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BUSINESS FOUNDATIONS & BUSINESS PROBLEM SOLVING TEST

Forewords
● Introduction to VHBC
● Why was this reading material born?
To help prepare the candidate for VHBC Business Problem Solving Test.

Structure of VHBC Business Problem Solving Test

● 30 multiple choice questions
● Business Foundations (10)
● Problem solving test (20): Reading facts question, fact-based
conclusion question, root-cause question, Word-problem question,
Formulae question, Solution-finding question.

Rules
● The duration of the test is exactly 45 minutes when candidates press
the ‘START’ button including technical issues and changing answers
● The test is required to conduct once and submitted within the given
time
● Calculators are not permitted during testing

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Disclaimer

A. BUSINESS FOUNDATIONS (10 questions)

Types of quiz questions: Multiple choice, True or False
1. Business model canvas - Develop your business understanding
2. The main functional areas within business organization
3. Basic accounting and finance concepts
4. Basic marketing & sales principles

B. PROBLEM-SOLVING TEST (20 questions)

1. Reading facts questions : Test ability to understand facts and data
● No logic or hypothesizing needed
● Include: chart reading and calculations
● A few formats include:
- Which of the following statements is valid based on the data?
- Which of the following can be concluded from the chart?
2. Fact-based conclusion questions : draw and recognize logical
conclusions based on set of facts provided
- Which of the following statements can be concluded from …?
- Which statements are FALSE based on?
3. Root-cause reason questions : identify what could be the cause
based on particular set of facts/ data
- Which of the following reasons, if TRUE, will help explain the
Facts?
- Which of the following does NOT explain the Facts?
4. Word problems questions - math/ quantitative question
- answer can’t be calculated directly from the data provided →
have to set up 1+ equations to solve the questions

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 TABLE OF CONTENT

PART 1: BUSINESS FUNCTIONS AND BUSINESS PROCESS 5

1. Business model canvas 5
What is a business model? 5
Is the business model feasible, desirable and viable? 6
Why Is a Business Model Important? 6
The Business Model Explained 22
Business Model Canvas Examples 22
2. The main functional areas within business organization 23
3. Basic accounting & finance concepts 26
4. Basic marketing principles 26

PART 2: PROBLEM SOLVING TEST 27

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 PART 1: BUSINESS FUNCTIONS AND BUSINESS PROCESS

1. Business model canvas

https://www.garyfox.co/canvas-models/how-to-use-business-model-can
vas-guide/
Further reading: Business Model Generation -
Business Model Generation A Handbook for Visionaries, Game Changers,…

What is a business model?

A simple way to think of what is a business to think about it in three parts:

1. What are you creating - can you create something that customers
want to buy - Feasibility.
2. Who are you going to market and sell it to? Why will they want to buy
it? - Desirability.
3. The revenue model - how much does it cost to produce and market
and how much will we make - is it profitable? - Viability.

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Is the business model feasible, desirable and viable?

Creating and capturing value is – what do you produce (create value) and
how much are customers willing to pay for that (capture value).

The value proposition is how you explain and communicate to customers

what’s in it for them – why they should buy.

More specifically, business models refer to all of the activities you do in a

firm, and the partners you use, to create your products or services and how
you then distribute and market to your customers.

Underlying all of this is the revenue model, that is how you make money after
you have paid for goods, employees and other resources and activities.

Don’t worry too much now about the definition of the business model. I’ve
included loads of examples, plus some handy resources to help you
understand it and use it.

Let’s begin.

If you aren’t clear about your business idea, your business model, then
others won’t invest in your business. A business model helps you to clearly
express how the pieces of your business come together to create a product
or service that customers will buy and enable you to make a profit.

Why Is a Business Model Important?

A business model is a more effective way to compete because it is hard for

competitors to copy a business model but relatively easy to copy a product
or service.

If you’re starting a new business and want to immediately get traction with
customers then you need to have an unbeatable business model.

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Likewise, if you already manage a business but need to grow, then a powerful
way to kickstart your ideas is to focus on reinventing your business model.

