Box PREMIUM ? »

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What Managers Really Do - IELTS Reading Passage with Questions and Answers

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Updated on 15 January, 2024

upGrad Abroad Team

Upgrad abroad editorial team.

The role of a manager in any organization is multifaceted and often misunderstood. This passage delves into the real responsibilities and challenges faced by managers in the modern workplace. It's designed to provide IELTS learners with a clear understanding of managerial roles, while testing their comprehension skills through a variety of question formats.

Download e-books for ielts preparation.

Passage: What Managers Really Do

In an ever-evolving business landscape, the role of a manager remains critically important yet widely misunderstood. Far from the traditional view of managers as mere overseers of workflows and team performance, modern management encompasses a broader spectrum of responsibilities, blending leadership, strategy, communication, and innovation.

Understanding the Role

At its core, the role of a manager is to ensure that an organization's objectives are met through the effective use of resources, including human, financial, and technological. Managers act as a linchpin between the strategic level of an organization and its operational frontline. They are tasked with interpreting the vision of the company's leadership and translating it into actionable plans that teams can execute. This process involves a deep understanding of the organization's goals, the competitive landscape, and the unique strengths and weaknesses of their team members.

Strategic Planning and Execution

One of the key aspects of management is strategic planning. This involves setting goals, determining actions to achieve these goals, and mobilizing resources to execute these actions. A manager's day-to-day activities might include developing project plans, assessing risks, and adjusting strategies based on real-time feedback and market conditions.

Communication: The Heart of Management

Effective communication is perhaps the most critical skill for any manager. This involves clearly articulating goals and expectations, providing regular feedback, and fostering an environment where team members feel valued and heard. A manager must be adept at both conveying their own ideas and listening to others. This two-way communication helps in building trust and aligning the team's efforts with organizational objectives.

Team Development and Leadership

Another vital aspect of management is team development. Managers are responsible for identifying and nurturing the talents of their team members. This includes providing training, career development advice, and opportunities for skill enhancement. By investing in their team's growth, managers not only improve the capabilities of their individual team members but also enhance the overall strength and adaptability of their organization.

Conflict Resolution and Problem-Solving

No day in a manager's life is without its challenges. Conflict resolution is a significant part of the job. Managers need to address disagreements and tensions within their team, ensuring a harmonious and productive work environment. This requires a deep understanding of human behavior, empathy, and the ability to remain neutral while navigating interpersonal dynamics.

Innovation and Change Management

In today's fast-paced business environment, a manager must be an agent of change. This involves being open to new ideas, technologies, and methodologies. Managers must lead their teams through changes, whether it involves adopting new software, shifting market strategies, or navigating economic shifts. This requires a mindset that welcomes innovation and the ability to manage the uncertainty that often accompanies change.

Ethical Leadership and Corporate Responsibility

Managers also play a crucial role in fostering an ethical work environment and ensuring corporate responsibility. They are expected to lead by example, demonstrating integrity, fairness, and a commitment to ethical practices. This includes ensuring compliance with laws and regulations, addressing any form of misconduct, and making decisions that reflect the company's values and ethical standards.

Balancing Stakeholder Interests

A manager must balance the interests of various stakeholders, including employees, customers, shareholders, and the community. This involves understanding the diverse needs and expectations of these groups and making decisions that align with the broader objectives of the organization while considering the impact on each stakeholder group.

The Manager as a Coach and Mentor

Increasingly, managers are taking on the role of coaches and mentors. This involves providing guidance, support, and feedback to help team members develop their skills and advance their careers. By acting as a mentor, a manager can help foster a culture of continuous learning and improvement within their team.

Questions and Answers

Q1. What is a key role of managers in an organization?

A) Solely overseeing projects
B) Acting as a bridge between workforce and upper management
C) Focusing only on team development
D) Avoiding conflicts

The correct answer is B) Acting as a bridge between workforce and upper management. Managers play a crucial role in translating higher-level strategies into actionable plans for their teams, effectively bridging the gap between the workforce and the company's upper management.

Q2. True or False: Effective communication for managers only involves transmitting ideas and instructions.

The answer is B) False. Effective communication for managers involves much more than just transmitting ideas and instructions. It also includes active listening, empathy, and conflict resolution skills.

Q3. Fill in the blank: Managers must be able to lead their teams through _______, such as adopting new technologies.

A) Challenges
C) Successes
D) Failures

The correct answer is B) Changes. The passage highlights the importance of innovation and adaptability, particularly in leading teams through changes like adopting new technologies.

Q4. What does the development of team members reflect on a manager?

A) The manager's inability to delegate tasks
B) The manager's skill in nurturing talent
C) The manager's focus on individual weaknesses
D) The manager's preference for experienced team members
B) The manager's skill in nurturing talent is the correct answer. The growth of each team member under a manager's guidance reflects their ability to nurture talent and provide opportunities for development.

Q5. Which of the following is not typically a responsibility of a manager?

A) Developing marketing strategies
B) Resolving interpersonal conflicts
C) Overseeing projects and teams
D) Teaching technical skills
D) Teaching technical skills is not typically a responsibility of a manager. While managers are involved in team development and skill enhancement, the direct teaching of technical skills is often not their primary role.

Q6. Multiple Choice: Effective management requires the ability to:

A) Only focus on short-term goals
B) Ignore team weaknesses
C) Adapt to changing business landscapes
D) Avoid stakeholder negotiations
C) Adapt to changing business landscapes. As mentioned in the passage, successful managers must be innovative and adaptable, capable of guiding their teams through various changes in the business environment.

Q7. Fill in the blank: A manager’s day might include negotiating with _______, communicating changes in company policy, and resolving team conflicts.

A) Competitors
B) Stakeholders
C) Customers only
D) External vendors
B) Stakeholders. The passage specifies that part of a manager's communication responsibilities includes negotiating with stakeholders, among other tasks.

Q8. True or False: Managers are solely responsible for implementing company policies without contributing to their development.

B) False. Managers are not only responsible for implementing company policies but often play a role in shaping and developing these policies through their strategic input and understanding of ground-level operations.

Q9. What does effective conflict resolution by managers demonstrate?

A) Inability to focus on important tasks
B) Lack of clear communication
C) Strong leadership and empathy
D) Disinterest in team dynamics
C) Strong leadership and empathy. Effective conflict resolution is a hallmark of strong leadership and empathy, demonstrating a manager's ability to understand and address various interpersonal issues within the team.

Q10. In the context of the passage, which attribute is least associated with a manager’s role?

A) Innovation
B) Mediation
C) Technical expertise in all areas
D) Strategy formulation
C) Technical expertise in all areas. While managers need a broad understanding of various aspects of their business, having deep technical expertise in all areas is less critical compared to skills like innovation, mediation, and strategy formulation.

Understanding the multifaceted role of a manager is crucial for any aspiring business professional. This passage not only sheds light on the varied responsibilities of managers but also offers IELTS learners an opportunity to enhance their reading and comprehension skills. Through these questions and answers, learners can grasp the complexities of management while preparing effectively for their IELTS reading test.

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20 Business Plan Quiz Questions and Answers

A business plan is a comprehensive document that outlines the goals, strategies, and financial projections of a business venture. It serves as a roadmap for entrepreneurs and stakeholders to understand the direction and viability of the business. Here’s an overview of the key components typically included in a business plan:

Executive Summary: This section provides a concise overview of the entire business plan. It highlights the company’s mission, vision, key objectives, and a summary of the proposed business model.

Company Description: Here, you’ll provide a detailed explanation of your business concept. Include the type of business, its legal structure, location, target market, and any unique selling propositions that set your business apart.

Market Analysis: Conduct thorough market research to understand your industry, target market, and competitors. Identify trends, potential opportunities, and challenges. Explain how your product or service will meet the needs of your target audience better than existing solutions.

Organization and Management: Describe the organizational structure of your business, including key team members, their roles, and relevant experience. Investors want to know that you have a capable team driving the venture.

Article overview

Part 1: 30 business plan quiz questions & answers.

1. Question: What is the primary purpose of a business plan? a) Secure funding b) Improve employee morale c) Enhance customer service d) Increase market competition Answer: a) Secure funding

2. Question: Which section of a business plan outlines the company’s mission and vision? a) Marketing strategy b) Financial projections c) Executive summary d) Company overview Answer: d) Company overview

3. Question: Which of the following is NOT a common business plan component? a) Competitive analysis b) SWOT analysis c) Cash flow statement d) Social media strategy Answer: d) Social media strategy

4. Question: What is the purpose of conducting a market analysis in a business plan? a) Determine the company’s competitors b) Develop financial projections c) Define the company’s mission d) Set employee goals Answer: a) Determine the company’s competitors

5. Question: Which section of a business plan highlights the company’s unique selling proposition (USP)? a) Marketing strategy b) Company description c) Competitive analysis d) Financial projections Answer: a) Marketing strategy

6. Question: What financial document shows a company’s revenues and expenses over a specific period? a) Balance sheet b) Cash flow statement c) Income statement d) Profit and loss statement Answer: c) Income statement

7. Question: In a business plan, what does ROI stand for? a) Return on Investment b) Revenue on Investment c) Risk of Inflation d) Rate of Interest Answer: a) Return on Investment

8. Question: Which business plan section outlines the marketing tactics to promote a product or service? a) Financial projections b) Market analysis c) Marketing strategy d) Company overview Answer: c) Marketing strategy

9. Question: What is a break-even analysis used for in a business plan? a) Identifying potential customers b) Calculating potential profits c) Determining the point of profitability d) Analyzing competitor strategies Answer: c) Determining the point of profitability

10. Question: In a business plan, what does the term “SWOT” stand for? a) Strengths, Weaknesses, Opportunities, Threats b) Sales, Workforce, Objectives, Technology c) Strategies, Workflow, Operations, Targets d) Success, Wealth, Objectives, Tactics Answer: a) Strengths, Weaknesses, Opportunities, Threats

11. Question: What is the purpose of an executive summary in a business plan? a) Provide an overview of the company’s history b) Detail the company’s long-term objectives c) Summarize the key points of the entire plan d) Highlight the company’s competitive advantages Answer: c) Summarize the key points of the entire plan

12. Question: Which financing option involves giving up ownership shares of a company in exchange for capital? a) Debt financing b) Equity financing c) Venture capital d) Angel investing Answer: b) Equity financing

13. Question: What does the term “KPI” mean in a business context? a) Key Performance Indicator b) Key Profit Increment c) Key Planning and Implementation d) Key Personnel Improvement Answer: a) Key Performance Indicator

14. Question: What section of a business plan should discuss the company’s organizational structure and management team? a) Market analysis b) Financial projections c) Company overview d) Marketing strategy Answer: c) Company overview

15. Question: What type of business plan primarily targets internal decision-making and planning? a) Startup business plan b) Strategic business plan c) Operational business plan d) Feasibility business plan Answer: c) Operational business plan

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16. Question: What external factor analysis tool helps identify the political, economic, social, and technological influences on a business? a) PEST analysis b) SWOT analysis c) BCG matrix d) Porter’s Five Forces Answer: a) PEST analysis

17. Question: Which statement best describes a vision statement in a business plan? a) Outlines the short-term goals of the company b) Identifies potential risks and challenges c) Describes the company’s future aspirations d) Analyzes the company’s target market Answer: c) Describes the company’s future aspirations

18. Question: What is the purpose of conducting a competitive analysis in a business plan? a) Identify potential partners b) Analyze customer feedback c) Evaluate strengths and weaknesses of competitors d) Forecast financial performance Answer: c) Evaluate strengths and weaknesses of competitors

19. Question: Which financing option involves borrowing money that must be repaid with interest over time? a) Debt financing b) Equity financing c) Venture capital d) Angel investing Answer: a) Debt financing

20. Question: What does the term “ROI” stand for in the context of financial analysis? a) Revenue on Investment b) Return on Innovation c) Risk of Inflation d) Return on Investment Answer: d) Return on Investment

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25 Business Planner Interview Questions and Answers

Learn what skills and qualities interviewers are looking for from a business planner, what questions you can expect, and how you should go about answering them.

Business planning is a process that helps you to think about your business, research your market and customers, and decide on the best way to achieve your goals. It involves setting out your business goals, researching your market and customers, and coming up with a plan to achieve these goals.

If you’re applying for a job as a business planner, you’ll need to be able to demonstrate your skills and experience in this area. During your job interview, you’ll be asked a range of business planning questions, from general questions about your experience to specific questions about your knowledge of business planning tools and techniques.

To help you prepare for your interview, we’ve compiled a list of sample business planning questions and answers.

1. Are you familiar with the latest trends in business planning?

Employers ask this question to see if you are up-to-date with the latest trends in business planning. They want to know that you can use your knowledge and skills to help them achieve their goals. In your answer, share two or three of the most recent trends in business planning. Explain how these trends might benefit the company you’re interviewing for.

Example: “Absolutely. I’m passionate about staying up to date with the latest trends in business planning, and I make it a priority to stay informed on industry news and best practices. I have experience creating comprehensive business plans that incorporate current trends and strategies, such as leveraging technology for improved efficiency and using data-driven insights to inform decisions. I also understand the importance of developing long-term goals and objectives that are aligned with an organization’s mission and vision.”

2. What are some of the most important elements of a business plan?

This question is a great way to show your knowledge of the business planning process. It’s important to highlight the most important elements of a business plan and how they can help you achieve success in this role.

Example: “When creating a business plan, there are several key elements that must be included in order to ensure its success. The first element is the executive summary, which provides an overview of the entire plan and highlights the most important points. This should include a description of the company’s mission and goals, as well as any competitive advantages it may have.

The second element is the market analysis, which looks at the industry and customer base to determine potential opportunities for growth. It also includes research on competitors, pricing strategies, and other factors that could affect the success of the business.

