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Business Plan
Business Plan
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StudBud Administration
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Entrepreneurship, Business Plans #entrepreneurship #businessplans
Flashcards
25 cards
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Questions
25
Answers
1
A business which owns and controls the operations of other businesses:
Financial Institution
Monopoly
Parent Company
Oligopoly
2
Those most likely to buy a business's products and services are___
_____.
Other businesses
Target customers
Manufacturers
Trade organizations
3
Your business plan helps YOU stay organized when starting your business and it helps who else?
All of the above
Banks
Lendors
Investors
4
Business Plans are important to the following people:
All of the above
Investors
Banks
The business owner
5
Defines where the organization wants to be in the future:
Values
Mission
Vision
Industry Analysis
6
In the 'Executive Summary' you should include what makes your business/product/service unique.
True
False
7
Worst mistake entrepreneurs make when defining the marketing strategy for their companies is
Being overly specific when defining the target customers
Failing to define their target market clearly
Giving potential lenders and investors an excessive info
Budget an excessive amount of $ for marketing & advertising
8
Where would you list the ideas you have to promote your product/service and gain customers?
Financial Plan
Product/Service Plan
Marketing Plan
Organizational Plan
9
The ________ is the first section in a business plan, but it is the last section to be written.
Company history
marketing strategy
list of goals and objectives
executive summary
10
Before starting a business it is important to conduct a _____ to understand the current trends.
Industry Analysis
Business Model
Marketing Mix
Competitive Matrix
11
Section of the business plan that describes what products and services are offered
Products and services
Mission statement
Industry analysis
Vision Statement
12
Main beliefs reflecting the organization's culture and priorities:
Vision
Values
Mission
Goals
13
Is a clear, brief reflection of why you are in the business
Goals
Mission Statement
Objectives
Vision Statement
14
The executive summary section of a business plan:
All of the above
Must capture the readers attention so he will read more
should be concise - max of 2 pages
Presents business plan in a condensed form
15
Something that promotes or enhances the value of a product or service to the customer:
Benefit
Goal
Target
Vision
16
What is the purpose of a business plan?
Provide an outline to follow
Obtain finances for your startup
Organize and analyze your goals
All of the above
17
Business plans should be lengthy and involve a lot of in depth research about your idea.
True
False
18
When preparing a business plan, entrepreneurs must understand that each plan be tailor made.
False
True
19
This
is a clear and concise description of an opportunity
Business Concept
Business Scope
Business Plan
Business Model
20
Which part of the business plan provides an overview of your business and your goals.
Product/Service Plan
Management Plan
Growth Plan
Executive Summary
21
Which section would you list research about customers, geographic region, competitors, etc?
Operational Plan
Growth Plan
Market Analysis
Finance Plan
22
Writing a business plan can ensure that an entrepreneur:
Thinks about all aspects of their business
Achieves the expense projections
Generates consumer interest
Meets the target revenue goals
23
A business plan is a complete &detailed picture and a strategy strategy to launch that business
False
True
24
In order to be successful entrepreneurs need to define what is ____ about their business
Valid
Unique
Truthful
Broad
25
The cover page of a business plan should contain:
Contact information
Key financial highlights
The funding request