A business model helps you to take your business idea and think about it
deeply, explore different options and then pick the best solution.

The Business Model Explained

A business model is a framework to understand, design, and test your

business idea. It provides a systematic way to identify how you can profitably
generate revenue while creating value for your customers.

There is no one definition of what a business model is.

In the academic community, a business model is seen as a concept that

lacks clarity. Many even think it shouldn’t even exist as a standalone topic

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and area of research. In fact, the one thing that academics do agree on is
that there is no single definition of what is a business model.

However, in the real world, the business model has been used by hundreds of
thousands of people. It has now become one of the most powerful forces for
change and has given rise to a movement.

More and more people now use the business model design to shape their
ideas and turn them into thriving businesses. But, it isn’t just entrepreneurs
that have benefitted.

Large organizations, government institutions, and brands have used the

business model approach to transform how they operate and reframe how
they meet the needs of customers.

Harnessing the power of the business model generation has become a

competitive necessity as the pace of change increases.

In recent years, the popularity of business models has given rise to lots of
different business modeling frameworks. Some of which move beyond the
normal concerns in business design, and consider issues such as
sustainability and the circular economy.

These and other business model frameworks are covered in this guide.

Whether you are a startup or an executive in a large corporate brand,

harnessing the power of business models and business model innovation is
now a crucial skill.

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Step 1 (Of 10): Customer Segments

This sounds obvious, but when you get into the detail many people overly
simply the customer and don’t create a clear picture of who they are. As a
result, the tendency is to make generalizations.

1. Customers Segments

Understanding who you are aiming your business at is critical to success. As

an example, HR directors – they are an identifiable group of people that use
the label HR Directors to identify themselves and their role. You can find HR
directors on Linkedin for instance as individuals and through Linkedin Groups.

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2. Segment Composition

A Segment is the macro level of a potential customer base. Understanding

the composition of the customers – how they vary, how many are there in
different sub-segments helps you to determine the market potential and
viability.

The traditional way of looking and understanding these sub-segments is to

use Marketing Personas. This is where you should be able to visualize the
people that are actually going to buy your product and how. It is the detail
and depth of understanding here that counts. We are talking here about
observations not just theory or statistics cleaned from a marketing report.

You need to understand what they think, see, feel, and do in your product
area. Be sure to list both buyers and users of your product (many Personas
will be both).

3. Problems, Needs, Behaviors & Current Alternatives

Many customers have hidden needs. In other words when you watch and
observe them trying to do things they have to do workarounds or take a long
route to accomplish their task. Understanding what customers are trying to
achieve and observing how they achieve things provides valuable insights
into why and how you can help them

Make sure that you identify their existing needs/problems and identify the
alternatives that they currently use. If you’re not sure, go out and observe,
talk to some people. You’ll want to be able to clearly link your Value
Propositions back to these in the next section.

Outcome

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You should as a result of completing this section be able to clearly define
your segment and have a number of personas for the different
sub-segments that describe the profile of your customer, their behaviors,
their problems, and current workarounds or alternatives

Step 2 (Of 10): Value Propositions

The Business Model Canvas – Connecting Value Propositions to Customer

Segments

The Problems or Needs that you identified earlier and used to build your
Marketing Personas now come into play.

The Value Proposition Canvas describes the details of how the value
proposition and customer segments interact. In its simplest terms, a value
proposition is a positioning statement that explains what benefits you

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provide for who and how you do it uniquely well. It describes your target
customer, the pain point you solve, and why you’re distinctly better than the
alternatives.

What Is Value?

It means seem a bit odd asking this but there are many different dimensions
to value? Equally, there are often hidden barriers people do not see the value
the same as you

What is important at this stage to challenge yourself your Value Propositions

and why does your customer might prefer them to their Current Alternatives?

Quite often you will have multiple value propositions. They are not the same
benefits. Remember that value propositions are the sum of benefits you offer.
A value proposition clearly aims at defining how it solves a problem and
presents a new way of doing it compared to existing solutions.

Use a whiteboard or index cars for each value proposition. What things can
you do that actually will make the biggest difference to the customer and be
unique and better than the competition?

