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S2-Unit 1 The Business Plan (Entrepreneurship) Flashcards | StudBud
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S2-Unit 1 The Business Plan (Entrepreneurship)
S2-Unit 1 The Business Plan (Entrepreneurship)
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Questions
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1
Which segment of the business plan is devoted to a discussion of the entrepreneur’s start-up costs?
Financials
Appendices
Company Overview
Operations
2
Which is a focus of the ideation step?
to narrow the list of ideas down to only the most feasible ones
to think about which products the target market uses most often
to generate as many potential business ideas as possible
to research how a similar product has been received in the market
3
In addition to being accurate and free of errors, what else should an effective business plan attempt to be?
realistic
exhaustive
revolutionary
humble
4
Debbie and Jon grew their company of over 400 locations and 4K employees with many obstacles.What credit do they deserve
Focusing on doing what you love
Knowing how to deal with success
Giving back to your community
5
Which part of the business plan provides a summary of how the business will be run?
Market Research
Operations
Company Overview
Executive Summary
6
A solid business _____ addresses a customer’s _____.
opportunity; needs
idea; values
plan; impulses
Strategy; likes
7
Business planning _____ often uses _____ to build the plan.
tools; spreadsheets
software; templates
services; sales
methods; prototypes
8
Which word BEST describes the role of a business plan?
exhaustive
essential
permanent
optional
9
A business plan is to a new business as a _____ is to a new house.
front yard
mortgage
foundation
mailbox
10
Which is the LAST step in developing a new business idea?
planning for unforeseen setbacks
generating additional concepts
testing a prototype with customers
deciding if an idea is feasible
11
Penetrate Alkaline-Based B2C Chemical Converter @ 30% YOY is the business plan title. What is the issue with this?
It doesn’t tell a convincing story.
It might not be understood by most people.
It doesn’t speak directly to the investors.
It sounds cautious about the product’s potential.
12
Which is a primary goal of “pitching” a business plan?
presenting a summary version of the plan
conveying a sense of authenticity
including testimonials to sell the idea
doing a deep dive into each section
13
Once the business plan is financially feasible, what is your next step to consider?
the market
the investors
the ideation
the presentation
14
Which section is NOT typically included in a business plan?
Sales and Marketing
Company Bylaws
Financials
Operations
15
Which is the SECOND step in developing a business idea?
decide if the idea is feasible
develop a minimally viable version
generate multiple ideas
test the product with customers
16
Which is an important component of any factual claims that are made in a business plan?
Excitement
visuals
evidence
detail
17
The idea of selling flavored water to dogs in an example of:
an unconventional product being offered to interested customers.
how a business plan should highlight the experience of the CEO.
an idea that was difficult to implement for the actual users.
a business not rising to the level of a business opport. that meets demand
18
Which is a method for tamping down the initial excitement of a potentially “winning” idea during the ideation stage?
Consider how you would feel if you didn’t move forward with the idea.
See if the idea still seems like a good one after a few days have passed.
Ask yourself if the idea reflects your company’s mission and vision.
Build a simple prototype and show it to members of the target market.
19
As you start to generate ideas for her potential new business, what guidance would you be smart to follow?
Focus on generating only high-quality ideas.
Never forget that the customer is right.
Don’t limit yourself in your thinking.
Ask yourself: is it a groundbreaking idea?
20
Which part of the business plan describes how the product or service will reach customers?
Sales and Marketing
Financials
Operations
Company Overview