Thirdly, a financial analysis should be included in the business plan. This section will outline the expected costs associated with launching the business, such as start-up capital, operating expenses, and projected profits. Finally, a risk management strategy should be outlined to identify potential risks and how they can be mitigated.”

3. How do you develop a plan that will motivate and inspire employees?

This question can help the interviewer understand how you plan to motivate and inspire employees. Use examples from your experience that show how you can create a vision for an organization’s future and use strategies to encourage team members to work toward achieving goals.

Example: “When developing a plan to motivate and inspire employees, I believe it is important to start by understanding the needs of the team. This includes getting to know their individual strengths and weaknesses, as well as any personal goals they may have. Once this information is gathered, I create an actionable plan that takes into account these factors while also setting achievable objectives for the team.

I then ensure that the plan is communicated clearly to all members of the team so that everyone understands what is expected of them. To further motivate and inspire employees, I like to provide incentives such as rewards or recognition when goals are met. Finally, I make sure to check in regularly with each member of the team to provide support and guidance throughout the process.”

4. What is your process for identifying and prioritizing potential risks for the company?

Interviewers may ask this question to assess your risk management skills. They want to know how you identify potential risks and the steps you take to mitigate them. Use examples from past projects to explain your process for identifying, analyzing and prioritizing risks.

Example: “When it comes to identifying and prioritizing potential risks for a company, my process is quite comprehensive. First, I like to gain an understanding of the company’s current operations and objectives. This means researching their industry, competitors, customers, and any other relevant information that can provide insight into how the business operates.

Once I have a good understanding of the company, I then move on to assessing potential risks. To do this, I use a combination of qualitative and quantitative methods such as SWOT analysis and risk mapping. These tools help me identify areas where the company may be vulnerable and prioritize them based on their likelihood and impact.

From there, I develop strategies to mitigate or reduce these risks. This includes creating contingency plans, implementing policies and procedures, and introducing new technologies or processes. Finally, I monitor the progress of these strategies and make adjustments as needed.”

5. Provide an example of a time when you had to adapt a plan due to unforeseen circumstances.

This question can help interviewers understand how you react to change and whether you’re able to adapt your plans. When answering this question, it can be helpful to provide an example of a time when you had to make changes to a plan but still managed to achieve the desired results.

Example: “I recently had to adapt a plan due to unforeseen circumstances while working on a project for a client. The original plan was to launch the product in two months, but the client suddenly needed it done in one month instead. I quickly assessed the situation and realized that this would require us to make some adjustments to our timeline.

To accommodate the new deadline, I worked with my team to prioritize tasks and adjust our strategy accordingly. We identified which tasks were most important and delegated them to different members of the team. We also made sure to communicate regularly with the client to keep them updated on our progress. In the end, we successfully launched the product within the revised timeframe.

This experience taught me the importance of being flexible and adapting plans when necessary. It also reinforced my ability to work under pressure and manage tight deadlines.”

6. If hired, what would be your priorities during your first few months on the job?

This question helps the interviewer determine how you plan to make an impact in your new role. Prioritizing tasks is a skill that all employers want their employees to have, so they can get important work done as efficiently as possible. In your answer, explain what you would do first and why it’s important to start there.

Example: “If hired, my top priority would be to gain an understanding of the company’s current business plan and objectives. I believe it is important to understand the goals and strategies that are already in place before making any changes or developing new plans.

My second priority would be to assess the resources available to me and identify areas where I can make a positive impact. This includes getting to know the team members who will be working with me on projects, as well as familiarizing myself with the tools and technology used by the company.

Thirdly, I would work closely with stakeholders to develop a comprehensive business plan that meets their needs. I have experience creating detailed plans that include financial projections, market analysis, competitive research, and risk management strategies. My goal is to create a plan that is tailored to the specific needs of the company and its stakeholders.”

7. What would you do if you noticed two employees were consistently butting heads on projects?

This question can help interviewers understand how you might handle interpersonal conflicts in the workplace. Use your answer to highlight your problem-solving and conflict-resolution skills, as well as your ability to work with others.

Example: “If I noticed two employees were consistently butting heads on projects, my first step would be to have a conversation with each of them separately. I believe it is important to understand the individual perspectives and motivations behind their conflict before attempting to resolve it.

Once I had an understanding of both sides, I would then bring the two together in a constructive way. This could involve setting up a meeting where they can discuss their differences in a productive manner, or providing guidance and support for working through the issues collaboratively. My goal would be to help them reach a resolution that works for everyone involved.

I also think it’s important to provide ongoing support after any initial conversations. This could include regular check-ins to ensure the issue has been resolved, as well as offering resources such as team building activities to help foster better communication and collaboration between the two individuals.”

8. How well do you work under pressure?

This question can help the interviewer determine how well you perform in a fast-paced environment. Since business planning often requires working under tight deadlines, employers may want to know that you can handle pressure and still complete your work on time. In your answer, try to explain that you are able to manage stress and prioritize tasks effectively when faced with a deadline.

Example: “I believe I work very well under pressure. In my current role as a Business Planner, I have had to manage multiple projects at once and meet tight deadlines. I am able to stay organized and prioritize tasks in order to ensure that everything is completed on time. I also remain calm and focused when faced with challenging situations or difficult decisions. My ability to think quickly and act decisively has enabled me to successfully navigate through any situation while maintaining a high level of quality.”

9. Do you have any experience using financial modeling tools?

This question can help the interviewer determine your experience with financial modeling tools and how you apply them to business planning. Use examples from previous work experiences to highlight your skills using these tools, such as Microsoft Excel or Access.

Example: “Yes, I have extensive experience using financial modeling tools. In my current role as a Business Planner, I use various financial modeling software to create detailed business plans that include market analysis, competitive research, and financial projections. I am also proficient in creating complex spreadsheet models for forecasting cash flow and budgeting purposes. Furthermore, I have experience with data visualization tools such as Tableau which allow me to present the results of my analyses in an easy-to-understand format.”

10. When planning for the future of the company, what is your vision?

This question can help the interviewer determine how you plan for success and growth. Your answer should include your personal goals as well as those of the company, and it should show that you have a strong understanding of what is needed to achieve both.

Example: “My vision when planning for the future of a company is to create a plan that will ensure long-term success. I believe in taking a holistic approach, looking at all aspects of the business and how they interact with each other. This means considering both short-term and long-term goals, understanding the current market trends, and assessing the potential risks and opportunities associated with the company’s operations.

I also think it’s important to be proactive in creating plans for the future. By anticipating changes in the market or industry, companies can stay ahead of their competitors and better prepare for any challenges that may arise. Finally, I believe in involving stakeholders throughout the process so that everyone has a clear understanding of the objectives and strategies being implemented.”

11. We want to increase our social media presence. What would you do to achieve this goal?

Social media is a great way to connect with customers and potential clients. Employers ask this question to make sure you understand the importance of social media in business today. In your answer, explain how you would use social media to increase brand awareness and attract new customers.

Example: “I understand the importance of increasing a company’s social media presence, and I have experience in developing successful strategies to do so. My approach would be to first analyze the current state of the company’s social media channels. This includes examining the type of content that is being posted, how often it is posted, and what kind of engagement the posts are receiving. Once I have this information, I can create an action plan for improving the company’s social media presence.

This plan could include creating more engaging content, optimizing post timing, and utilizing targeted ads to reach new audiences. I would also suggest experimenting with different types of content such as videos, infographics, or live streams to see which resonates best with the target audience. Finally, I would recommend setting up analytics tools to track progress and measure success. With these steps in place, I am confident that I can help your company increase its social media presence.”

12. Describe your process for conducting market research.

Market research is an important part of business planning. Employers ask this question to make sure you have the skills necessary to conduct market research and use that information to create a successful business plan. In your answer, explain how you would complete market research for a client. Explain what steps you would take to gather data about the target audience and their needs.

Example: “My process for conducting market research begins with gathering data and analyzing the industry trends. I start by researching current competitors, their products and services, pricing, customer feedback, and any other relevant information. This helps me to understand the current state of the market and identify potential opportunities.

Next, I conduct surveys and interviews with customers and stakeholders to gain a better understanding of their needs and preferences. Through this process, I can determine what features or benefits are most important to them and how they perceive my client’s product or service in comparison to others.

Lastly, I use various tools such as analytics software and social media monitoring to track consumer behavior and sentiment. This allows me to analyze customer interactions and identify areas where my client could improve their offering. By combining all of these methods, I am able to create an accurate picture of the target market and develop effective strategies to meet their needs.”

13. What makes you qualified for this position?

Employers ask this question to learn more about your background and how it relates to the job you’re applying for. They want to know what experiences make you a good fit for their company, so they may ask you this question to see if you have any relevant experience or education. When answering this question, think of two or three things that make you qualified for this position. Try to focus on skills rather than credentials, as these are usually more important in business planning.

Example: “I believe I am the ideal candidate for this position because of my extensive experience in business planning. With over five years of experience, I have developed a comprehensive understanding of the strategies and processes involved in creating successful business plans. My expertise includes financial forecasting, market analysis, competitive research, and risk management.

Furthermore, I possess strong communication skills that enable me to effectively collaborate with colleagues and clients alike. I have worked on numerous projects involving complex data sets and have successfully presented results to senior executives. My ability to think critically and analytically has enabled me to identify potential areas of improvement within organizations and develop solutions to address them.”

14. Which business planning software are you most comfortable using?

This question can help the interviewer determine if you have experience using the software they use in their company. It can also show them that you are willing to learn new programs and adapt to different work environments. When answering this question, try to mention a program you’ve used before or one you’re familiar with.

Example: “I am most comfortable using a variety of business planning software, depending on the needs of the organization. I have extensive experience with Microsoft Office Suite and its various applications such as Word, Excel, PowerPoint, and Access. I also have some familiarity with QuickBooks for financial management and forecasting. Finally, I have experience with project management tools like Trello and Asana to help keep track of tasks and deadlines.”

15. What do you think is the most important aspect of communication in business planning?

This question is an opportunity to show your communication skills and how you can use them in a business planning role. Your answer should include examples of how you used effective communication techniques in the past, such as active listening, speaking clearly and concisely and using appropriate body language.

Example: “I believe that the most important aspect of communication in business planning is clarity. Clear communication helps to ensure that all stakeholders involved have a shared understanding of the goals and objectives of the plan, as well as any potential risks or obstacles that may arise during the process. It also allows for more efficient decision-making by providing everyone with a clear picture of the project’s timeline, budget, and other key elements.

In addition, effective communication can help to build trust between team members and create an environment where collaboration and innovation are encouraged. By keeping lines of communication open, it becomes easier to identify issues before they become major problems, allowing for quick resolution and minimizing disruption to the overall plan. Finally, clear communication ensures that everyone is on the same page when it comes to expectations and deadlines, helping to keep projects running smoothly and efficiently.”

16. How often do you recommend updating business plans?

This question can help interviewers understand your approach to planning and how you might fit into their organization. Your answer should show that you are flexible in your approach, but also have a process for updating plans as needed.

Example: “I believe that business plans should be reviewed and updated on a regular basis. Depending on the size and scope of the organization, this could range from quarterly to annually. For larger organizations with multiple departments or divisions, I recommend reviewing and updating each division’s plan every six months. This allows for timely adjustments to account for changes in the market, customer needs, and other external factors.

When it comes to developing new strategies, I think it is important to review existing plans first before making any major decisions. This helps ensure that all stakeholders are aligned and that any proposed changes are well thought out and supported by data. It also provides an opportunity to identify areas where improvements can be made and to adjust goals accordingly. Finally, having up-to-date plans ensures that everyone involved has access to the most current information and resources needed to make informed decisions.”

17. There is a new industry trend that could benefit the company if adopted. What would you do to implement this change?

This question is a great way to test your ability to adapt and implement change. It also shows the interviewer how you would handle new challenges in the workplace. When answering this question, it can be helpful to give an example of a time when you introduced a new process or procedure that benefited your company.

Example: “If I were given the opportunity to implement a new industry trend, my first step would be to conduct thorough research and analysis of the potential benefits. This includes understanding the market landscape, identifying customer needs, and analyzing competitor strategies. Once I have gathered all the necessary information, I can then create a comprehensive business plan that outlines how this change could benefit the company.

I would also take into consideration any risks associated with implementing this change, such as financial or operational implications. By doing so, I can ensure that the implementation process is well-thought out and executed in an efficient manner. Finally, I would work closely with stakeholders to develop a timeline for implementation and provide regular updates on progress. Ultimately, my goal is to make sure that the new industry trend is implemented successfully and yields positive results for the company.”

18. How have you collaborated with other departments in the past to create successful business plans?

Business planners often work with other departments to create successful business plans. Employers ask this question to learn more about your collaboration skills and how you’ve worked with others in the past. Use your answer to explain what steps you take to collaborate with others on projects. Explain that you enjoy working with a team of professionals who all have unique skill sets.

Example: “I have extensive experience collaborating with other departments to create successful business plans. I understand that creating a comprehensive plan requires input from multiple stakeholders, and I am adept at working collaboratively with different teams.

For example, when I was developing a business plan for a large retail chain, I worked closely with the marketing team to ensure that our strategies were aligned with their goals. We discussed how best to reach potential customers, and I incorporated their insights into the plan. In addition, I consulted with the finance department to make sure that our budget projections were realistic and achievable.”

19. What strategies do you use to ensure that a plan is on track and meeting deadlines?

This question can help the interviewer understand your organizational skills and how you plan to manage a project’s timeline. Use examples from past experience where you’ve successfully managed multiple projects at once or helped others do so.

Example: “When creating a business plan, I always make sure to set realistic goals and deadlines that are achievable. This helps keep the project on track and ensures that everyone involved is working towards the same goal. To ensure that these goals and deadlines are met, I use a variety of strategies.

