Creating a Business Plan - Review

Question 1

What is included in the introduction of your business plan?

Accepted Answer

Ownership and legal structure of the business.

Question 2

What is a purpose of a business plan?

Accepted Answer

Sets specific goals and how your business will achieve them, Explains the idea behind your business.

Question 3

What does the concluding statement summarize?

Accepted Answer

Goals and objectives of your business., Emphasize your commitment to success.

Question 4

What is a piece of the financial management section?

Accepted Answer

Funding and Return on Investment., Identification of risks.

Question 5

What is something that could be included in the appendix of your business plan?

Accepted Answer

Large sales contracts you may have negotiated., Letters of recommendation

Question 6

What is a business plan?

Accepted Answer

It is necessary when opening a business, It describes all the steps necessary for opening a business.

Question 7

What is included in the marketing section in the main body of your plan?

Accepted Answer

Description of who your target market is., Description products/services & how they differ from others

Question 8

Where do you spend the majority of time and effort in a business plan?

Accepted Answer

The main body of the plan

Question 9

Why is a business plan important?

Accepted Answer

May help secure financing for your business., Makes you think about all the aspects of your business.

Question 10

What is a mistake when writing a business plan?

Accepted Answer

Unrealistic financial projections., Poor research.

Questions 10