Outcome

You should now have a clear link between value propositions and your
personas. The value propositions should clearly tie in with the customer and
why they will buy.

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Step 3 (Of 10): Channels

Business Model Canvas Channels – Linking channels to your customer

segments
Channels include the methods that you are going to use to reach your
customers. Are there clear customer communities, what labels or job titles
refer to your customers, what interests groups do they have that can help
you identify them?

Being able to reach your customers through marketing channels is crucial to

being able to make them aware of your product and test your value
propositions. Some typical channels are paid search (e.g. Google Adwords),
social media ads (e.g. Facebook ads, Instagram ads), SEO (long term), PR…

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Outcome

For each Persona or Segments, if they differ substantially. Make a clear note
of potential channels that can be used to reach to the customer. In the
marketing growth blueprint, I cover in more detail how to design and develop
a clear marketing strategy for your business model.

Step 4 (Of 10): Customer Relationships

How to use the business model canvas and link customer segments to
customer relationships
Some questions to help guide you on this block of the business model
canvas:

● How do you develop a customer relationship?

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 ● How will the customer interact with you through the sales and
product lifecycle?
● What is the customer journey?
● What are the most critical elements of the customer journey?
● How much do you use automation and what do you make
personal?
● Do you use outbound reach and calls?

The value proposition should link closely to the level of service and
touchpoints you use to interact with customers?

The costs associated with how you deliver your communications, service the
customer will be reflected in costs.

Use storyboard and customer journey maps to map the current customer
journey. Then map how your value proposition will be delivered and make a
note of the critical points in the journey and the overall lifecycle.

Outcome

A description of the type of customer relationship for each segment/persona.

Step 5 (Of 10): Revenue Streams

The most important thing is to map the number of each segment and
potential revenue. Don’t overestimate this. Remember you have to often out
early adopters vs. the mainstream of regular buyers who are often harder to
convert. Try and be realistic – use a spreadsheet and calculate your
variables.

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The Business Model Canvas – Revenue Streams

Outcome

A list of Revenue Streams, linked (mutually) to Personas (or Segments if the

mappings are the same within a set of Personas) and Value Propositions

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Step 6 (Of 10): Key Activities

The Business Model Canvas Activities and Resources

These are the essential things the business needs to do to deliver on its
propositions and make the rest of the business work.

For a product-driven business, this will involve learning about users and new
techniques to build and test new products. Rarely does the first design go
straight through to production? In particular, with products, you need to
consider how much time is involved between new designs and prototypes to
test. There are lots of new ways to get prototypes developed fast and
therefore speed up the innovation process.

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If you’re focused on doing a set of services for customers, then include
maintaining superior expertise on the segment(s) and creating or acquiring
products and services that are a good fit, whatever that entails.

Outcome

A list of Key Activities linked to your business Value Propositions.

Step 7 (Of 10): Key Resources

How to use the business model canvas key resources section

Key resources are the strategic assets you need in place, and you need in
place to a greater or more targeted degree than your competitors. The
Business Model Canvas proposes that there are three core business types:

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product, scope, and infrastructure. These tend to have similar types of Key
Resources.

Outcome

A list of Key Resources linked to your business’s Key Activities.

Step 8 (Of 10): Key Partnerships

Business Model Canvas – The Key Partnerships block

At this point, hopefully, the Canvas has helped you sharpen and articulate
your business’s focal points. What Activities and Resources are important but
not aligned with what’s a unique strategy for you? What’s outside of your
business type? Could partners do some of those? Why? Which?

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I recommend mapping Key Partners to Key Activities. If an activity is key, it’s
still part of your business model. This is a way to denote which specific
Partners are handling various Key Activities for you.

Outcome

The left of the business model has blocks that logically support and fit
together. Understanding costs associated with yoru activities is a key part of
your business modelling. A list of Key Partnerships with notes on their
relationship to Key Activities.

Step 9 (Of 10): Cost Structure

The Business Model Canvas – linking activities to costs

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You’ve worked to understand how your Key Activities drive your propositions
and hence your revenue. The key questions to ask at this stage of the
business model canvas are:

● How do they drive costs?