I start by breaking down the entire plan into smaller tasks and assigning each task to an individual or team. This allows me to monitor progress more easily and identify any areas where additional resources may be needed. I also communicate regularly with all stakeholders throughout the process to ensure that everyone is aware of their responsibilities and timelines. Finally, I create detailed reports that provide updates on the progress of the plan and highlight any potential risks or issues that need to be addressed.”

20. Do you have experience developing long-term strategic plans?

This question can help interviewers understand your experience with developing plans that span multiple years. Use examples from past projects to explain how you developed a long-term plan and the steps you took to create it.

Example: “Yes, I have extensive experience developing long-term strategic plans. In my current role as a Business Planner, I am responsible for creating and implementing strategies that align with the company’s overall goals. This includes researching industry trends, analyzing financial data, and forecasting future opportunities. I also collaborate with other departments to ensure our plans are cohesive and effective.

I have a proven track record of success in this area. For example, I recently developed a five-year plan that resulted in increased sales by 20%. My ability to think strategically and develop innovative solutions has been instrumental in helping the organization reach its objectives.”

21. Describe your approach for effectively monitoring progress of a project.

This question can help the interviewer assess your ability to manage projects and monitor their progress. Use examples from past experiences where you monitored a project’s success, including how you communicated with team members about any challenges or changes in schedule.

Example: “My approach to effectively monitoring progress of a project is centered around clear communication and collaboration. I believe that it’s important to set expectations for the team at the outset, so everyone understands what needs to be accomplished and by when. From there, I like to establish regular check-ins with all stakeholders involved in the project. This allows us to review our progress, identify any areas where we may need additional support or resources, and make adjustments as needed.

I also think it’s important to track key performance indicators (KPIs) throughout the duration of the project. This helps me to quickly assess how well the project is progressing and if any changes are necessary. Finally, I’m an advocate for utilizing technology whenever possible. By leveraging tools such as project management software, I can easily monitor progress, assign tasks, and stay on top of deadlines.”

22. Have you ever had to present a business plan to potential investors or partners?

Interviewers may ask this question to see if you have experience presenting your ideas and plans to others. They want to know that you can confidently speak in front of a group, as well as communicate clearly with investors or partners. In your answer, try to explain how you feel about public speaking and what strategies you use to make it less stressful.

Example: “Yes, I have had the opportunity to present a business plan to potential investors and partners. My experience in this area has been extensive. In my current role, I am responsible for developing comprehensive business plans that outline our company’s objectives and strategies. I also work with our finance team to ensure that all financial projections are accurate and up-to-date.

When presenting a business plan to potential investors or partners, I take great care to explain each component of the plan clearly and succinctly. I strive to make sure everyone involved understands the goals and strategies outlined in the plan. I also emphasize the importance of staying on track and meeting deadlines.”

23. Are there any areas where you feel you could improve as a business planner?

Interviewers may ask this question to gauge your self-awareness and willingness to improve. They want to know that you’re aware of any areas where you could use improvement, but also that you have a plan for how you’ll do so. In your answer, try to be honest about what you feel you need to work on while also showing that you have a plan in place to address those weaknesses.

Example: “Yes, I believe there are always areas where I can improve as a business planner. I am constantly looking for ways to enhance my skills and stay up-to-date with the latest trends in the industry. For example, I recently completed an online course on financial forecasting and analysis which has helped me better understand how to create accurate projections for businesses. I also have experience working with various software programs that help streamline the planning process, such as Microsoft Excel and QuickBooks. Finally, I am actively involved in professional development activities, such as attending workshops and seminars, to ensure I remain knowledgeable about best practices in the field.”

24. How do you stay up-to-date with industry changes and advancements?

Employers want to know that you’re committed to your career and are always looking for ways to improve yourself. Show them how you stay on top of industry news, trends and advancements by mentioning the resources you use or the people you talk to about what’s new in business planning.

Example: “Staying up-to-date with industry changes and advancements is an important part of my job as a Business Planner. I make sure to stay informed by reading relevant publications, attending conferences and seminars, and networking with other professionals in the field. I also take advantage of online resources such as webinars, podcasts, and blogs that provide valuable insights into current trends and developments. Finally, I am constantly looking for ways to improve my skillset and knowledge base so that I can remain competitive in this ever-evolving industry.”

25. What techniques do you use to motivate team members during difficult times?

When working on a business plan, you may encounter challenges that require your team to work together and motivate each other. Employers ask this question to learn more about how you can help their employees succeed in the role. In your answer, explain what motivates you and what techniques you use to encourage others. Share an example of when you motivated your team members during a challenging time.

Example: “I believe that motivation is key to success in any team environment. When times get tough, I like to focus on the positive and help my team members stay focused on their goals. To do this, I use a variety of techniques such as setting clear expectations, providing regular feedback, celebrating successes, and recognizing individual contributions.

I also strive to create an atmosphere of trust and respect within the team so that everyone feels comfortable speaking up and sharing ideas. This helps to foster collaboration and encourages team members to take ownership of their work. Finally, I make sure to provide resources and support when needed, so that team members feel empowered to tackle difficult tasks.”

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Chapter 8: Entrepreneurship

Reading: create your business plan, executive summary.

This written guide will help you create a business plan and map out how you will start and run your business successfully.

The executive summary should highlight the strengths of your overall plan and therefore be the last section you write. However, it usually appears first in your business plan document.

Below are several key points that your executive summary should include based on the stage of your business.

If You Are an Established Business

If you are an established business, be sure to include the following information:

The Mission Statement —This explains what your business is all about. It should be between several sentences and a paragraph.
Company Information —Include a short statement that covers when your business was formed, the names of the founders and their roles, your number of employees, and your business location(s).
Growth Highlights —Include examples of company growth, such as financial or market highlights (for example, “XYZ Firm increased profit margins and market share year-over-year since its foundation). Graphs and charts can be helpful in this section.
Your Products/Services —Briefly describe the products or services you provide.
Financial Information —If you are seeking financing, include any information about your current bank and investors.
Summarize future plans —Explain where you would like to take your business.

If You Are a Startup or New Business

Remember, your Executive Summary will be the last thing you write. So the first section of the business plan that you will tackle is the Company Description section.

Company Description

What to Include in Your Company Description

Describe the nature of your business and list the marketplace needs that you are trying to satisfy.
Explain how your products and services meet these needs.
List the specific consumers, organizations or businesses that your company serves or will serve.
Explain the competitive advantages that you believe will make your business a success such as your location, expert personnel, efficient operations, or ability to bring value to your customers.

Next, you’ll need to move on to the Market Analysis section of your plan.

Market Analysis

The market analysis section of your business plan should illustrate your industry and market knowledge as well as any of your research findings and conclusions.

What to Include in Your Market Analysis

Industry Description and Outlook —Describe your industry, including its current size and historic growth rate as well as other trends and characteristics (e.g., life cycle stage, projected growth rate). Next, list the major customer groups within your industry.
Information About Your Target Market —Narrow your target market to a manageable size. Many businesses make the mistake of trying to appeal to too many target markets. Research and include the following information about your market:
Distinguishing Characteristics —What are the critical needs of your potential customers? Are those needs being met? What are the demographics of the group and where are they located? Are there any seasonal or cyclical purchasing trends that may impact your business?
Size of the Primary Target Market —In addition to the size of your market, what data can you include about the annual purchases your market makes in your industry? What is the forecasted market growth for this group?
How Much Market Share Can You Gain? —What is the market share percentage and number of customers you expect to obtain in a defined geographic area? Explain the logic behind your calculation.
Pricing and Gross Margin Targets —Define your pricing structure, gross margin levels, and any discount that you plan to use.
When you include information about any of the market tests or research studies you have completed, be sure to focus only on the results of these tests. Any other details should be included in the appendix (which we will discuss later).
Market share
Strengths and weaknesses
How important is your target market to your competitors?
Are there any barriers that may hinder you as you enter the market?
What is your window of opportunity to enter the market?
Are there any indirect or secondary competitors who may impact your success?
What barriers to market are there (e.g., changing technology, high investment cost, lack of quality personnel)?
Regulatory Restrictions —Include any customer or governmental regulatory requirements affecting your business, and how you’ll comply. Also, cite any operational or cost impact the compliance process will have on your business.

Once you’ve completed this section, you can move on to the Organization and Management section of your business plan.

Organization and Management

Organizational Structure

Ownership Information

The following important ownership information should be incorporated into your business plan:

Names of owners
Percentage ownership
Extent of involvement with the company
Forms of ownership (i.e., common stock, preferred stock, general partner, limited partner)
Outstanding equity equivalents (i.e., options, warrants, convertible debt)
Common stock (i.e., authorized or issued)
Management Profiles
Experts agree that one of the strongest factors for success in any growth company is the ability and track record of its owner/management team, so let your reader know about the key people in your company and their backgrounds. Provide resumes that include the following information:
Position (include brief position description along with primary duties)
Primary responsibilities and authority
Unique experience and skills
Prior employment
Special skills
Past track record
Industry recognition
Community involvement
Number of years with company
Compensation basis and levels (make sure these are reasonable — not too high or too low)
Be sure you quantify achievements (e.g. “Managed a sales force of ten people,” “Managed a department of fifteen people,” “Increased revenue by 15 percent in the first six months,” “Expanded the retail outlets at the rate of two each year,” “Improved the customer service as rated by our customers from a 60 percent to a 90 percent rating”)

Also, highlight how the people surrounding you complement your own skills. If you’re just starting out, show how each person’s unique experience will contribute to the success of your venture.

Board of Directors’ Qualifications

If you have a board of directors, be sure to gather the following information when developing the outline for your business plan:

Positions on the board
Extent of involvement with company
Historical and future contribution to the company’s success

Service or Product Line

What to Include in Your Service or Product Line Section

A Description of Your Product/Service —Include information about the specific benefits of your product or service – from your customers’ perspective. You should also talk about your product or service’s ability to meet consumer needs, any advantages your product has over that of the competition, and the current development stage your product is in (e.g., idea, prototype).
Details About Your Product’s Life Cycle —Be sure to include information about where your product or service is in its life cycle, as well as any factors that may influence its cycle in the future.
Intellectual Property —If you have any existing, pending, or any anticipated copyright or patent filings, list them here. Also disclose whether any key aspects of a product may be classified as trade secrets. Last, include any information pertaining to existing legal agreements, such as nondisclosure or non-compete agreements.
Research and Development (R&D) Activities —Outline any R&D activities that you are involved in or are planning. What results of future R&D activities do you expect? Be sure to analyze the R&D efforts of not only your own business, but also of others in your industry.

Marketing and Sales

Once you’ve completed the Service or Product Line section of your plan, the next part of your business plan should focus on your marketing and sales management strategy for your business.

An overall marketing strategy should include four different strategies:

A market penetration strategy.
A growth strategy. This strategy for building your business might include: an internal strategy such as how to increase your human resources, an acquisition strategy such as buying another business, a franchise strategy for branching out, a horizontal strategy where you would provide the same type of products to different users, or a vertical strategy where you would continue providing the same products but would offer them at different levels of the distribution chain.
Channels of distribution strategy. Choices for distribution channels could include original equipment manufacturers (OEMs), an internal sales force, distributors, or retailers.
Communication strategy. How are you going to reach your customers? Usually a combination of the following tactics works the best: promotions, advertising, public relations, personal selling, and printed materials such as brochures, catalogs, flyers, etc.

After you have developed a comprehensive marketing strategy, you can then define your sales strategy. This covers how you plan to actually sell your product.

Your overall sales strategy should include two primary elements:

A sales force strategy. If you are going to have a sales force, do you plan to use internal or independent representatives? How many salespeople will you recruit for your sales force? What type of recruitment strategies will you use? How will you train your sales force? What about compensation for your sales force?
Your sales activities. When you are defining your sales strategy, it is important that you break it down into activities. For instance, you need to identify your prospects. Once you have made a list of your prospects, you need to prioritize the contacts, selecting the leads with the highest potential to buy first. Next, identify the number of sales calls you will make over a certain period of time. From there, you need to determine the average number of sales calls you will need to make per sale, the average dollar size per sale, and the average dollar size per vendor.

Next, if you are seeking financing for your business, you’ll need to complete the next part of your plan—Funding Request.

Funding Request

If you are seeking funding for your business venture, use this section to outline your requirements.

Your funding request should include the following information:

Your current funding requirement
Any future funding requirements over the next five years
How you intend to use the funds you receive: Is the funding request for capital expenditures? Working capital? Debt retirement? Acquisitions? Whatever it is, be sure to list it in this section.
Any strategic financial situational plans for the future, such as: a buyout, being acquired, debt repayment plan, or selling your business. These areas are extremely important to a future creditor, since they will directly impact your ability to repay your loan(s).

Financial Projections

Historical Financial Data

Prospective Financial Data

Next, you may want to include an Appendix to your plan. This can include items such as your credit history, resumes, letters of reference, and any additional information that a lender may request.

The appendix would include:

Credit history (personal and business)
Resumes of key managers
Product pictures
Letters of reference
Details of market studies
Relevant magazine articles or book references
Licenses, permits or patents
Legal documents
Copies of leases
Building permits
List of business consultants, including attorney and accountant

How to Make Your Business Plan Stand Out

One of the first steps to business planning is determining your target market and why they would want to buy from you.

The following tips can help you clarify what your business has to offer, identify the right target market for it and build a niche for yourself.

Be Clear About What You Have to Offer

Don’t Become a Jack of All Trades—Learn to Strategize

Identify Your Niche

Which areas your competitors are already well established
Which areas are being ignored by your competitors
Potential opportunities for your business

Check Your Understanding

Use this quiz to check your understanding and decide whether to (1) study the previous section further or (2) move on to the next section.

