Future Business Leaders of America (FBLA) Entrepreneurship Practice Test

What term describes a road map of the tactics and actions an entrepreneur plans to achieve the company’s mission?

1. Framework

2. Project Plan

3. Strategy

4. Vision Statement

The correct answer is: Strategy

The term that describes a road map of the tactics and actions an entrepreneur plans to achieve the company’s mission is "strategy." A strategy in business encompasses the overall plan to achieve specific goals, outlines how resources will be allocated, and details the methods that will be used to reach objectives. It is crucial for guiding decision-making and ensuring that all actions taken are aligned with the company's mission and vision. A strong strategy will consider market dynamics, competitive positioning, and long-term sustainability. In contrast, a framework generally refers to a structured approach or system of guidelines that can aid in developing strategies but does not itself define a specific action plan. A project plan is more focused on the execution of specific tasks related to a particular project, detailing timelines, resources, and responsibilities rather than providing a broad overview of the company's overall direction. Meanwhile, a vision statement articulates what the company aims to achieve in the future but does not serve as a roadmap for the steps needed to get there. This differentiation is key in understanding why "strategy" is the most appropriate term for a tactical road map aligned with a company’s mission.