● Are those costs well aligned with the key Value Propositions?
● Are the costs more fixed or variable as you test different
business models?
● Are they more linear with your scaling or more fixed?

You’ll want to have these in mind as you tweak your model.

Outcome

If you’re a startup then knowing your costs and predicting a run rate for costs
is critical. The business model canvas helps to focus on the resources and
activities that are associated with your business design.

As an outcome, you should have a list of Cost Structure elements with notes
on their relationship to Key Activities.

Step 10 (Of 10): Applications, Review & Next Steps

Core Applications

The most core and obvious applications of the Canvas are to ask:

– Does it make sense?

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– Could it be better?

– Does the rest of my team understand and agree? Have additional ideas?

– Rinse and repeat at least quarterly

Competitiveness

The business model canvas does a good job of helping you figure out your
business, which is a good place to start. You also want to look at the
competitive environment and think about whether you have and can
maintain a long term competitive advantage.

Business Model Canvas Examples

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2. The main functional areas within business organization:

Functional Marketing & Manufacturing Accounting & Human

area of Sales & Production Finance Resources
operation

Department The marketing Responsible for This The function of

function department is making the functional the business
interested in product to the area applies manage
finding out the needs and for loans, people
wants and quality the puts
needs of the customers proposals
customers desires together for
investors and
banks

Business Conduct Purchase and Manage Set the tone

functions market storage the raw business for the culture

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research to materials finances, of business &
identify raising maintain legal
customer capital, compliance
needs via paying
research employees,
methods suppliers and
(surveys, budgeting
interviews and
focus group)

Plan and Inventory and Record the Recruit and

develop a quality control raw data select the right
marketing of goods and about employees for
strategy to purchased transactions business
promote need to meee and manage
product production the cash flow
requirements

Set an Schedule and Allocate the Training and

appropriate control the budgets to development
price and product other of employees
advertise operations, functional in areas of
products and stock control to areas to health and
services using ensure the avoid safety
the right business does overspending
strategies for not
the target overproduce or
audience underproduce

Establish a Create the Preparation Manage the

sales forecast goods and analysis and overal
distribute the interpretation well-being of
finished goods of the the employees
to the retailers financial regarding:
or end statements. compensation
customers , promotion
and transfers
of the
employees

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Business overviews ref link:
(1) How business works
(2) How Business and Economics Work
(3) Competing in a Free Market
(4) Principles of marketing , an Asian Perspective (2016) Philip Kotler
(a) What is marketing?
(b) Designing a Customer-Driven Marketing Strategy
(5) Operations Management
(a) Production of goods vs providing services
(b) Process management
(6) Managing human resource

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 3. Basic accounting & finance concepts
● 3 main financial statements:
● Discounted cash flow

Documents
Read documents in order:
https://drive.google.com/drive/folders/15Jbkmy4MteSf0jZdxqennajokbG6gA
tU?usp=sharing

Video
ACCOUNTING BASICS: a Guide to (Almost) Everything:
https://youtu.be/yYX4bvQSqbo

4. Basic marketing principles

● 4Ps framework for Marketing:
● https://www.edrawmind.com/article/starbucks-marketing-mix-analy
sis.html
● https://panmore.com/apple-inc-marketing-mix-4ps

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 PART 2: PROBLEM SOLVING TEST

MCKINSEY TEST
1. What is the McKinsey Problem solving test?
McKinsey Problem Solving Test (PST) is math computation used for potential
candidates selection in the first case interview round tested 3
problem-solving skills: data interpretation, mental calculations and logical
reasoning.

2. Why do they need PST?

It can close the gap between CV screening and in-person case interviews, as
such the firm can still have the qualified candidates solving the time and
cost constraints while conducting too many interviews.

3. Structure of PST?
Normally, the test includes:
● 26 multiples questions
● 3 scenarios based on actual cases
● Shown in: text, tables, exhibits.
● No calculator and personal assistant is allowed.

(example is on the next page)

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