Create Your Business Plan. Provided by : U.S. Small Business Association. Located at : https://www.sba.gov/writing-business-plan . License : Public Domain: No Known Copyright

20 Most Common Business Planning Manager Interview Questions and Answers

Common Business Planning Manager interview questions, how to answer them, and sample answers from a certified career coach.

Interviewing for a business planning manager position can be intimidating. After all, you’re expected to have both technical knowledge of the job and an understanding of the organization’s goals and objectives.

To make sure you’re ready to ace your interview, here are some common questions hiring managers ask when interviewing for a business planning manager role—and how best to answer them.

What strategies do you use to develop and implement a business plan?
How do you ensure that the goals outlined in the business plan are achievable?
Describe your experience with financial forecasting and budgeting.
Explain how you would go about identifying potential risks associated with a new business venture.
What methods do you use to measure progress towards achieving the objectives of a business plan?
How do you stay informed about industry trends and developments when creating a business plan?
Are you familiar with any software or tools used for developing business plans?
What is your experience with market research and competitive analysis?
How do you handle difficult conversations with stakeholders who disagree with the proposed business plan?
Describe a time when you had to adjust a business plan due to unexpected changes in the marketplace.
What strategies do you use to ensure that all relevant information is included in the business plan?
How do you approach setting realistic timelines for completing a business plan?
What steps do you take to ensure that the business plan remains up-to-date as conditions change?
Do you have experience working with international markets and regulations?
How do you evaluate the success of a business plan after it has been implemented?
What techniques do you use to motivate team members to work together on a business plan?
How do you handle disagreements between different departments over the content of a business plan?
What strategies do you use to identify opportunities for growth within an existing business plan?
Describe a situation where you had to make a decision without having access to complete data.
How do you ensure that the business plan reflects the company’s values and mission?

1. What strategies do you use to develop and implement a business plan?

Business planning managers have the important responsibility of creating and implementing plans that will help guide a business’s operations and strategy. This requires a comprehensive understanding of all the elements that go into creating a successful plan. The interviewer wants to know that you have the necessary skills to create and execute plans that will help the business reach its goals.

How to Answer:

To answer this question, you should discuss the steps you take when creating and executing a business plan. Explain that first, you analyze the current state of the business and its goals in order to create an effective plan. You then research market trends and competitors to determine how best to position the company for success. Finally, you develop strategies and tactics to implement the plan and track progress towards achieving the desired results. Be sure to emphasize your ability to think critically about the situation and develop creative solutions.

Example: “When I’m creating and implementing a business plan, my first step is to analyze the current state of the business and its goals. This helps me get an understanding of where the company stands and what it needs to do in order to reach its objectives. Next, I research market trends and competitors to determine how best to position the company for success. After that, I develop strategies and tactics to implement the plan and track progress towards achieving the desired results. Throughout the process, I always strive to think critically about the situation and come up with creative solutions to any problems that arise.”

2. How do you ensure that the goals outlined in the business plan are achievable?

Business planning managers are responsible for developing a plan that will help an organization reach its goals. This means they must be able to create an achievable plan that includes the resources, strategies, and timeline needed to reach those goals. An interviewer will want to know that you can create realistic plans that will be successful.

The best way to answer this question is to explain the steps you take when creating a business plan. Talk about how you work with stakeholders, assess resources, and research industry trends in order to create a realistic plan that can be achieved. Be sure to also emphasize your ability to think strategically and creatively when developing plans and working with teams to ensure successful execution of those plans.

Example: “I have extensive experience in budgeting and financial forecasting, which I use to create realistic goals for the business. I analyze past performance and industry trends to determine where the company should aim its resources, and then adjust my strategies as needed when market conditions change. My goal is always to ensure that the goals outlined in the plan are achievable and that our resources are being used effectively. In my current role, I was able to reduce costs by 10% while still meeting all of our objectives.”

3. Describe your experience with financial forecasting and budgeting.

Business planning managers are expected to be able to effectively manage financial resources and help a company reach its goals. Interviewers will want to know that you have the experience and knowledge necessary to handle such tasks. This question allows them to get an idea of your expertise in budgeting and financial forecasting and assess your ability to make informed decisions that will benefit the company.

Start by describing your experience with budgeting and financial forecasting. Talk about the methods you use to create accurate forecasts, such as analyzing past performance or using industry trends. Focus on any successes you’ve had in this area, such as helping a company reach its goals or reducing costs. Finally, talk about how you stay up-to-date with changes in the industry and adjust your strategies accordingly.

Example: “I have extensive experience with financial forecasting and budgeting, having worked in the field for more than five years. I’m a strong believer in using data to inform decisions, so when creating forecasts and budgets I always try to take into account past performance, industry trends, and any potential risks or opportunities that may arise. In my current role, I was able to create an effective forecast that helped our company exceed its revenue goals by 10%. Additionally, I stay up-to-date on changes in the industry through research and networking, so I can adjust my strategies accordingly.”

4. Explain how you would go about identifying potential risks associated with a new business venture.

Risk management is a vital part of any business venture. The interviewer wants to know that you can anticipate and plan for potential risks before they become problems. You should be able to explain the steps you would take to identify potential risks, assess their severity, and develop a strategy to mitigate them. This question also allows you to showcase your knowledge of the industry and the market, as well as any problem-solving skills you have.

Start by explaining that you would begin the process by researching the industry and market. This will give you an understanding of the potential risks in the environment. You can then explain that you would use this knowledge to brainstorm potential risks associated with the venture, such as financial, operational, legal, or reputational risks. Finally, you should be able to explain how you would assess the severity of each risk and develop a strategy to mitigate them.

Example: “When it comes to identifying potential risks associated with a new business venture, my first step would be to research the industry and market. This will give me an understanding of any potential risks in the environment that could affect our venture. I would then use this knowledge to brainstorm possible risks associated with the venture, such as financial, operational, legal, or reputational risks. From there, I would assess the severity of each risk and develop strategies to mitigate them. For example, if we were launching a new product, I might recommend conducting customer surveys to identify any potential issues before launch.”

5. What methods do you use to measure progress towards achieving the objectives of a business plan?

Business planning managers are expected to have a clear understanding of how to create, implement, and monitor business plans. By asking this question, the interviewer wants to know if you are familiar with the various methods of measuring progress and if you have any experience with these methods. They may also be looking to see if you have any creative ideas for measuring progress that could be implemented in their organization.

To answer this question effectively, you should discuss the various methods of measuring progress that you are familiar with. You can mention traditional methods such as tracking key performance indicators (KPIs) and analyzing financial statements. Additionally, you could talk about more creative methods such as customer surveys, focus groups, or benchmarking against competitors. Be sure to emphasize any experience you have in implementing these methods and how they have helped your organization achieve its objectives.

Example: “I am familiar with a variety of methods for measuring progress towards achieving the objectives of a business plan. I have extensive experience in tracking key performance indicators and analyzing financial statements to identify areas of improvement or success. Additionally, I have used customer surveys, focus groups, and benchmarking against competitors to gain valuable insights into how our organization is performing. By utilizing these various methods, I am able to accurately measure progress towards achieving our goals and make sure that we are on track.”

6. How do you stay informed about industry trends and developments when creating a business plan?

Business planning managers must be up-to-date on the latest industry trends and developments in order to create successful plans for companies. They must have an understanding of the competitive landscape, be able to identify opportunities for growth, and be able to assess and mitigate risk. This question helps the interviewer understand your approach to staying informed and knowledgeable.

Talk about the various methods you use to stay informed, such as attending industry conferences and seminars, reading trade publications, conducting research online, and networking with colleagues. Also discuss any specific tools or resources that you use, such as market research reports, economic forecasts, and competitor analysis. Finally, emphasize your ability to be proactive in staying informed by setting up alerts for changes in the industry, monitoring news sources, and keeping an eye on competitors.

Example: “I understand how important it is to stay informed about industry trends and developments when creating a business plan. To ensure I’m up-to-date, I attend industry conferences and seminars, read trade publications, conduct research online, and network with colleagues in the field. Additionally, I use various tools and resources such as market research reports, economic forecasts, and competitor analysis to help me stay informed. I also set up alerts for changes in the industry, monitor news sources, and keep an eye on competitors so that I can proactively spot any new opportunities or potential threats.”

7. Are you familiar with any software or tools used for developing business plans?

Business planning requires a lot of research, analysis, and data crunching. To make sure that a potential hire has the right set of skills and experience to develop business plans, the interviewer may ask what kind of software and tools the candidate is familiar with. This question is a great way to assess the candidate’s technical knowledge and see if they have the right set of skills needed to create comprehensive business plans.

To answer this question, you should list out the software and tools that you are familiar with. Be sure to mention any industry-specific tools or software that you have experience with. Additionally, you can talk about your experience using Microsoft Office Suite (Word, Excel, PowerPoint) for business planning purposes. If you don’t have experience with specific software, you can also discuss how quickly you learn new tools and your ability to adapt to different technologies.

Example: “I am very familiar with all of the Microsoft Office Suite programs and have used them extensively for business planning purposes. I also have experience using industry-specific software such as Business Plan Pro, which is a great tool for creating comprehensive business plans. Additionally, I’m comfortable learning new software quickly and adapting to different technologies.”

8. What is your experience with market research and competitive analysis?

Business planning managers are responsible for analyzing a variety of data points to create plans that help guide their organization’s success. Being able to assess the competitive landscape, create strategies to gain market share, and identify potential opportunities are all important skills for this role. This question helps the interviewer understand what experience you have in the areas of market research and competitive analysis.

Start by talking about your experience conducting market research and competitive analysis. If you have any relevant examples of how you’ve used this information to create successful business plans, be sure to share those as well. You should also mention any tools or software you’ve used to help with the process, such as survey platforms or data visualization tools. Finally, don’t forget to emphasize your ability to interpret data and draw meaningful conclusions from it.

Example: “I have extensive experience conducting market research and competitive analysis. I’ve used a variety of tools, such as survey platforms and data visualization tools, to collect and analyze data from customers and competitors. I’ve also used my research to create detailed business plans that have been successful in helping my organization gain market share and identify potential opportunities. I’m confident that I can use the same skills and expertise to help you achieve your business goals.”

9. How do you handle difficult conversations with stakeholders who disagree with the proposed business plan?

Business planning managers are expected to be excellent communicators, negotiators, and problem-solvers. They must be able to listen to the various stakeholders’ perspectives and respond in a way that is both diplomatic and persuasive. This question helps the interviewer gauge how you handle difficult conversations and how you are able to remain professional and articulate while under pressure.

Start by emphasizing your ability to listen and understand different perspectives. Explain that you don’t jump to conclusions or make assumptions about the stakeholders’ positions. Instead, you take the time to ask questions and gain a better understanding of their point of view in order to find common ground and come to an agreement. You can also share examples of times when you have had success in resolving conflicts with stakeholders. Finally, explain how you remain professional during difficult conversations and try to maintain a positive attitude even if there is disagreement.

Example: “When I have difficult conversations with stakeholders who disagree with the proposed business plan, I try to remain open-minded and put myself in their shoes. I listen to their concerns and ask questions to gain a better understanding of their perspective. I also try to identify common ground and areas of agreement to move the conversation forward. I always remain professional and positive, even when there is disagreement, and I make sure to thank them for their input and feedback. I have had success in resolving conflicts with stakeholders in the past, and I am confident I can do the same in this role.”

10. Describe a time when you had to adjust a business plan due to unexpected changes in the marketplace.

Business plans are essential for businesses to succeed, but the market and consumer demands are constantly changing. It’s crucial for business planning managers to be able to quickly adjust their plans to keep up with the market. This question allows the interviewer to gauge the candidate’s ability to think on their feet and adapt to a rapidly changing environment.

To answer this question, you should provide a specific example of when you had to adjust your business plan due to unexpected changes in the marketplace. Explain what changes occurred and how you adjusted your plan to accommodate them. Talk about the strategies you used to make sure that the new plan was still successful. Finally, explain the outcome of your efforts.

Example: “I was recently working on a business plan for a new product launch. As we were close to launch, we started to see a major shift in consumer preferences. We realized that our launch plan was no longer going to be successful. To adjust, I quickly identified the key areas that needed to be changed and developed a new plan that addressed the shift in consumer preferences. I worked closely with the marketing team to ensure that our messaging was aligned with the new plan. We successfully launched the product with the new plan and saw an increase in sales due to our quick adjustment.”

11. What strategies do you use to ensure that all relevant information is included in the business plan?

Business planning managers need to have strong organizational and analytical skills to ensure that no detail is overlooked. Interviewers will want to know how you approach the task of creating a comprehensive business plan that includes all the necessary elements to help the business achieve its goals. They’ll also want to know how you stay organized and keep track of details throughout the process.

Start by talking about the research methods you use to gather data, such as interviews with stakeholders and industry experts, surveys of customers or employees, and market analysis. You should also discuss how you organize the information you’ve gathered in order to ensure that all relevant details are included in the business plan. Finally, talk about your approach to making sure that the plan is comprehensive and up-to-date.

Example: “When I’m creating a business plan, I make sure to include all the relevant information by conducting thorough research on the industry, the market, the company, and its competitors. I also interview stakeholders and industry experts to gain insight into the company’s current situation and its goals for the future. To ensure that the plan is comprehensive and up-to-date, I stay organized by creating a timeline and tracking progress towards each goal. I also keep a detailed log of any changes to the plan and the reasons behind them.”

12. How do you approach setting realistic timelines for completing a business plan?

Business planning managers must be able to plan, organize, and coordinate activities to ensure the successful completion of business plans. Setting realistic timelines is a key part of that. The interviewer wants to know that you can break down the components of the plan, estimate how long each part will take, account for potential obstacles, and come up with a timeline for completion. This requires both knowledge of the planning process and the ability to think through problems and come up with creative solutions.

