Monique is writing a list of questions to consider as she drafts her b

QUESTION

Monique is writing a list of questions to consider as she drafts her business plan. She is entering a very competitive market served by many existing companies.

What is the most important question she needs to answer to help secure funding and get her business started?
What will be an ideal response?

ANSWER

Answer: The most important question for Monique to answer is “How is my business idea different from existing competitors?”
Explanation: Monique is attempting to enter a saturated, competitive market. Many questions are important to consider in preparing a business plan, but given the context of the situation, Monique must consider how her business will be distinct from competitors.