Financials Preparation Quiz

What is the main purpose of understanding your idea before preparing financials?

• To increase the competition's funding

• To impress the adjudicating panel

• To confuse the audience

• To define your fresh idea clearly

Why is conducting extensive market research important for financial preparation?

• To waste time and resources

• To increase the number of competitors

• To understand the relevance and demand of your idea

• To avoid participating in the competition

What should be considered when thinking about the pricing strategy?

• The number of mentors available

• The potential customers and their profile

• The number of competitors in the market

• The number of breakout rooms available

What is the purpose of breaking down the costs in the cost analysis?

• To confuse the audience

• To avoid seeking guidance from mentors

• To make the financials look complicated

• To set a realistic price against the costs

Why is it important to think about funding needs for the idea?

• To impress the audience

• To understand the potential risks

• To avoid adapting the financials based on feedback

• To be able to start and sustain the idea

What should be considered when preparing the sales forecast?

• Avoiding adaptability based on feedback

• Being very ambitious in the estimates

• Being very conservative in the estimates

• Avoiding seeking guidance from mentors

Why is it important to think about risk analysis in financial preparation?

• To avoid preparing for the presentation

• To impress the adjudicating panel

• To think through every potential scenario and its impact on the financials

• To avoid seeking guidance from mentors

What should applicants focus on in terms of presentation skills?

• Avoiding preparing any visuals for the presentation

• Preparing to communicate the financials clearly

• Avoiding seeking guidance from mentors

• Avoiding adaptability based on feedback

Why is it important to seek guidance from mentors and industry experts?

• To avoid adaptability based on feedback

• To avoid seeking guidance from mentors

• To impress the adjudicating panel

• To have valuable insights and identify any blind spots

Why is adaptability important in financial preparation?

• To be prepared to adapt financials based on feedback

• To avoid adaptability based on feedback

• To avoid seeking guidance from mentors

• To impress the adjudicating panel