Begin your answer by talking about the process you use to break down a business plan into its components and estimate how long each part will take. Then, discuss any methods you have for accounting for potential obstacles or delays in the timeline. Finally, talk about any strategies you’ve used to keep teams on track and ensure that deadlines are met.

Example: “When I’m setting realistic timelines for completing a business plan, I start by breaking it down into its component parts and estimating how long each part will take. I also factor in potential obstacles such as delays in getting feedback from stakeholders or changes to the plan that need to be addressed. Once I have a timeline, I work with the team to ensure that everyone is on the same page and that the timeline is achievable. I also regularly check in with the team to make sure we’re on track and provide support and resources when necessary to help us meet our deadlines.”

13. What steps do you take to ensure that the business plan remains up-to-date as conditions change?

The business environment is always changing, and as a business planning manager, you need to be able to anticipate and react to changes quickly and accurately. By understanding how you track and adjust the plan, the interviewer can get an idea of how well you can predict and adjust the plan to stay ahead of the competition.

Start by describing the process you use to track changes in the business environment. Talk about how you stay informed of industry news, economic trends, and customer feedback so that you can anticipate changes before they happen. Then discuss how you adjust the plan accordingly, such as updating goals or strategies, shifting resources, or introducing new products or services. Finally, explain how you monitor performance against the plan to ensure it remains up-to-date.

Example: “I stay up-to-date on industry news, economic trends, and customer feedback to anticipate changes in the business environment. I also regularly review the plan against current performance metrics to ensure it reflects the reality of our business. When I detect a shift in the environment, I adjust the plan accordingly. This could mean updating goals and strategies, shifting resources, or introducing new products or services. I also keep an eye on performance against the plan to ensure it remains up-to-date and relevant.”

14. Do you have experience working with international markets and regulations?

Business planning managers are responsible for helping businesses identify and reach their goals. Part of that involves understanding the complexities of international markets, including regulations and cultural differences. This question helps the interviewer understand if you have the skills and experience necessary to help the organization identify and reach its goals in the global market.

To answer this question, you should provide specific examples of your experience working with international markets and regulations. Talk about the projects or initiatives you’ve worked on that involved understanding and navigating different countries’ laws and regulations. You can also discuss any research you’ve done to stay up-to-date on international market trends and changes in legislation. Additionally, if you have traveled internationally for business purposes, be sure to mention it here.

Example: “I have extensive experience working with international markets and regulations. In my current role as a business planning manager, I’ve worked on projects involving understanding and navigating different countries’ laws and regulations. I’ve also conducted research to stay up-to-date on international market trends and changes in legislation. Additionally, I’ve traveled to multiple countries for business purposes, including Japan and China, to gain an understanding of their respective markets and regulations. I’m confident that my experience and knowledge in this area will be of great benefit to your organization.”

15. How do you evaluate the success of a business plan after it has been implemented?

Business planning managers are responsible for not only creating a plan but also ensuring that the plan is executed effectively and efficiently. They must be able to evaluate the success of a plan and make adjustments if needed. This question helps the interviewer understand how you measure success and your ability to make changes to plans as needed.

You should be prepared to discuss how you measure the success of a business plan. You can talk about specific metrics such as financial performance, customer satisfaction, and market share that you use to evaluate the success of a plan. It is also important to mention any qualitative measures such as employee feedback or customer surveys that you use to gain insight into the effectiveness of a plan. Additionally, it is helpful to discuss any changes you have made to plans based on these evaluations and the results of those changes.

Example: “When evaluating the success of a business plan, I use both quantitative and qualitative measures. I look at financial performance, customer satisfaction, and market share to get an idea of how the plan is performing. I also conduct surveys and interviews with customers and employees to gain further insight into how the plan is being implemented and if any changes need to be made. Once I have all of the data, I can make any necessary adjustments to the plan and track the results to ensure that the plan is successful.”

16. What techniques do you use to motivate team members to work together on a business plan?

The success of any business plan depends on the team behind it. A business planning manager needs to be able to effectively motivate and guide their team to achieve their goals. The interviewer wants to know how you go about motivating a team and what techniques you use to ensure everyone is on the same page. They’re looking for someone who can effectively manage a team to get the best results.

The best way to answer this question is by providing a few examples of how you have motivated teams in the past. Talk about what techniques you used and why they were successful. You can also provide an example of a time when your team was able to come together and produce an effective business plan despite any challenges or obstacles.

Example: “I believe that an effective business plan is only possible when all members of the team are working together and motivated to reach the same goal. To ensure this, I use a variety of techniques. For example, I regularly hold team meetings to discuss progress and brainstorm solutions to any challenges we may face. I also like to give team members individual attention and recognition for their contributions. Finally, I make sure to create a relaxed and open atmosphere where team members can feel comfortable to share their ideas and opinions. This has enabled my teams to come together and produce successful business plans in the past, and I believe it would be just as effective in this role as well.”

17. How do you handle disagreements between different departments over the content of a business plan?

Different departments within a business often have different priorities and goals which can lead to disagreements over the content of a business plan. As a business planning manager, you need to be able to work with all stakeholders to ensure that the best interests of the company are met and that the plan is one that all departments can agree on. This question will help interviewers understand how you handle disagreements and how you can ensure that all parties are satisfied with the outcome.

The best way to answer this question is by providing a specific example of how you have handled disagreements between different departments in the past. Talk about the steps that you took to ensure that all parties were heard and that their concerns were addressed. Explain how you worked with each department to develop a plan that was satisfactory for all involved while also meeting the needs of the business.

Example: “In my current role as Business Planning Manager at XYZ Corp, I frequently have to handle disagreements between different departments over the content of a business plan. In one recent example, the marketing and operations teams had opposing views on the timeline for a major project. I worked with both teams to understand their concerns and objectives and then sought out a compromise that would meet the needs of both departments. I was able to develop a plan that was satisfactory to both teams and that allowed the project to move forward in a timely manner. I believe that my ability to manage competing interests and develop creative solutions is an important part of my role as a business planning manager.”

18. What strategies do you use to identify opportunities for growth within an existing business plan?

Business planning managers must be able to identify opportunities for growth within an existing business plan. They must be able to understand the current plan and make decisions based on the data available. This question allows the interviewer to understand how the candidate looks at data and how they can use it to make decisions that will lead to growth.

To answer this question, you should explain the strategies that you use to identify opportunities for growth within an existing business plan. You can mention things like analyzing market trends, researching customer feedback, and utilizing data-driven insights to make decisions. Additionally, you should also discuss how you would use these strategies to create a plan of action that will lead to growth. Finally, it is important to emphasize your ability to think strategically and creatively when looking for new opportunities.

Example: “When identifying opportunities for growth within an existing business plan, I like to take a data-driven approach. I start by analyzing market trends to get a better understanding of where the industry is headed and what customers are looking for. After that, I will look at customer feedback to determine what areas need improvement or what new products or services could be offered. Finally, I use data-driven insights to make decisions and create a plan of action that will lead to growth. I am also always looking for creative solutions and thinking strategically to identify new opportunities.”

19. Describe a situation where you had to make a decision without having access to complete data.

Business planning managers have to have the ability to make decisions quickly and efficiently, even when they don’t have access to all of the information they need. It’s important to show that you can make decisions without having all the answers, and that you can do it without sacrificing accuracy or quality.

To answer this question, think of a specific example from your past experience. Describe the situation and decision you had to make without complete data, how you went about making it, and what the outcome was. Be sure to emphasize that you used the resources available to you to make an informed decision. Also mention any steps you took to ensure accuracy or quality in the process.

Example: “I was once tasked with making a decision on how to allocate resources for a new project. We had limited data available, so I had to make an informed decision based on the information I had. I consulted with the project stakeholders and conducted research to get a better understanding of the situation. I then weighed the pros and cons of each option and made a decision based on the best available data. We ended up making the right decision, and the project was successful.”

20. How do you ensure that the business plan reflects the company’s values and mission?

Business planning managers are responsible for developing and implementing strategies to achieve business goals. The interviewer wants to understand how you will ensure that the business plan reflects the company’s values and mission while also delivering on its objectives. They want to know that you will be able to create a plan that is aligned with the company’s core values and vision, so they can have confidence that you will create a successful plan.

To answer this question, you should discuss how you research the company’s values and mission to ensure that your business plan is in line with them. You can also talk about how you communicate with key stakeholders to understand their objectives and incorporate them into the plan. Additionally, you can explain how you will monitor progress against the plan and make adjustments as needed to ensure that it remains aligned with the company’s core values and vision.

Example: “When I develop a business plan, I always start by researching the company’s values and mission to ensure that my plan is in line with them. I also communicate with key stakeholders to understand their objectives and incorporate them into the plan. Additionally, I monitor progress against the plan and make adjustments as needed to ensure that it remains aligned with the company’s core values and vision. I have a proven track record of developing successful business plans that are aligned with the company’s mission and values.”

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Ready or not, self-driving semi-trucks are coming to America’s highways

Autonomous truck companies plan a major expansion this year to deliver your packages and food, speeding well ahead of federal safety regulations.

PALMER, Tex. — Perched in the cab of a 35,000-pound semi-truck lumbering south on Interstate 45, AJ Jenkins watched the road while the big rig’s steering wheel slid through his hands. Jenkins was in the driver’s seat, but he wasn’t driving. The gigantic 18-wheeler was guiding itself.

Over several miles on the popular trucking route between Dallas and Houston, the truck navigated tire debris, maneuvered around a raggedy-looking flatbed and slowed for an emergency vehicle. Exiting the highway, it came to an abrupt stop as a pickup jumped its turn at a four-way intersection.

“You need to be ready for anything,” said Jenkins, 64, a former FedEx driver whose job is to take control if anything goes wrong. “People do some crazy stuff around trucks.”

Operated by Aurora Innovation, the truck is part of a new class of autonomous big rigs plying the nation’s highways. By the end of this year, the trucks will for the first time start traveling alone, without human minders like Jenkins, as two major companies — Aurora and Kodiak Robotics — launch fully autonomous trucks in Texas.

The advent of robot trucks could have a massive impact on America’s supply chain, dramatically reducing the time it takes to transport goods from place to place and unbinding the trucking industry from the costs and physical limitations of human labor. But the technology’s advancement has sparked concerns about highway safety, job loss, a lack of federal regulation and a patchwork of state laws regarding where and how autonomous trucks can operate.

By default, driverless passenger vehicles and trucks can ride anywhere in the United States, unless a state explicitly says they can’t. That means companies can test and operate their vehicles across most of the country. Two dozen states, including Texas, Florida, Arizona and Nevada, specifically allow driverless operations, according to data compiled by Aurora, while another 16 states have no regulations specific to autonomous vehicles. The remaining 10 — including California, Massachusetts and New York — place limits on autonomous vehicles within their borders.

Alarmed by the slow pace of federal regulation, labor and safety advocates are pushing legislation in several states to ban driverless trucks outright. So far, the effort has been unsuccessful. The California legislature approved a measure last year that would have required human operators in all autonomous trucks, but Gov. Gavin Newsom (D) vetoed it, calling it “unnecessary” in light of state regulations that already ban autonomous vehicles over 10,000 pounds.

Transportation experts have been frustrated at how slowly the federal government has moved on the issue, given its potential to disrupt a massive part of the American economy.

Steve Viscelli, a sociologist at the University of Pennsylvania who studies the trucking industry, said autonomous trucking could “change the geography of our economy in the way that railroads and shipping did.”

“There are real concerns that drivers have of the impacts of this,” Viscelli said, “and we need to take them seriously.”

Driverless passenger cars have caused chaos in cities like San Francisco, including one horrific accident last year when a robotaxi hit a jaywalking pedestrian and dragged her about 20 feet. The potential for catastrophe is even greater with massive autonomous trucks, critics say.

“Even with these small vehicles, it has been a disaster,” said Peter Finn, a vice president of the Teamsters Local Union 856, which represents truck drivers. “The notion that there is going to be no human being in large trucks barreling down the highways absolutely frightens me.”

Major expansion

Today, Aurora’s long-haul trucks are transporting packages and produce — about 100 deliveries a week — for FedEx, Uber Freight and others. Founded in 2017 by former executives at Uber, Google’s self-driving project and Tesla, the company has been training its driverless trucks in Texas since 2020.

By the end of this year, Aurora says it plans to have about 20 fully autonomous trucks working the 240-mile stretch between Dallas and Houston. Eventually, it plans to operate thousands of trucks all across America.

Kodiak Robotics, which was founded by a former employee of Uber and Alphabet’s Waymo, similarly plans to launch a fleet of trucks by the end of the year in Texas. A third company, Daimler Trucks — a subsidiary of German-owned Daimler that has partnered with Torc Robotics — is a few years behind, with plans to launch a driverless fleet in America by 2027.

Nat Beuse, Aurora’s chief safety officer, said the self-driving truck industry has been “methodical” in deploying its technology, adopting strict safety standards, including how the trucks respond to various system failures. Beuse said the company has learned from the mistakes of other autonomous vehicle companies, including General Motors-owned Cruise, which recalled its entire driverless fleet after the San Francisco crash.

“The federal government has been clear in that unless a state says you can’t deploy, you can. But that doesn’t mean as a company we don’t have responsibilities,” Beuse said. “This is not a science experiment.”

Marc Williams, executive director of the Texas Department of Transportation, said Texas has a good relationship with the companies testing on its roads. The state has been at the “forefront” of supporting the industry, he said, and it is critical for its economic growth as demand grows for moving freight around the state.

“If we’re going to meet that challenge, it requires us to be successful in these partnership and collaborations with trucking and autonomous trucking industry,” Williams said at a February panel with Partners for Automated Vehicle Education, a coalition of industry advocates.

The average driver would find it tough to spot one of Aurora’s trucks, which bear only a small rear-facing sign that reads “AUTONOMOUS TEST VEHICLE.”

The view from inside the cab looks very different, however. On a recent day in February, two computer screens animated a flurry of potential hazards: Tire debris dotting the shoulder. Impatient SUVs and sedans eager to pass. An SUV merging without a turn signal.

Stephen Tune, a vehicle operations specialist, sat in the passenger seat, monitoring the screens. He narrated the truck’s every movement for Jenkins: “Moving to the right to avoid tire debris,” Tune said as the turn signal began to blink. “Moving to the left as a courtesy to the car behind us.”

On this drive, the truck followed all the rules of the road and even demonstrated an uncommon courtesy to other drivers. But it’s the unexpected scenarios — from errors by human drivers to sudden mechanical issues — that worry veteran truck drivers like Lewie Pugh.

“I know my computer and cellphone make mistakes. Machines can have bad days, too,” said Pugh, executive vice president of the Owner-Operator Independent Drivers Association, a national organization representing professional truck drivers.

While Texas has been the center of autonomous truck testing, companies also have been running vehicles in Oklahoma and New Mexico, among other places. Since 2021, trucks operated by all three major companies have been involved in a handful of traffic incidents, according to data from the National Highway Traffic Safety Administration (NHTSA).

None have been fatal or caused serious injuries, but the incident logs provide a window into the range of obstacles the trucks have faced.

In July 2022, a Daimler truck rolled over an object on a New Mexico highway that punctured its fuel tank, causing oil to spill onto the highway. In December 2023, a deer stumbled onto the path of a Daimler truck testing in Texas. The test driver took over, but the truck still hit the deer.

Earlier that month, a pickup truck trying to overtake an Aurora vehicle hydroplaned and hit the Aurora’s trailer. The Aurora detected the pickup but was unable to avoid contact.

The companies will be attempting to succeed in an industry that has faced setbacks. Waymo, the self-driving company owned by Alphabet, said in July that it would push back the timeline of its trucking efforts so it could instead focus on ride-hailing. Chinese autonomous trucking company TuSimple Holdings wound down its U.S. operations in 2023, a year after one of its automated trucks was involved in a crash while testing.

Still, autonomous trucks will make highways safer, those working on the technology say. According to the latest federal data, 5,788 people were killed in crashes involving a large truck in 2021, representing 13 percent of traffic deaths that year.

Tech moving faster than regulation

As profit-driven companies race toward deployment, the federal government has been slow to grapple with the implications of the new technology. The U.S. Transportation Department has largely allowed the companies to test their products on public roads, as long as companies comply with the same safety standards that apply to traditional human-driven trucks.

Within the Transportation Department, NHTSA and the Federal Motor Carrier Safety Administration have been working for more than five years on a proposal to create basic “safety guardrails” for autonomous trucks, including requirements for remote assistants to monitor the driverless vehicles, inspections and vehicle maintenance. The proposed rule, which was submitted to the White House’s Office of Management and Budget in December, would be the Biden administration’s most significant action on autonomous trucking.

Transportation Department spokesperson Sean Manning was unable to say when the rule might be finalized, as it still has to go through several more bureaucratic steps. Until then, Manning said existing laws prohibit any vehicle, including those equipped with automated technology, from “posing an unreasonable risk to safety.” Meanwhile, NHTSA “will continue its vigorous enforcement using its defect and oversight authorities,” Manning said — including investigations or recalls — if it finds evidence of risk.

Aurora and Kodiak both support the idea of federal regulation, which would give them more certainty about standards as they expand nationally.

“Having a federal framework gives confidence to regulators and the public that the federal government is watching this closely,” said Daniel Goff, the head of policy at Kodiak.

Anxious truck drivers

Richard Gaskill, a truck driver in Texas since 1998, said he spots an autonomous test vehicle every now and then as he carries loads along I45.

“It’s too new for me to trust,” Gaskill, 50, said of the technology. “I don’t like the idea of these being out there taking our jobs.”

Gaskill’s anxiety is shared by union and trade groups like the Teamsters. But a 2021 study from the Transportation Department suggests concerns about widespread job loss may be misplaced: Autonomous trucking could at most lead to 11,000 layoffs in the next five years, the study says — less than 2 percent of the long-haul driver workforce.

Meanwhile, the study notes that the technology could create new job opportunities for maintenance technicians, dispatchers and fuelers while helping to relieve the drudgery that sometimes comes with being a long-haul trucker. And the autonomous truck companies say their technology can help transport goods around the country faster, as robot trucks can drive longer hours than human drivers.

Gaskill doesn’t buy it. He says he can’t fathom how a robot could navigate the nation’s chaotic highways better than he can. But as companies like Aurora expand, he is resigned to the fact that autonomous trucks are part of the future.

“It’s just a matter of time,” he said.

A previous version of this article misstated the year since when Richard Gaskill has been a truck driver in Texas. It is 1998. The article has been corrected.

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What 10 Years of Modi Rule Has Meant for India’s Economy

Narendra Modi has kept India on its swift upward path among the world’s largest economies. Many Indians are better off, though wealth gaps have widened.

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Orange streamers and confetti thrown in the air as spectator's observe someone driving by and celebrating.

By Alex Travelli

Alex Travelli, the South Asia business correspondent, has reported from New Delhi since 2013.

As Narendra Modi was storming to victory in the election of 2014, he said that “ acchhe din aane waale hain” — good times are coming.

Listen to this article with reporter commentary

Open this article in the New York Times Audio app on iOS.

Now as Mr. Modi stands set to secure another term as prime minister in elections starting on April 19 , the value of India’s stock market has grown threefold since he first took office. India’s economy is almost twice as big as it was.

Stocks have risen so much because the number of Indians with enough wealth and appetite for investment risk has jumped — to nearly 5 percent of the population from barely 2 percent.

But the economic gains have been widely unequal. The bulk of India’s growth depends on those at the top of the income ladder, including a coterie of huge and tightly controlled businesses.

Ninety percent of India’s population of 1.4 billion is estimated to subsist on less than $3,500 a year . Yet in the poorest rural districts, life has been made more bearable by welfare programs that have expanded under Mr. Modi. Many of the benefits are solid and visible: sacks of free grain, toilets, gas cylinders and housing materials. Purely commercial developments have transformed village life: LED lights, cheap smartphones and nearly free mobile data have changed the nature of idle time.

While America was experiencing a “ vibecession ,” feeling glum despite upbeat economic news, India has been doing the opposite. Here many of the signals are mixed — but the vibes are fantastic. International surveys show India’s consumers have become the most upbeat anywhere.

Foreigners are also feeling good about the Modi economy. Banks like Morgan Stanley and JPMorgan Chase are rushing to upgrade India’s weighting in their global stock and bond indexes. Chris Wood, one of the best-regarded market strategists in Asia, warned that if Mr. Modi were not re-elected this year, Indian markets could crash by 25 percent or more.

A strange thing about the spirit of optimism about the Modi economy is that India’s rates of growth over the past 10 years have been very similar to those of the decade that preceded it, under a government that Mr. Modi often blames for wrecking the country.

As real as it is, the Indian economic success story is also an attribute of what could be the singular characteristic of Mr. Modi’s years in the top job: his ability to control all levers of power, with showmanship as the first priority .

Mr. Modi’s face is everywhere, perhaps more present in New Delhi than that of any democratically elected leader in any other capital. In the run-up to the Group of 20 summit last September, his slogans took credit for virtually every positive development that could be found in this inexorably emerging economy.

In the bullish climate surrounding the Indian economy, even the pessimists are optimistic. While official statistics anticipate growth of 7.3 percent in the current fiscal year, most finance professionals in Mumbai peg the figure at 6 to 6.5 percent. The lowest estimate touches 4.5 percent, which would still beat the United States and possibly China.

Expressing even mild skepticism is avoided. Economists who depend on government work must be careful not to speak frankly. Economists who do not work with the government are becoming scarce, as independent think tanks are raided and shuttered.

Message control is much more pronounced than it was under Mr. Modi’s predecessor, the award-winning economist Manmohan Singh. India became known as a “ flailing state ” during Mr. Singh’s time in office, even with growth occasionally hitting the 10 percent mark.

Mr. Modi has been busy remaking the institutions of Indian governance. Political competition has been all but eliminated at the national level, and he has exploited animosity against the country’s Muslim minority of 200 million.

Mr. Modi has also used state power to make things happen in strictly economic affairs, mostly for better though sometimes for worse. Infrastructure is on a tear. There is some overbuilding, but the fact that building gets done is a welcome relief. Welfare programs have become more responsive.

India — especially in banking and business transactions — has made a widespread digital leap . The push began during the previous management of Mr. Singh, but Mr. Modi has run with it. The “India Stack,” a suite of software platforms that runs on the base of Aadhaar, a biometric identification system, means that Indians now have access to faster and cheaper peer-to-peer transactions than Americans.

Taxes have been overhauled. India has driven more of the economy into the formal sector, for instance by enacting a Goods and Services Tax like Europe’s value-added tax, allowing more revenue to be extracted from more people and businesses. That has freed up money for public spending and, by lowering corporate tax rates, private financing.

One minus on the digitization ledger came on Nov. 8, 2016, when at 8 p.m. Mr. Modi abruptly declared that all large currency notes were suddenly worthless. That was supposed to deprive criminals of “black money.” Instead, it crippled economic activity.

There are other ways the Indian government’s power to act decisively and usually without check has created distortions and inequalities. The biggest companies have profited wildly. Of the $1.4 trillion in wealth created by the most prestigious stock index from 2012 to 2022, 80 percent went to 20 companies, Marcellus Investment Managers in Mumbai estimated in 2022. Those companies are the ones that can talk directly to the government.

No one better illustrates the concentration of corporate wealth, and the risks associated with it, than Gautam Adani . Outside India, few knew his name until 2022, when he suddenly appeared on lists as the world’s second-richest person, after Elon Musk.

The flagship stock of Mr. Adani’s conglomerate nearly doubled in the year after Mr. Modi was elected and grew eight times larger after he was re-elected in 2019. The Adani Group became, in effect, a logistics arm of the government, building up ports, highways, bridges and solar farms at speeds never before seen.

Then last year Mr. Adani’s empire was accused of fraud by a New York short-seller, costing Mr. Adani $150 billion on paper. Though Mr. Adani, who denied the claims, has recouped most of the money he lost, the episode exposed a risk in the Modi strategy of allowing the few at the tippy top to amass enormous clout.

Companies aside, on an individual level, India’s recent growth has been uncomfortably unequal. Having the world’s biggest population explains why so many foreign investors are attracted to its consumer market. Most Indians are rural, and 75 percent of them are by most measures poor, qualifying for free food rations intended to prevent malnutrition. Though that warrants some caution, it leaves room for growth.

Sales of luxury goods have been booming, especially since the pandemic, generating yearslong waiting lists for vehicles like the Mercedes G 63. Sales of motorbikes and scooters, which transport far more Indians than all the four-wheeled cars combined, have been stagnant.

The most painful aspect of the economy is the jobs situation. Officially about 7 percent of Indians are unemployed. Vastly more are underemployed. In the past month, Indians desperate to find better incomes abroad have died trying: while crossing the United States’ borders, fighting as underequipped mercenaries for Russia in Ukraine and filling positions left empty by Palestinians forced to stop working in Israel.

And yet, the ascent of India in the world economy seems preordained. It has moved ahead of Britain to become the world’s fifth-largest economy, and it is expected to surpass Japan and Germany to become the world’s third largest within the next few years.

More multinational businesses are expected to flock to India, creating opportunities for Indians. Only a small proportion of consumers can expect to enjoy living standards taken for granted in the United States, but they are becoming more numerous by the year, and can now be found even in small cities.

Red tape remains to impede businesses without connections to the top of government. But the direction of movement is promising: Projects that used to require two years of permission-seeking can now be completed in 15 days.

Along with the acchhe din he promised in 2014, Mr. Modi pledged “minimum government, maximum governance,” sounding like a 1980s America free marketeer. In practice, his economic approach has not been defined by theory or ideology. He has thrown everything against the wall to see what sticks. He has thrown persistently, and with force. When economists talk about India, they have stopped talking about the “flailing state.”

Read by Alex Travelli

Audio produced by Parin Behrooz .

Alex Travelli is a correspondent for The Times based in New Delhi, covering business and economic matters in India and the rest of South Asia. He previously worked as an editor and correspondent for The Economist. More about Alex Travelli

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The Business of Space Reading Answers

Updated On Mar 27, 2023

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Recent IELTS Reading Test with Answers - Free PDF

The Academic passage, The Business of Space Reading Answers , is a reading passage that consists of 13 questions.

With diligent practice, the Reading Module can be the top-scoring category for IELTS aspirants. To score well, you must understand how to approach and answer the different question types in the Reading Module.

By solving and reviewing Sample Reading questions from past IELTS papers, you can ensure that your Reading skills are up to the mark. Take the reading passage The Business of Space below and try more IELTS reading practice tests from IELTSMaterial.com.

The question types found in this passage are:

Multiple Choice Question (Q. 14-18)
True/False/Not Given (Q. 19-26)

Reading Passage 2

The business of space.

Up until very recently space travel and exploration were solely the preserve of governments, most notably the Russian and American. However, with the decline of government wealth and the dramatic increase in personal wealth, the whole landscape of space travel is changing.

The first tentative steps into the commercialisation of personal space travel began when billionaire Dennis Tito paid $20 million to ride on a Russian Soyuz spacecraft for a week’s holiday on a space station. Since then, there have been seven space tourists who have paid large sums of money for a space experience. Yet, collectively, their financial contribution is minute and certainly would not appear to represent a feasible business.

Richard Branson, billionaire and entrepreneur, has formed Virgin Galactic, a spaceship company with some very ambitious plans for space travel. Surprisingly, he is not alone; there are some 12 or 13 other space organizations worldwide with similar plans. Of course, there are setbacks, but Virgin Galactic plan to have to pay flights beginning in late 2017, with tickets at $250,000 each. Expensive? Yes! But there are over 20,000 people who have expressed interest, despite the tragic death of a co-pilot during a test flight accident.

It seems that people who want to take short zero gravity suborbital flights are fully aware of the dangers and are willing to take the risk. It is also worth noting that there were almost 2000 billionaires in the world in 2016, and that number is growing. So entrepreneurs like Richard Branson may represent the tip of the iceberg of young rich investors who want to make their childhood dreams of space travel come true.

Obviously, the key to the success of any business venture is to ensure that the price of the product maximises sales and to reduce the very high costs of the vehicles and rockets needed to do this. Currently, space vehicles can only be used once, so the race is on to develop reusable space vehicles. It is this reusability that will break the ‘cost-barrier’ and bring this activity into the price bracket where middle class and moderately wealthy people can afford it.

So what would you pay for a zero-gravity sub-orbital space trip? A recent, unscientific study, amongst US millennials (people who became adults around the year 2000) suggested that if the price of the flights was reduced by a factor of five – a figure entirely possible given the progress being made with reusable vehicles – the yield would be about $20 billion a year of revenues for the space tourism industry.

Twenty billion dollars is an interesting figure, as it is about the same amount generated each year by the film industry in the US through ticket, DVD and other sales. So now it is possible to make an analogy between the business model of Hollywood and space travel. Which do you think is more expensive? A Hollywood blockbuster, or the cost of a space launch? Back in the 1960s and 1970s, a space launch cost hundreds of times more than a Hollywood film. But as more money came to be spent on Hollywood movies, the cost of space travel has been decreasing. One particularly illustrative example is the comparison between the film Avatar, a movie about life on an ‘exomoon, and the Kepler spacecraft. Both of these costs about $400 million dollars. So for about half a billion dollars, you can either get a film about life on other planets, or you can pay for a mission, which may actually find Earth-like worlds. As a scientist, which is the better deal?

So what really is in the future for space travel? Probably offers of suborbital travel by companies like Virgin Galactic will become fairly common after the initial teething phase is over. Other companies are developing space hotels, so people who can afford more than just the space trips can spend their money holidaying in space. All the technologies allowing this to happen are advancing very rapidly and most of this is happening in the private sector.

Space is going to get commercialised and this may not be a good thing. Do we really want to see massive advertising signs in space? The moon littered with commercial rubbish? If this happens it will be very hard to regulate. While there is in existence a Treaty of the Moon, to acknowledge that no one can own the Moon or Mars, not one space-faring country has signed it.

The future of space travel has never been more exciting than it is now. Young children with pictures of planets and space rockets on their bedroom have a greater chance than ever of actually going into space than ever before. But at what cost?

Questions 14-18

Choose FIVE letters, A-l.

Write the correct letter in boxes 14-18 on your answer sheet.

NB Your answers may be given in any order

Below are listed some popular beliefs about commercial space travel.

Which five of these are reported by the writer of the text?

A Space travel today is no different than space travel in the 1960s.

B To date, the amount of space travel undertaken by private individuals could not sustain a business.

C Richard Branson’s plans for commercial space travel may be described as ‘daring’.

D It is not surprising that Branson’s company is not the only company interested in commercial space travel.

E Virgin Galactic’s proposed fares will be highly affordable to many.

F Individuals who want to fly into space are gamblers.

G Parallels can be drawn between space travel and the Hollywood movie industry.

H The rise of companies like Virgin Galactic is unconditionally positive.

I Laws governing space travel will be difficult to enforce.

14 ……..

15 ……..

16 ……..

17 ……..

18 ……..

Questions 19-26

Do the following statements agree with the information given in the Reading Passage?

In boxes 19-26 on your answer sheet, write

TRUE if the statement agrees with the information

FALSE if the statement contradicts the information

NOT GIVEN if there is no information on this

19 Space travel today remains under the control of the Russian and American governments.

20 The first commercial space passenger was Richard Branson.

21 The Virgin Group was established by Richard Branson in 1970.

22 Space vehicles are presently capable of being used more than once.

23 $20 billion is the amount that millennials currently spend on space travel.

24 The film ‘Avatar’ cost about $400 million to make.

25 It is unlikely that recycling will become common practice on the moon.

26 Children today have a better chance of realizing their dreams of space travel than children in the 1960’s did.

Explanation

14 Answer: B

Question type: Multiple Choice Question

Answer location: Paragraph 2, line 2 – line 3

Answer explanation: In the mentioned lines, it is given “ Since then, there have been seven space tourists who have paid large sums of money for a space experience. Yet, collectively, their financial contribution is minute and certainly would not appear to represent a feasible business. ”. In the light of the fact that space travel has been undertaken by many private individuals but could not sustain a feasible business, the answer is B.

15 Answer: C

Answer location: Paragraph 3, line 1

Answer explanation: In the mentioned line, it is given “ Richard Branson, billionaire and entrepreneur, has formed Virgin Galactic, a spaceship company with some very ambitious plans for space travel. ”. This reference proves that Richard Branson’s plans for commercial space travel may be described as ‘daring’ (ambitious). Hence, the answer is C.

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16 Answer: F

Answer location: Paragraph 4, line 1

Answer explanation: In the fourth paragraph, it is stated that “ It seems that people who want to take short zero gravity suborbital flights are fully aware of the dangers and are willing to take the risk. ” It can be pointed out that people who want to fly into space are aware of the risks involved and still want to take the risk (gambler). Hence, the answer is F.

17 Answer: G

Question type: Multiple Choice Question

Answer location: Paragraph 7, line 1 – line 2

Answer explanation: Through lines like, “ Twenty billion dollars is an interesting figure, as it is about the same amount generated each year by the film industry in the US through ticket, DVD and other sales. So now it is possible to make an analogy between the business model of Hollywood and space travel. ” , it can be concluded that parallels have been drawn between the business model of space travel and the Hollywood movie industry. Hence, the answer is G.

18 Answer: I

Answer location: Paragraph 9, line 4

Answer explanation: In the mentioned paragraph of the passage, it is noted that, “ While there is in existence a Treaty of the Moon, to acknowledge that no one can own the Moon or Mars, not one space-faring country has signed it. ” . Based on this reference, it can be concluded that laws governing space travel, like the Treaty of the Moon, will be difficult to enforce, as countries will not follow it. Hence, the answer is I.

19 Answer: False

Question type: True/False/Not Given

Answer location: Paragraph 1

Answer explanation: In Paragraph 1, it is said that “ Up until very recently space travel and exploration were solely the preserve of governments, most notably the Russian and American. However, with the decline of government wealth and the dramatic increase in personal wealth, the whole landscape of space travel is changing. ”. This points out that even though earlier space travel and exploration was under the control of Russian and American governments, now, due to a decline in wealth, the control is shifting. Hence, the answer is False.

20 Answer: False

Answer location: Paragraph 2, line 1

Answer explanation: The following lines – The first tentative steps into the commercialisation of personal space travel began when billionaire Dennis Tito paid $20 million to ride on a Russian Soyuz spacecraft for a week’s holiday on a space station. – establishes the fact that Dennis Tito, and not Richard Branson, was the first commercial space passenger. Hence, the answer is False.

21 Answer: Not Given

Answer location: N.A.

Answer explanation: Although there is a mention that the Virgin Group was established by Richard Branson, the specific year of establishment is not mentioned. Hence, the answer is Not Given.

22 Answer: False

Answer location: Paragraph 5, line 2

Answer explanation: In Paragraph 5, it is stated that “ Currently, space vehicles can only be used once, so the race is on to develop reusable space vehicles. ”. This statement indicates that space vehicles are presently incapable of being used more than once and in future, changes are being made. Hence, the answer is False.

23 Answer: False

Answer location: Paragraph 6, line 2

Answer explanation: The given line specifies that “ A recent, unscientific study, amongst US millennials (people who became adults around the year 2000) suggested that if the price of the flights was reduced by a factor of five – a figure entirely possible given the progress being made with reusable vehicles – the yield would be about $20 billion a year of revenues for the space tourism industry. ”. It is indicated that $20 billion is the amount that is generated as an annual revenue for the space tourism industry. Hence, the answer is False.

24 Answer: True

Answer location: Paragraph 7, line 7 – line 8

Answer explanation: The specified line of Paragraph 7 says that “ One particularly illustrative example is the comparison between the film Avatar, a movie about life on an ‘exomoon, and the Kepler spacecraft. Both of these costs about $400 million dollars. ”. It is evident that the film ‘Avatar’ cost about $400 million to make. Hence, the answer is True.

25 Answer: Not Given

Answer explanation: Since there is no reference on whether it is unlikely that recycling will become common practice on the moon or not. Hence, the answer is Not Given.

26 Answer: True

Answer location: Paragraph 10, line 2

Answer explanation: In the mentioned lines, it is reported that “ Young children with pictures of planets and space rockets on their bedroom have a greater chance than ever of actually going into space than ever before. ”. This points to the fact that children today have a better chance of realizing their dreams of space travel than children in the past (1960’s). Hence, the answer is True.

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Kasturika is a professional Content Writer with over three years of experience as an English language teacher. Her understanding of English language requirements, as set by foreign universities, is enriched by her interactions with students and educators. Her work is a fusion of extensive knowledge of SEO practices and up-to-date guidelines. This enables her to produce content that not only informs but also engages IELTS aspirants. Her passion for exploring new horizons has driven her to achieve new heights in her learning journey.

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A Southwest Airlines Boeing 737-800 plane

Boeing engine cover falls off during takeoff, prompting US investigation

Incident during Southwest flight will add to pressure on aviation firm as it shakes up leadership

US airline regulators have launched an investigation after an engine cowling on a Boeing plane fell off during takeoff and struck the wing flap, the latest in a series of safety problems facing the aircraft manufacturer.

Southwest Airlines flight 3695 rose to about 3,140 metres (10,300ft) before returning safely 25 minutes after takeoff to Denver international airport at about 8.15am local time on Sunday. It was towed to the gate after landing.

The Boeing aircraft with 135 passengers and six crew members onboard had been headed to Houston, Texas. No one was injured.

The airline said maintenance teams were reviewing the aircraft. It was a 737-800, a model that the troubled 737 Max series was intended to replace.

The incident will add to the problems facing Boeing as it prepares for a major shake-up in its leadership . Its chief executive, Dave Calhoun, last month announced he would step down at the end of this year, while the commercial planes boss, Stan Deal, also left with immediate effect.

The board chair, Larry Kellner, was replaced by Steve Mollenkopf, who last week told shareholders the board “will leave no stone unturned in our efforts to get this company to where it needs to be”.

Boeing’s safety record has come under renewed scrutiny this year after a door plug panel came off a new Alaska Airlines 737 Max 9 jet at about 5,000 metres (16,000ft) on 5 January.

In the aftermath of that incident, the Federal Aviation Administration grounded the Max 9 for several weeks, barred Boeing from increasing its rate of production of the aircraft and ordered it to develop a comprehensive plan to address “systemic quality control issues” within 90 days.

Boeing production has fallen below the maximum 38 Max planes a month the FAA is allowing, while the US justice department has opened a criminal investigation into the incident.

Boeing has been trying to increase the rate of 737 Max production for several years since its bestselling plane was allowed to fly again after an extended ban. Regulators around the world banned the 737 Max from flying after 346 people died in two crashes in 2018 and 2019 because of a design flaw.

The US plane-maker spent years trying to rebuild its reputation and reassuring airline customers that its culture had changed to prioritise safety over profits. The door plug incident seriously undermined those efforts.

Despite the controversy over the safety problems, Boeing last week revealed it had increased Calhoun’s pay by 45% to the highest since he took over. Boeing awarded Calhoun $32.8m (£26m) in pay, after adding $30m in stock options on top of his $1.4m salary. However, he may not collect all of the options if he steps down at the end of the year as planned.

The Southwest plane entered service in June 2015, according to FAA records. The airline declined to say when the plane’s engine had last undergone maintenance.

Footage posted on X showed the ripped engine cover flapping in the wind with a torn Southwest logo.

The FAA is investigating several other recent Southwest Boeing engine problems. A Southwest 737 flight on Thursday aborted takeoff and taxied back to the gate at an airport in Texas after the crew reported engine problems. The FAA is also investigating a Southwest 737 flight on 25 March that returned to Austin airport in Texas after the crew reported a possible engine problem.

A Southwest 737-800 flight on 22 March returned to Fort Lauderdale airport in Florida after the crew reported an engine problem. It is also being reviewed by the FAA.

Airline industry
Air transport

More on this story

United Airlines Boeing plane loses external panel in flight

Boeing cockpit seat switch mishap reportedly led to Latam flight incident

Man who was almost sucked off plane among group suing Alaska and Boeing

US safety agency says Boeing video of door-plug removal was overwritten

Boeing whistleblower found dead in South Carolina

Today in Focus What’s gone wrong at Boeing?

Boeing 737 Max 8 ran off Texas runway ‘into grassy area’, says United Airlines

Boeing not providing records linked to panel blowout, says top US safety official

John Oliver calls for new leadership of Boeing: ‘Fix the culture that you have destroyed’

Boeing: DoJ begins investigation as FAA gives 90-day deadline for safety plan

Microsoft customers complain Copilot doesn't work as well as ChatGPT. Microsoft says they're not using it right.

A top complaint from Microsoft's customers is that Copilot doesn't perform as well as OpenAI's ChatGPT.
Microsoft says customers aren't using its new artificial-intelligence tools properly.
The company is paying a partner to produce videos to teach customers how to write better prompts.

One of the top customer complaints about Microsoft 's Copilot is that it doesn't seem to work as well as ChatGPT , according to employees with direct knowledge of customer feedback.

"Every time a customer starts using it, they start comparing it to ChatGPT and saying, 'Aren't you guys using the same technology?'" one of the people said.

ChatGPT, OpenAI 's artificial-intelligence chatbot, has set relatively high expectations for customers who are now trying out Microsoft Copilot tools for the first time. The software giant's efforts to meet those expectations is an important test as the AI industry attempts to switch users from free consumer chatbot offerings to something more valuable.

Microsoft is racing to add value to these AI tools before customers start asking whether they're getting a proper return from the extra money they're spending on this much-hyped technology.

Copilot vs. ChatGPT

Copilot for Microsoft 365 has reached the most customers so far after the company made it generally available in November. This is a version of the AI assistant that works alongside the company's suite of business applications such as Word, Outlook, and Teams.

Feedback for the tool has been mixed to leaning positive so far, according to the Microsoft employees who spoke with BI.

There are the usual Microsoft problems: Some customers are using older versions of products such as the Outlook email service, and they expect whizbang AI Copilot capabilities to work with this somewhat aging software.

But Microsoft employees told BI the comparisons with ChatGPT kept coming up. These sources asked not to be identified discussing private matters.

The "work" version of the Copilot tool uses internal customer data to help provide automated support to employees working on tasks such as summarizing meetings.

It queries this sensitive information from sources including Microsoft's SharePoint collaboration software. This sometimes means responses aren't as quick or thorough as a free and open web-based chatbot such as ChatGPT that's been trained on information from the entire internet.

Microsoft employees told BI that customers who were saying this Copilot tool didn't compare favorably with ChatGPT just didn't understand how the different products work.

This was confirmed by Jared Spataro, Microsoft's corporate vice president of AI at work, in an interview arranged by the company.

Microsoft's Copilot tools are built on what the company calls the Azure OpenAI model. This takes OpenAI's top GPT models and adds additional capabilities.

Teaching customers how to prompt

Another problem for Microsoft is that users are typically bad at writing prompts, the employees say. These are special instructions that get the most out of AI models and chatbots. There's even a new job for this emerging skill, known as prompt engineering .

"It's a copilot, not an autopilot, you have to work with it," one Microsoft staffer told BI.

The answer an AI tool gives can only be as good as the question asked. "If you don't ask the right question, it will still do its best to give you the right answer, and it can assume things," this person added.

One of the employees said Microsoft had hired its partner BrainStorm to create training videos to help customers create better prompts for Copilot. Microsoft and BrainStorm declined to comment on this.

Some Microsoft customers have even created their own internal teams to help train staff on how to make the best use of these AI tools.

Spataro said Microsoft had put a lot of work into providing support for prompt engineering within the Copilot for Microsoft 365 product itself, such as with FAQs and prompt examples.

'Work' Copilot vs. 'web' Copilot

A source of customer confusion is that there's a "work" version of Copilot for Microsoft 365 and a "web" version of the tool.

The web-based version generates similar outputs to ChatGPT and runs in a similar way. Meanwhile, the "work" version is the one that uses internal private customer data to provide more bespoke and specific responses.

For instance, a Microsoft customer may use the web version of Copilot to search publicly available information about a client. Then they could switch to the work version to find out what extra information is available about this client from internal corporate data.

Still, employees told BI that customers were getting confused about why the "work" version wasn't giving responses as quickly or as thoroughly as the web-based Copilot.

Spataro said Microsoft had been taking measures to help customers understand how these different Copilot offerings operate. For instance, the company is introducing a toggle switch so customers can swap between the "web" and the "work" version of Copilot to help them understand which dataset — the web or their internal files stored within SharePoint — is being queried.

"Copilot for Microsoft 365 is unlike any other AI experience at work, with a deep understanding of your job and organization that combines top of the line AI models, the web, and your business data to enable new scenarios that directly impact the bottom line in a way that wasn't possible before generative AI," Spataro said in a statement.

Are you a Microsoft employee or someone else with insight to share?

Contact Ashley Stewart via email ( [email protected] ), or send a secure message from a non-work device via Signal (+1-425-344-8242).

Axel Springer, Business Insider's parent company, has a global deal to allow OpenAI to train its models on its media brands' reporting.

Watch: What is ChatGPT, and should we be afraid of AI chatbots?

Main content

Rate cuts are coming: Gold prices hit a record high

Gold prices surged Monday to a record high of $2,265.73 an ounce.
The Fed's preferred gauge of underlying inflation came in as expected Friday, affirming 2024 rate-cut hopes.
The yellow metal is generally seen as an inflation hedge, and it trades inversely to consumer prices.

The price of gold rallied to another record high on Monday, following fresh inflation data from Friday that boosted rate-cut hopes .

The yellow metal climbed as much as 1.6% to a new high of $2,265.73 an ounce.

The year-over-year index of personal consumption expenditures rose 2.5% in February, in line with economist expectations. Core PCE, which excludes food and energy prices, rose 2.8% for the month, also in line with estimates. The results have fueled anticipation that the central bank's first rate cut will come in June.

Typically, a lower-rate environment makes holding gold more alluring compared with other assets such as bonds, which yield lower returns when interest rates drop.

Federal Reserve Chair Jerome Powell also applauded the latest US inflation data, saying it's "along the lines of what we would like to see" during his speech on Friday, which echoed his reiteration in last month's policy meeting of a rate cut for this year .

The surging bullion price was also pushed up by its robust overseas demand, as global central banks are shifting away from dollar reserves because of geopolitical risks.

On the other hand, China's struggling stock and real-estate markets have forced many investors to pivot to the "safe haven." In February, the People's Bank of China acquired about 390,000 troy ounces of the precious metal. Overall, China's central bank now holds about 72.58 million troy ounces of gold, equivalent to about 2,257 tons.

Get the latest Gold price here.

Main content

COMMENTS

GT Reading Test 30 Section 3
28. A business plan must be written down. 29. Creating a business plan is only necessary for a new business. 30. A business plan should include a diagram of your proposed office or shop layout. 31. A business should generate enough money to pay salaries and some profit to the owner. 32.
Business Planning Reading Questions and Answers
Creating a business plan is only necessary for a new business. 30. A business plan should include a diagram of your proposed office or shop layout. 31. A business should generate enough money to pay salaries and some profit to the owner. 32. The roles of family members in the business must be clearly defined in the business plan. 33.
Business Planning
Explanation: A business plan can be used to help set goals, resolve disputes, and ensure that the company is on track to remain successful. The business plan is an important task for the business starter. so the answer is yes the business plan has to be written. Question.29. The creation of a business plan is only necessary for a new business.
Setting up your own business: Reading Answers & PDF
IELTS General Test - Passage 19: Setting up your own business reading with answers explanation, location and pdf summary. This General reading paragraph has been taken from our huge collection of Academic & General Training ... Your business plan Now write it all up and call it a business plan. Questions 22-27. Complete the sentences below.
Business Planning
It is a blueprint for starting, maintaining or expanding a business. It is a working plan to use in comparing your achievements to the goals you set. It should provide information required by financial institutions when finance is sought. How to produce a Business plan. Step 1: Collect Information.
Choosing premises for a new business: Reading Answers
Planning rules must also be considered. Local authorities are not always open to discussion about the future of premises. They may have rigid rules about increasing density of development. ... Choosing Premises for a new business reading answers below with explanations and locations given in the text. 15. image 16. passing trade 17. access 18 ...
How to Prepare for an Interview & Setting up Your Own Business Reading
How to Prepare for an Interview. Why prepare? There are three main reasons. One: Although you can't guess every question you might be asked, if you are prepared you can tailor your answers to fit. Two: If you're well prepared, you will have more confidence and this will affect the way you come across. Three: Attitude matters.Prospective employers will choose a not-quite-perfect but willing ...
12.8: Reading- Create Your Business Plan
The Mission Statement —This explains what your business is all about. It should be between several sentences and a paragraph. Company Information —Include a short statement that covers when your business was formed, the names of the founders and their roles, your number of employees, and your business location (s).
GT Reading Test 46 Section 2
You should spend about 20 minutes on Questions 15-27, which are based on Reading Passages below. Write answers to questions in boxes 15-27 on your answer sheet. GT Reading Sample ... Your business plan Now write it all up and call it a business plan. Questions 22-27. Complete the sentences below.
General Reading Practice Tests
36 Creating a business plan is only necessary for a new business. 37 A business plan should include a diagram of your proposed office or shop layout. 38 A business should generate enough money to pay salaries and some profit to the owner. 39 The roles of family members in the business must be clearly defined in the business plan.
Unlocking the Secrets of Business Planning in IELTS Reading Answers
The business world is a major contributor to the global economy, making it a common topic in the IELTS Reading section. For those unfamiliar with the language of business planning, the passages can seem daunting. However, with a basic understanding of key terms and concepts, answering questions become much easier. What is Business Planning?
Business English: Texts to practice Reading Comprehension
30 free texts Premium: 62 texts. Business vocabulary and commonly used phrases are also detailed in the texts, and all this information - including the texts themselves, the vocabulary, and the questions - can be downloaded for free in PDF form, to be studied at a later time. These Business English sections are sure to help readers enhance ...
Reading: Planning
Reading: Planning. Planning is a process of thinking about and organizing the activities needed to achieve a desired goal. By now you are familiar with the most encompassing of all organizational planning: the business plan. The business plan provides the foundation for ongoing planning activities, but as the business grows and develops, it's ...
IELTS Reading Passage with Questions and Answers
A1. The correct answer is B) Acting as a bridge between workforce and upper management. Managers play a crucial role in translating higher-level strategies into actionable plans for their teams, effectively bridging the gap between the workforce and the company's upper management. Q2.
20 Business Plan Quiz Questions and Answers
Part 1: 30 business plan quiz questions & answers. 1. Question: What is the primary purpose of a business plan? a) Secure funding. b) Improve employee morale. c) Enhance customer service. d) Increase market competition. Answer: a) Secure funding. 2.
Reading: Planning
Coming up with an idea—starting a note-taking business —is a good start, but it's only a start. Planning for it is a step forward. Planning begins at the highest level and works its way down through the organization. Step one is usually called strategic planning, which is the process of establishing an overall course of action.
How to Organise a Successful Business Conference Reading Answers
The passage, How to Organise a Successful Business Conference Reading Answers, comprise a part of an IELTS General reading test. The Reading Module can be the top-scoring category for IELTS aspirants, with diligent practice. Ideally, you should not spend more than 20 minutes on a passage. You must scan the material for important terms, comprehend the subject, and then respond in accordance ...
25 Business Planner Interview Questions and Answers
12. Describe your process for conducting market research. Market research is an important part of business planning. Employers ask this question to make sure you have the skills necessary to conduct market research and use that information to create a successful business plan.
How To Start Writing A Business Plan That Works
1. Regular reviews and updates. Markets shift, consumer behavior changes, and your business will grow. Your plan must evolve with these factors, which makes regular reviews and updates a must-do ...
30 Business Planning Analyst Interview Questions and Answers
The crux of a Business Planning Analyst's role is to analyze data, make informed recommendations, and sometimes, even critical business decisions. By asking this question, the hiring manager wants to assess your ability to use data-driven insights to make strategic decisions, your judgment, your analytical skills, and your impact on the business.
Reading: Create Your Business Plan
This written guide will help you create a business plan and map out how you will start and run your business successfully. The executive summary is often considered the most important section of a business plan. This section briefly tells your reader where your company is, where you want to take it, and why your business idea will be successful.
20 Most Common Business Planning Manager Interview Questions and Answers
3. Describe your experience with financial forecasting and budgeting. Business planning managers are expected to be able to effectively manage financial resources and help a company reach its goals. Interviewers will want to know that you have the experience and knowledge necessary to handle such tasks.
Autonomous semi trucks are coming, despite job fears and lack of
Autonomous truck companies plan a major expansion this year to deliver your packages and food, speeding well ahead of federal safety regulations By Trisha Thadani March 31, 2024 at 8:00 a.m. EDT
Microsoft and OpenAI Plan $100 Billion Supercomputer: Report
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What 10 Years of Modi Rule Has Meant for India's Economy
Narendra Modi has kept India on its swift upward path among the world's largest economies. Many Indians are better off, though wealth gaps have widened. Prime Minister Narendra Modi at a rally ...
The Business of Space Reading Answers
Download. The Academic passage, The Business of Space Reading Answers, is a reading passage that consists of 13 questions. With diligent practice, the Reading Module can be the top-scoring category for IELTS aspirants. To score well, you must understand how to approach and answer the different question types in the Reading Module.
Investigation launched after Boeing engine cover falls off during
Sun 7 Apr 2024 18.45 EDT. US airline regulators have launched an investigation after an engine cowling on a Boeing plane fell off during takeoff and struck the wing flap. The Southwest Airlines ...
Microsoft Customers Complain Copilot Doesn't Work As ...
Microsoft says they're not using it right. A top complaint from Microsoft's customers is that Copilot doesn't perform as well as OpenAI's ChatGPT. Microsoft says customers aren't using its new ...
Rate cuts are coming: Gold prices hit a record high
Apr 1, 2024, 7:35 AM PDT. Scotland's Charity Air Ambulance. Gold prices surged Monday to a record high of $2,265.73 an ounce. The Fed's preferred gauge of underlying inflation came in as expected ...

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12.8: Reading- Create Your Business Plan

Executive Summary

If You Are an Established Business

If You Are a Startup or New Business

Company Description

What to Include in Your Company Description

Market Analysis

What to Include in Your Market Analysis

Organization and Management

Organizational Structure

Ownership Information

Board of Directors’ Qualifications

Service or Product Line

What to Include in Your Service or Product Line Section

Marketing and Sales

Funding Request

Financial Projections

Historical Financial Data

Prospective Financial Data

How to Make Your Business Plan Stand Out

Be Clear About What You Have to Offer

Don’t Become a Jack of All Trades—Learn to Strategize

Identify Your Niche

Check Your Understanding

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